Yojna Bansal, Prof. (Dr.) Harsh Purohit, Dr.

Vijaya Kumar

Turkish Online Journal of Qualitative Inquiry (TOJQI)

Volume 12, Issue 6, June 2021: 798- 804

An Analytical Study on NPA of Bank of Baroda

Yojna Bansal a*, Prof. (Dr.) Harsh Purohit b, Dr. Vijaya Kumarc

a*
Research Scholar, Banasthali Vidyapith, Rajasthan, India ([email protected])
b
Dean, WISDOM, Banasthali Vidyapith ([email protected])
c
Senior Lecturer, Middlesex University, Dubai ([email protected])

Abstract

Purpose – Indian Banking sector has been facing the challenge of ever-growing non-performing assets (NPA)
for the last 2 decades which adversely impacts the profitability and liquidity of the banks and the economy as a
whole. This study has attempted to compare the performance of the Bank of Baroda (BOB) vis-à-vis
nationalized banks group and establish the correlation between NPA and financial performance of Bank of
Baroda and the nature of the relationship.

Methodology – Bank of Baroda which is 2nd leading public sector bank in India had been selected for this
study. Data from 2010-11 to 2019-20 had been collected from secondary sources. For data analysis, the Balance
sheet and profit & loss account of BOB were analyzed using various ratios, Gross NPA and Net NPA
comparison with nationalized banks has been performed apart from performing a correlation analysis of Gross
NPA and Net NPA with net profits.

Conclusion – All nationalized banks including the Bank of Baroda have been facing high NPA during the period
of study. Further, it was found that NPA negatively affected the profitability of the Bank of Baroda and is highly
correlated with the net profits of the bank.

Originality Value – This research had been conducted specifically focused on Bank of Baroda whereas past
researches involving BOB has been generally performed in comparison with other banks or the researches were
based on various bank groups but not solely focusing on BOB.

Keywords: Bank of Baroda, Correlation, Non-Performing Assets, NPA, Profitability

1. Introduction
Banking sector has a pivotal role to play in development of any economy by channelizing the funds from
unproductive savings in the form of deposits to funding various needs of society like housing, agriculture,
education and commercial projects. Banking sector in India has witnessed a tremendous growth after
liberalization started in 1900s which contributed to growth of economy as a whole. Initially banks were mainly
focused on growth of portfolio, widening network of branches, priority sector lending and generating jobs etc.
and assets quality was not a focus area. With aggressive lending, the assets quality started to get compromised
and banks started facing a problem of rising non-performing assets which has become a huge problem for the
economy at present (Singh, 2016).
As NPA has turned into a monstrous problem for Indian banks in the last two decades. Reserve Bank of
India (RBI) alongwith other governing bodies have taken a lot of initiatives to control NPA as banks have either
reported a quarterly spike in NPA or have kept it undisclosed, which have been later detected by RBI like some
large banks including banks like SBI & Punjab National Bank were found to be guilty of under-reporting NPA
provisioning during the year 2018-19. This is not only limited to PSBs but even to private sector banks like Yes

