Bank of Baroda's Q1FY19 standalone net profit rises 159.7% yoy to Rs528.26cr : Beats Estimates

The bank’s standalone NII stood at Rs528.3cr, up 159.7% yoy.

Jul 27, 2018 02:07 IST India Infoline Research Team

Bank of Baroda Q1FY19

Standalone Results Q1FY19: ( cr)

Q1FY19 YoY (%)
NII 4,381 28.7
GNPA (%)*** 12.5 20
Provisions 2,165.60 [8.5]
Net Profit (adjusted) 528.26 159.7
***GNPA change in bps is on qoq basis
Bank of Baroda's Q1FY19 standalone revenue has improved by 5.6% yoy to Rs12,787.7cr. Its NII for the quarter came at Rs4,381cr as against Rs3,405cr yoy, which has improved by 28.7%. The bank’s standalone net profit grew by 159.7% to Rs528.3cr, much ahead of our estimates and against Rs203.4cr reported in corresponding quarter last year. The beat in net profit was led by higher NII growth and lower provisions. Its GNPA for Q1FY19 stood at 12.46% against 12.26% qoq, which has increased by 20bps. NNPA for the quarter came at 5.4% against 5.49% qoq, which has declined by 9bps.
  • Domestic advances grew by 19.84% to 3.26 lakh cr as at June 30, 2018 from Rs2.72 lakh cr as at June 30, 2017.
  • Domestic and retail credit registered yoy growth of 19.84% and 33.85% respectively and within retail loans, home loan growth was 43.47% yoy.
  • Domestic Deposits stood at Rs4.6 lakh cr as at June 30, 2018, up by 6.01% from 4.35 lakh crore as at June 30, 2017.
  • Total advances were at Rs4.14cr at June 30, 2018, increased by 9.77% yoy, from Rs3.77 lakh cr as at June 30, 2017.
  • Operating Profit for the quarter increased to Rs3,006cr registering yoy and qoq growth of 13.52% and 12.80% respectively, driven by growth in Net Interest Income (NII) as well as core fee income.
  • The provision for the quarter has declined by 8.5% yoy to Rs2,165.6cr as against Rs2,368cr yoy.
  • Its NIMs for the quarter improved by 14bps qoq to 2.65%.
  • Capital Adequacy Ratio stood at 12.13% and CET-1 at 9.27% as of Q1FY19 end.
  • Percentage of CASA deposits to Total Domestic Deposits as at June 30, 2018 was 40.82%, up from 38.77 % as at June 30, 2017.
  • The risk profile of corporate credit portfolio improved further with A & above rated accounts constituting 63.31% of portfolio against 52.37% last quarter.
  • Exposure in accounts under NCLT 1 list is Rs5,813cr and NCLT 2 list is Rs3,843cr as on June 30, 2018.
  • Provision coverage under NCLT 1 and NCLT 2 list is 64.43% and 62.76% respectively.

Technical View:

Bank of Baroda ended at Rs. 138.05, down by 0.8 points or 0.58% from its previous closing of Rs. 138.85 on the BSE.
The scrip opened at Rs. 139 and touched a high and low of Rs. 140.95 and Rs. 135.60 respectively. A total of 2,88,41,953 (NSE+BSE) shares were traded on the counter. The stock traded below its 200 DMA.

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