Bank of Baroda slumped 12.62% to Rs 190 at 11:44 IST on BSE after net profit declined 68.12% to Rs 333.98 crore on 11.16% growth in total income to Rs 11808.34 crore in Q3 December 2014 over Q3 December 2013.
The Q3 result was announced during market hours today, 30 January 2015.
Meanwhile, the S&P BSE Sensex was down 390.38 points or 1.32% at 29,291.39.
High volumes accompanied the stock's decline. On BSE, so far 22.13 lakh shares were traded in the counter as against average daily volume of 1.75 lakh shares in the past one quarter.
The stock was volatile. The stock fell as much as 13.58% at the day's low of Rs 187.90 so far during the day. The stock rose as much as 1.54% at the day's high of Rs 220.80 so far during the day. The stock had hit a record high of Rs 228.90 on 23 January 2015. The stock had hit a 52-week low of Rs 101.80 on 21 February 2014.
The stock had underperformed the market over the past one month till 29 January 2015, rising 1.73% compared with Sensex's 8.34% rise. The scrip had, however, outperformed the market in past one quarter, advancing 20.07% as against Sensex's 9.53% rise.
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The large-cap bank has equity capital of Rs 432.15 crore. Face value per share is Rs 2.
Bank of Baroda's (BoB) net profit during the quarter was dragged down by sharp surge in provisions and spike in tax liability.
The bank's provisions and contingencies jumped 65.67% to Rs 1262.25 crore in Q3 December 2014 over Q3 December 2013. Non performing loan provisioning coverage stood at 62.37% as on 31 December 2014.
BoB's tax liability jumped 99.56% at Rs 742.81 crore in Q3 December 2014 over Q3 December 2013. Tax expense in Q3 December 2014 includes an amount of Rs 374.86 crore levied by Dubai Income Tax Authorities, pertaining to earlier years. In addition, penalty of Rs 38.44 crore was also levied by the tax authority, which is included in other operating expenses, BOB said.
BoB's ratio of gross non-performing assets (NPAs) to gross advances stood at 3.85% as on 31 December 2014 compared with 3.32% as on 30 September 2014 and 3.32% as on 31 December 2013. The ratio of net NPAs to net advances stood at 2.11% as on 31 December 2014 compared with 1.74% as on 30 September 2014 and 1.88% as on 31 December 2013.
BoB's Capital Adequacy Ratio (CAR) as per Basel III stood at 12.42% as on 31 December 2014 compared with 12.19% as on 30 September 2014 and 12.01% as on 31 December 2013.
Government of India holds 56.26% stake in Bank of Baroda (as per the shareholding pattern as on 31 December 2014).
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