Bank of Baroda (Q1 FY14)

India Infoline News Service | Mumbai |

BOB’s global loan growth decelerated to 12% yoy from 23% yoy in the corresponding quarter last year.

CMP Rs513, Target Rs523, Upside 1.9%

  • Domestic loan growth moderates further on bank’s cautious stance

  • NIM corrected in-line with expectation; unlikely to improve meaningfully in the medium term 

  • Fee growth improved; C/I ratio declines on substantial trading gains

  • Asset quality continues to be under stress; lower provisioning drives a PCR decline

  • Retain Market Performer rating; slash price target to Rs523

Result table
(Rs mn)
Q1 FY14
Q4 FY13
% qoq
Q1 FY13
% yoy
Total Interest Income
94,869
90,716
4.6
85,576
10.9
Interest expended
(65,978)
(62,576)
5.4
(57,595)
14.6
Net Interest Income
28,891
28,140
2.7
27,981
3.3
Other income
12,306
11,909
3.3
7,708
59.6
Total Income
41,197
40,049
2.9
35,689
15.4
Operating expenses
(16,680)
(18,229)
(8.5)
(13,157)
26.8
Provisions
(10,179)
(15,984)
(36.3)
(8,938)
13.9
PBT
14,338
5,836
145.7
13,594
5.5
Tax
(2,503)
4,825
(151.9)
(2,081)
20.3
Adjusted PAT
11,834
10,662
11.0
11,513
2.8
Exceptional items
(156)
(373)
-
(124)
-
Reported PAT
11,679
10,288
13.5
11,389
2.5
EPS
28.0
25.2
11.0
27.9
0.3

(Rs mn)
Q1 FY14
Q4 FY13
chg qoq
Q1 FY13
chg yoy
NIM (%)
2.4
2.5
(0.10)
2.7
(0.32)
Global yield on advances
8.5
8.6
(0.2)
9.1
BSE 163.80 [1.70] ([1.03]%)
NSE 163.75 [1.85] ([1.12]%)

***Note: This is a NSE Chart

 

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