18 May 2017
4QFY17 Results Update | Sector: Financials
Bank of Baroda
Buy
BSE SENSEX
30,435
Bloomberg
Equity Shares (m)
M.Cap.(INRb)/(USDb)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
Avg Val, INRm
Free float (%)
S&P CNX
9,429
BOB IN
Stress additions remain elevated; provisions mar earnings
2,304
Bank of Baroda (BoB) reported PAT of INR1.5b (70% miss) v/s INR2.5b in
433.3 / 6.5
3QFY17. The strong operating performance (+17% YoY; 36% beat) was
202 / 128
driven by robust fee income growth (+50% YoY/QoQ) and controlled opex
3/-10/13
1656
(flat YoY). Elevated NPL provisions (2.7% credit costs annualized) on account
40.8
of continued stress additions led to the PAT miss.
CMP: INR188
TP: INR217(+15%)
Financials & Valuations (INR b)
Y/E March
2017 2018E
NII
135.1
156.3
OP
109.8
119.5
NP
13.8
44.0
NIM (%)
2.2
2.4
EPS (INR)
6.0
19.0
EPS Gr. (%)
NA
218.0
BV/Sh. (INR)
147.8
162.4
RoE (%)
4.1
12.3
RoA (%)
0.2
0.6
P/E(X)
31.4
9.9
P/BV (X)
1.3
1.2
2019E
180.5
131.5
57.5
2.5
24.9
30.7
181.4
14.5
0.7
7.6
1.0
NIM expanded 11bp QoQ to 2.2% on a low base (3Q had interest income
reversal of ~INR2.6b). Margins were also aided by IT refund of INR1.5b.
Slippages remained elevated at INR40.7b (annualized slippage ratio of 4.3%)
v/s INR41.4b in 3Q, led by relapse of INR22.8b from the restructured book.
While recoveries and upgrades were lower than previous quarters in FY17,
high write-offs of INR15.8b led to flat absolute GNPLs on a sequential basis.
Overall NSL stood at ~9.6%.
FY17 highlights:
BoB reported PAT of INR24.7b v/s loss of ~INR67b in FY16.
This was a year of balance sheet consolidation: loan growth was flat YoY, led
by ~12% decline in overseas loans.
Other highlights:
a) Retail advances grew 13% QoQ and 14% YoY. b) Average
daily CASA ratio improved to 38.8% v/s 37.1% in 3Q. c) CET 1 ratio declined
30bp QoQ to ~9%.
Valuation and view:
We like management’s focus to clean up the balance
sheet and lay the foundation for sustainable growth. We expect stress
addition and credit costs to reduce in FY18/19. Additional buffers like non-
core financial investments among other options will lead to dilution-free
growth in the near term. We largely maintain estimates. Maintain
Buy
with
a TP of INR217 (1.2x FY19BV) – based on RI model.
Alpesh Mehta
(Alpesh.Mehta@MotilalOswal.com); +91 22 6129 1526
Subham Banka
(Subham.Banka@MotilalOswal.com);
Anirvan Sarkar
(Anirvan.Sarkar@MotilalOswal.com)
Investors are advised to refer through important disclosures made at the last page of the Research Report.
Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.

Bank of Baroda
Exhibit 1: Quarterly performance: actuals v/s estimates
Y/E MARCH
Net Interest Income
% Change (Y-o-Y)
Other Income
Net Income
Operating Expenses
Operating Profit
% Change (Y-o-Y)
Other Provisions
Profit before Tax
Tax Provisions
Net Profit
% Change (Y-o-Y)
4QFY17A
35,819
8
19,773
55,591
25,390
30,202
17
26,230
3,972
2,425
1,547
NA
4QFY17E
34,445
3
14,542
48,987
26,745
22,242
-14
15,197
7,045
1,954
5,091
NA
Var. (%)
4
36
13
-5
36
73
-44
24
-70
Comments
NII was largely in line after adjusting for interest on IT refund of
INR1.5b
Higher than expect fee income
controlled opex performance
PPoP beat led by beat on other income and controlled opex
Higher than expected NPL provisions
tax rate higher than expected
Elevated NPL provisions mar earnings
Source: MOSL, Company
Slippages remained elevated; NNPLs declined 5% QoQ
Net slippages increased to INR16.5b (net slippage ratio of 1.7%) v/s INR14.7b in
3Q. Absolute GNPA was flat QoQ at INR427b, but declined to 10.5% of loans v/s
11.4% in 3Q.
GNPA in the overseas operations stand at 7.03% v/s 7.77% in 3QFY17. Excluding
the exposure to India based corporates the GNPA (%) of the remaining exposure
was at 2.95% (3.41% in 3Q).
OSRL declined to INR107.8b (2.8% of loans) v/s INR140.6b (4%) in the previous
quarter. The decline was led by relapse of INR 22.8b from the restructured book.
High write offs (INR12.1b) and “other adjustments” of INR3.65b led to
sequentially flat GNPA. NNPA declined 5% QoQ in absolute terms and declined
70bp QoQ in % terms to 4.7%.
