InCred Equities - Bank of Baroda

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Net Interest Income (Rsm)	461,334	449,706	517,943	590,148
Total Non-Interest Income (Rsm)	166,476	169,987	153,142	146,556
Operating Revenue (Rsm)	627,810	619,694	671,085	736,704
Total Provision Charges (Rsm)	(59,803)	(71,355)	(75,758)	(85,654)
Net Profit (Rsm)	200,561	159,929	169,922	183,499
Core EPS (Rs)	38.74	30.89	32.82	35.44
Core EPS Growth	13%	(20%)	6%	8%
FD Core P/E (x)	6.13	7.69	7.24	6.70
DPS (Rs)	8.35	6.18	6.56	7.09
Dividend Yield	3.52%	2.60%	2.76%	2.98%
BVPS (Rs)	264.5	287.0	313.6	342.5
P/BV (x)	0.90	0.83	0.76	0.69
ROE	16.1%	11.2%	10.9%	10.8%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Net Interest Income	461,334	449,706	517,943	590,148
Total Non-Interest Income	166,476	169,987	153,142	146,556
Operating Revenue	627,810	619,694	671,085	736,704
Total Non-Interest Expenses	(298,714)	(327,550)	(360,743)	(397,723)
Pre-provision Operating Profit	329,096	292,143	310,342	338,982
Total Provision Charges	(59,803)	(71,355)	(75,758)	(85,654)
Operating Profit After Provisions	269,294	220,788	234,584	253,327
Pretax Income/(Loss) from Assoc.
Operating EBIT (incl Associates)	269,294	220,788	234,584	253,327
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	269,294	220,788	234,584	253,327
Exceptional Items
Pre-tax Profit	269,294	220,788	234,584	253,327
Taxation	(68,732)	(60,859)	(64,662)	(69,829)
Consolidation Adjustments & Others
Exceptional Income - post-tax
Profit After Tax	200,561	159,929	169,922	183,499
Minority Interests
Pref. & Special Div
FX And Other Adj.
Net Profit	200,561	159,929	169,922	183,499

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Gross Loans/Cust Deposits
Avg Loans/Avg Deposits	81.1%	81.7%	81.3%	81.4%
Avg Liquid Assets/Avg Assets	96.6%	96.6%	96.6%	96.7%
Avg Liquid Assets/Avg IEAs	107.3%	107.9%	108.0%	108.0%
Net Cust Loans/Assets
Net Cust Loans/Broad Deposits
Equity & Provns/Gross Cust Loans
Asset Risk Weighting
Provision Charge/Avg Cust Loans	0.53%	0.56%	0.54%	0.54%
Provision Charge/Avg Assets	0.36%	0.38%	0.36%	0.36%
Total Write Offs/Average Assets

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Gross Loans	12,095,579	13,281,451	15,016,374	16,977,926
Liquid Assets & Invst. (Current)	3,853,985	4,409,317	4,935,145	5,522,608
Other Int. Earning Assets
Total Gross Int. Earning Assets	15,949,564	17,690,768	19,951,518	22,500,534
Total Provisions/Loan Loss Reserve
Total Net Interest Earning Assets	15,949,564	17,690,768	19,951,518	22,500,534
Intangible Assets
Other Non-Interest Earning Assets	480,655	543,140	616,464	699,687
Total Non-Interest Earning Assets	604,418	669,997	746,492	832,966
Cash And Marketable Securities	1,258,492	1,411,615	1,599,275	1,811,890
Long-term Investments
Total Assets	17,812,474	19,772,380	22,297,286	25,145,390
Customer Interest-Bearing Liabilities	14,720,348	16,339,587	18,463,734	20,864,018
Bank Deposits
Interest Bearing Liabilities: Others
Total Interest-Bearing Liabilities	15,749,430	17,502,450	19,783,582	22,362,046
Banks Liabilities Under Acceptances
Total Non-Interest Bearing Liabilities	693,786	783,978	889,815	1,009,940
Total Liabilities	16,443,216	18,286,428	20,673,398	23,371,988
Shareholders Equity	1,369,257	1,485,952	1,623,888	1,773,403
Minority Interests
Total Equity	1,369,257	1,485,952	1,623,888	1,773,403

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Income Growth	3.2%	(2.5%)	15.2%	13.9%
Operating Profit Growth	6.3%	(11.2%)	6.2%	9.2%
Pretax Profit Growth	8%	(18%)	6%	8%
Net Interest To Total Income	73.5%	72.6%	77.2%	80.1%
Cost Of Funds	5.08%	5.19%	5.13%	5.13%
Return On Interest Earning Assets	8.0%	7.8%	7.8%	7.9%
Net Interest Spread	2.96%	2.61%	2.70%	2.74%
Net Interest Margin (Avg Deposits)	3.29%	2.90%	2.98%	3.00%
Net Interest Margin (Avg RWA)
Provisions to Pre Prov. Operating Profit	18%	24%	24%	25%
Interest Return On Average Assets	2.74%	2.39%	2.46%	2.49%
Effective Tax Rate	25.5%	27.6%	27.6%	27.6%
Net Dividend Payout Ratio	21.6%	20.0%	20.0%	20.0%
Return On Average Assets	1.19%	0.85%	0.81%	0.77%

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

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Market Data

Source: Bloomberg