Public sector lender Bank of Baroda has reported a net loss of Rs 991 crore in the last quarter of FY19, much less than the Rs 3,102-crore net loss that it reported during the same period last year.
The loss reported by the lender is on account of accelerated NPA provisioning for its telecom and IL&FS exposure. It has also provided fully for its exposure to Bhushan Steel and Alok Industries. The bank, however, had posted a profit of Rs 471.25 crore in Q3FY19.
MUMBAI: As Bank of Baroda (BoB) starts aligning the businesses of erstwhile Dena Bank and Vijaya Bank with itself following the merger, it is also looking to instil a new work culture and make its management more accessible to employees.
Two senior employees from erstwhile Dena Bank and Vijaya Bank said on condition of anonymity that the BoB management has assured them that they will not be discriminated against by existing employees.
Shares of public sector banks (PSB) continued to trade higher with the Nifty PSU Bank index up nearly 3 per cent on hopes of margin expansion.
Andhra Bank, United Bank of India, Corporation Bank, Indian Overseas Bank, Uco Bank, Bank of Maharashtra and Syndicate Bank were up more than 5 per cent each while Punjab National Bank (PNB), Bank of Baroda (BOB), Union Bank of India, Bank of India and Indian Bank were up in the range of 2 to 3 per cent on the National Stock Exchange (NSE).
A consortium of lenders led by Bank of Baroda (BoB) has put on sale their exposure to Garden Silk Mills on a 100% cash basis, according to a bid document. As on February 21, the company owed Rs 2,311 crore to banks. All bank facilities of the textile manufacturer are in the default category.
“The highest bid may be further negotiated with the bidder. The lenders will have right for inter-se bidding/ Swiss challenge/ e-auction between the bidders,” the document said.
State-owned Bank of Baroda (BoB) on Tuesday cut its benchmark lending rate by 10 basis points, making home, auto and other loans cheaper for its customers, though the reduction is much less than the policy rate cut by the RBI.
The BoB thus joins other banks such as Punjab National Bank, Union Bank of India, Allahabad Bank and Kotak Mahindra Bank, who have brought down their marginal cost of funds-based lending rate (MCLR) by 5-10 basis points.
Bank of Baroda (BoB) has put on sale non-performing assets (NPAs) worth nearly Rs 6,000 crore, including its Rs 1,838-crore exposure to Reliance Communications (RCom). The accounts are being offered on an all-cash basis.
A notification inviting expressions of interest (EoIs) from asset reconstruction companies (ARCs) for 49 bad-loan accounts worth Rs 5,928 crore said the EoIs, with indicative prices, must be filed by March 7.
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