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Bank, UCO Bank and Union Bank were also involved in underreporting NPA (Livemint, 2019). There is every
possibility that many other banks are also underreporting their NPA, hence the magnitude of NPA maybe even
higher. CARE rating agency published a report which discovered that India was fifth on the raking table of
nations with the highest level of NPA, only next to Greece, Italy, Portugal, and Ireland. The report also stated
that India has the highest NPA ratio with 9.9 percent among the BRICS nations. In a report named “Bank NPA:
June 2019” published on careratings.com (2019), CARE noted that: 1) 17 of the 36 Indian banks had NPA ratio
of above 10% in Jun-2019, of them 16 were Public Sector Banks (PSB) and only one was a private bank. 2)
Four of the PSB had NPA ratio of 20% and above including IDBI Bank, UCO Bank & Indian Overseas Bank 3)
Three PSBs had NPA ratio of less than 10% (SBI, Indian Bank, and Canara Bank), eleven private sector banks
had NPA less than 2.5% and five had NPA between 5-10% Government of India has brought many legislations
to bring the issue of rising NPA under control which include RDDBFI Act, 1993; SARFAESI Act, 2002 & IBC
code, 2016.
Understanding Non-Performing Assets
Performing assets are those loans given by a bank to its customers which produce income for the bank in
normal course of business & the repayment of principle and interest is regular. A loan asset becomes a non-
performing asset when the customer does not pay the due interest and principle for a prolonged period and the
bank ceases to generate any income on such asset alongwith risk of non-recovery of principle amount. Such an
assets is classified as non-performing assets as it ceases to earn income for the bank. Regulators all over the
world issue guidelines governing classification and recognition of such non-performing assets in banking
industry.
As per Master Circular regarding classification of advances dated 30th Aug 2001 issued by Reserve Bank of
India, loans given can be classified as : Standard assets as those NPA which have been past due for less than
12 months, these assets carry normal risk level. Sub-standard asset are assets those remain NPA for more than
12 months but less than 18 months. These assets carry more risk than standard assets. Banks generally make
partial provisions against these assets as banks are not fully sure about the recoverability of these assets.
Doubtful asset are the assets which has been classified as NPA for more than 18 months as there are very slim
chances of recovery. These assets carry severe risk. Loss Asset – when an assets remains classified as non-
performing assets for a period exceeding 36 months, these are considered as loss assets. As per guidelines
issued by RBI, banks must provide full provision against loss assets after reducing the assets pledged with the
bank (RBI, 2001). So, loss assets have direct impact on profit & loss account. These are generally written off
from balance sheets as well over a period of time.
NPA is considered as serious threat to banking sector in India due continuously increasing volume in past
few years as it impacts financial stability, liquidity and profitability along with reducing further lending ability
of the banks as funds get blocked. Further, willful defaulters do not repay the loans hence prevent the banks
from lending to rightful borrowers, resulting in a slowdown of the credit cycle and reduction of credit rotation
An increase in NPA becomes a big obstacle in social and economic progress of the whole economy.
Bank of Baroda
Bank of Baroda (BOB) is a public sector bank headquartered in Vadodara, Gujrat which was founded in
1908 and nationalized in 1969 alongwith with 13 other banks and designated as public sector undertaking (PSU)
by the Government of India. BOB is second largest public sector bank in India after State Bank of India. BOB
has gone through many mergers and acquisitions like it acquired New Citizen Bank in 1961, acquired Surat
Banking Corporation in 1963 and finally merged with Dena Bank and Vijaya Bank in 2019 to become 3 rd
largest bank in India after SBI and HDFC Bank. At the end of FY 2019-20, the bank has over 9500+ branches,
84000+ employees and more than 12 crore customers.
2. Review of Literature
In a comparative study on SBI & BOB, Ojha & Jha (2018), concluded that increase NPA has impacted
profitability of both the banks. A casual analysis of profitability and NPA of 9 selected Indian commercial
banks including SBI, BOB, PNB, ICICI Bank was performed by Sharma et. al. (2020) by employing correlation
and regression analysis on secondary data for a period of 13 years and found that NPA affect the profitability of
the bank adversely alongwith adverse impacts on liquidity and solvency position of the banks. Valliammal and
Manivannan (2018) examined the impact of NPA on the profits of the selected public sector such as SBI, BOB,
Canara Bank & UBI banks by analyzing the profitability trends and correlation between NPA vs. net profits and
found that there exists a very strong relationship among decreasing profits and increasing NPA. Banks must
emphasize more in handling the problem of NPA with respect to their financial assets to improve their
profitability.

