InCred Equities - Bank of Baroda

	Mar-20A	Mar-21F	Mar-22F	Mar-23F
Net Interest Income (Rsm)	274,513	291,025	321,628	356,607
Total Non-Interest Income (Rsm)	103,173	111,078	102,140	113,841
Operating Revenue (Rsm)	377,686	402,103	423,767	470,448
Total Provision Charges (Rsm)	(214,933)	(169,553)	(148,966)	(126,403)
Net Profit (Rsm)	5,464	26,429	44,112	74,460
Core EPS (Rs)	1.18	5.11	8.52	14.38
Core EPS Growth	(104%)	332%	67%	69%
FD Core P/E (x)	194.21	44.93	26.92	15.95
DPS (Rs)		0.70	1.00	1.00
Dividend Yield		0.31%	0.44%	0.44%
BVPS (Rs)	155.3	143.4	150.9	164.3
P/BV (x)	1.48	1.60	1.52	1.40
ROE	0.9%	3.6%	5.8%	9.1%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-20A	Mar-21F	Mar-22F	Mar-23F
Net Interest Income	274,513	291,025	321,628	356,607
Total Non-Interest Income	103,173	111,078	102,140	113,841
Operating Revenue	377,686	402,103	423,767	470,448
Total Non-Interest Expenses	(164,175)	(179,080)	(197,412)	(223,796)
Pre-provision Operating Profit	196,914	206,260	207,917	225,908
Total Provision Charges	(214,933)	(169,553)	(148,966)	(126,403)
Operating Profit After Provisions	(18,019)	36,708	58,950	99,505
Pretax Income/(Loss) from Assoc.
Operating EBIT (incl Associates)	(18,019)	36,708	58,950	99,505
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	(18,019)	36,708	58,950	99,505
Exceptional Items
Pre-tax Profit	(18,019)	36,708	58,950	99,505
Taxation	23,483	(10,278)	(14,838)	(25,045)
Consolidation Adjustments & Others
Exceptional Income - post-tax
Profit After Tax	5,464	26,429	44,112	74,460
Minority Interests
Pref. & Special Div
FX And Other Adj.
Net Profit	5,464	26,429	44,112	74,460

(Rs mn)	Mar-20A	Mar-21F	Mar-22F	Mar-23F
Gross Loans/Cust Deposits	78.0%	77.7%	76.5%	75.4%
Avg Loans/Avg Deposits	79.1%	77.9%	77.1%	75.9%
Avg Liquid Assets/Avg Assets	34.3%	34.2%	34.4%	34.4%
Avg Liquid Assets/Avg IEAs	39.0%	39.2%	39.5%	39.6%
Net Cust Loans/Assets	59.6%	59.1%	59.1%	59.1%
Net Cust Loans/Broad Deposits	73.0%	72.3%	72.0%	71.8%
Equity & Provns/Gross Cust Loans	17.1%	17.5%	15.9%	14.7%
Asset Risk Weighting	52.4%	55.2%	58.5%	61.9%
Provision Charge/Avg Cust Loans	2.62%	2.22%	1.78%	1.37%
Provision Charge/Avg Assets	1.69%	1.41%	1.13%	0.85%
Total Write Offs/Average Assets	(4.93%)	(4.55%)	(3.85%)	(3.10%)

(Rs mn)	Mar-20A	Mar-21F	Mar-22F	Mar-23F
Total Gross Loans	7,379,252	7,752,806	8,501,100	9,328,656
Liquid Assets & Invst. (Current)	2,731,697	2,885,195	3,276,987	3,722,015
Other Int. Earning Assets
Total Gross Int. Earning Assets	10,110,949	10,638,001	11,778,087	13,050,671
Total Provisions/Loan Loss Reserve	(478,044)	(541,044)	(496,044)	(443,044)
Total Net Interest Earning Assets	9,632,904	10,096,956	11,282,043	12,607,627
Intangible Assets
Other Non-Interest Earning Assets	557,116	599,138	659,052	724,957
Total Non-Interest Earning Assets	727,240	799,361	876,104	961,247
Cash And Marketable Securities	1,219,011	1,305,210	1,376,686	1,454,184
Long-term Investments
Total Assets	11,579,155	12,201,528	13,534,832	15,023,058
Customer Interest-Bearing Liabilities	9,459,844	9,973,638	11,116,840	12,371,833
Bank Deposits
Interest Bearing Liabilities: Others	847,858	864,815	951,297	1,046,426
Total Interest-Bearing Liabilities	10,390,537	10,926,288	12,165,972	13,526,094
Banks Liabilities Under Acceptances
Total Non-Interest Bearing Liabilities	470,056	524,270	578,956	637,673
Total Liabilities	10,860,593	11,450,558	12,744,928	14,163,767
Shareholders Equity	718,562	742,468	781,403	850,686
Minority Interests
Total Equity	718,562	742,468	781,403	850,686

	Mar-20A	Mar-21F	Mar-22F	Mar-23F
Total Income Growth	6.9%	6.0%	10.5%	10.9%
Operating Profit Growth	20.1%	4.5%	1.5%	9.0%
Pretax Profit Growth	(69%)	(304%)	61%	69%
Net Interest To Total Income	72.7%	72.4%	75.9%	75.8%
Cost Of Funds	5.56%	4.59%	4.59%	4.46%
Return On Interest Earning Assets	8.9%	7.5%	7.6%	7.5%
Net Interest Spread	3.34%	2.93%	3.01%	3.03%
Net Interest Margin (Avg Deposits)	3.46%	3.00%	3.05%	3.04%
Net Interest Margin (Avg RWA)	5.07%	4.54%	4.39%	4.14%
Provisions to Pre Prov. Operating Profit	109%	82%	72%	56%
Interest Return On Average Assets	2.83%	2.45%	2.50%	2.50%
Effective Tax Rate		28.0%	25.2%	25.2%
Net Dividend Payout Ratio		13.7%	11.7%	7.0%
Return On Average Assets	0.06%	0.22%	0.34%	0.52%

(91) 22 4161 1551 bhavik.shah@incredresearch.com

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