Good Medium Term Buy - Bank of Baroda
Ali On Content / 08 Jun 2009
For FY09, the bank has recorded multi-fold growth in its bottomline. As per a few brokers, the counter is expected to move up and has given a buy call with a price target of Rs 460. Thus investors with medium-term investment horizon can invest in the counter.
Bank of Baroda
BSE: 532134
CMP: 420.05
Volume: 188831
For FY09, the bank has recorded multi-fold growth in its bottomline, mainly driven by a strong growth in net interest income (NII), fee-based income and treasury incomes. The bank has recorded huge rise in the NII on account of the massive growth of 34.90 per cent in its advances on YoY basis. Its non-interest income grew significantly by 53.9 per cent on YoY basis, mainly driven by a huge increase in the treasury gains. At the same time, the bank has recorded decent rise of 30 basis points in its NIMs. The bank’s provisions as well as NPAs recorded a decline, suggesting that the growth in the financials are not at the cost of assets quality deterioration. As per a few brokers, the counter is expected to move up and has given a buy call with a price target of Rs 460. Thus investors with medium-term investment horizon can invest in the counter.
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