State-run Bank of Baroda Ltd reported a 36 percent 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 percent at end-September, compared with 11.40 percent in the previous quarter, and 11.35 percent a year earlier.
Provisions for non-performing assets rose about 13 percent to 18.47 billion rupees.