Other highlights
Overall loans grew by 9.5% QoQ (flat YoY) led by pick-up in growth in domestic
loans (+11% QoQ). Overseas loan book also grew 6% QoQ but declined 12% on a
YoY basis.
Reported global NIM increased 11bp QoQ to 2.17%. NIMs were aided by large
interest income reversals in 3Q and one off IT refund of INR1.5b; Domestic NIMs
were stable QoQ at 2.5%. Domestic cost of deposits declined 15bp to 5.9%,
while domestic yield on advances declined 30bp to 8.78%.
Domestic CASA grew by 31% YoY (-2% QoQ) – driven by robust 30% YoY growth
in domestic SA growth and 39% increase in CA growth; domestic CASA ratio now
stands at 39.4% v/s 33.6% in FY16. Daily average domestic CASA ratio improved
171bp QoQ to 38.8%
CET1 moderated by 30bp QoQ to ~8.9%. Capital to risk weighted assets
decreased to 12.24% v/s 12.55% in 3QFY17.
18 May 2017
2

Bank of Baroda
4QFY17 Analyst meet highlights
B/S related
FY18 guidance: Domestic loan growth – 15% (retail, SME 20% each), GNPA –
INR450b – 460b; PCR – 70% and NIM of 2.5%
Asset quality related
1) SDR – INR67.32b (36 accounts) of which 24 accounts of INR39.78b is NPA and
INR27.54b is standard
2) S4A – INR22.79b of which 1 account of INR1.42b is NPA and rest INR21.37b is
standard
3) 5:25 book – INR59.33b (11 accounts) of which INR 36.56b (8 accounts) is NPA
and INR22.77b is standard
4) SR book – INR 7b (stable QoQ)
5) Standard restructured book of INR107.85b
6) SMA – 2 book of INR80b (of which non-overlapping part is INR25.11b)
Out of slippages of INR40.77b, INR35.61b was fresh slippages (most of which
from OSRL of last quarter), the remaining was addition to existing accounts
Divergence: nothing material, no impact on provisions
IFRS standards will require higher level of provisioning (front-ending) and
management is creating a parallel run (IFRS standards). Early buckets will
require a lot more work
NCLT – bank doesn’t have to wait for an account to turn into an NPA, can
register a case as soon as signs of stress are seen
Aggregate of top 50 NPA accounts – INR150b, INR77b of which is provided for
O/S NPA --- steel sector INR77.69b, power sector INR15.07b
Valuation and View
We maintain Buy with a TP
of INR117 (1.2x FY19 BV)
We like the management focus on core profitability and risk management
practices for sustainable and healthy core profitability in the ensuing years.
Slippages remained elevated, but were led by management aggressive stance on
errant customers. BOB has one of the strongest liability franchises post SBIN
within the PSB space with the strong presence in CASA rich Western, Central
and Northern region.
Focus on the balance sheet growth (led by international business) in the past
has impacted NIMs and core profitability. Large part of international business is
short term and there are significant low hanging fruits to improve profitability
via margin expansion and focus on overall revenue from the customer than just
balance sheet growth. Further, low domestic CD ratio (~64%) is comforting for
expected margins improvement.
The bank has focused on cleaning up the balance-sheet and as well as keep the
provision coverage ratio high at ~67% (one of the highest among peers). This
provides comfort on strength of the balance-sheet. We expect stress addition
and credit costs to come down sharply in FY18/19, although ratios will look
elevated due to moderate balance sheet growth.
Additional buffers like non-core financial investments amongst other options
will lead to dilution free growth until FY18. We largely maintain estimates for
FY18/19, however, we have not built in one off stake sale gains in our estimates.
3
18 May 2017

Bank of Baroda
Valuations at 1.2x FY18E BV is on a higher side on a relative basis (v/s peer state
owned banks), however, we draw our comfort from a) management from
private sector background (chairman, MD&CEO) b) healthy capitalization (~9%
CET1) and liability franchise, and c) improvement in return ratios; valuations on
an absolute basis have scope to improve.
Maintain Buy with TP of 217 (1.2x FY19BV) – based on residual income model.
We assume 13.3% cost of equity (7% risk free rate, beta of 1.25, market risk
premium of 5% and terminal growth of 5%. Further investments into UTIMF, Life
insurance venture and strategic financial investments add INR5-10/share which
we have not included into our target price.
