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Bank of Baroda falls on earnings disappointment

Feb 04 2013, 15:06 IST
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Shares in Bank of Baroda fall as much as 8% after bank's Oct-Dec earnings disappointed investors. (Reuters) Shares in Bank of Baroda fall as much as 8% after bank's Oct-Dec earnings disappointed investors. (Reuters)
SummaryShares in Bank of Baroda fall as much as 8% after bank's Oct-Dec earnings disappointed investors.

*Shares in India's Bank of Baroda fall as much as 8 percent after the bank's October-December earnings disappointed investors.

* The bank said in a statement its December-quarter net profit fell to 10.12 billion rupees compared with 12.90 billion rupees a year earlier, while non-performing loans increased to 1.12 percent versus 0.51 percent a year earlier.

* "The market was expecting better numbers," said Vaibhav Agrawal, a banking analyst at Angel Broking.

* "Possibly, with the new management coming in, there has been higher NPA recognition than what would have earlier been expected."

* In January, the central government appointed S. S. Mundra as chairman and managing director of the bank.

* Bank of Baroda shares were down 7.1 percent at 0718 GMT.

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