Bank of Baroda Q2 profit slumped about 89% as provisions spike
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Bank of Baroda, India's second-biggest state-run lender by assets, second-quarter profit slumped about 89% on Friday, hit by a sharp rise in provisions as bad loans jumped.
Shares in the Mumbai-based bank, which in August became one of the first state owned lenders to appoint a private sector chairman, tumbled almost 10% at the market open. At 0400 GMT, the stock was down 5.5%.
Net profit fell to 1.24 billion rupees ($18.9 million) for its quarter ended September 30 from 11.04 billion rupees reported a year earlier, the Mumbai-based lender said in a statement on Friday.
The gross bad loan ratio for the quarter rose to 5.56%, a jump from 4.13% in the previous three months and 3.32% in the same quarter a year earlier.
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