Exhibit 2: We largely maintain estimates
INR B
Net Interest Income
Other Income
Total Income
Operating Expenses
Operating Profits
Provisions
PBT
Tax
PAT
Loans
Deposits
Margins (%)
Credit Cost (%)
RoA (%)
RoE (%)
Old Estimate
FY17
FY18
FY19
133.8 155.7 188.5
62.4
65.0
65.8
196.1 220.7 254.2
94.3
105.5 118.0
101.8 115.2 136.3
74.0
54.4
52.5
27.8
60.8
83.8
10.4
17.0
23.5
17.4
43.8
60.3
3,550 3,976 4,572
6,085 6,450 7,417
2.15
2.36
2.54
1.75
1.30
1.10
0.3
0.6
0.7
5.0
11.9
14.8
Revised estimates
FY17 FY18 FY19
135.1 156.3 180.5
67.6
66.9
67.2
202.7 223.2 247.7
93.0 103.7 116.2
109.8 119.5 131.5
85.0
58.4
51.7
24.7
61.1
79.8
10.9
17.1
22.4
13.8
44.0
57.5
3,833 4,216 4,722
6,017 6,438 7,243
2.15
2.36
2.48
2.00
1.40
1.10
0.2
0.6
0.7
4.1
12.3
14.5
Change (%)
FY17 FY18 FY19
1.0
0.4
-4.3
8.4
2.9
2.3
3.4
1.1
-2.6
-1.4
-1.7
-1.5
7.8
3.7
-3.5
14.9
7.3
-1.6
-11.1 0.5
-4.7
4.5
0.5
-4.7
-20.4 0.5
-4.7
8.0
6.0
3.3
-1.1
-0.2
-2.4
Source: MOSL, Company
Exhibit 3: One year forward P/BV
1.9
1.4
0.9
0.6
0.4
PB (x)
Peak(x)
Avg(x)
Min(x)
1.8
Exhibit 4: One year forward P/E
30
20
1.1
1.1
10
0
7.3
2.7
PE (x)
Peak(x)
Avg(x)
Min(x)
19.6
Negative
Earnings
Cycle
9.4
Source: MOSL, Company
Source: MOSL, Company
18 May 2017
4

Bank of Baroda
Exhibit 5: DuPont analysis: We expect gradual improvement in asset quality leading to better profitability
Y/E MARCH
Net Interest Income
Fee income
Fee to core Income (%)
Core Income
Net Income
Operating Expenses
Cost to Core Income
Employee cost
Employee to total exp
Others
Core operating Profits
Trading and others
Non Interest income
Operating Profits
Provisions
NPA
Others
PBT
Tax
Tax Rate
RoA (%)
Leverage (x)
RoE (%)
FY12
2.56
0.45
14.9
3.01
3.41
1.28
42.6
0.74
57.9
0.54
1.73
0.40
0.85
2.13
0.63
0.39
0.24
1.50
0.25
16.9
1.24
17.8
22.1
FY13
2.28
0.37
14.1
2.65
3.01
1.20
45.1
0.69
58.0
0.50
1.45
0.36
0.73
1.81
0.84
0.62
0.22
0.97
0.07
7.3
0.90
17.9
16.1
FY14
1.98
0.35
15.0
2.33
2.72
1.18
50.7
0.69
58.0
0.50
1.15
0.39
0.74
1.54
0.63
0.49
0.14
0.91
0.16
17.4
0.75
19.2
14.4
FY15
1.92
0.32
14.3
2.24
2.56
1.12
49.9
0.62
55.5
0.50
1.12
0.32
0.64
1.44
0.65
0.55
0.10
0.79
0.29
37.3
0.49
19.6
9.7
FY16
1.84
0.29
13.8
2.13
2.56
1.29
60.4
0.72
55.8
0.57
0.85
0.43
0.72
1.27
2.24
2.02
0.22
-0.97
-0.19
19.4
-0.78
19.6
-15.3
FY17
1.98
0.42
17.4
2.39
2.97
1.36
56.9
0.68
49.9
0.68
1.03
0.57
0.99
1.61
1.24
1.12
0.12
0.36
0.16
44.1
0.20
20.1
4.1
FY18E
2.17
0.43
16.4
2.60
3.10
1.44
55.4
0.70
48.3
0.74
1.16
0.50
0.93
1.66
0.81
0.78
0.03
0.85
0.24
28.0
0.61
20.1
12.3
FY19E
2.29
0.43
15.9
2.72
3.14
1.47
54.2
0.69
47.0
0.78
1.25
0.42
0.85
1.67
0.65
0.62
0.03
1.01
0.28
28.0
0.73
19.9
14.5
FY20E
2.29
0.42
15.6
2.71
3.07
1.46
53.7
0.66
45.6
0.79
1.25
0.36
0.79
1.62
0.66
0.62
0.04
0.96
0.27
28.0
0.69
20.2
13.9
Source: MOSL, Company
Exhibit 6: DuPont analysis: higher credit costs dent profitability
Y/E MARCH
Net Interest Income
Fee income
Fee to core income (%)
Core Income
Operating Expenses
Cost to Core Income (%)
Employee cost
Others
Core operating Profits
Trading and others
Operating Profits
Provisions
NPAs
Others
PBT
Tax
Tax Rate (%)
RoA
Leverage
RoE
4QFY15
1.85
0.37
16.6
2.22
1.03
