Bank of Baroda shares rally over 3% post Q2 results

Home Markets Bank of Baroda shares rally over 3% post Q2 results
Bank of Baroda shares rally over 3% post Q2 results

Shares of Bank of Baroda rallied over 3 per cent in early trade on Wednesday after the lender on Tuesday reported an increase of 19.7 per cent in September quarter profit at Rs 425.38 crore.

The bank had posted a profit of Rs 355.36 crore in the corresponding quarter last year.

The scrip was trading 3.32 per cent up at Rs 113.65 at around 9.25 am (IST), while the BSE Sensex was up 38 points, or 0.11 per cent, at 33,929 at around the same time.

Asset quality of the lender also improved during the quarter gone by with net non-performing asset (NPA) ratio declining to 4.86 per cent as on September 30, 2018 from 5.40 per cent as on June 30, 2018 and 5.05 per cent in the year ago quarter.

Absolute amount of net NPAs also declined by Rs 1,325 crore QoQ.

Net Interest Margin (NIM) improved to 2.61 per cent in September 2018 from 2.34 per cent in September 2017, but was marginally lower on a quarter on quarter basis.

The lenders total income during July-September 2018 quarter came at Rs 13,429.95 crore, up from Rs 12,490.39 crore in the year ago period.

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