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A study by Banerjee and Mitra (2018) on scheduled commercial banks noted that NPA directly impact the
financial performance and liquidity, and identified that growing NPA is a main problem for the Indian banking
industry. Tandon et. al. (2017) selected 35 public and private banks from 2007 to 2016 using multivariate
analysis and established that NPA management required more attention in Public Sector Banks to improve its
profitability and financial position. Prasad and Veena (2011), in their paper dealing with the understanding of
the concepts of NPA, its magnitude and major causes for an asset converting to a NPA, and main approaches for
management of NPA in Indian banks, stated that NPA does not generate any income and at the same time banks
have to make provision against the principle amounts from their operational profits. Hence NPA has an adverse
impact on the ROA and it limits the recycling of the funds a well.
Khanna (2012) performed comparative analysis on selected Indian banks which include State Bank of India,
ICICI Bank, Axis Bank, etc. and noted that the main role of banks is to provide funds to different sections of
economy including agricultural loans, housing loans, personal loans and business loans etc., but due to problem
of NPA related to loans given, banks have become very cautious in sanctioning loans as NPA is a major factor
affecting their financial performance of banks. High NPA leads to a higher number of loans turning into bad
loans hence affecting the profitability and net worth of the banks.
Pham's (2013)’s study on Vietnamese banks, weighed the impact of NPA on the net profits of banks during a
period of 8 years upto 2012, highlighted that NPA adversely impacts the profitability of banks. Kaaya and
Pastory's (2013)’s research on the association between performance of banks and credit risk of Tanzanian Banks
suggested that there is an adverse correlation amongst credit risks and profitability by measuring the impact on
ROA. Madishetti and Rwechungura's (2013)’s study analyzed various determinants of profitability and
examined the influence of credit risk on Tanzanian commercial banks. The study revealed that increasing NPA
reduced the profitability of banks in Tanzania. Felix and Claudine (2008) examined the relationship between
credit risk and performance of banks and inferred that ROE and ROA were inversely related to the NPA to total
loans ratio of financial institutions, hence increasing NPLs (non-performing loans) leading to a decline in profits
of banks.
Roman and Tomuleasa (2013) studied the impact of various factors for large number of commercial banks
operating in the European Union nations using econometric estimation analysis and t-test on the profitability of
the banks in European Union countries covering the period of 8 years from 2003 to 2011, found that increase in
NPA has an adverse impact on the financial results of the banks.
Epure and Lafuente (2012) scrutinized the link between the bank’s performance and NPA during 1998-2012
of the Costa-Rican banking industry, which showed that non-performing assets adversely affected the ROA,
whereas the capital adequacy ratio had a positive impact on the net interest. The research paper also showed that
performance improvement is directly impacted by regulatory changes. A study titled “Advances – Issues and
Problems” by Alo (1995) covering Nigerian Banks emphasized that NPA had a direct impact on the failure of
banks. In the author’s opinion, trading risk, when poorly managed, can result in sinking a bank very quickly as
evidenced by the failure of some of the largest banks due to bad loans. This was also confirmed by Nwankwo
(1990) in his study on Nigerian Banks who pointed out that a high level of NPA is mainly responsible for bank
failures. The effect of NPA on the economy can be devastating, if not properly tackled, it can lead to bank
failures hence resulting in shaking the confidence of the general public.
From the above review of past literature, it can be noted that there are many studies conducted for analyzing
the NPA of banking including BOB but none of the studies, solely focused on Bank of Baroda, had been
conducted. Hence to fill this gap, this study has been undertaken.
The study has been undertaken to conduct a detailed analysis of performance of Bank of Baroda with respect
to management of NPA and its impact on profitability of the bank. The study also attempted to establish whether
a statistically significant relationship between profitability and NPA exists for BOB.
3. Research Methodology
In the present study, a detailed analysis of Balance sheet and profit & loss of BOB for past 10 years i.e. from
2010-11 to 2019-20 has been performed alongwith analysis of trends of NPA & net profits and correlation
analysis to establish relationship between NPA and profitability. The analysis has been performed on the basis
of secondary data collected from various internet sources like RBI website, financial websites and annual
reports of Bank of Baroda taken from the website of the bank.
4. Analysis and Interpretation
For the purpose of analyzing the financial performance, a summary comparative balance sheet and profit and
loss account is given below:-

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Table 1 – Balance Sheet of BOB - Comparative (2019-12 vs. 2010-11)

