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Bank of Baroda share rises 9% after lender reports Rs 506 cr profit in Q4

Bank of Baroda share gained up to 9.02% to Rs 55 on BSE. The stock trades higher than 5 day, 20 day and 50 day moving averages but lower than 100 day and 200 day moving averages

twitter-logoBusinessToday.In | June 24, 2020 | Updated 11:33 IST
Bank of Baroda share rises 9% after lender reports Rs 506 cr profit in Q4
The banking stock has gained 19.98% in 6 days. The stock opened 8.82% higher at Rs 54.90 against previous close of Rs 50.45 on BSE

Bank of Baroda share price gained in early trade today after the lender reported a standalone net profit of Rs 506.59 crore in Q4 against net loss of Rs 991.37 crore in the January-March quarter of the preceding fiscal. The banking stock has gained 19.98% in 6 days. The stock opened 8.82%  higher at Rs 54.90 against previous close of Rs 50.45 on BSE.

Market cap of Bank of Baroda rose to Rs 24,489 crore. The share gained up to 9.02% to Rs 55 on BSE. The stock trades higher than 5 day, 20 day and 50 day moving averages but lower than 100 day and 200 day moving averages.

The stock has lost 47.74% since the beginning of this year and fallen 54.97% during the last one year. However, in a month, the share has climbed 42.19%. The lender said figures for the Q4 were not comparable year-on-year due to amalgamation of Vijaya Bank and Dena Bank into it with effect from April 2019.

Bank of Baroda posts net profit of Rs 546 crore in FY20; provisions fall 4%

The Government of India through a gazette notification dated January 2, 2019 approved the scheme of amalgamation between Bank of Baroda, Dena Bank and Vijaya Bank and amalgamation is effective April 1, 2019.

The results for the quarter/ year ending March 31, 2020 and quarter ended December 31, 2019 includes operations of erstwhile Vijaya Bank and erstwhile Dena Bank, Bank of Baroda said in a regulatory filing.

Income for the March quarter rose to Rs 21,533.10 crore against Rs 15,284.59 crore total income in same quarter of 2018-19.

Banks sanction over Rs 75,400 crore of loans to MSMEs under credit guarantee scheme

In last fiscal, Bank of Baroda posted a net profit of Rs 546.18 crore compared to Rs 433.52 crore in FY19. Income during the year increased to Rs 86,300.98 crore from Rs 56,065.10 crore.

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