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Dolat Capital Report
Bank of Baroda reported a good quarter with robust loan growth of 5.6% QoQ/21% YoY, sequential net interest margin expansion of 15 basis points to 3.5%, strong recovery from written off accounts and low credit costs aiding return on asset of 1.3% for the quarter.
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Credit costs stood at 60 bps in Q4 despite Rs 5 billion made towards an airline exposure.
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Asset quality continued to improve with over 70 bps sequential decline in to 3.8%, low slippages at 1.2%, moderation in restructured book to 1.8% of advances, and provision coverage ratio at 77%.
Bank of Baroda's management believes that expected credit loss provisions requirements should be absorbed within overall credit costs of guidance 1%.
Sharp decline in net non performing asset levels to sub 1%, moderation in special mention account levels, and limited corporate stress to aid credit costs of ~1-1.1% over FY24-25E. With 50% of loans linked to marginal cost of funds based lending rate, near term net interest margin outlook remains strong.
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