46.7
0.54
0.49
1.18
0.39
1.57
1.06
0.87
0.19
0.51
0.16
31.7
0.35
17.4
6.1
1QFY16
1.96
0.29
13.1
2.26
1.26
55.9
0.76
0.50
0.99
0.25
1.25
0.34
0.32
0.02
0.91
0.31
34.3
0.60
17.4
10.4
2QFY16
1.84
0.33
15.3
2.18
1.17
53.5
0.59
0.57
1.01
0.32
1.33
1.08
1.05
0.03
0.25
0.18
72.0
0.07
16.7
1.2
3QFY16
1.55
0.32
17.1
1.87
1.21
64.8
0.66
0.55
0.66
0.32
0.97
3.53
3.70
-0.18
-2.55
-0.64
25.1
-1.91
16.8
-32.1
4QFY16
1.96
0.22
10.2
2.18
1.49
68.3
0.84
0.65
0.69
0.82
1.51
4.04
2.87
1.16
-2.52
-0.62
24.6
-1.90
16.9
-32.2
1QFY17
2.02
0.35
14.8
2.37
1.29
54.3
0.66
0.62
1.09
0.52
1.60
1.20
1.19
0.01
0.40
0.15
36.3
0.25
16.5
4.2
2QFY17
2.07
0.41
16.4
2.48
1.39
56.0
0.71
0.68
1.09
0.54
1.63
1.09
0.99
0.10
0.54
0.21
38.3
0.33
16.3
5.4
3QFY17
1.86
0.37
16.8
2.23
1.37
61.4
0.68
0.70
0.86
0.68
1.54
1.23
0.97
0.26
0.31
0.16
51.0
0.15
16.5
2.5
4QFY17
2.07
0.55
20.9
2.62
1.47
56.1
0.71
0.76
1.15
0.60
1.75
1.52
1.40
0.11
0.23
0.14
61.0
0.09
17.0
1.5
Source: MOSL, Company
18 May 2017
5

Bank of Baroda
Story in Charts
Exhibit 7: Slippages remained elevated
Slippages (INRb)
Exhibit 8: OSRL declined to 2.8% of loans
Restructured Loans (INR b)
6.4 6.3
6.1
6.0 5.7 6.0 5.8 5.9 6.1 6.3
5.5
4.5
% of Loans
4.0
3.6 3.9 3.9
2.8
Source: MOSL, Company
Source: MOSL, Company
Exhibit 9: PCR improved 230bp to ~58%
GNPA (%)
NNPA (%)
PCR (%)
Exhibit 10: Loan growth picked up this quarter on a low base
Loans (INR b)
14 12
16 18
21 19
14 12
% YoY Gr.
8
7
8
(2)
(0)
(10)(11)(15) (9)
Source: MOSL, Company
Source: MOSL, Company
Exhibit 11: Share of overseas book in overall loans continue
to decline
33
32 33
32
33
34
32
33 33
32
Exhibit 12: Domestic CASA grew 31% YoY; CASA ratio
improved to 39.4% v/s 34% in FY16
Domestic CASA (%)
32
31
31 31
30
29
28
Source: MOSL, Company
Source: MOSL, Company
18 May 2017
6

Bank of Baroda
Exhibit 13: Global NIMs increased 11bp QoQ
Dom. NIM
Intl NIM
Global NIM
2.7 2.8 2.9 2.5 2.5
2.2 2.2 2.3
2.1 2.2
Exhibit 14: Spreads largely stable QoQ
Yield on Loans
Cost of Deposits
2.9 2.8 2.9 3.0 2.8 2.9 3.0 2.9 2.8 2.9
2.7
2.1
2.5 2.4 2.3 2.4 2.3 2.4 2.4 2.2
2.2 2.3 2.1
1.7
1.5 1.3
1.2 1.2 0.9 1.0
1.2 1.2 1.1
0.9 0.9 0.9 0.9 1.0 1.0 1.0 1.2
Source: MOSL, Company
Source: MOSL, Company
Exhibit 15: Fee income picked up during the quarter but
remained muted on a YoY basis
Fee Income (INR b)
18 16
27
20 13
YoY gr. (%)
33
5
7
-5
0
8 8
-1
6
13
11
-3
Exhibit 16: Core operating profits grew 69% YoY on a low
base
Core Operating Profits (INR b)
24 17
14
-6
YoY Growth %
26
1
69
-9 -12
-15
4 10
-10 -8
-36 -42
3
7.7 7.0 8.3 7.6 8.7 7.4 7.8 8.1 8.7 8.0 8.4 8.0 11.6 8.5 9.5 8.9 11.3
Source: MOSL, Company
Source: MOSL, Company
Exhibit 17: Cost to core income declined 150bp QoQ to 49%
52
47 47 47 49 46 48 50
54 51
59 60
48 49 50 49
Exhibit 18: BOB added 40 branches during the quarter
43
Source: MOSL, Company
Source: MOSL, Company
18 May 2017
7

Bank of Baroda
Exhibit 19: Quarterly snapshot
FY16
INR m
Profit and Loss
Net Interest Income
Other Income
Trading profits
Forex Income
Recoveries
Others (Non core)
Total Income
Operating Expenses
Employee
Others
Operating Profits
Provisions
NPA provisions
Provisions on Invst.
