July 27, 2018 / 12:09 PM / 2 months ago

India's Bank of Baroda Q1 profit more than doubles

July 27 (Reuters) - Bank of Baroda Ltd on Friday reported a more than two-fold rise in quarterly profit, as India’s third-largest state-run lender saw provisions for bad loans fall.

The company's net profit jumped to 5.28 billion rupees ($76.92 million) in the first-quarter ended June 30 from 2.03 billion rupees a year earlier here

Analysts on average had expected a profit of 747.2 million rupees, according to Thomson Reuters I/B/E/S.

Provisions for bad loans fell 18.4 percent to 17.60 billion rupees. ($1 = 68.6400 Indian rupees) (Reporting by Abinaya Vijayaraghavan in Bengaluru; Editing by Stephen Coates and Vyas Mohan)

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