Mumbai, May 25 (PTI) State-run Bank of Baroda today reported a net loss of Rs 3,102.34 crore for the March quarter on higher provisioning for bad assets.

The bank had posted a profit of Rs 154.72 crore in the same quarter last year.

Total income dropped to Rs 12,735.16 crore in the quarter, from Rs 12,852.44 crore.

For financial year 2017-18, the bank reported a net loss of Rs 1,887.10 crore, against a net profit of Rs 1,814.98 crore in FY17.

Total provisions for bad loans increased to Rs 5,768 crore in the March quarter, against Rs 2,865 crore in the year-ago period, a company release said.

RBI rules on stressed assets accelerated recognition of NPA, which in turn led to higher provisioning during the March quarter, bank's managing director and chief executive officer PS Jayakumar told reporters here.

"But it continues to be driven by large corporate exposures, and I think we are coming to the tail end of it," he said.

The net interest margin (NIM) for domestic operations stood at 2.81 per cent for the March quarter, compared with 2.50 per cent in the same period last year. Global margin stood at 2.43 per cent, against 2.17 per cent.

Asset quality of the bank worsened as gross NPAs or bad loans surged to 12.26 per cent of gross advances as on March 31, 2018, against 10.46 per cent as on March 31, 2017. In absolute value, gross NPAs were Rs 56,480.39 crore, up from Rs 42,718.70 crore a year ago.

Net NPAs were at 5.49 per cent (Rs 23,482.65 crore), against 4.72 per cent (Rs 18,080.18 crore).

Fresh slippages in the fourth quarter was Rs 11,765 crore, including Rs 4,274 crore from restructured standard book as per RBI guidelines, the release said.

The bank said its exposure in accounts under NCLT 1 list stood at Rs 7,158 crore and NCLT 2 list at Rs 3,830 crore as on March 31, 2018.

It recovered Rs 1,006 crore from Bhushan Steel, where it had an exposure of Rs 1,300 crore, while the recovery during the March quarter stood at Rs 1,479 crore.

The bank has taken a provision of 20 per cent as of now, but expects a little bit more than that, Jayakumar said on the estimated recovery from the NCLT list.

Loans to the tune of Rs 1,085 crore were upgraded, while the bank wrote off Rs 2,005 crore worth of loans during the March quarter.

Total deposits stood at Rs 5,91,315 crore as on March 31, 2018, against Rs 6,01,675 crore as on March 31, 2017, while total advances were Rs 4,60,744 crore, against Rs 4,08,511 crore.

The company scrip ended 1.80 per cent up at Rs 141.20 on the BSE today, against 0.76 per cent increase in the benchmark.

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