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Bank of Baroda Ltd's, India's second-biggest state-run lender by assets, second-quarter profit slumped about 89 per cent on Friday, hit by a sharp rise in provisions as bad loans jumped.
Shares in the Mumbai-based bank, which in August became one of the first state owned lenders to appoint a private sector chairman, tumbled almost 10 per cent at the market open. At 10.10 am, the stock was down 3.3 per cent or Rs. 5.40 at Rs. 154.10 on the BSE.
Net profit fell to Rs. 124 crore ($18.9 million) for its quarter ended September 30 from Rs. 1,104 crore reported a year earlier, the Mumbai-based lender said in a statement on Friday.
The gross bad loan ratio for the quarter rose to 5.56 per cent, a jump from 4.13 per cent in the previous three months and 3.32 per cent in the same quarter a year earlier.
Source : Thehindubusinessline
Shares in the Mumbai-based bank, which in August became one of the first state owned lenders to appoint a private sector chairman, tumbled almost 10 per cent at the market open. At 10.10 am, the stock was down 3.3 per cent or Rs. 5.40 at Rs. 154.10 on the BSE.
Net profit fell to Rs. 124 crore ($18.9 million) for its quarter ended September 30 from Rs. 1,104 crore reported a year earlier, the Mumbai-based lender said in a statement on Friday.
The gross bad loan ratio for the quarter rose to 5.56 per cent, a jump from 4.13 per cent in the previous three months and 3.32 per cent in the same quarter a year earlier.
Source : Thehindubusinessline
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