2019-20 %age 2010-11 %age CAGR
Equity & Liabilities
Share Capital 925.37 0.1% 392.81 0.1% 9.99%
Reserves & Surplus 70,931 6.1% 20,650.73 6.0% 14.69%
Deposits 945,984 81.7% 305,439.48 82.1% 13.38%
Borrowings 93,069 8.0% 22,307.85 8.7% 17.20%
Other Assets 47,006 4.1% 9,606.31 3.2% 19.29%
Total Liabilities & Equity 1,157,916 100.0% 358,397.18 100.0% 13.92%
Assets
Cash & Cash Equivalents 121,901.12 10.5% 49,934.07 12.9% 10.43%
Advances 690,120.73 59.6% 228,676.36 59.4% 13.06%
Investments 274,614.61 23.7% 71,396.59 22.7% 16.15%
Fixed Assets 8,889.29 0.8% 2,299.72 0.7% 16.21%
Other Assets 62,389.76 5.4% 6,090.44 4.3% 29.50%
Total Assets 1,157,915.51 100.0% 358,397.18 100.0% 13.92%
Source – Annual Reports of Bank of Baroda for respective years
From table 1 above, it may be noted that the size of balance sheet of BOB has grown 3 times during the
period of study. Advances have tripled with a cumulative annual growth rate (CAGR) of 13.06% similar to
growth of deposits with a CAGR of 13.28%. Advances given forms 59.6% of total assets and investments forms
23.7% of total assets which are revenue generating assets. Hence bank has invested 84% of total assets in
income generating assets.
Table 2- Profit & Loss Account of BOB - Comparative (2019-12 vs. 2010-11)
2019-20 %age 2010-11 %age CAGR
2010-11 to
2019-20
Interest Income 75,984 88.0% 21,886 25.4% 14.8%
Other Income 10,317 12.0% 2,809 3.3% 15.6%
Total Income 86,301 100.0% 24,695 28.6% 14.9%
Interest Expenses 48,532 56.2% 13,084 15.2% 15.7%
Operating Expenses 18,077 20.9% 4,630 5.4% 16.3%
Provisions & Contingencies 19,145 22.2% 2,740 3.2% 24.1%
Operating Profit 85,755 99.4% 20,453 23.7% 17.3%
Net Profit 546 0.6% 4,242 4.9% -20.4%
Source – Annual Reports of Bank of Baroda for respective years
From table 2 above, it can be noted that the bank’s revenue has grown 3.5 times during 2010-11 to 2019-20
with a CAGR of 14.8%. However, the net profit during the same period has reduced with a negative CAGR of
20.4% as the provision and contingencies during this period has increased from 3.2% in 2010-11 to 22.2% in
2019-20. Hence, provisions which mainly includes provisions against NPA have resulted in lower profitability
of the bank.
Analysis of Non-performing Assets of BOB
Table 3 below demonstrates trends of Gross NPA (GNPA), Net NPA (NNPA) for nationalized banks and
Bank of Baroda and Net Profits for Bank of Baroda:-

Table 3 – NPA Trends – Nationalised Banks vs. Bank of Baroda

Natinalised Banks Bank of Baroda

YEAR Gross NPA Net NPA GNPA % NNPA % Gross NPA Net NPA GNPA % NNPA % Net Profit

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2011 44,271 21,264 2.0% 1.0% 3,153 791 1.4% 0.3% 4,242
2012 69,625 39,155 2.8% 1.6% 4,465 1,544 1.5% 0.5% 5,007
2013 102,227 61,936 3.3% 2.0% 7,983 4,192 2.4% 1.3% 4,481
2014 148,457 88,820 4.1% 2.5% 11,876 6,035 2.9% 1.5% 4,541
2015 204,959 122,673 5.3% 3.1% 16,261 8,069 3.7% 1.8% 3,398
2016 417,988 251,481 10.7% 6.4% 40,521 19,406 10.0% 4.8% (5,396)
2017 506,922 286,157 13.0% 7.3% 42,719 18,080 10.5% 4.4% 1,383
2018 895,601 454,473 14.6% 7.4% 56,480 23,483 12.3% 5.1% (2,432)
2019 739,541 285,123 11.6% 4.5% 48,233 15,610 9.6% 3.1% 434
2020 678,317 230,918 10.3% 3.5% 69,381 21,577 9.4% 2.9% 546
CAGR 35% 30% 20% 15% 41% 44% 24% 27% -20%
Mean 380,791 184,200 7.8% 3.9% 30,107 11,879 6.4% 2.6% 1,620
SD 295,315 132,573 4.5% 2.3% 22,873 8,217 4.1% 1.7% 3,263
CV 78% 72% 58% 58% 76% 69% 64% 64% 201%
Source – Statistical Tables from Reserve Bank of India Website

