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Bank of Baroda Q4 loss at Rs 3,102 cr up on NPA provisions
Mumbai, May 25 (IANS) Continuing the sequence of losses being reported by state-run banks, Bank of Baroda (BoB) on Friday posted a net loss of Rs 3,102.34 crore for the fourth quarter ending March caused by a rise in provisioning for bad loans.
The bank had reported a net profit of Rs 155 crore in the fourth quarter of last fiscal, according to a stock exchange filing.
The loss was due to higher provisions on account of the recent Reserve Bank of India’s revised framework for stressed assets and large corporate loan slippages, it said.
Provisions for non-performing assets (NPAs), or bad loans, for the quarter in consideration jumped 190 per cent to Rs 7,052.53 crore, over the Rs 2,425 crore on the same account during same quarter of last year.
The bank’s gross NPAs rose to 12.26 per cent in the January-March quarter, from 10.46 per cent in the corresponding quarter of 2017-18.
Net NPAs during the quarter in review increased to 5.49 per cent, from 4.72 per cent in the fourth quarter of last year.
While gross NPAs during the fourth quarter stood at Rs 56,480.39 crore, net NPAs were at Rs 23,482.65 crore.
The provisioning coverage ratio in the fourth quarter rose marginally at 67.21 per cent as compared to 66.83 per cent a year ago.
“There is a fair movement in overseas transactions and we are getting more A and above rated customers which we didn’t have access to earlier,” he added.
Commenting on the figures, BoB Chief Executive P.S. Jayakumar said in a statement: “We feel positive about the growth, it has been at about 18 per cent (domestic advances growth). In retail, the quality of customers has been on the positive while we are also seeing an improvement in the MSME segment.”
The bank said its board has approved the raising of additional capital up to Rs 10,000 crore in the current fiscal subject to regulatory approvals.
The Bank of Baroda stock closed on Friday at Rs 141.20 a share, up Rs 2.50, or by 1.80 per cent, over its previous close on the BSE.
–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.