BANK OF BARODA POSTS ` 3,102 CR NET LOSS IN Q4

New Delhi, May 25: State- owned Bank of Baroda ( BoB) on Friday reported a net loss of ` 3,102.34 crore for the January- March quarter of 2017- 18 due to higher provisioning for mounting bad loans. The lender had registered a net profit of ` 154.72 crore in the corresponding quarter of 2016- 17.

Provisions for bad loans jumped to ` 7,052 crore in the March quarter, from ` 2,425 crore in the same period of 201617, according to a regulatory filing by the bank.

Total income dropped to ` 12,735.16 crore in the last quarter of 2017- 18 from ` 12,852.44 crore in the year- ago period.

Asset quality of the bank worsened as gross non- performing assets ( NPAs) or bad loans surged to 12.26 per cent of gross advances as on March 31, 2018, against 10.46 per cent as on March 31, 2017. In absolute value, gross NPAs were ` 56,480.39 crore, up from ` 42,718.70 crore a year ago. Net NPAs were at 5.49 per cent (` 23,482.65 crore) as of March 2018 against 4.72 per cent (` 18,080 crore) in the year ago period.

Besides, the board approved to raise additional fund of ` 10,000 crore until March 2019 and more if needed.

Of this, ` 6,000 crore is to be raised through common equity capital through various modes and ` 4,000 crore by way of additional tier I/ II capital instruments to be floated in India or overseas in suitable tranches. Shares of the bank closed 1.80 per cent up at Rs 141.20 on BSE.