Lower provisions drive earnings; margins improve 3bp QoQ

Company
11 Mar 2024
5 Min read 
  • Bank of Baroda reported 3QFY24 PAT of INR45.8b, up 19% YoY, driven by lower provisions and improved margins.
  •  Other income declined 21% YoY, affected by weak treasury income.
  •  Business growth was healthy, with loans growing 15% YoY and deposits increasing 8% YoY.
  •  Asset quality improved, with slippages at 0.95% and GNPA/NNPA ratios improving QoQ.
  •  FY24 earnings estimate increased by 4.4% and FY25 RoA/RoE estimated at 1.2%/17.8%.
  •  BUY rating reiterated with a target price of INR290.
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