Bank of Baroda reported a standalone web lack of Rs 1,047 crore within the quarter ended March 2021, because it shifted to a brand new tax regime. The state-run lender had reported a standalone profit-after-tax of Rs 507 crore within the year-ago interval.
For the complete fiscal, web revenue grew 52 per cent to Rs 829 crore from Rs 546 crore in FY20.
The financial institution booked a revenue earlier than tax (PBT) of Rs 2,680 crore in the course of the quarter in opposition to a lack of Rs 1,723 crore within the year-ago interval. PBT stood at Rs 5,556 crore for FY21 in opposition to a lack of Rs 1,802 crore in FY20.
“Given the truth that we had a PBT of Rs 5,556 crore (in FY21), we thought that is the correct time to transit to a decrease tax charge regime. But the motion to the brand new tax regime means we have now to make a DTA (Deferred Tax Assets) adjustment, which was of the order of Rs 3,500 crore for the complete yr. Because of that, we’re reporting an accounting lack of round Rs 1,000 crore in This autumn FY21.
“But for the DTA impact, we would have a profit after tax of Rs 2,200 crore in the last quarter,” the financial institution’s managing director and CEO, Sanjiv Chadha, instructed reporters.
Net curiosity revenue (NII) rose 4.54 per cent to Rs 7,107 crore in opposition to Rs 6,798 crore a yr in the past. Global web curiosity margin (NIM) rose to 2.72 per cent from 2.63 per cent in Q4FY20 led by margin growth in worldwide enterprise to 1.57 per cent in This autumn FY21.
Domestic NIM declined to 2.73 per cent as in opposition to 2.76 per cent within the fourth quarter of FY20.
Gross NPA ratio fell to eight.87 per cent as in opposition to 9.40 per cent and web NPA ratio to three.09 per cent from 3.13 per cent. Fresh slippages in the course of the quarter stood at Rs 11,656 crore within the fourth quarter of FY21.
The lender’s slippage ratio declined to 2.71 per cent in FY21 from 2.97 per cent in FY20. Credit value decreased to 1.68 per cent in FY21 from 2.35 per cent in FY20.
“Slippages will come down very significantly during the current year (FY22) despite the second wave,” Chadha mentioned.