Bank of Baroda (BoB), one of the leading public sector lenders, today reported quarterly earnings that beat analysts' expectations on Thursday, sending shares higher in morning trade. The bank reported a fall of 22.74% in net profit to Rs 10.52 billion for the quarter ended Jun. 30, 2015 as compared to Rs 13.62 billion in the same period last year. Analysts, on average, expected Bank of Baroda to report a profit of Rs 9.39 billion.
Total income increased by 4.80% to Rs 122.43 billion for the quarter ended Jun. 30, 2015 as compared to Rs 116.82 billion in the same period last year.
The bank has made provision of Rs 5,997.40 million, which was higher by 13.87% from prior year period to Rs 5,267.10 billion.
Net NPA was at Rs 84.70 billion for the quarter ended Jun. 30, 2015, as compared to Rs 60.21 billion in the same period last year, representing an increase of 40.67%.
In percentage term, net NPAs were at 2.07% at the end of the quarter, higher than 1.58% from last year period.
Capital adequacy ratio (CAR) of the bank under Basel III was at 11.98% as on Jun. 30, 2015.
Shares of the company gained Rs 3.8, or 2.48%, to trade at Rs 156.85. The total volume of shares traded was 690,547 at the BSE (11.03 a.m., Thursday).