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Dolat Capital Report
Bank of Baroda reported flattish net interest income growth (1% YoY) mainly led by elevated interest reversals from a large non-banking financial company slippage.
Higher growth in other income at 28% YoY was led by robust treasury gains and healthy recoveries from written-off accounts.
Bank of Baroda's profit after tax benefitted from lower provisions as slippages were contained, as NBFC slippage was partly provided for, and as write back from Dewan Housing Finance Corporation Ltd. recovery helped provisions.
Asset quality metrics were contained with slippages at 3.3%, sequentially stable restructured book at 3% of advances, and strong recoveries aiding 80 basis points QoQ decline in gross non performing asset ratio.
Outside of corporate slippages of Rs 29 billion which included Infra NBFC exposure of Rs 20 billion, slippages were fairly contained across segments.
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