Bank of Baroda shares slipped more than 3 per cent on the bourses after the state-owned bank reported a net loss in the quarter ended March 2021. Bank of Baroda reported a net loss of Rs 1,046 crore in the March 2021 quarter as against a profit of Rs 506.6 crore in the same quarter last year. At 11:50 am, Bank of Baroda shares were trading at Rs 81.25, lower by 3.1 per cent, on the BSE.
The bank’s net interest income i.e. difference between interest earned and interest expended increased 4.5 per cent to Rs 7,107 crore in the quarter under consideration compared to Rs 6,798.2 crore in the year-ago period.
Provisioning for bad loans soared 44 per cent to Rs 4,593 crore as against Rs 3,191 crore in the year-ago period.
The BSE Sensex and NSE Nifty were trading with gains of 0.6 per cent at the time.