Friday, June 18

BoB posts loss in Q4 as it shifts to new tax regime

Bank of Baroda (BoB) reported a standalone net loss of ₹1,046.5 crore for the quarter ended March 31.

The bank had posted a net profit of ₹506.6 crore in the year-earlier period. For the fiscal year 2020-21, the bank reported a 52% rise in net profit to ₹829 crore.

“The bank moved to a new tax structure thus reporting a loss of ₹1,047 crore because of DTA (deferred tax asset) reversal.

“Excluding the impact of the change in the tax regime, the bank would have reported a profit after tax of ₹2,267 crore in Q4FY21 and ₹4,143 crore in FY21,” it said in a release.

Standalone income in the quarter under review was almost ₹21,532.9 crore compared with the year-earlier period.

During the fiscal year, income fell to ₹82,859.5 crore from ₹86,301 crore in 2019-20, the bank said.

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