MUMBAI Bank of Baroda, India's second-largest lender by assets, reported a quarterly loss of 33.42 billion rupees ($491 million), as bad loans at the state-run bank increased sharply.
The loss for the fiscal third quarter ending December 31 compared with a profit of 3.3 billion rupees a year earlier, the Mumbai-based lender said in a regulatory filing.
Analysts on average had expected a net profit of 4.93billion rupees for the bank, which late last year too on a chiefexecutive from the private sector as part of a government bid toreform state banks.
($1 = 68.1082 Indian rupees)
(Reporting by Sumeet Chatterjee and Himank Sharma; Editing by Richard Pullin)
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Published Date: Feb 13, 2016 07:31 am | Updated Date: Feb 13, 2016 07:31 am