BoB posts loss in Q4 as it shifts to new tax regime

Financial institution of Baroda (BoB) reported a standalone web lack of ₹1,046.5 crore for the quarter ended March 31. The financial institution had posted a web revenue of ₹506.6 crore within the year-earlier interval. For the fiscal 12 months 2020-21, the financial institution reported a 52% rise in web revenue to ₹829 crore.“The financial institution moved to a brand new tax construction thus reporting a lack of ₹1,047 crore due to DTA (deferred tax asset) reversal. “Excluding the affect of the change within the tax regime, the financial institution would have reported a revenue after tax of ₹2,267 crore in Q4FY21 and ₹four,143 crore in FY21,” it stated in a launch.Standalone revenue within the quarter below evaluation was nearly ₹21,532.9 crore in contrast with the year-earlier interval.Throughout the fiscal 12 months, revenue fell to ₹82,859.5 crore from ₹86,301 crore in 2019-20, the financial institution stated.

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