Bank of Baroda Ltd. reported better-than-expected profits in the quarter ended June as provisions for bad loans fell sharply.
The bank's net profit more than doubled to Rs 528 crore in the quarter ended June compared with Rs 203 crore in the year-ago period, it said in a filing to the exchanges. That's higher than the Rs 166-crore consensus estimate of analysts tracked by Bloomberg.
Net interest income for the bank also beat estimates with a year-on-year growth of 28.7 percent at Rs 4,381 crore compared with the estimated Rs 4,182 crore.
Provisions for bad loans fell over 75 percent quarter-on-quarter to Rs 1,759.7 crore. They fell 18 percent on a yearly basis to Rs 2,156.7 crore.
Asset quality for the bank remained stable with gross bad loans ratio at 12.46 percent compared with 12.26 percent in the previous quarter. Net bad loans were at 5.4 percent against 5.49 percent a quarter ago.
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