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Bank of Baroda share price falls over 3% afer RBI says lender under-reported bad loans in last fiscal

Bank of Baroda share price  lost 3.67% intra day to Rs 98.50 compared to the previous close of Rs 102.25 on BSE. It closed 3.28% lower at Rs 98.50

twitter-logo BusinessToday.In        Last Updated: December 18, 2019  | 16:46 IST
Bank of Baroda share price falls over 3% afer RBI says bank under-reported bad loans in last fiscal
Bank of Baroda has lost 12% since the beginning of this year and fallen 16% during the last one year

Bank of Baroda share price closed lower today after the lender said the Reserve Bank of India (RBI) had found huge divergence in its non-performing assets (NPAs) which resulted widening of losses for the fiscal ended March 2019.  Bank of Baroda share price  lost 3.67% intra day to Rs 98.50 compared to the previous close of Rs 102.25 on BSE. It closed 3.28% lower at Rs 98.50. 

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The stock has lost 12% since the beginning of this year and fallen 16% during the last one year.

The lender under-reported NPAs in the last fiscal by Rs 5,250 crore as per Reserve Bank's Risk Assessment Report (RAR) for FY2018-19.

The bank had reported Rs 69,924 crore  as gross NPAs as on March 31, 2019. However, RBI's report put gross NPAs as on March 31, 2019 at Rs 75,174 crore. The bank reported a jump rise of 73.2 per cent in its net profit to Rs 736.68 crore in the second quarter ended September 30 compared to the profit of Rs 425.38 crore in the corresponding quarter of previous fiscal.

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Its total income rose to Rs 22,097.91 crore for the second quarter of 2019-20, compared with Rs 13,429.95 crore a year ago, the bank said in a regulatory filing.

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