Shares of state-owned Bank of Baroda declined 3 per cent to Rs 47 apiece in the early morning deals on the BSE on Tuesday after the lender reported a surprise net loss of Rs 864 crore for April-June quarter of FY21 due to rise in provisions for standard assets, including those under moratorium and government-guaranteed loans. It had reported a net profit of Rs 710 crore in the corresponding quarter a year ago.
Besides, the lender posted pre-tax loss of Rs 1,308 crore compared to profit before tax (PBT) of Rs 991 crore in Q1FY20.
Analysts at Motilal Oswal Financial had pegged the bank’s pre-tax profit at Rs 717 crore. With a tax expense of Rs 180.7 crore, MOFSL had estimated the net profit at Rs 536.3 crore. Meanwhile, those at Elara Capital saw the profit growing 47 per cent sequentially