HNI Commodity Pack, Bank of Baroda makes modest profit in March quarter

Indian state-run Bank of Baroda on Thursday reported a fourth-quarter net profit of 1.55 billion rupees ($23.89 million).

The Mumbai-based bank, the fifth-biggest in the country by assets, had reported a net loss of 32.3 billion rupees in the year-ago quarter.

Analysts, on average, had expected the bank to report a net profit of 5.16 billion rupees in the three months to March 31, according to Thomson Reuters data.

Gross bad loans as a percentage of total loans declined to 10.46 percent at end-March from 11.40 percent in December. Gross bad loans on an absolute basis were although higher at 427.19 billion rupees compared with 426.42 billion rupees in December.

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