 "Bank of Baroda dips 10% on weak Q3 results")
Bank of Baroda has dipped 10% to Rs 196 on BSE after reporting a sharp 68% year on year (yoy) drop in net profit at Rs 334 crore for the third quarter ended December 31, 2014 (Q3), due to higher provisions for stressed loans and higher tax provision. The government-owned bank had profit of Rs 1,048 crore in a year ago quarter.
Net interest income (interest earned minus interest expended) however grew 7.5% at Rs 3,286 crore on yoy basis.
Analysts on an average had expected profit of Rs 1,329 crore on net interest income of Rs 3,626 crore for the quarter.
The provisions for bad loans increased by 66% at Rs 1,262 crore against Rs 762 crore in previous year quarter, Bank of Baroda said in a statement.
The bank’s gross non-performing assets (NPA) ratio stood at 3.85% compared with 3.32% each in the preceding quarter and previous year quarter.
The net NPA ratio stood at 2.11% against 1.74% in September quarter. It was 1.88% in December 2013 quarter.
The stock opened at Rs 220 and touched a high of Rs 221 on BSE before the announcement of Q3 results. Till 1125 hours, a combined around 9.3 million shares changed hands on the counter on BSE and NSE.
Net interest income (interest earned minus interest expended) however grew 7.5% at Rs 3,286 crore on yoy basis.
Analysts on an average had expected profit of Rs 1,329 crore on net interest income of Rs 3,626 crore for the quarter.
The provisions for bad loans increased by 66% at Rs 1,262 crore against Rs 762 crore in previous year quarter, Bank of Baroda said in a statement.
The bank’s gross non-performing assets (NPA) ratio stood at 3.85% compared with 3.32% each in the preceding quarter and previous year quarter.
The net NPA ratio stood at 2.11% against 1.74% in September quarter. It was 1.88% in December 2013 quarter.
The stock opened at Rs 220 and touched a high of Rs 221 on BSE before the announcement of Q3 results. Till 1125 hours, a combined around 9.3 million shares changed hands on the counter on BSE and NSE.
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