Bank of Baroda rallies 7% on improved operating performance

The stock rallied 7% to Rs 166 on BSE in intra-day trade on back of heavy volumes

Bank of Baroda has rallied 7% to Rs 166 on BSE in intra-day trade after an improved operating performance in December quarter (Q3FY18).

The state-owned bank said its operating profit was Rs 36.50 billion during quarter ended Dec’17, thereby registering year-on-year (YoY) growth of 40.66%, driven by growth both in interest and fee income. The bank’s domestic credit registered YoY growth of 16.38% driven by retail loans growth of 33.37% and within retail loans, home loan growth of 44.33%.

Net interest income for the December-quarter rose 40% to Rs 43.94 billion over Rs 31.34 billion in year-ago quarter.