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BoB Q1 net down 23pc at Rs. 1,052 cr on bad loans, wage revision

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State-run Bank of Baroda Thursday reported 22.74 per cent decline in net profit at Rs. 1,052.15 crore during the first quarter ended June 30, on higher provision for bad loans and wage revision.

The bank had reported a net profit of Rs. 1,361.88 crore in the corresponding first quarter of the previous fiscal.

Total income of the bank, however, showed a rise of 4.8 per cent at Rs. 12,243.72 crore during the quarter as against Rs. 11,682.50 crore a year ago, it said in BSE filing.

Bank’s asset quality slipped further in the first quarter of 2015-16 as gross non-performing assets (NPAs) or bad loans jumped to 4.13 per cent of gross advances.

Similarly, net NPAs rose to 2.07 per cent of net advances from 1.58 per cent a year ago.

Likewise, provisions towards bad loans and contingencies were raised to Rs. 599.74 crore during Q1FY16 as against Rs. 526.71 crore in the same period a year earlier.

“Consequent upon wage revision effective from November 1, 2012, pending final payment, as estimated provision of Rs. 1,313.46 crore is held on June 30, 2015 on account of wage revision and employee benefit for wage revision, which includes Rs. 262.73 crore provision made in current quarter,” it said in the filing.

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