Bank Of Baroda
In the last quarter of the financial year 2020-21, the results of Bank of Baroda were very disappointing.
New Delhi. Public sector Bank of Baroda released the fourth quarter results on Saturday. The results of the bank in the last quarter of the financial year 2020-21 were very disappointing. The bank had a net loss of Rs 1,046.50 crore on a standalone basis in the last quarter of the financial year 2020-21.
The bank had a net profit of Rs 506.59 crore in the same quarter a year ago. However, in the entire financial year 2020-21, the bank’s net profit increased by 52 percent to Rs 828.95 crore from Rs 546.18 crore in the previous financial year.
“The bank opted for a new tax structure and under it, it reported a loss of Rs 1,047 crore on return of DTA (Delayed Tax Assets),” the bank said in a regulatory filing. Excluding the impact of changes in the tax structure, the bank would have earned a net profit of Rs 2,267 crore in the last quarter of the financial year 2020-21 and a net profit of Rs 4,143 crore in the full financial year 2020-21.
The bank’s single income in the January-March 2021 quarter was almost equal to the corresponding quarter of the previous financial year. The bank recorded Rs 21,532.91 crore in the fourth quarter. Its income declined to Rs 82,859.50 crore in the entire financial year from Rs 86,300.98 crore in 2019-20.Check payment method will change from June 1
Positive Pay Confirmation will be made mandatory for Bank of Baroda customers from 1st June 2021. With this, customers will not become a victim of bank fraud. Let us tell you that the positive pay system is a kind of fraud detection tool. Under this system, when any person issues a check, he will have to give full details to his bank. The bank will cross-check these information before payment of the check. If any discrepancy is found in it, the bank will reject that check.