State-owned Bank of Baroda on Monday reported a standalone net loss of Rs 864 crore for the June quarter of 2020 because of higher provisions and contingencies.

The bank had posted a net profit of Rs 710 crore in the same quarter a year ago.

“On account of provisioning on standard accounts of Rs 1,811 crore, the bank has reported a (standalone) net loss of Rs 864 crore and a consolidated net loss of Rs 679 crore,” Bank of Baroda said.

Interest income fell 2.38 per cent to Rs 18,494 crore from Rs 18,944 crore a year ago.

Total provisions and contingencies for the quarter jumped 71.32 per cent to Rs 5,628 crore from Rs 3,285 crore a year ago. Gross non-performing assets fell to 9.39 per cent of gross advances as on June 30, 2020, from 10.28 per cent a year ago.

Titan loss at Rs 297cr

Tata group firm Titan Company on Monday reported a consolidated net loss of Rs 297 crore for the June quarter, impacted by lower income because of the pandemic.

The company had reported a net profit of Rs 364 crore a year ago. Total income declined 61.21 per cent to Rs 2,020 crore from Rs 5,208 crore earlier, Titan said. Titan Company managing director C.K Venkataraman said: “The recovery in business, particularly in the jewellery business is encouraging and we expect to get back to normalcy by the fourth quarter of this year.”

NRL revenues

Numaligarh Refinery Limited (NRL), a leading PSU oil company in Assam, has recorded a dip in revenue from operations at Rs 14,073 crore in 2019-20 compared with Rs 18,511 crore in 2018-19 because of lower sales and a reduction in prices of petroleum products in the international market.

“Profit before tax fell to Rs 1,735 crore from Rs. 3,052 crore a year ago. Profit after tax decreased to Rs 1,381 crore from Rs 1,968 crore in 2018-19,” NRL said.