Bank of Baroda Q2 net profit falls 36%, misses estimates

State-run Bank of Baroda Ltd reported a 36%fall in second-quarter net profit on Tuesday, hurt by higher provisions for bad loans.

Net profit dropped to 3.55 billion rupees ($54.26 million)for the quarter ended Sept. 30, from 5.52 billion rupees a year earlier, India`s fifth-largest bank by assets said. 

Analysts on average had expected a net profit of 4.74 billion rupees, Thomson Reuters data showed.

Gross bad loans as a percentage of total loans came in at 11.16%at end-September, compared with 11.40%in the previous quarter, and 11.35%a year earlier.

Provisions for non-performing assets rose about 13%to 18.47 billion rupees.