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Bank of Baroda Q2 profit tumbles as provisions spike

By
Bank of Baroda, Financial Results

MUMBAI, NOV 6:  Bank of Baroda Ltd's, India's second-biggest state-run lender by assets, second-quarter profit slumped about 89 per cent on Friday, hit by a sharp rise in provisions as bad loans jumped.

Shares in the Mumbai-based bank, which in August became one of the first state owned lenders to appoint a private sector chairman, tumbled almost 10 per cent at the market open. At 10.10 am, the stock was down 4 per cent.

Net profit fell to Rs. 124 crore ($18.9 million) for its quarter ended September 30 from Rs. 1,104 crore reported a year earlier, the Mumbai-based lender said in a statement on Friday.

The gross bad loan ratio for the quarter rose to 5.56 per cent, a jump from 4.13 per cent in the previous three months and 3.32 per cent in the same quarter a year earlier.

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