Bank of Baroda posts Q4 net profit of Rs 506 cr; stock ends 2% higher

Financial institution of Baroda on Tuesday noted a standalone internet earnings of Rs 506.fifty nine…

Financial institution of Baroda on Tuesday noted a standalone internet earnings of Rs 506.fifty nine crore for the March 2020 quarter.

The lender had posted a internet earnings of Rs 991.37 crore in the January-March quarter of the preceding fiscal finished March 2019.

The figures for the quarter are not comparable calendar year-on-calendar year because of to amalgamation of Vijaya Financial institution and Dena Financial institution into it with impact from April 2019.

The Governing administration of India through a gazette notification dated January two, 2019 permitted the scheme of amalgamation between Financial institution of Baroda, Dena Financial institution and Vijaya Financial institution and amalgamation is effective April one, 2019.

The final results for the quarter/ calendar year ending March 31, 2020 and quarter finished December 31, 2019 incorporates operations of erstwhile Vijaya Financial institution and erstwhile DenaBank, Financial institution of Baroda stated in a regulatory submitting.

“As a result the final results for quarter and calendar year finished March 31, 2020 are not comparable with corresponding interval of earlier calendar year and for the calendar year finished March 31, 2019,” it stated.

The cash flow for the March quarter of 2019-twenty was at Rs 21,533.ten crore. Its cash flow all through the same quarter of 2018-19 was Rs fifteen,284.fifty nine crore.

For the total calendar year FY20, Financial institution of Baroda posted a internet earnings of Rs 546.18 crore, up from Rs 433.fifty two crore in FY19.

Cash flow all through the calendar year greater to Rs 86,300.98 crore from Rs fifty six,065.ten crore.

On asset front, Financial institution of Baroda witnessed slight improvement as the gross non-performing property (NPAs) or poor financial loans came down to nine.forty for every cent of the gross advances as on March 31, 2020 as in opposition to nine.61 for every cent by March 31, 2019.

Also, internet NPAs fell to three.13 for every cent from three.33 for every cent.

The lender has not declared any dividend for the FY 2019-twenty, BoB stated.

Non-performing property provisioning coverage ratio (including floating provision) is eighty one.33 for every cent as on March 31, 2020 (earlier year’s seventy eight.sixty eight for every cent), it extra.

Financial institution of Baroda inventory closed two.13 for every cent up at Rs fifty.45 apiece on BSE.