Others
PBT
Taxes
PAT
Ratios (%)
Fees to Total Income
Cost to Core Income
Tax Rate
CASA Reported
Loan/Deposit
Domestic Loan/ Deposit
CAR
Tier I
Margins Global (%)
Yield on loans
Yield On Investments
Cost of Deposits
Margins
Margins - Domestic (%)
Yield on loans
Yield On Investments
Cost of Deposits
Margins
Margins - Overseas (%)
Yield on loans
Yield On Investments
Cost of Deposits
Margins
1Q
34,596
9,672
1,570
2,778
131
5,194
44,269
22,249
13,451
8,798
22,020
5,997
5,678
189
130
16,022
5,501
10,522
11.7
55.9
34.3
31.9
68.9
68.1
12.0
9.4
7.9
7.8
5.1
2.3
10.6
8.0
6.9
2.9
2.3
3.7
0.9
0.9
2Q
32,445
11,440
2,241
2,527
792
5,879
43,885
20,515
10,440
10,075
23,370
18,917
18,438
1,120
-641
4,453
3,208
1,245
13.4
53.5
72.0
32.0
67.7
65.5
12.5
9.9
7.6
7.5
5.1
2.1
10.4
7.8
6.9
2.7
2.1
3.9
1.0
0.9
3Q
27,053
11,129
2,890
2,410
240
5,589
38,183
21,141
11,548
9,593
17,041
61,646
64,740
300
-3,395
-44,604
-11,184
-33,420
14.6
64.8
25.1
30.0
65.2
62.7
12.2
9.6
7.0
7.3
5.0
1.7
9.6
7.5
6.8
2.1
2.1
3.8
0.9
0.9
4Q
33,304
17,747
5,090
7,837
1,040
3,780
51,051
25,326
14,342
10,985
25,725
68,577
48,800
1,800
17,977
-42,852
-10,551
-32,301
7.4
68.3
24.6
33.6
66.9
66.7
13.2
10.8
6.9
7.6
5.0
2.2
9.0
7.8
6.6
2.7
2.3
3.8
1.0
0.9
1Q
33,711
14,444
5,570
2,640
390
5,844
48,155
21,460
11,081
10,379
26,695
20,041
19,860
190
-9
6,654
2,418
4,236
12.1
54.3
36.3
33.8
64.5
63.7
13.1
10.7
7.2
7.5
4.7
2.2
9.4
7.8
6.2
2.8
2.4
3.7
1.0
1.0
2Q
34,261
15,614
5,460
2,730
680
6,744
49,875
22,973
11,685
11,288
26,902
17,958
16,300
390
1,268
8,944
3,422
5,521
13.5
56.0
38.3
34.2
62.4
60.9
12.9
10.6
7.3
7.2
4.8
2.3
9.2
7.5
6.2
2.9
2.6
3.3
1.1
1.0
FY17
3Q
31,344
17,750
8,390
2,550
490
6,320
49,093
23,141
11,389
11,752
25,952
20,795
16,380
440
3,975
5,157
2,630
2,527
12.9
61.4
51.0
40.5
59.3
57.1
12.6
10.0
7.2
7.1
4.8
2.1
9.1
7.4
6.0
2.5
2.6
3.5
1.2
1.0
4Q
35,819
19,773
6,770
1,840
1,720
9,443
55,591
25,390
12,222
13,167
30,202
26,230
24,250
-830
2,810
3,972
2,425
1,547
17.0
56.1
61.0
39.4
63.7
63.1
12.2
9.9
7.1
6.9
4.7
2.2
8.8
7.1
5.9
2.5
2.8
3.2
1.3
1.2
-10
-21
-2
11
-30
-23
-15
1
23
-35
6
20
23
-67
-26
2
-24
-68
-73
-20
52
-68
21
26
Variation (%)
QoQ
YoY
14
11
-19
-28
251
49
13
10
7
12
16
26
48
NA
-29
-23
-8
-39
8
11
33
-77
65
150
9
0
-15
20
17
-62
-50
NA
-84
NA
NA
NA
Source: MOSL, Company
18 May 2017
8

Bank of Baroda
Exhibit 20: Quarterly snapshot continued
FY16
INR B
Balance sheet
Deposits
Domestic
Overseas
Loans
Domestic
Overseas
CASA
Domestic
Overseas
Savings Deposits
Domestic
Overseas
Current Deposits
Domestic
Overseas
Loan Break Up
Retail Loans
of which Housing
Agriculture
SME
Others
Asset Quality
GNPA
NNPA
GNPA (%)
NNPA (%)
PCR (Calculated, %)
PCR (Reported, %)
Movement in NPA
Opening
Additions
Deductions
Of Which : Due to write Off
Due to Upgradation
Due to Recoveries
Closing
Net Slippages
Net Slippage Ratio (%)
Credit Cost (%)
Restructured loans
% of Loans
1Q
5,931
4,052
1,879
4,084
2,758
1,326
1,535
1,292
243
1,079
1,044
35
457
248
208
2Q
6,125
4,239
1,885
4,149
2,777
1,372
1,541
1,355
187
1,116
1,081
35
425
273
152
3Q
5,897
4,131
1,766
3,843
2,592
1,251
1,415
1,238
177
1,101
