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Debadatta Chand, MD & CEO, NMC Group Bank of Baroda (BoB) reported a 72 per…
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Bank of Baroda’s Q1FY27 profit drops 72% due to a one-time NMC Group settlement
0Debadatta Chand, MD & CEO, NMC Group Bank of Baroda (BoB) reported a 72 per cent year-on-year (y-o-y) drop in first quarter (Q1FY27) standalone net profit at ₹1,278 crore against ₹4,541 crore, with the bottomline being impacted by one-off exceptional payment amounting to $600 million due settlement in respect of the collapsed UAE-based NMC Group.Excluding the aforementioned impact of ₹5,680 crore, the public sector bank’s net profit would have been ₹5,528 crore.Elaborating on the reasons for entering into a settlement with the Administrators of entities within the NMC Group, MD & CEO Debadatta Chand said: “The (settlement) decision was taken…