Bank of Baroda Ltd (BOB.NS)
MUMBAI - Bank of Baroda reported an improvement in asset quality, cheering investors, even as its quarterly profit nearly halved as India’s second-biggest state-owned lender sharply increased provisions for bad and restructured loans.
* Net profit nearly halves to 5.98 bln rupees vs 9.58 bln estimate
* Exec says: restructured advances increased 16 percent in FY15
MUMBAI, May 11 - Bank of Baroda, India's second-biggest state-owned bank, reported a near-halving of its quarterly net profit on Monday, lagging estimates, as provisions for bad loans in the period rose 58 percent.
* Says to cut base rate by 25 basis points from 10.25 percent to 10.00 percent, effective May 6 Further company coverage: (Reporting by Devidutta Tripathy)
** Credit Suisse downgrades Yes Bank and Bank of Baroda to "neutral" from "outperform"
** State bank of India is up 3.3 pct, Bank of Baroda gains 5.4 pct and Oriental Bank of Commerce rises 4.9 pct ** Expectations of an intra-policy rate cut have increased after economic survey and railway budget, traders say ** India can increase public investment to drive growth without borrowing more, according to a key government report on Friday ** Also, India signals private-sector bosses could run state-owned banks ** There is also market talk that the government may open
** Bank of Baroda falls 1.7 pct, Indian Bank down 1.5 pct ** Might have to take higher provisions in the Jan-March quarter to factor in wage hikes - Analysts ** India state-owned bank workers call off strike after agreeing a 15 percent wage increase (Reuters Messaging: firstname.lastname@example.org)
MUMBAI - Bank of Baroda Ltd increased bad debt provisions by 66 percent in the third quarter, contributing to a big drop in profits, and the bank said bad loan growth would remain a problem in the short term.
* Both banks see bad loans rise in Q3, shares tumble (Adds ICICI Bank results, updates shares)