Bank of Baroda reports Q4 net profit of Rs 506 crore despite Covid provisioning
Bank of Baroda (BoB) on Tuesday a reported a net profit of Rs 506.6 crore in the quarter ended March, compared to a loss of Rs 991 crore in the same quarter a year ago, due to decline in the expenses. Its operating profit for March quarter came in at Rs 5,121 crore, an increase of 47% year-on-year. The operating expense declined 23.21% to Rs 5,876 crore y-o-y. The bank maintained that it has provided moratorium to 65% of customers. The bank is going to change its policy from 'opt out' to 'opt in' for providing moratorium to its customers. This means customers will have to reach out to the bank for availing the moratorium from June to August period. However, there will be no change for retail customers up to Rs 10 lakh. Contact for this product-6202354309 Just dial 6202354309 Sanjiv Chadha, MD & CEO, Bank of Baroda, said, 'For all customers who has loan outstanding up to Rs 10 lakhs would continue to avail 'opt out' scheme on moratorium.' Chadha said...