1,065
36
315
173
142
4Q
5,740
3,948
1,792
3,838
2,633
1,205
1,513
1,325
188
1,167
1,133
35
346
193
153
1Q
5,622
3,934
1,688
3,628
2,506
1,121
1,518
1,331
187
1,193
1,155
38
325
176
149
2Q
5,675
4,048
1,628
3,541
2,465
1,077
1,568
1,386
182
1,240
1,203
37
328
183
145
FY17
3Q
5,899
4,381
1,518
3,500
2,500
999
1,962
1,773
190
1,558
1,515
43
404
258
147
4Q
6,017
4,401
1,616
3,833
2,775
1,057
1,935
1,736
199
1,510
1,468
41
425
268
158
Variation (%)
QoQ
YoY
2
0
6
10
11
6
-1
-2
5
-3
-3
-4
5
4
7
5
11
-10
0
5
-12
28
31
6
29
30
20
23
39
3
517
228
395
615
1,230
172.7
84.7
4.1
2.1
51.0
64.9
162.8
19.1
9.0
0.7
5.3
3.0
172.9
10.8
1.1
0.5
255.4
6.3
522
236
356
579
1,320
237.1
128.0
5.6
3.1
46.0
58.2
172.9
69.6
5.2
1.1
0.8
3.3
237.3
65.5
6.8
1.8
229.3
5.5
517
243
348
546
1,181
389.3
218.1
9.7
5.7
44.0
52.7
237.1
157.9
5.6
2.4
0.1
3.1
389.3
154.6
15.7
6.5
171.4
4.5
509
250
342
527
1,255
405.2
194.1
10.0
5.1
52.1
60.1
389.3
59.3
43.5
11.4
17.7
14.3
405.2
27.3
2.6
5.1
137.4
3.6
509
259
376
501
1,120
429.9
207.8
11.2
5.7
51.7
60.2
405.2
61.0
36.2
11.4
14.0
10.8
429.9
36.1
3.5
2.1
141.6
3.9
513
263
394
518
1,040
429.5
193.4
11.4
5.5
55.0
63.0
429.9
28.6
29.0
2.2
10.3
16.5
429.5
1.7
0.2
1.8
138.6
3.9
513
265
400
500
1,087
426.4
190.1
11.4
5.4
55.4
64.5
429.5
41.4
44.4
17.8
13.2
13.5
426.4
14.7
1.5
1.9
140.6
4.0
580
302
444
541
1,210
427.2
180.8
10.5
4.7
57.7
66.8
426.4
40.8
36.4
12.1
8.8
15.4
430.9
16.5
1.7
2.6
107.9
2.8
13
14
11
8
11
0
-5
-94
-71
225
233
14
21
30
3
-4
5
-7
47
-34
557
674
13
19
78
-23
-120
-40
-83
-244
-21
-76
Source: MOSL, Company
18 May 2017
9

Bank of Baroda
Financials and Valuations
Income Statement
Y/E March
Net Interest Income
Change (%)
Non Interest Income
Net Income
Change (%)
Operating Expenses
Pre Provision Profits
Change (%)
Provisions (excl tax)
PBT
Tax
Tax Rate (%)
PAT
Change (%)
Equity Dividend (Incl tax)
Core PPP*
Change (%)
*Core PPP is (NII+Fee income-Opex)
2012
103,170
17.2
34,223
137,393
18.3
51,587
85,806
22.9
25,548
60,258
10,188
16.9
50,070
18.0
8,123
69,588
21.0
2013
113,153
9.7
36,306
149,459
8.8
59,467
89,992
4.9
41,679
48,312
3,505
7.3
44,807
-10.5
10,596
72,278
3.9
2014
119,653
5.7
44,627
164,281
9.9
71,371
92,910
3.2
37,937
54,973
9,562
17.4
45,411
1.3
10,837
69,446
-3.9
2015
131,872
10.2
44,020
175,892
7.1
76,741
99,151
6.7
44,945
54,206
20,222
37.3
33,984
-25.2
8,517
77,136
11.1
2016
127,398
-3.4
49,989
177,387
0.8
89,231
88,156
-11.1
155,137
-66,981
-13,025
19.4
-53,955
-258.8
0
61,612
-20.1
2017
135,134
6.1
67,581
202,715
14.3
92,964
109,751
24.5
85,024
24,727
10,896
44.1
13,831
-125.6
3,223
70,541
14.5
2018E
156,329
15.7
66,851
223,180
10.1
103,713
119,467
8.9
58,372
61,095
17,107
28.0
43,989
218.0
10,249
83,336
18.1
(INR Million)
2019E
180,464
15.4
67,249
247,713
11.0
116,188
131,525
10.1
51,680
79,845
22,356
28.0
57,488
30.7
13,395
98,332
18.0
2020E
204,481
13.3
70,242
274,724
10.9
130,212
144,512
9.9
59,168
85,344
23,896
28.0
61,448
6.9
14,317
112,100
14.0
Balance Sheet
Y/E March
Equity Share Capital
Reserves & Surplus
Net Worth
Deposits
Change (%)
of which CASA Dep
Change (%)
Borrowings
Other Liabilities & Prov.
