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Buy Bank of Baroda: target of Rs 128: Sharekhan

Sharekhan is bullish on Bank of Baroda has recommended buy rating on the stock with a target price of Rs 128 in its research report dated May 13, 2022.

May 17, 2022 / 07:38 PM IST
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Sharekhan's research report on Bank of Baroda

BOB reported healthy loan growth of 10% y-o-y/6% q-o-q versus 4% y-o-y in the past quarter, led by strong growth in retail (17% y-o-y), agri book (10% y-o-y), and overseas book (21%). Core operating profit grew by 57%y-o-y/ 10% q-o-q due to higher net interest income, fee income, and contained opex. NII grew by 21% y-o-y/1% q-o-q, led by higher loan growth. NIM fell 5 bps q-o-q to 3.08%. Core fee income grew by 6% y-o-y/19% q-o-q. Asset quality improved sharply with GNPA and NNPA ratios falling by 64 bps/53 bps q-o-q to 6.60%/1.72%. PCR improved 468 bps q-o-q to 75%.


We maintain Buy with an unchanged PT of Rs. 128.


For all recommendations report, click here

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first published: May 17, 2022 07:38 pm
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