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Bank of Baroda surges 7% on lower provisions, improving asset quality
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moneycontrol.comShares of Bank of Baroda rose nearly 7 percent after its net profit doubled from a year ago in December quarter due to lower provisions and improved asset quality.
The stock touched a high of Rs 114 on the BSE and gained as much as 6.94 percent. At 9.50am, the stock was trading at Rs 113, up 6.5 percent from the previous close.
Its recoveries and upgrades from NPAs during the quarter were Rs 2,032 crore and Rs 1,272 crore as against Rs 1,966 crore and Rs 2,106 crore, sequentially.
Write-offs for the quarter were at Rs 3,694 crore versus Rs 5,213 crore in the second quarter and Rs 4,708 crore a year ago.
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