P.S.Jayakumar (C), MD & CEO – Bank of Baroda

addressing the Media at Q3FY16

Bank of Baroda (BOB) standalone net loss of Rs. 3342 crore in Q3FY16

MUMBAI (GNI): P.S.Jayakumar, Managing Director & CEO – Bank of Baroda addressing the Media  at ”Bank of Baroda, Q3FY16 results,  state-owned banking and financial services company, reported standalone net loss of Rs. 3342.04 crore for the quarter ended December 31, 2015, against net profit of Rs. 333.98 crore in the corresponding quarter of the previous year and Rs. 124.48 crore in the preceding quarter on account of an almost 5 times increase in provisions.  The bank’s Net Interest Income (NII) stood at  Rs. 2705.34 crore, registering decline of 17.67% yoy and 16.61% qoq.

This is probably the highest quarterly loss posted by any bank in India so far. Provisions (other than tax) & contingencies soared to Rs 6,164.55 crore (Rs 1262.25 crore in the year ago quarter). Gross non-performing assets (NPA) for the quarter stood at 9.68%, grew by 583 bps yoy and 412 bps qoq. Provisions stood at Rs. 6164.55 crore, recording nearly five-folds rise yoy and over three-folds jump qoq.

For nine months ended December 31, 2015, the bank reported standalone net loss of Rs. 2165.41 crore compared to net profit of Rs. 2800.08 crore in the corresponding period of the previous year. It’s standalone Net Interest Income (NII) stood at Rs. 9409.43 crore, recording decline of 6.05% yoy. Provisions for the nine month period stood at Rs. 8655.99 crore, recording over three-folds jump yoy.

Stock Commentary :

Bank of Baroda ended at Rs. 114.35, down by Rs. 1.6 or 1.38% from its previous closing of Rs. 115.95 on the BSE. The scrip opened at Rs. 116.25 and touched a high and low of Rs. 117.15 and Rs. 109.45 respectively. A total of 9085579 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 26348.07 crore. The BSE group ‘A’ stock of face value Rs. 2 touched a 52 week high of Rs. 216.25 on 18-Aug-2015 and a 52 week low of Rs. 109.45 on 12-Feb-2016. Last one week high and low of the scrip stood at Rs. 134.8 and Rs. 109.45 respectively.

The promoters holding in the company stood at 59.24 % while Institutions and Non-Institutions held 33.71 % and 7.06 % respectively. The stock traded above its 200 DMA.ends