Advertisement

HindustanTimes Thu,21 Aug 2014

Bank of Baroda net down 22%

HT Correspondent, Hindustan Times  Mumbai, February 04, 2013
First Published: 22:23 IST(4/2/2013) | Last Updated: 22:25 IST(4/2/2013)

Public sector lender Bank of Baroda posted a 21.6% year-on-year decline in the net profit at Rs. 1,012 crore for the quarter ended December against Rs. 1,290 crore in corresponding quarter a year ago due to higher provisioning for bad loans and a fall in other income.

Advertisement

"Indian economy is passing through a tough phase," said SS Mundra, chairman and MD, Bank of Baroda. "Non-performing assets (NPAs) are at elevated level. Rise in NPAs is the reflection in what is happening in the economy." Gross NPAs of the bank increased by 25% to R7,322 crore from R5,879 crore in the year-ago period.

Shares of the bank fell 7.5% to close at Rs. 802 at the Bombay Stock Exchange on Monday.


Advertisement
more from Business

Indian firms tool up for defence orders on Modi's 'Buy India' pledge

Some of India's biggest companies are pouring billions of dollars into manufacturing guns, ships and tanks for the country's military, buoyed by the new government's commitment to upgrade its armed forces using domestic factories.
markets
Advertisement
Most Popular
Advertisement
Advertisement
Copyright © 2014 HT Media Limited. All Rights Reserved