Bank of Baroda shares slump 11.5% on weak Q3 earnings

Shares of Bank of Baroda (BoB) on Friday tumbled 11.5 percent after the company reported a steep 68 percent decline in net profit for the quarter ended December 31, 2014.

Mumbai: Shares of Bank of Baroda (BoB) on Friday tumbled 11.5 percent after the company reported a steep 68 percent decline in net profit for the quarter ended December 31, 2014.

Reacting to the sluggish numbers, shares of BoB plunged 13.58 percent to Rs 187.90 during the day and finally ended at Rs 193.35, down 11.08 percent on the BSE.

At the National Stock Exchange, it slumped 11.49 percent to close at Rs 192.20.

The stock was the top loser among 50 index constituents on the Nifty index.

On the volume front, 39.99 lakh shares of the company changed hands at the BSE and over 2 crore shares were traded at the NSE during the day.

"Bank of Baroda reported poor set of results with PAT de-growth of 68 percent mainly on account of higher provisions and tax," Vaibhav Agrawal, VP Research -- Banking, Angel Broking.

State-owned Bank of Baroda (BoB) today reported a steep 68 percent decline in net profit at Rs 333.98 crore for the third quarter ended December 31 on account of higher provisioning.

The bank had posted net profit of Rs 1047.84 crore for the October-December quarter of last fiscal.

The total income of the bank increased to Rs 11,808.34 crore, from Rs 10,622.80 crore in the year-ago period, BoB said in a filing to the BSE.

Provisioning for bad loans and contingencies rose to Rs 1,262.25 crore in third quarter of 2014-15 as compared to Rs 761.87 crore in the same period of the last fiscal.

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