Bank of Baroda reported a better than expected results with net profits at Rs 1052 crores for Q1 ending June 30, 2015.
Gross non performing assets of the company increased to 4.13 per cent as against 3.72 per cent in the previous quarter ending March 31, 2015.
The shares of Bank of Baroda rallied a huge 4 per cent following the results.
Bank of Baroda is yet another bank that has reported a weakish set of numbers for the quarter. Results so far from PSU banks have been mixed with PNB seeing slight improvement in asset quality, while Union Bank has seen a slight deterioration.
Analysts expect PSU banking stocks continue to perform poorly on the asset quality front and the shares have been hammered down in the last few months.