ANIICICI Direct has buy call on Bank of Baroda with a target price of Rs 200. The current market price of Bank of Baroda is Rs 167.75.
Bank of Baroda, incorporated in the year 1911, is a banking company (having a market cap of Rs 86723.74 Crore).
Bank of Baroda key Products/Revenue Segments include Interest & Discount on Advances & Bills, Income From Investment, Interest and Interest On Balances with RBI and Other Inter-Bank Funds for the year ending 31-Mar-2021.
Financials
For the quarter ended 31-12-2022, the company has reported a Consolidated Total Income of Rs 30352.67 Crore, up 15.32 % from last quarter Total Income of Rs 26320.49 Crore and up 37.51 % from last year same quarter Total Income of Rs 22072.99 Crore. The bank has reported net profit after tax of Rs 4406.16 Crore in latest quarter.
Investment Rationale
Bank of Baroda in the Q4FY23 is expected to report loan growth marginally higher than the industry trend. The brokerage expects overall loan growth of ~18% YoY and 3% QoQ. Overall deposits are expected to grow 13.9% YoY at | 11.9 lakh crore while CASA ratio to be largely steady at ~36%. NII is estimated to grow 27.7% YoY to | 11000 crore. NIMs are expected to inch up at ~3.5%. Provisions should decline YoY (up ~7% QoQ),resulting in ~2x jump in PAT at Rs 3616 crore. CI is likely to increase to ~46% level, mainly due to wage revision. Asset quality is expected to witness a marginal improvement QoQ with GNPA ratio declining ~8-10 bps.
Promoter/FII Holdings
Promoters held 63.97 per cent stake in the company as of 31-Dec-2022, while FIIs owned 9.97 per cent, DIIs 17.57 per cent.
Bank of Baroda, incorporated in the year 1911, is a banking company (having a market cap of Rs 86723.74 Crore).
Bank of Baroda key Products/Revenue Segments include Interest & Discount on Advances & Bills, Income From Investment, Interest and Interest On Balances with RBI and Other Inter-Bank Funds for the year ending 31-Mar-2021.
Financials
For the quarter ended 31-12-2022, the company has reported a Consolidated Total Income of Rs 30352.67 Crore, up 15.32 % from last quarter Total Income of Rs 26320.49 Crore and up 37.51 % from last year same quarter Total Income of Rs 22072.99 Crore. The bank has reported net profit after tax of Rs 4406.16 Crore in latest quarter.
Investment Rationale
Bank of Baroda in the Q4FY23 is expected to report loan growth marginally higher than the industry trend. The brokerage expects overall loan growth of ~18% YoY and 3% QoQ. Overall deposits are expected to grow 13.9% YoY at | 11.9 lakh crore while CASA ratio to be largely steady at ~36%. NII is estimated to grow 27.7% YoY to | 11000 crore. NIMs are expected to inch up at ~3.5%. Provisions should decline YoY (up ~7% QoQ),resulting in ~2x jump in PAT at Rs 3616 crore. CI is likely to increase to ~46% level, mainly due to wage revision. Asset quality is expected to witness a marginal improvement QoQ with GNPA ratio declining ~8-10 bps.
Promoter/FII Holdings
Promoters held 63.97 per cent stake in the company as of 31-Dec-2022, while FIIs owned 9.97 per cent, DIIs 17.57 per cent.
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