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Monday, February 4, 2013

Bank of Baroda Q3 net profit falls 21.5%; stock drops 5.7%

Bank of Baroda has reported a sharp drop of 21.5 per cent in net profit for the third quarter ended December 31, 2012.

The stock dropped 5.7 per cent or Rs 49 and was trading at Rs 818 at noon today.

The bank has posted a net profit of Rs 1,011.62 crore for the quarter under review as compared to Rs 1,289.85 crore for the same quarter last fiscal. Total income has increased to Rs 9,685.51 crore (Rs 8,821.32 crore).

Bank of Baroda's board of directors has approved issue of equity shares of face value of Rs 10 each, for cash at a premium to be determined in accordance with SEBI (ICDR) Regulations aggregating up to Rs 860 crore, on preferential basis to Government of lndia. The bank will be holding an extraordinary general meeting to be held at Vadodara on March 11, 2013, for the purpose.

Source: thehindubusinessline


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