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MARKET EYE-India's Bank of Baroda falls on earnings disappointment
February 4, 2013 / 7:33 AM / 5 years ago

MARKET EYE-India's Bank of Baroda falls on earnings disappointment

* Shares in India's Bank of Baroda 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 7.1 percent at 0718 GMT.
    

 (abhishek.vishnoi@thomsonreuters.com /;
manoj.dharra@thomsonreuters.com)

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