Bank of Baroda posts Q4 loss on higher bad loans

Bank of Baroda, India's second biggest lender by assets, swung to a loss in the fourth quarter as bad loans rose sharply.

The company reported a net loss of Rs 3,230 crores ($483.82 million) for the three months to March 31, compared with a profit of 5.98 billion rupees a year earlier.

Analysts on average had expected a net profit of Rs 303 crores, according to data compiled by Thomson Reuters.

Gross bad loans as a percentage of total loans increased to 9.99% in the March quarter from 9.68% in the December quarter. Provisions, including for loan losses, were over three times higher than last year at Rs 6,858 crores.

 

($1 = 66.7605 rupees)