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ICICI Direct Report
Bank of Baroda has seen its stock price rising by more than 2.2 times in the past one year. We believe improving business outlook along with containment of slippages should help the overall performance to improve.
We retain our 'buy' rating on the stock.
Rationale:
Credit growth to rise with unlocking and speedy economic recovery
Comfortable capital position with CRAR at 15.4%
Transfer of NPAs to bad bank to lower broad NPA numbers and aid recovery
Recovery from DHFL to boost earnings, exposure of Rs 2,000 crore
Recent outlook upgrade by Moody's on the Indian banking system to impact positively on Bank of Baroda as well.
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