Q1 results: Bank of Baroda profit more than doubles as NPA provisions fall
Bank of Baroda’s net profit jumped to ₹ 528 crore ($76.92 million) in the June quarter (Q1) from ₹ 203 crore a year ago
Bengaluru: Bank of Baroda Ltd on Friday reported a more than two-fold rise in quarterly profit, as India’s third-largest state-run lender saw provisions for non-performing assets (NPAs) fall. The company’s net profit jumped to ₹ 528 crore ($76.92 million) in the June quarter (Q1) from ₹ 203 crore a year ago. Analysts on average had expected a profit of ₹ 74.72 crore, according to Thomson Reuters I/B/E/S.
Provisions for bad loans fell 18.4% to ₹ 1760 crore.
On Friday, Bank of Baroda shares fell 0.58%, or ₹ 0.80, to ₹ 138.05 on the BSE while the benchmark Sensex closed above the 37,000-point mark for the first time at 37,336.85—up 0.95%, or 352.21 points, from previous close.
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