Advertisement

  • News
  • Columns
  • Interviews
  • BW Communities
  • Events
  • BW TV
  • Subscribe to Print
  • Editorial Calendar 19-20
BW Businessworld

Bank Of Baroda Q1 Profit Plunges 60 Per Cent As Bad Loans Rise

Gross bad loans as a percentage of total loans rose to 11.15 per cent as of end-June from 9.99 per cent three months earlier

Photo Credit :

1470897243_zqnIo2_Bank_Baroda2_Reu.jpg

Bank of Baroda, India's second-biggest state-run lender by assets, said its first-quarter profit fell about 60 per cent with a rise in bad loans.

Its shares fell more than 5 per cent after the results.

Net profit fell to Rs 4.24 billion  ($63.4 million) for the three months to June 30, from 10.52 billion rupees a year earlier, the Mumbai-based bank said in a statement on Thursday.

Analysts on average had expected a net profit of Rs 4.92 billion , according to data compiled by Thomson Reuters.

Gross bad loans as a percentage of total loans rose to 11.15 per cent as of end-June from 9.99 per cent three months earlier.

Bank of Baroda shares were down 5.5 per cent at 151.60 rupees by 0353 GMT in a Mumbai market that fell 0.3 per cent.

(Reuters)


Tags assigned to this article:
banking bank of india company results bank of baroda