Bank of Baroda share price: Buy Bank of Baroda, target price Rs 74: LKP Securities

LKP Securities has buy call on Bank of Baroda with a target price of Rs 74. The current market price of Bank of Baroda is Rs 60.35.

Bank of Baroda, incorporated in the year 1911, is a banking company (having a market cap of Rs 28763.03 Crore).

For the quarter ended 30-09-2020, the company reported a Consolidated Interest Income of Rs 13180.75 Crore, down -1.89 % from last quarter Interest Income of Rs 13434.27 Crore and down -7.40 % from last year same quarter Interest Income of Rs 14233.49 Crore. The bank reported net profit after tax of Rs 1794.30 Crore in latest quarter.

Investment Rationale
The brokerage expects the bank to post a ROA/ROE of 0.4%/6.2% by FY22E led by stable balance sheet growth along with higher PCR and stable asset quality. It values the standalone bank with PBV of 0.5xFY22E Adj. BVPS of Rs 148 to arrive at a price target of Rs 74. It recommends BUY with potential upside of 37.6%.


Promoter/FII Holdings
Promoters held 71.6 per cent stake in the company as of Sept 30, 2020, while FIIs held 3.94 per cent, DIIs 11.10 per cent and public and others 13.36 per cent.

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