Bank of Baroda stock gains despite a 48% fall in Q4 net to Rs598 cr

State-run Bank of Baroda has reported a 48-per cent decline in its net profit to Rs598.35 crore for the quarter ended 31 March 2015 against a net profit of Rs1,157.27 crore in the fourth quarter of the previous fiscal (2013-14).

For the full year, BoB's net profit slipped 25 per cent, but the bank saw a marginal improvement in asset quality, the bank said in a BSE filing.

The stock market, however, welcomed Bank of Baroda's relatively better performance despite the profit fall, coming after a worse performance by Punjab National Bank that declared its results last week. The BoB stock zoomed 16 per cent today.

Total standalone income of the bank rose 4 per cent to Rs12,057.39 crore in January-March of 2014-15 from Rs11,614.85 crore in the similar quarter of the previous fiscal.

For the entire 2014-15 fiscal, BoB's standalone net profit fell 25 per cent to Rs3,398.43 crore, from Rs4,541.08 crore a year ago. Total income was up 9 per cent at Rs47,365.55 crore against Rs43,402.43 in the previous fioscal.

Consolidated net profit showed 22 per cent fall at Rs3,911.73 crore compared with Rs5,000.73 crore in 2013-14 fiscal.

Total income on a consolidated basis rose 9 per cent to Rs50,364.23 crore from Rs46,018.05 crore during the same period last fiscal.

Shares of the bank were trading 13.43 per cent up at Rs164.65 apiece on the BSE.