Bank of Baroda turns second PSU lender to cross Rs 1 trillion in valuation

The lender reported its highest-ever quarterly net profit of Rs 4,775 crore in March quarter, recording a 168 percent year-on-year rise.

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Bank of Baroda became India’s second public sector bank to surpass Rs 1-trillion market cap with the stock hitting a fresh record high.

The stock scaled a record Rs 194 a share, up 3 percent from its previous close. State Bank of India is the only Indian PSU lender which has crossed this milestone.

The stock is up nearly 20 percent since March 28. The strong gains came after robust earnings in the March quarter as well as for the whole year of FY23.

The lender reported its highest quarterly net profit of Rs 4,775 crore in March quarter, recording a 168 percent year-on-year rise. Annually, the bank recorded a profit of Rs 14,110 crore, up 94 percent from Rs 7,272 crore.

“On the back of the Q4 results, we expect the steady upward consensus earnings revisions to continue for BOB. Value crystallisation in credit card/insurance subs could provide additional positive triggers for the bank. We revised up our street-high FY24 EPS by 9 percent. Remain OW,” said JP Morgan in its recent note.

The bank’s total deposits increased to Rs 10.47 lakh crore and from Rs 9.27 lakh crore YoY, growing by 13 percent. Net advances grew from Rs 7.95 lakh crore to Rs 6.84 lakh crore YoY, growing by 16.3 percent. NIM expanded 15 bps sequentially to 3.5 percent.

BOB’s gross non-performing assets (NPA) declined 32 percent to Rs 36,764 crore from Rs 54,059 crore on a YoY basis. The GNPA ratio declined to 3.79 percent for the fourth quarter of the fiscal year 2022-23 from 6.61 percent last year. The net NPA ratio declined to 0.89 percent from 1.72 percent last year.

“We factor in an earnings upgrade of 13-15 percent led by higher NIM and lower provisions. With sharp improvement in AQ trends, strong recoveries and healthy NIM outlook, we upgrade the stock,” said Dolat Capital in its recent note. The brokerage firm has upgraded to buy from accumulate and increased its target price to Rs 230 from Rs 200 a share.