Bank of Baroda reports over Rs 800cr loss
State-owned Bank of Baroda on Monday reported a standalone net loss of Rs 864 crore for the June quarter of 2020 because of higher provisions and contingencies.
The bank had posted a net profit of Rs 710 crore in the same quarter a year ago.
“On account of provisioning on standard accounts of Rs 1,811 crore, the bank has reported a (standalone) net loss of Rs 864 crore and a consolidated net loss of Rs 679 crore,” Bank of Baroda said.
Interest income fell 2.38 per cent to Rs 18,494 crore from Rs 18,944 crore a year ago.
Total provisions and contingencies for the quarter jumped 71.32 per cent to Rs 5,628 crore from Rs 3,285 crore a year ago. Gross non-performing assets fell to 9.39 per cent of gross advances as on June 30, 2020, from 10.28 per cent a year ago.
Tata group firm Titan Company on Monday reported a consolidated net loss of Rs 297 crore for the June quarter, impacted by lower income because of the pandemic.
The company had reported a net profit of Rs 364 crore a year ago. Total income declined 61.21 per cent to Rs 2,020 crore from Rs 5,208 crore earlier, Titan said. Titan Company managing director C.K Venkataraman said: “The recovery in business, particularly in the jewellery business is encouraging and we expect to get back to normalcy by the fourth quarter of this year.”
Numaligarh Refinery Limited (NRL), a leading PSU oil company in Assam, has recorded a dip in revenue from operations at Rs 14,073 crore in 2019-20 compared with Rs 18,511 crore in 2018-19 because of lower sales and a reduction in prices of petroleum products in the international market.
“Profit before tax fell to Rs 1,735 crore from Rs. 3,052 crore a year ago. Profit after tax decreased to Rs 1,381 crore from Rs 1,968 crore in 2018-19,” NRL said.