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Bank of Baroda’s Net Profits Plummets to Rs. 355 cr
November 17, 2017
Public sector Bank of Baroda reported a 36% drop in the net profits that stood at Rs. 355 crores for the second quarter, citing provisioning for the stressed assets. It’s total income, however, increased marginally by 2.68% to Rs. 12,490 crores from Rs. 12,047 crores recorded during the same period last year.
The lender said that it had to make provisioning of 20% on secured sub-standard advances, which is 5% higher than the required value as per the regulations.