Bank of Baroda Q1 net profit rises 34% to ₹710 crore

Bank of Baroda Q1 net profit rises 34% to ₹710 crore

State-owned lender Bank of Baroda on Thursday reported a 34% increase in net profit at ₹710 crore for the quarter ended June 2019 as against ₹528 crore reported in year-ago period.

However, the net profit was much lower as the consensus forecast for the June quarter was  ₹837 crore (Photo: Bloomberg)

However, the net profit was much lower as the consensus forecast for the June quarter was ₹837 crore.

Provisions and contingencies during the quarter rose 52% to₹3,168 crore as compared to ₹2,166 crore in June 2018.

Gross NPAs were at 10.28% in June quarter versus 9.61% in March quarter while net NPAs were at 3.95% versus 3.33% in March quarter.

On Thursday, the lender’s stock on BSE closed 0.68% lower at₹109.55.