New Delhi, Jun 23 (PTI) Bank of Baroda on Tuesday reported a standalone net profit of Rs 506.59 crore for the March 2020 quarter.
The bank had posted a net profit of Rs 991.37 crore in the January-March quarter of the preceding fiscal ended March 2019.
The figures for the quarter are not comparable year-on-year due to amalgamation of Vijaya Bank and Dena Bank into it with effect from April 2019.
The Government of India through a gazette notification dated January 2, 2019 approved the scheme of amalgamation between Bank of Baroda, Dena Bank and Vijaya Bank and amalgamation is effective April 1, 2019.
The results for the quarter/ year ending March 31, 2020 and quarter ended December 31, 2019 includes operations of erstwhile Vijaya Bank and erstwhile Dena Bank, Bank of Baroda said in a regulatory filing.
“Hence the results for quarter and year ended March 31, 2020 are not comparable with corresponding period of previous year and for the year ended March 31, 2019,” it said.
The income for the March quarter of 2019-20 was at Rs 21,533.10 crore. Its income during the same quarter of 2018-19 was Rs 15,284.59 crore.
For the full year FY20, Bank of Baroda posted a net profit of Rs 546.18 crore, up from Rs 433.52 crore in FY19.
Income during the year increased to Rs 86,300.98 crore from Rs 56,065.10 crore.
On asset front, Bank of Baroda witnessed slight improvement as the gross non-performing assets (NPAs) or bad loans came down to 9.40 per cent of the gross advances as on March 31, 2020 as against 9.61 per cent by March 31, 2019.
Likewise, net NPAs fell to 3.13 per cent from 3.33 per cent.
The bank has not declared any dividend for the FY 2019-20, BoB said.
Non-performing assets provisioning coverage ratio (including floating provision) is 81.33 per cent as on March 31, 2020 (previous year’s 78.68 per cent), it added.
Bank of Baroda stock closed 2.13 per cent up at Rs 50.45 apiece on BSE.