Bank of Baroda (Q3 FY14)

India Infoline News Service | Mumbai |

BOB’s domestic loan growth accelerated in Q3 FY14 to 18% yoy from 16% yoy in the previous quarter.

CMP Rs537, Target Rs571, Upside 6.3%
  • Domestic loan growth accelerates further

  • Deposits profile strengthens; NIM improved on decline in cost of deposits 

  • Fee growth resilient; C/I ratio stable despite high opex growth 

  • Lower influx of impaired assets was a positive surprise

  • RoA deterioration could halt; Retain Market Performer rating 

Result table
(Rs mn)
Q3 FY14
Q2 FY14
% qoq
Q3 FY13
% yoy
Total Interest Income
96,907
94,735
2.3
88,449
9.6
Interest expended
(66,336)
(65,787)
0.8
(60,040)
10.5
Net Interest Income
30,571
28,948
5.6
28,409
7.6
Other income
9,321
9,739
(4.3)
8,406
10.9
Total Income
39,892
38,686
3.1
36,815
8.4
Operating expenses
(17,917)
(17,441)
2.7
(14,255)
25.7
Provisions
(7,619)
(8,608)
(11.5)
(10,293)
(26.0)
PBT
14,356
12,637
13.6
12,267
17.0
Tax
(3,722)
(801)
364.7
(2,026)
83.7
Adjusted PAT
10,634
11,836
(10.2)
10,241
3.8
Exceptional items
(156)
(156)
-
(124)
-
Reported PAT
10,479
11,681
(10.3)
10,116
3.6
EPS
25.2
28.0
(10.2)
24.8
1.4

(Rs mn)
Q3 FY14
Q2 FY14
chg qoq
Q3 FY13
chg yoy
NIM (%)
2.4
2.3
0.05
2.7
(0.28)
Global yield on advances
8.3
8.3
(0.0)
9.0
(0.7)
BSE 165.45 [0.10] ([0.06]%)
NSE 165.25 [0.60] ([0.36]%)

***Note: This is a NSE Chart

 

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