Bank of Baroda shares trim most of early gains; close over 2 pc higher

New Delhi, Jun 24 () Shares of Bank of Baroda trimmed most of its early gains and closed over 2 per cent higher on Wednesday mainly on profit-taking.

In early trade, shares of the company had jumped 9 per cent after reporting a profit-after-tax of Rs 507 crore for March 2020 quarter.

The stock closed 2.28 per cent up at Rs 51.60 on the BSE. Intra-day, it had zoomed 9 per cent to Rs 55.

On the NSE, it settled 2.27 per cent higher at Rs 51.65 after surging 8.51 per cent to Rs 54.80 during the day.

In terms of volume, 69.86 lakh shares of the company were traded on the BSE and 13.51 crore on the NSE.

State-owned Bank of Baroda on Tuesday reported a profit-after-tax of Rs 507 crore in the March quarter, helped by lower provisioning for bad loans.

Effective April 1, 2019, the bank amalgamated Dena Bank and Vijaya Bank with it. The numbers for the quarter/year ended March 31, 2020 are comparable with that of same period of the year ended March 31, 2019.

Bank of Baroda had reported a net loss of Rs 8,875 crore in the same period last year.

The provisions for non-performing loans declined by 69.23 per cent to Rs 3,190 crore as against Rs 10,368 crore in the same quarter of last year.

For the full year, the bank reported a net profit of Rs 546 crore as against a net loss of Rs 8,340 crore during FY19. SUM RUJ RUJ