Accumulate Bank of Baroda: Angel Broking

Bank of Baroda's Q3 numbers slightly above estimates

With Bank of Baroda's Q3 numbers coming slightly above estimates, Angel Broking has maintained its "accumulate" rating on the counter.

 

According to Vaibhav Agrawal, VP research (Banking) at Angel, "Bank of Baroda’s (BOB) operating numbers came slightly above estimates, while asset quality performance came broadly in-line with management’s guidance. On the operating front, NII for bank grew by 7.6% YoY (vs. loan book growth of 18%) slightly ahead of our estimates."

 

India's third largest public sector bank reported a net profit of Rs 1,047.84 crore in the December quarter against Rs 1,011.62 crore in the corresponding previous quarter.

 

On BSE, after initial firm trade today, the stocks of BoB are currently trading weak at Rs 539.6, down 0.53% at 3 pm.