Bank of Baroda Q2 Profits Dive: Asset Quality Worsens

Business

oi-Sunil

By Sunil Fernandes

Published: Friday, November 6, 2015, 11:06 [IST]

Bank of Baroda net profits fell sharply to Rs 124 crores for the Quarter ending Sept 30, 2015, as against Rs 1104 crores, reported in the corresponding period of last year.

The net interest income of the bank, the difference between interest earned and interest expended, declined 4.6 percent to Rs 3,244 crore from Rs 3,401 crore during same period.

Gross non performing assets deteriorated to 5.56 per cent against 4.13 per cent reported in the corresponding period of last year. Net non performing assets of the bank also dropped sharply to 3.08 per cent, from 2.07 per cent in the previous quarter.

The stock of Bank of Baroda, which had fallen as much as 10 per cent, was trading flat at Rs 159 on the NSE. Public sector banks have seen severely stressed assets with markets now keenly awaiting the results of SBI and PNB due later today, for cues to see if there has been any improvement in the asset quality.

GoodReturns.in