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Prabhudas Lilladher Report
Bank of Baroda's reported an Rs 10.6 billion of profit after tax (our estimate Rs 16.9 billion) as higher provisions and marginally lower pre-provision operating profit dent earnings.
On Pro-forma basis bank would have seen gross non-performing asset/net-non-performing asset move up by 30/63 basis points QoQ with slippages of Rs 112 billion (Rs 83 billion unrecognised).
Positive was lower restructuring at 140 bps of loans with guidance of 200 bps of loans by Q1 FY22 which is lower than expected but majorly remains from corporate book.
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