Bank of Baroda Results inline with expectation BUY Target Price: Rs 1,160 :: Emkay

Please Share:: India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��

Bank of Baroda

Results inline with expectation

BUY

CMP: Rs 940                                       Target Price: Rs 1,160

---

n     BOB’s reported net profit of Rs12.9bn inline with expectations. Ajdusted NII at Rs23.6bn was marginally lower than expected

n     Additional pension liabilities of Rs5.5bn (for retired staff) were compensated by one-time interest income of Rs2.5bn and lower taxes

n     The slippages for the quarter increased sharply to Rs6.5bn as against slippage of Rs11.9bn for 9MFY11. Management has guided that there could be some upgrades in these accounts

n     Valn at 1.7x/1.4x FY12E/FY13E ABV not unreasonable. Maintain BUY rating on the stock with price target of Rs1160