26 May 2018 Bank of Baroda (BoB) reported a loss of INR31b v/s a profit of INR1.6b in 4QFY17, led by elevated opex (gratuity provisions and depreciation on revaluation of fixed assets) and provisions. Elevated NPL provisions (6.8% credit costs annualized) were on account of high slippages (12.3% annualized). PPoP came in at INR26.7b (-11.7% YoY), led by low other income (down 14.2% YoY due to weak treasury income) and high opex (up 25.5% QoQ) due to a rise in depreciation expense and gratuity provisions. NII growth came in at 12% YoY on the back of 12% YoY loan growth and 34bp YoY expansion in NIM to 2.51%. Interest income reversal for the quarter was INR1.7b (INR5.9b for FY18), and interest on income tax refund came in at INR1.