Bank of Baroda Q1 profit plunges 60 pct as bad loans rise

Bank of Baroda, India's second-biggest state-run lender by assets, said its first-quarter profit fell about 60 percent with a rise in bad loans.
Its shares fell more than 5 percent after the results.
Net profit fell to 4.24 billion rupees ($63.4 million) for the three months to June 30, from 10.52 billion rupees a year earlier, the Mumbai-based bank said in a statement on Thursday.
Analysts on average had expected a net profit of 4.92 billion rupees, according to data compiled by Thomson Reuters.
Gross bad loans as a percentage of total loans rose to 11.15 percent as of end-June from 9.99 percent three months earlier.
Bank of Baroda shares were down 5.5 percent at 151.60 rupees by 0353 GMT in a Mumbai market that fell 0.3 pe