Bank of Baroda has dipped 3% to Rs 683 on reporting 32% year-on-year (yoy) fall in its net profit at Rs 1,029 crore for the fourth quarter ended March 31, 2013, due to higher provisioning for bad loans. The state-owned bank had profit of Rs 1,518 crore in a year ago quarter.
Net interest income (interest earned minus interest expended) grew marginally by 0.57% at Rs 2,814 crore on yoy basis. Total provisioning, including bad loans provision increased by 89% to Rs 1,598 crore from Rs 844 crore.
The bank’s gross non performing assets (NPA) increased to 2.40% from 1.83%, while Net NPA to 1.28% from 0.54% on yoy basis.
The stock opened at Rs 702 and hit a high of Rs 708 on NSE before the announcement of Q4 results. A combined 1.92 million shares have changed hands on the counter so far on NSE and BSE.
Net interest income (interest earned minus interest expended) grew marginally by 0.57% at Rs 2,814 crore on yoy basis. Total provisioning, including bad loans provision increased by 89% to Rs 1,598 crore from Rs 844 crore.
The bank’s gross non performing assets (NPA) increased to 2.40% from 1.83%, while Net NPA to 1.28% from 0.54% on yoy basis.
The stock opened at Rs 702 and hit a high of Rs 708 on NSE before the announcement of Q4 results. A combined 1.92 million shares have changed hands on the counter so far on NSE and BSE.