Neutral on Bank of Baroda, target price Rs 75: Motilal Oswal

Neutral on Bank of Baroda, target price Rs 75:  Motilal Oswal

Motilal Oswal has neutral call on Bank of Baroda with a target price of Rs 75. The current market price of Bank of Baroda is Rs 69.15.

Bank of Baroda, incorporated in the year 1911, is a banking company (having a market cap of Rs 32205.35 Crore).

For the quarter ended 31-12-2020, the company reported a Consolidated Interest Income of Rs 13100.73 Crore, down -.61 % from last quarter Interest Income of Rs 13180.75 Crore and down 5.91 % from last year same quarter Interest Income of Rs 13924.35 Crore. The bank reported net profit after tax of Rs 1159.17 Crore in latest quarter.

Investment Rationale
Collection efficiency improved to 92%, but remain lower than other private peers. On the asset quality front, pro forma GNPA/NNPA ratio increased to 9.63%/3.36%. Total restructuring stood ~1.4% of advances (INR95b), while SMA-1/2 (excluding restructuring) stood at 3.6% of loans.

Promoter/FII Holdings

Promoters held 71.6 per cent stake in the company as of Dec 30, 2020, while FIIs held 4.3 per cent, DIIs 11.3 per cent and public and others 12.8 per cent.

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