InCred Equities - Bank of Baroda

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Net Interest Income (Rsm)	456,587	476,218	546,668	625,573
Total Non-Interest Income (Rsm)	166,473	144,925	138,718	135,189
Operating Revenue (Rsm)	623,060	621,143	685,385	760,762
Total Provision Charges (Rsm)	(59,803)	(80,357)	(91,432)	(103,375)
Net Profit (Rsm)	195,812	164,262	179,662	200,040
Core EPS (Rs)	37.82	31.73	34.70	38.64
Core EPS Growth	10%	(16%)	9%	11%
FD Core P/E (x)	6.51	7.76	7.09	6.37
DPS (Rs)	8.35	6.35	6.94	7.73
Dividend Yield	3.39%	2.58%	2.82%	3.14%
BVPS (Rs)	264.5	287.8	316.2	347.9
P/BV (x)	0.93	0.86	0.78	0.71
ROE	15.7%	11.5%	11.5%	11.6%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Net Interest Income	456,587	476,218	546,668	625,573
Total Non-Interest Income	166,473	144,925	138,718	135,189
Operating Revenue	623,060	621,143	685,385	760,762
Total Non-Interest Expenses	(298,714)	(326,641)	(359,733)	(396,599)
Pre-provision Operating Profit	324,346	294,502	325,652	364,163
Total Provision Charges	(59,803)	(80,357)	(91,432)	(103,375)
Operating Profit After Provisions	264,544	214,144	234,221	260,788
Pretax Income/(Loss) from Assoc.
Operating EBIT (incl Associates)	264,544	214,144	234,221	260,788
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	264,544	214,144	234,221	260,788
Exceptional Items
Pre-tax Profit	264,544	214,144	234,221	260,788
Taxation	(68,732)	(49,883)	(54,559)	(60,748)
Consolidation Adjustments & Others
Exceptional Income - post-tax
Profit After Tax	195,812	164,262	179,662	200,040
Minority Interests
Pref. & Special Div
FX And Other Adj.
Net Profit	195,812	164,262	179,662	200,040

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Gross Loans/Cust Deposits
Avg Loans/Avg Deposits	81.3%	82.5%	82.9%	82.9%
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%	0.63%	0.63%	0.63%
Provision Charge/Avg Assets	0.36%	0.43%	0.43%	0.44%
Total Write Offs/Average Assets

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Gross Loans	12,095,579	13,538,582	15,307,093	17,306,620
Liquid Assets & Invst. (Current)	3,853,985	4,156,520	4,657,633	5,221,715
Other Int. Earning Assets
Total Gross Int. Earning Assets	15,949,564	17,695,102	19,964,726	22,528,336
Total Provisions/Loan Loss Reserve
Total Net Interest Earning Assets	15,949,564	17,695,102	19,964,726	22,528,336
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	1,411,614	1,599,273	1,811,889
Long-term Investments
Total Assets	17,812,474	19,776,712	22,310,492	25,173,190
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	15,748,210	17,501,070	19,782,018	22,360,270
Banks Liabilities Under Acceptances
Total Non-Interest Bearing Liabilities	695,006	785,357	891,380	1,011,716
Total Liabilities	16,443,216	18,286,428	20,673,398	23,371,988
Shareholders Equity	1,369,257	1,490,285	1,637,095	1,801,203
Minority Interests
Total Equity	1,369,257	1,490,285	1,637,095	1,801,203

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Income Growth	2.1%	4.3%	14.8%	14.4%
Operating Profit Growth	4.7%	(9.2%)	10.6%	11.8%
Pretax Profit Growth	6%	(19%)	9%	11%
Net Interest To Total Income	73.3%	76.7%	79.8%	82.2%
Cost Of Funds	5.10%	5.14%	5.08%	5.08%
Return On Interest Earning Assets	8.0%	7.9%	7.9%	8.0%
Net Interest Spread	2.91%	2.77%	2.85%	2.90%
Net Interest Margin (Avg Deposits)	3.26%	3.07%	3.14%	3.18%
Net Interest Margin (Avg RWA)
Provisions to Pre Prov. Operating Profit	18%	27%	28%	28%
Interest Return On Average Assets	2.71%	2.53%	2.60%	2.63%
Effective Tax Rate	26.0%	23.3%	23.3%	23.3%
Net Dividend Payout Ratio	22.1%	20.0%	20.0%	20.0%
Return On Average Assets	1.16%	0.87%	0.85%	0.84%

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

(91) 22 4161 1569 rishabh.jogani@incredresearch.com

Market Data

Source: Bloomberg