Bank of Baroda (BOB) Loss At Rs 3,342 Crore In Q3
Bank of Baroda (BOB) Loss At Rs 3,342 Crore In Q3: Bank of Baroda (BOB) is an Indian state-owned banking and financial services company headquartered in Vadodara (earlier known as Baroda) in Gujarat, India. Its headquarters is in Vadodara, it has a corporate office in the Bandra Kurla Complex in Mumbai. Bank of Baroda is one of the Big Four Banks Of India, along with ICICI Bank, State Bank of India and Punjab National Bank.
Bank of Baroda (BOB) Branches:
Bank of Baroda has an extensive network of 5290 branches spanning the length and breadth of the country. There is a branch in the vicinity of everyone in need of a banking solution. With a customer centric approach of being operational 24 Hours Banking a day, across 24 countries, the bank branches are the last door you will have to knock while on the lookout for an answer to your queries.
Bank of Baroda (BOB) Global Presence – Overseas Branches:
9.Republic of South Africa
12.Sultanate of Oman
13.United Arab Emirates
15.United States Of America
7.Trinidad & Tobago
Bank of Baroda (BOB) Customer Care :
All customers or members of general public except PMJDY customers and other Financial Inclusion scheme can connect with Contact Cent re by dialing the Toll Free Number 1800 22 33 44 or 1800 102 44 55 from anywhere in the country. The call is not chargeable to the caller.
Bank Of Baroda (BOB) Head Office: Vadodara
Bank Of Baroda (BOB) Services:
- Net Banking – Corporate
2. Net Banking – Personal
3. Debit cum ATM Card
4. RTGS ( Real-time gross settlement systems) / NEFT (National Electronic Funds Transfer) PAYING SLIP
5. Prepaid Card
6. Demat – CDSL
7. Cash Management Services
8. Govt. Business Products
Bank of Baroda (BOB) Loss At Rs 3,342 Crore In Q3:
Bank of Baroda, the country’s second largest public sector bank, On Saturday reported the highest-ever quarterly loss in the nation’s banking history at Rs 3,342 crore for the October-December period after recognizing and providing for the entire quantum of stressed assets identified through a special review undertaken by RBI. The reported loss would have been higher if it wasn’t for a tax write back of Rs.1,118 crore taken during the quarter.
The bank’s managing director & Cheif Executive Officer PS Jaykumar, a former Citibanker and the first from the private sector to head a state-owned bank said that the management decided to clean up even more than what Reserve Bank of India had prescribed. This was to remove uncertainty over the future from the minds of investors, he said.
“We are well capitalised and we have asked the government to take us off any list of banks seeking additional funding,” said Jaykumar. Banks have performed much worse than expected partly because the RBI governor Raghuram Rajan has asked them to set aside profits for loans that are likely to go bad in future. This is because businesses such as steel and power are going through severe stress due to downturn in global commodity prices. Also, those who are trying to sell assets to repay loans are not finding buyers. For depositors there is no cause for worry. On Friday, the RBI governor said that the banks were strong enough to absorb the losses.
Other banks that have reported losses in excess of Rs 1000 crore this quarter are Bank of India, Indian Overseas Bank and IDBI Bank. Rating agency CRISIL, in May 2015, had estimated bad loans in banks to rise to a high of Rs 5.3 lakh crore or 6.3% of total advances by March 2016. However, most nationalised banks have been reporting gross non-performing assets (bad loans) in the range of 8% to as high as 12%. Rating agency Crisil feels that the Reserve Bank of India will have to provide more capital to some of the banks than originally envisaged.
Source : Times Of India