Bank of Baroda Q2 net down 36% at Rs Rs 355 cr on bad loans

Provisions for non-performing assets rose about 13% to Rs 1,847 crore

State-run Bank of Baroda Ltd reported a 36 per cent fall in second-quarter net profit on Tuesday, hurt by higher provisions for bad loans.

Net profit dropped to Rs 355 crore ($54.26 million) for the quarter ended Sept. 30, from Rs 552 crore a year earlier, India's fifth-largest bank by assets said.

Analysts on average had expected a net profit of Rs 474 crore, Thomson Reuters data showed.

Gross bad loans as a percentage of total loans came in at 11.16 per cent at end-September, compared with 11.40 per cent in the previous quarter, and 11.35 per cent a year earlier.

 

Provisions for non-performing assets rose about 13 per cent to Rs 1,847 crore.