Bank of Baroda swung to a net loss for the fiscal fourth quarter ended March 31 as provisions surged.
Consolidated net loss for the quarter stood at 29.07 billion Indian rupees, or a loss of 12.60 rupees per share, compared with a net profit of 2.55 billion rupees, or 1.11 rupees per share, in the year-ago quarter.
The bank's provisions increased to 68.92 billion rupees from 29.53 billion rupees. Its stand-alone provisions for nonperforming assets surged to 70.53 billion rupees from 24.25 billion rupees.
Net interest income increased to 42.75 billion rupees from 39.50 billion rupees, while noninterest income declined to 22.24 billion rupees from 23.42 billion rupees. The lender's total income climbed to 64.98 billion rupees from 62.92 billion rupees.
For the fiscal year ended March 31, the company posted a consolidated net loss of 18.87 billion rupees, or 8.17 rupees per share, against a net profit of 18.15 billion rupees, or 7.88 rupees per share, in the prior year.
The S&P Capital IQ consensus estimate for full-year normalized EPS was 4.76 rupees, while the GAAP EPS estimate was 4.55 rupees.
Provisions for the year rose to 156.67 billion rupees from 94.40 billion rupees, while provisions for NPA increased to 143.35 billion rupees from 78.24 billion rupees.
Net interest income during the year climbed to 168.96 billion rupees from 148.77 billion rupees, while noninterest income increased to 79.92 billion rupees from 79.37 billion rupees. Total income for the year clocked in at 248.88 billion rupees, up from 228.14 billion rupees in the previous year.
As of March 31, stand-alone gross NPA ratio was 12.26%, up from 10.46% in the prior-year quarter. Net NPA ratio came in at 5.49%, up from 4.72% over the same period.
The lender's consolidated Basel III capital adequacy ratio stood at 12.87% as of March 31, compared with 12.80% as of March 31, 2017.
Further, the bank plans to raise an additional capital of 100 billion rupees for the fiscal year ending March 31, 2019, subject to necessary statutory and regulatory approvals. The capital to be raised will comprise 60 billion rupees by way of common equity capital, and 40 billion rupees by way of additional Tier 1 or Tier 2 capital instruments.
As of May 25, US$1 was equivalent to 67.80 Indian rupees.
