Accumulate Bank of Baroda; target of Rs 165: 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 PAT of Rs5.28bn (1.5x increase YoY) v/s PLe: Rs2.75bn on back of very strong NII growth of 29% (v/s 20% YoY expected), better NIM management, good opex control and lower provisions owing to lower slippages.  Business momentum is improving each quarter on both assets which is led by retail, agri, corporate and liabilities with stable CASA.

Outlook

We wait and watch out for NIM sustenance, management retention/succession while we expect credit cost to still remain elevated as recoveries are slow and gradual. Retain Accumulate with PT of Rs165 (from Rs163) based on 1.2x Mar-20 ABV.

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