Stocks

Bank of Baroda rises after quarterly profit surge

Reuters July 26 | Updated on July 26, 2019 Published on July 26, 2019

Shares of Bank of Baroda Ltd rose as much as 4.24 per cent to Rs 114.2, their biggest intra-day per cent gain in over three weeks.

The company posted a 34.4 per cent jump in June-quarter net profit as interest income surged 62.8 per cent.

Q1 was impacted by higher provisions and should progressively improve. The negatives are well priced, Jefferies said in a note; quarterly provision was up ~52 per cent.

This is the state-run lender's first results announcement after it merged Dena Bank and Vijaya Bank Ltd with itself.

Up to Thursday's close, the BoB stock had fallen 7.8 per cent this year, while peers Punjab National Bank Ltd and Canara Bank Ltd lost 15.4 per cent and 13 per cent, respectively

Published on July 26, 2019
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