Latest News | Bank of Baroda Posts Net Loss of Rs 1,047 Cr for Mar Qtr

New Delhi, May 29 (PTI) Bank of Baroda on Saturday reported a standalone net loss of Rs 1,046.50 crore for March quarter 2020-21.

The bank had posted a net profit of Rs 506.59 crore in the year- ago quarter.

For fiscal year 2020-21, the bank reported a net profit of Rs 828.95 crore, up 52 per cnet from Rs 546.18 crore.

"Bank moved to a new tax structure thus reporting a loss of Rs 1,047 crore because of DTA (deferred tax asset) reversal. Excluding the impact of the change in the tax regime, bank would have reported profit after tax of Rs 2,267 crore in Q4FY21 and Rs 4,143 crore in FY21," it said in a release.

Standalone income in the quarter under review was nearly flat at Rs 21,532.91 crore as compared to the year-ago quarter. During the fiscal year, the income fell to Rs 82,859.50 crore from Rs 86,300.98 crore in 2019-20.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)