Bank of Baroda has slipped 6% to Rs 817 after reporting a sharp 22% year-on-year (yoy) drop in net profit at Rs 1,012 crore for the third quarter ended December 2012 (Q3) due to higher provisioning and lower other income.
The bank’s gross non performing assets (NPA) have increased to 2.41% from 1.48%, while Net NPA to 1.12% from 0.51% on yoy basis.
Net interest income (interest earned minus interest expended) however, grew 6.9% at Rs 2,841 crore on y-o-y basis.
Analysts on an average had estimated profit of Rs 1,255 crore and net interest income of Rs 3,185 crore from the state-owned bank.
“Total provisioning, including bad loans provision increased by 23% to Rs 1,029 crore from Rs 837 crore, while income from other sources decreased to Rs 841 crore from Rs 1,149 crore over the previous year quarter,” Bank of Baroda said in a statement.
The stock opened at Rs 869 and hit a high of Rs 876 on the NSE. A combined 2.16 million shares have changed hands on the counter till noon deals on both the exchanges.
