Bank of Baroda soars as assets quality improves in Q4
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Shares of Bank of Baroda has moved higher by 12% to Rs 163 on the NSE after the state-owned bank said that the bank's assets quality improved during the quarter ended March 2015 on a sequential basis.
The percentage of gross and net non-performing assets ratios stood at 3.72% and 1.89% during the March 2015 quarter from 3.85% and 2.11% respectively in the December 2014 quarter, Bank of Baroda said in a statement.
The net profit during the quarter under review, however, declined sharply by 48% year on year at Rs 598 crore on account of higher provisioning for bad loans and flat net interest income. The bank had reported profit of Rs 1,157 crore in the year-ago quarter.
The bank’s net interest income (interest earned minus interest expended) grew 1.5% to Rs 3,172 crore from Rs 3,125 crore in the year-ago quarter. The provisions went up 58% to Rs 1,818 crore during the March quarter compared to Rs 1,153 crore a year ago.
On Friday, the stock hit a 52-week low of Rs 143 on the NSE ahead of Q4 results. A combined 1.61 million shares changed hands on the counter on the NSE and BSE.
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