Bank of Baroda Q2 profit falls, misses estimates
Bank of Baroda’s net profit falls to Rs355 crore for the quarter ended 30 September, from Rs552 crore a year earlier
State-run Bank of Baroda Ltd reported a 36% fall in second-quarter net profit on Tuesday, hurt by higher provisions for bad loans.
Net profit dropped to Rs355 crore for the quarter ended 30 September, from Rs552 crore a year earlier, India’s fifth-largest bank by assets said.
Analysts on average had expected a net profit of Rs474 crore, Thomson Reuters data showed.
Gross bad loans as a percentage of total loans came in at 11.16% at end-September, compared with 11.40% in the previous quarter, and 11.35% a year earlier.
Provisions for non-performing assets rose about 13% to Rs1,847 crore.
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