Indian state-run Bank of Baroda on Thursday reported a fourth-quarter net profit of 1.55 billion rupees ($23.89 million). The Mumbai-based bank, the fifth-biggest in the country by assets, had reported a net loss of 32.3 billion rupees in the year-ago quarter. Analysts, on average, had expected the bank to report a net profit of 5.16 billion rupees in the three months to March 31.

Gross bad loans as a percentage of total loans declined to 10.46 percent at end-March from 11.40 percent in December. Gross bad loans on an absolute basis was although higher at 427.19 billion rupees compared with 426.42 billion rupees in December. Ahead of the results, shares in Bank of Baroda closed 2.24 percent lower in a broader Mumbai market percent that fell about 1 percent.

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