Total Liabilities
Current Assets
Investments
Change (%)
Loans
Change (%)
Fixed Assets
Other Assets
Total Assets
2012
4,124
270,645
274,769
3,848,711
26.0
1,035,239
18.2
235,731
114,005
4,473,215
641,685
832,094
16.5
2,873,773
25.7
23,415
102,247
4,473,215
2013
4,225
315,469
319,694
4,738,833
23.1
1,199,809
15.9
265,793
147,034
5,471,354
853,989
1,213,937
45.9
3,281,858
14.2
24,531
97,039
5,471,354
2014
4,307
355,550
359,857
5,688,944
20.0
1,464,878
22.1
368,130
178,115
6,595,045
1,308,779
1,161,127
-4.4
3,970,058
21.0
27,341
127,740
6,595,045
2015
4,436
393,918
398,353
6,175,595
8.6
1,629,689
11.3
352,643
223,294
7,149,885
1,483,532
1,168,122
0.6
4,280,651
7.8
28,748
188,832
7,149,885
2016
4,621
397,369
401,990
5,740,379
-7.0
1,513,345
-7.1
334,717
236,679
6,713,765
1,339,003
1,204,505
3.1
3,837,702
-10.3
62,538
270,017
6,713,765
2017
4,621
398,412
403,033
6,016,752
4.8
1,934,960
27.9
306,114
222,856
6,948,754
1,504,699
1,296,305
7.6
3,832,592
-0.1
57,584
257,574
6,948,754
2018E
4,621
430,151
434,772
6,437,924
7.0
2,179,911
12.7
321,114
252,525
7,446,335
1,450,864
1,425,936
10.0
4,215,851
10.0
57,474
296,210
7,446,335
(INR Million)
2019E
4,621
472,244
476,865
7,242,665
12.5
2,523,807
15.8
336,114
286,905
8,342,549
1,625,742
1,597,048
12.0
4,721,754
12.0
57,364
340,641
8,342,549
2020E
4,621
517,374
521,995
8,329,065
15.0
2,921,993
15.8
351,114
326,948
9,529,122
1,861,420
1,788,694
12.0
5,430,017
15.0
57,254
391,738
9,529,122
Asset Quality
GNPA (INR m)
NNPA (INR m)
GNPA Ratio
NNPA Ratio
PCR (Excl Tech. write off)
PCR (Incl Tech. Write off)
E: MOSL Estimates
44,648
15,436
1.54
0.54
65.4
80.1
79,826
41,920
2.40
1.28
47.5
68.2
120,390
60,348
2.99
1.52
48.5
65.5
162,610
80,695
3.73
1.89
50.4
65.0
405,210
194,065
10.01
5.06
52.1
60.1
427,190
180,802
10.47
4.72
57.7
66.8
435,475
182,747
9.75
4.33
58.0
68.7
414,316
162,431
8.33
3.44
60.8
72.6
(%)
411,301
153,581
7.23
2.83
62.7
75.2
18 May 2017
10

Bank of Baroda
Financials and Valuations
Ratios
Y/E March
Spreads Analysis (%)
Avg. Yield-Earning Assets
Avg. Yield on loans
Avg. Yield on Investments
Avg. Cost-Int. Bear. Liab.
Avg. Cost of Deposits
Interest Spread
Net Interest Margin
Profitability Ratios (%)
RoE
RoA
Int. Expense/Int.Income
Fee Income/Net Income
Non Int. Inc./Net Income
Efficiency Ratios (%)
Cost/Income*
Empl. Cost/Op. Exps.
