Feb
15

India Bank Surges Most in 19 Years on Bet Bad Loans Peaked

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  • CEO says lender chose to `bite the bullet’ regarding bad loans
  • India’s third-biggest lender by assets rallies to lead rivals

Bank of Baroda, India’s third-largest lender by assets, rose the most in 19 years on expectations that bad loans peaked and profit will improve after its biggest quarterly loss in at least a decade.

Bank of Baroda jumped as much as 25 percent, heading for the biggest increase since February 1997, as investors were buoyed by comments Chief Executive Officer P.S. Jayakumar made Saturday following the third-quarter earnings report. The lender rose 23 percent to 139.75 rupees as of 12:42 p.m., leading gains by all 10 members of the S&P BSE India Bank Index, which rose 3.7 percent…

India Bank Surges Most in 19 Years on Bet Bad Loans Peaked

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