August 11, 2017 / 11:02 AM / 2 months ago

Bank of Baroda first-quarter profit slumps 52 percent

A man walks past the Bank of Baroda headquarters in Mumbai, May 3, 2016. REUTERS/Danish Siddiqui/Files

REUTERS - Indian state-run Bank of Baroda Ltd reported a 52 percent plunge in first-quarter net profit on Friday.

The fifth-largest bank in the country by assets reported a net profit of 2.03 billion rupees ($31.65 million), for the three-month period ended June 30, compared with 4.24 billion rupees a year ago. (bit.ly/2vtmE9a)

Gross bad loans as a percentage of total loans rose to 11.40 percent by end of June, from 10.46 percent at the end of March, and 11.15 percent at June-end last year.

($1 = 64.1475 Indian rupees)

Reporting by Krishna V Kurup in Bengaluru; Editing by Sherry Jacob-Phillips

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