BoB posts Q4 net loss of Rs 1,047 cr

New Delhi: Bank of Baroda (BoB) on Saturday reported a standalone net loss of Rs 1,046.50 crore for March quarter 2020-21.

The bank had posted a net profit of Rs 506.59 crore in the year- ago quarter.

For fiscal year 2020-21, the bank reported a net profit of Rs 828.95 crore, up 52 per cnet from Rs 546.18 crore.

"Bank moved to a new tax structure thus reporting a loss of Rs 1,047 crore because of DTA (deferred tax asset) reversal. Excluding the impact of the change in the tax regime, bank would have reported profit after tax of Rs 2,267 crore in Q4FY21 and Rs 4,143 crore in FY21," it said in a release.

Standalone income in the quarter under review was nearly flat at Rs 21,532.91 crore as compared to the year-ago quarter. During the fiscal year, the income fell to Rs 82,859.50 crore from Rs 86,300.98 crore in 2019-20.