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Bank of Baroda tumbles as Q4 earnings disappoint

Capital Market/ 13:53 , May 04, 2012

Bank of Baroda tumbled 4.54% to Rs 697.75 at 13:52 IST on BSE after the bank at the time of announcement of Q4 results reported 11.72% fall in profit before tax at Rs 1196.51 crore in Q4 March 2012 over Q4 March 2011.

The state-run bank announced the results during trading hours today, 4 May 2012.

Meanwhile, the BSE Sensex was down 301.30 points or 1.76% to 16,849.89.

On BSE, 4.52 lakh shares were traded in the counter as against average daily volume of 67,534 shares in the past one quarter.

The stock hit a high of Rs 740.70 and a low of Rs 687.85 so far during the day. The stock had hit a 52-week low of Rs 630.35 on 20 December 2011. The stock had hit a 52-week high of Rs 919.25 on 26 July 2011.

The stock had underperformed the market over the past one month till 3 May 2012, falling 9.08% compared with the Sensex's 2.54% fall. The scrip had also underperformed the market in past one quarter, declining 4.19% as against Sensex's 2.58% fall.

The large-cap state-run bank has an equity capital of Rs 413.86 crore. Face value per share is Rs 10.

Bank of Baroda's net profit rose 17.29% to Rs 1518.18 crore on 25.77% growth in total income to Rs 9016.31 crore in Q4 March 2012 over Q4 March 2011. Net profit rose 18.04% to Rs 5006.96 crore on 34.01% growth in total income to Rs 33096.05 crore in the year ended 31 March 2012 over the year ended 31 March 2011.

During Q4 March 2012, Bank of Baroda has reported a sharp 42.89% year-on-year (YoY) surge in provisions and contingencies at Rs 843.68 crore (owing to higher restructured assets). This has pulled down profit before tax (PBT) by 11.72% to Rs 1196.51 crore. However, huge tax write back of Rs 321.67 crore during Q4 March 2012 has lifted net profit up 17.29% to Rs 1518.18 crore.

Bank of Baroda's Capital Adequacy Ratio (CAR) stood at 14.67% as on 31 March 2012, higher than 13.45% as on 31 December 2011 and 14.52% as on 31 March 2011. The bank's gross non-performing assets (NPA) ratio stood at 1.53% of gross advances as on 31 March 2012, higher than 1.48% as on 31 December 2011 and 1.36% as on 31 March 2011. The net NPA ratio was at 0.54% of net advances as on 31 March 2012, higher than 0.51% as on 31 December 2011 and 0.35% as on 31 March 2011.

Bank of Baroda's board of directors at a meeting held today, 4 May 2012, recommended a dividend of Rs 17 per share for the year ended March 2012.

The Government of India (GoI) held 54.31% stake in Bank of Baroda as per the shareholding pattern as on 31 March 2012.

 



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