Buy Bank of Baroda; target of Rs 220: HDFC Securities

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26 Aug, 2025 12:21

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HDFC Securities' research report on Bank of Baroda

BOB’s 4Q results vindicate our thesis of steady mend. As expected, operational performance witnessed improvement, with sequential loan growth (+9.5%), NIM expansion (despite interest reversals on SDR and S4A) and strong core PPOP growth (+33% QoQ).

Outlook

Lower stressed assets (incl. 5:25 and SDR), best-in-class PCR, healthy CRAR and management’s focus on profitable growth will drive return ratios (+39bps to 0.59% by FY19). Our conservative estimates on slippages and LLP provide upside risk. Maintain BUY with a TP of Rs 220 (1.4x Mar-18 ABV of Rs 157).

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