Buy Bank of Baroda; target of Rs 217: Geojit

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Geojit's research report on Bank of Baroda

Bank of Baroda (BoB) is a public-sector banking and financial services company in India. It has 8,205 branches in India and 93 offices in 17 foreign countries. Net interest income (NII) increased 24.4% YoY to Rs. 10,997cr in Q1FY24, led by strong growth in yield on advances, moderated by an increase in the cost of deposits. GNPA/NNPA ratios improved to 3.5%/0.8% (vs 3.8%/0.9% in Q4FY23). Strong growth in advances and deposits, continuous improvement in asset quality and the management’s sharp focus on reducing the operating expenses augur well for the bank’s future performance.

Outlook

Hence, we upgrade our rating on the stock to BUY, with a revised target price of Rs. 217 based on 0.87x FY25E BVPS.

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Bank of Baroda - 16 -08 - 2023 - geo