GNPA NNPA
20.0% 8.0%

15.0% 6.0%

10.0% 4.0%

5.0% 2.0%

0.0% 0.0%

GNPA - Nationalised Banks GNPA - BOB NNPA - Nationalised Banks NNPA - BOB

Figure 1 - GNPA & NNPA Comparison

Table 3 above alongwith figure 1 shows that NPA of both nationalized banks and Bank of Baroda have been
continuously increasing over past 10 years. Average GNPA of BOB is lower at 6.4% vs. nationalized banks at
7.8% which indicated the banks in general have faced high NPA during the period of study. Coefficient of
Variance of BOB is similar to that of nationalized banks hence performance of BOB is similar to that of other
nationalized banks. The above graphs shows that GNPA and NNPA of BOB and nationalized banks have been
moving in tandem during the period of study hence there is not much difference in performance of BOB and
nationalized banks as a whole.
Correlation Analysis
For the purposed of establishing weather NPA affects the profitability of the banks, correlation analysis has
been performed between GNPA, and Net Profits & NNPA and Net profits as show below in table 4:-
Table 4 – Correlation Analysis of Bank of Baroda
YEAR Net Profit GNPA NNPA
2011 4,242 3,153 791
2012 5,007 4,465 1,544
2013 4,481 7,983 4,192
2014 4,541 11,876 6,035
2015 3,398 16,261 8,069
2016 (5,396) 40,521 19,406
2017 1,383 42,719 18,080

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2018 (2,432) 56,480 23,483

2019 434 48,233 15,610
2020 546 69,381 21,577
Correlation (0.731) (0.843)
Source – Annual Reports of Bank of Baroda for respective years
From the above correlation analysis, the following has been noted:-
• Gross NPA & Net Profits are highly correlated as shown by the correlation coefficient of 0.731.
Further, negative value shows that the relationship is adverse. Hence, an increase in Gross NPA will result in
decrease of net profits and vice versa.
• Net NPA & Net Profits are highly correlated as shown by the correlation coefficient of 0.843. Further,
negative value shows that the relationship is adverse. Hence, a decrease in Net NPA will result in increase of net
profits and vice versa.
5. Conclusion
From the analysis performed in analysis and interpretation section above, it can be noted that, BOB
alongwith other nationalized banks have been facing increasing NPA during the period of study. From the
correlation analysis, it can be concluded that NPA negatively impacts profits of the banks as seen from the high
negative correlation coefficient for GNPA at 0.731 and for NNPA at 0.843. Similar conclusions have been
drawn by studies on Indian banks various banks performed by researchers like Ojha & Jha (2018), Sharma et. al.
(2020), Banerjee and Mitra (2018), Prasad and Veena (2011) and various researches all over the world by
researcher like Kaaya and Pastory's (2013), Madishetti and Rwechungura's (2013), Epure and Lafuente (2012)
to name a few.
Due to the fact that NPA negatively impact profits of the banks, the banks must take various preventive steps
like strengthening credit appraisal, conducting post-disbursement reviews and independent audits of funds
utilization as well as various corrective steps like recovery through various recovery channels like Lok Adalats,
Debt Recovery Tribunals and advanced recovery steps under SARFAESI Act, 2002 and newly passed
insolvency legislation IBC code, 2016 which even gives power to RBI to directly intervene in settling bad loan
cases(Livemint, 2017).
This research is limited to quantitative analysis of secondary data for a period of 10 years for Bank of
Baroda. Further analysis with wider coverage in terms of period and number of banks can be performed.
Further, various qualitative factors like quality of loans given, type of customers of the banks, priority lending
regulations, economic cycle etc. can be included in future researches

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