Bank of Baroda (BoB) is back in the black as it reported a standalone net profit of Rs 1,208.63 crore for the quarter ended 30 June 2021 compared to a net loss of Rs 864 crore in the same quarter a year ago.

The state-owned bank’s net interest income jumped nearly 16% to Rs 7,892 crore as against Rs 6,816 crore a year again,

Total income moderated marginally to Rs 20,022.42 crore from Rs 20,312.44 crore in the same quarter a year ago, BoB said in a regulatory filing.

The bank’s asset quality improved marginally in the June quarter with gross non-performing assets (NPAs) falling to 8.86% of the gross advances as on 30 June 2021, from 8.87% a quarter ago. In the year-ago period, this was 9.39%.

Net NPA ratio stood at 3.03% versus 3.09% a quarter ago. A year ago, this was at 2.83%.

As a result, total provisions and contingencies for the quarter eased to Rs 4,111.99 crore from Rs 5,628 crore a year ago.

Provisioning Coverage Ratio including floating provision stood at 83.14% as on 30 June 2021.

A penalty of Rs 41.75 lakh has been imposed on the bank by Reserve Bank of India (RBI) for the quarter ended 30 June 2021, BoB said.

As per the Reserve Bank of India (RBI) circular, the bank has opted to provide the liability for frauds over a period of four quarters, it said.

Accordingly, the carry forward provision as on 30 June 2021 is Rs 349.45 crore which is to be amortised in the subsequent quarters by the bank, it said.