Bank of Baroda has reported a Rs 506 crore Net profits for the fourth quarter ending March 2020 against the loss of Rs 991 crore a year ago. The increase in profits by 47% y-o-y comes due to a decline in the bank’s profits.
Bank of Baroda has also stated providing moratorium to as many as 65% of its customers. The operating expenses for the bank have declined by 23.21% to Rs 5,876 crore y-o-y.
The bank is to opt for an ‘opt-out’ policy to its customers, which means that the customers will have to reach out to the bank to avail the moratorium offered until the August period. Sanjiv Chadha, the CEO of the bank said, “For all customers who have outstanding loan up to Rs 10 lakhs would continue to avail ‘opt-out’ scheme on moratorium’
Bank of Baroda has made a total provision of Rs 6,844 crore, from which roughly 800 crores has been provided for the COVID-19 situation. ” The bank has availed standstill for special mention accounts-2 worth Rs 4,000 crore, and provided 20% on that front,” the CEO said.
The bank has reported a fall in its NPA ratio to 9.4% against the previous years 10.43%. The domestic advances stood at Rs 5,70,341 crore as on March 31, 2020.