Busi. per Empl. (Rs m)
NP per Empl. (Rs lac)
* ex treasury and RWO
Asset-Liability Profile (%)
Loans/Deposit Ratio
CASA Ratio
Investment/Deposit Ratio
G-Sec/Investment Ratio
CAR
Tier 1
2012
8.0
8.7
8.0
5.3
5.1
2.7
2.8
2013
7.5
8.4
7.3
5.3
5.2
2.3
2.4
2014
6.8
7.7
7.3
4.9
4.8
1.9
2.1
2015
6.6
7.5
8.1
4.7
4.7
1.9
2.0
2016
6.8
7.3
9.0
5.0
4.9
1.9
2.0
2017
6.7
7.2
8.5
4.6
4.5
2.1
2.2
2018E
6.4
6.7
7.8
4.1
3.9
2.3
2.4
2019E
6.4
6.7
7.5
4.0
3.8
2.4
2.5
2020E
6.2
6.6
7.3
3.8
3.6
2.4
2.5
22.1
1.2
65.2
15.2
24.9
16.1
0.9
67.9
16.6
24.3
14.4
0.8
69.3
16.2
27.2
9.7
0.5
69.3
17.9
25.0
-15.3
-0.8
71.1
18.1
28.2
4.1
0.2
68.0
16.3
33.3
12.3
0.6
62.9
17.1
30.0
14.5
0.7
61.1
16.8
27.1
13.9
0.7
60.2
16.9
25.6
40.3
57.9
143.0
1.2
42.5
58.0
171.0
1.0
47.2
58.0
192.2
1.0
46.3
55.5
203.7
0.7
53.9
55.8
192.6
-1.0
52.7
49.9
185.3
0.3
51.3
48.3
184.3
0.8
50.2
47.0
192.5
1.0
49.8
45.6
208.2
1.0
74.7
26.9
21.6
83.3
14.7
10.8
69.3
25.3
25.6
84.2
13.3
10.1
69.8
25.7
20.4
82.5
12.3
9.3
69.3
26.4
18.9
83.0
12.6
9.9
66.9
26.4
21.0
83.4
13.2
10.8
63.7
32.2
21.5
84.9
12.2
9.9
65.5
33.9
22.1
82.6
12.4
10.0
65.2
34.8
22.1
82.9
12.3
9.9
65.2
35.1
21.5
85.1
11.8
9.6
Valuation
Book Value (INR)
Change (%)
Price-BV (x)
Adjusted BV (INR)
Price-ABV (x)
EPS (INR)
Change (%)
Price-Earnings (x)
Dividend Per Share (INR)
Dividend Yield (%)
E: MOSL Estimates
124.2
23.8
119.3
24.3
12.4
3.4
141.5
13.9
128.6
21.2
-12.7
4.3
153.7
8.7
135.5
21.1
-0.6
4.3
166.4
8.2
142.7
15.3
-27.3
3.2
146.4
-12.0
91.8
-23.4
NA
0.0
147.8
0.9
1.3
96.9
1.9
6.0
-125.6
31.4
1.2
0.6
162.4
9.9
1.2
110.9
1.7
19.0
218.0
9.9
3.8
2.0
181.4
11.8
1.0
135.7
1.4
24.9
30.7
7.6
5.0
2.6
201.8
11.2
0.9
158.6
1.2
26.6
6.9
7.1
5.3
2.8
18 May 2017
11

Bank of Baroda
Corporate profile
Company description
Bank of Baroda (BoB), established in 1908, is amongst
the oldest commercial banks in India with a substantial
footprint in the domestic and international markets. BoB
has a wide presence overseas with almost one-third of
the total business, coming from its international
business. As of June-16, BOB has a network of 5,351
domestic branches, 107 overseas branches and 9,117
ATMs. The Government of India holds 59.2% stake in the
bank.
Exhibit 1: Sensex rebased
Source: MOSL/Bloomberg
Exhibit 2: Shareholding pattern (%)
Mar-17
Promoter
DII
FII
Others
59.2
20.6
11.8
8.4
Dec-16
59.2
21.2
11.7
7.9
Mar-16
59.2
22.4
11.5
7.0
Source: Capitaline
Exhibit 3: Top holders
Holder Name
LIFE INSURANCE COPORATION OF INDIA
HDFC MUTUAL FUND (HDFC TRUSTEE
COMPANY LIMITED-HDFC EQUITY FUND)
THELEME MASTER FUND LIMITED
R SHARES NIFTY BEES - INVESTMENT A/C
NA
% Holding
10.0
4.3
2.5
1.0
0.0
Source: Capitaline
Note: FII Includes depository receipts
Exhibit 4: Top management
Name
Ravi Venkatesan
P S Jayakumar
Ashok Kumar Garg
Mayank K Mehta
Papia Sengupta
M L Jain
Designation
Chairman (Non-Executive)
Managing Director & CEO
Executive Director
Executive Director
Executive Director
Company Secretary
Exhibit 5: Directors
Name
Prem Kumar Makkar
Usha A Narayanan
Bharatkumar D Dangar
Mohammad Mustafa
Name
Surekha Marandi
Gopal Krishan Agarwal
R Narayanaswami
BIJU VARKKEY
Source: Capitaline
*Independent
Exhibit 6: Auditors
Name
Kalyaniwalla & Mistry LLP
Khandelwal Jain & Co
Rodi Dabir & Co
S R Goyal & Co
Wahi & Gupta
Type
Statutory
Statutory
Statutory
Statutory
Statutory
Source: Capitaline
Exhibit 7: MOSL forecast v/s consensus
EPS
(INR)
FY18
FY19
MOSL
forecast
19.3
22.9
Consensus
forecast
15.8
21.4
Variation (%)
21.8
6.9
Source: Bloomberg
18 May 2017
12

Bank of Baroda
NOTES
18 May 2017
13

Disclosures
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No
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BANK OF BARODA
Motilal Oswal Securities Ltd
18 May 2017
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Phone: +91 22 3982 5500 E-mail: reports@motilaloswal.com
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