Bank of Baroda falls on earnings disappointment
Reuters Market Eye - Shares in Bank of Baroda (BOB.NS) fall as much as 8 percent after the bank's October-December earnings disappointed investors.
The bank said in a statement its December-quarter net profit fell to 10.12 billion rupees compared with 12.90 billion rupees a year earlier, while non-performing loans increased to 1.12 percent versus 0.51 percent a year earlier.
"The market was expecting better numbers," said Vaibhav Agrawal, a banking analyst at Angel Broking.
"Possibly, with the new management coming in, there has been higher NPA recognition than what would have earlier been expected."
In January, the central government appointed S. S. Mundra as chairman and managing director of the bank.
Bank of Baroda shares were down 7.34 percent at 2:37 p.m.
(Reporting by Abhishek Vishnoi)
- Tweet this
- Share this
- Digg this
- Netanyahu vows to complete Gaza tunnels destruction
- China should set lower 2015 GDP growth target of 6.5-7 pct - IMF
- U.S. says hopeful of WTO deal with India only hours before deadline
- UPDATE 2-Argentina defaults but investors see deal possible eventually
- Cricket - India four down and facing England defeat
The United States said on Thursday it was hopeful that differences between India and much of the rest of the world over a major trade agreement could be resolved in time, with only hours remaining before the deal has to be signed. Full Article
ONGC, Oil India bid $1.5 bln for stake in Murphy Oil's Malaysia assets - sources Full Article