Shares of Bank of Baroda jumped 9 per cent on Wednesday after the company reported a profit-after-tax of Rs 507 crore in the March 2020 quarter. The stock zoomed 9 per cent to Rs 55 on the BSE. On the NSE, it surged 8.51 per cent to Rs 54.80.
Bank of Baroda on Tuesday reported a profit-after-tax of Rs 507 crore in the March quarter, helped by lower provisioning for bad loans.
Effective April 1, 2019, the bank amalgamated Dena Bank and Vijaya Bank with itself. The numbers for the quarter/year ended March 31, 2020 are not comparable with that of the same period of the year ended March 31, 2019.
Bank of Baroda had reported a net loss of Rs 8,875 crore in the same period last year.
The provisions for non-performing loans declined by 69.23 per cent to Rs 3,190 crore, as against Rs 10,368 crore in the same quarter of last year.
For the full year, the bank reported a net profit of Rs 546 crore as against a net loss of Rs 8,340 crore during FY19.