News Seeder 456: Bank of baroda

News Seeder 456: Bank of baroda
Bank of barodaLKP is bullish on Bank of Baroda (BoB) and has recommended buy rating on the stock with a target of Rs 1086 in its July 28, 2011 research report. “Bank of Baroda (BoB), reported PAT growth of 20% yoy Q1FY12. NII and PAT for Q1FY12 were inline with our full estimates for FY12. Advances of the bank grew by 25%/2.1% yoy /qoq. Domestic credit grew by 24%/(0.5)% yoy/ qoq driven by growth in SME by 31%/3.7% yoy/qoq and retail 24%/(4.6)% yoy/qoq. Management has guided that the bank will grow advances 200-300 bps ahead of industry growth. However, the traction in loan book seen in previous years is likely to slow due to lower sanctions in FY12.