Sharekhan's research repor on Bank of Baroda
Bank of Baroda (BOB) posted weak Q1FY2021 results with operational performance coming below expectations, but sequentially asset quality saw improvement (NNPA declined) with decreased moratorium. Headline asset-quality performance was stable, with credit cost at 1.87% in Q1FY2021 (1.82% in Q4FY2020). While gross NPA (GNPA%) ratio remained flat sequentially at 9.39%.
Outlook
We believe asset quality still continues to have uncertainties and, hence, will be a key monitorable. We maintain our Hold rating with an unchanged PT of Rs. 56.
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