Accumulate Bank of Baroda; target of Rs 163: Prabhudas Lilladher

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26 Aug, 2025 12:21

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Prabhudas Lilladher's research report on Bank of Baroda

BOB reported Rs21.8bn of loss on back of recognition of NPAs mainly from the existing stressed asset pool keeping provisions at much higher levels. Momentum on business front has been encouraging post consolidation in FY17 on both liabilities & assets. Retail remains in forefront (42% YoY growth), while CASA has touched +41% best in many quarters and has started coming in-line with peer banks. Management's efforts towards lending strategy seems to be working gradually mainly in retail, while fee income has seen renewed focus. Key development to watch out for will be ending of the current MD's term in Q2FY19 and succession plan remains important.

Outlook

Retain Accumulate with PT of Rs163 (from Rs174) based on 1.4x Mar-20 ABV (rolled over from Sep-19 ABV).

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