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Bank of Baroda swings back to profit in Q4 at Rs 155 cr

Reuters/Mumbai 19 May 17 | 12:30 AM

Bank of Baroda headquarters in Mumbai

Indian state-run Bank of Baroda on Thursday reported a fourth-quarter net profit of Rs 155 crore ($23.89 million).

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The Mumbai-based bank, the fifth-biggest in the country by assets, had reported a net loss of Rs 3,230 crore in the year-ago quarter.

Analysts, on average, had expected the bank to report a net profit of Rs 516 crore in the three months to March 31, according to Thomson Reuters data.

Gross bad loans as a percentage of total loans declined to 10.46 per cent at end-March from 11.40 per cent in December. Gross bad loans on an absolute basis was although higher at Rs 42,719 crore compared with Rs 42,642 crore in December.

Ahead of the results, shares in Bank of Baroda closed 2.24 per cent lower in a broader Mumbai market per cent that fell about 1 per cent.

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