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
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Asset quality continues to be under stress; lower provisioning drives a PCR decline
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Retain Market Performer rating; slash price target to Rs523
| (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 |
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