Bank of Baroda shares slip over 7% despite reporting nearly Rs 253 crore net profit in Q3
Shares of Bank of Baroda slipped over 7 per cent in early trade on Monday despite reporting net profit of Rs 252.67 crore for December quarter against net loss of Rs 3,342.04 crore in the corresponding quarter last year.
The state-run lender had posted a net profit of Rs 552.12 crore in the sequential quarter ended September 31, 2016.
The scrip was trading 6.09 per cent down at Rs 17.55 around 9.50 am (IST). Shares of the bank opened at Rs 184.30 and touched a high and low of Rs 184.30 and Rs 174.55, respectively, in trade so far. Benchmark BSE Sensex was up 34.96 points, or 0.12 per cent, at 28,369.21.
Gross non-performing assets of Bank of BarodaBSE -6.46 % at 11.40 per cent spiked by 172 basis points on Y-o-Y basis but stood almost unchanged on Q-o-Q basis; however Net NPA has improved on both Y-o-Y (declined 24 bps) and Q-o-Q basis (declined 3bps).
According to a research report by KR Choksey, Q3FY17 stood a stable quarter for the bank in terms of asset quality and operating performance. Net profit at Rs 252 crore was largely led by lower provisioning, increase in non-interest income and controlled opex.
Provisions and contingencies dipped 66.26 per cent year-on-year to Rs 2079.50 crore in Q3FY17 over Rs 6164.55 crore in Q3FY16.
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