Bank of Baroda skids 8% as balance sheet clean-up continues
After posting a weak March quarter, Bank of Baroda is butchered at Dalal Street by heavy selling. Though few analyts are bullish on the stock, investors are pertubed dragging the stock 8 percent intraday on Monday. Bank of Baroda has reported a net loss of Rs 3230 crore in January-March quarter from Rs 598.3 crore in corresponding quarter last fiscal. During the quarter, its net interest income (NII) rose 5 percent at Rs 3330.4 crore against Rs 3171.7 crore year-on-year. However, the lender had a marginal rise in its gross non-performing asset (NPA), but paid a higher provision in Q4. Its provision in Q4FY16 increased to Rs 6858 crore compared to Rs 6164.5 crore on sequential basis and Rs 1817.5 crore YoY. After December quarter, analysts were bullish on the stock even though it had incurred huge losses and asset quality worsened in Q3. A day after Q3 results were announced, the stock had gained 24 percent intraday under the new management's 'clean-up act'.
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