External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Margin is expected to remain stable at 3.15% for FY24. Advances growth to remain robust aiding healthy growth in NII.</li><li>Opex is expected to remain elevated mainly driven by provision for wage revision.</li><li>Restructured book is expected to reduce aiding improvement in asset quality. Credit cost is expected to remain below 1%. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Margin is expected to remain stable at 3.15% for FY24. Advances growth to remain robust aiding healthy growth in NII.Opex is expected to remain elevated mainly driven by provision for wage revision.Restructured book is expected to reduce aiding improvement in asset quality. Credit cost is expected to remain below 1%. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bank of Baroda - Margins Stability to Help Sustain ROA, Maintain Buy

<ul><li>Gross advances reported a robust growth of 17/3% YoY/QoQ.</li><li>The healthy growth in the loan book was driven by retail book growth of ~22/5% YoY/QoQ (Personal loan, up 67/16% YoY/QoQ), Agri loan growth of 14% YoY, and Corporate book growth of 17% YoY.</li><li>Margins reported a sharp decline of 26/20bps to 3.07% due to an increase in the cost of deposit by 24bps QoQ to 4.92%. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Gross advances reported a robust growth of 17/3% YoY/QoQ.The healthy growth in the loan book was driven by retail book growth of ~22/5% YoY/QoQ (Personal loan, up 67/16% YoY/QoQ), Agri loan growth of 14% YoY, and Corporate book growth of 17% YoY.Margins reported a sharp decline of 26/20bps to 3.07% due to an increase in the cost of deposit by 24bps QoQ to 4.92%. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bank of Baroda - Margins Decline; Advances Growth Momentum Remains Intact

<ul><li>Bank of Baroda (BoB) is the second-largest PSU bank in India and is focused on unlocking its value by improving its retail distribution network and leveraging digitization across the value chain.</li><li>The management is targeting steady advances growth of 14-15% in FY24, outpacing the expected industry growth rate by 1- 2%.</li><li>It expects it to achieve this by increasing the retail mix, which brings higher margins and entails lower risk than the corporate segment, and simultaneously striking the right Asset-Liability management and improving asset quality. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Bank of Baroda (BoB) is the second-largest PSU bank in India and is focused on unlocking its value by improving its retail distribution network and leveraging digitization across the value chain.The management is targeting steady advances growth of 14-15% in FY24, outpacing the expected industry growth rate by 1- 2%.It expects it to achieve this by increasing the retail mix, which brings higher margins and entails lower risk than the corporate segment, and simultaneously striking the right Asset-Liability management and improving asset quality. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bank of Baroda - Steady Growth with Stable Asset Quality; Poised for Re-Rating!

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

<div><div><div><div><ul><li>Guiding for 10-12% credit growth: Gross advances increased by 8.9% YoY and 6% QoQ. Domestic loan book increased by 6.7% YoY and 4.6% QoQ, led by 16.8% YoY growth in retail loans.</li></ul><div><div><div><div><ul><li>Asset quality improves: Overall asset quality improved, with the GNPA ratio falling to 6.61% in 4QFY22 from 7.25% in 3QFY22 and 8.87% in 4QFY21.</li></ul><div><div><div><div><ul><li>NII growth led by margin expansion: NII growth at 21.2% YoY came in higher on the back of 36bps YoY expansion in NIM.</li></ul></div></div></div></div></div></div></div></div></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Guiding for 10-12% credit growth: Gross advances increased by 8.9% YoY and 6% QoQ. Domestic loan book increased by 6.7% YoY and 4.6% QoQ, led by 16.8% YoY growth in retail loans.Asset quality improves: Overall asset quality improved, with the GNPA ratio falling to 6.61% in 4QFY22 from 7.25% in 3QFY22 and 8.87% in 4QFY21.NII growth led by margin expansion: NII growth at 21.2% YoY came in higher on the back of 36bps YoY expansion in NIM.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bank of Baroda - Raises Credit Growth Guidance

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Bank of Baroda is among leading PSU banks with a global loan book of ~| 7.3 lakh crore and has better operating metrics among PSBs.</li><li>The bank has a meaningful presence in international operations with its JVs and subsidiaries. Also, ~12% of total business comes from overseas</li><li>We value the bank at ~0.85x FY23E ABV and maintain our target price of Rs 120 per share.</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Bank of Baroda is among leading PSU banks with a global loan book of ~| 7.3 lakh crore and has better operating metrics among PSBs.The bank has a meaningful presence in international operations with its JVs and subsidiaries. Also, ~12% of total business comes from overseasWe value the bank at ~0.85x FY23E ABV and maintain our target price of Rs 120 per share.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bank of Baroda: Operationally Steady; Growth Remains Dampener

India

Bank of Baroda owns and operates commercial banks in India.  The Group's banks provide the traditional forms of banking services, including CD's, Credit Card services and a variety of car loans, in addition to gold banking and a range of insurance services.  The Group also owns IBU International Finance Limited, an international banking company in Hong Kong.

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Bank Of Baroda (BOB IN)

Bank of Baroda - Margins Stability to Help Sustain ROA, Maintain Buy

Margin is expected to remain stable at 3.15% for FY24. Advances growth to remain robust aiding healthy growth in NII. Opex is expected to remain...

Axis Direct

Bank of Baroda - Margins Decline; Advances Growth Momentum Remains Intact

The healthy growth in the loan book was driven by retail book growth of ~22/5% YoY/QoQ (Personal loan, up 67/16% YoY/QoQ), Agri loan growth of 14% YoY

Axis Direct

Bank of Baroda - Steady Growth with Stable Asset Quality; Poised for Re-Rating!

The management is targeting steady advances growth of 14-15% in FY24, outpacing the expected industry growth rate by 1- 2%.

Axis Direct

Bank of Baroda - Raises Credit Growth Guidance

Bank Of Baroda (BoB) reported pre-tax profit decline of 29.1% YoY due to 7% YoY decline in overall revenue and 4% YoY growth in provisions. Credit...

Nirmal Bang

Bank of Baroda: Operationally Steady; Growth Remains Dampener

Bank of Baroda is among leading PSU banks with a global loan book of ~| 7.3 lakh crore and has better operating metrics among PSBs.

ICICI Securities Limited

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