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Bank of Baroda - Q1FY21 Result Update - ICICI Securities

Posted On: 2020-08-12 02:52:40

Bank of Baroda (BoB) reported a sharp drop in its moratorium (morat) levels to ~21.4% vs. ~65% in March 2020. In terms of moratorium composition, 15.7% morat was availed by borrowers with outstanding loan amount in excess of Rs. 10 lakh while the balance (5.7%) were borrowers with an outstanding loan amount less than Rs. 10 lakh. Total provisioning for Q1FY21 was down 17.8% YoY to Rs. 5628 crore. The bank has provided Rs. 996 crore for Covid-19 during the quarter. As on June 30, 2020, total Covid provisioning was at Rs. 1806 crore (~25 bps of advances). PCR increased from 81.3% in Q4FY20 to 83.3% in Q1FY21.

Valuation & Outlook

The ongoing nationwide lockdown coupled with the integration process underway (to be completed by the end of FY21) would keep growth muted in the near term. Going forward, moratorium book, watchlist trend and restructured book remain key monitorables. Given the capital position with CET1 ratio at 9.08%, the bank has indicated at a capital raise of ~Rs. 9000 crore during H2FY21, which looks positive at this point. On the back of lower growth and muted return ratios, we value the bank at 0.5x FY22E ABV with a revised target price of Rs. 52. We maintain HOLD.

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Shares of BANK OF BARODA was last trading in BSE at Rs.47.1 as compared to the previous close of Rs. 48.55. The total number of shares traded during the day was 1355527 in over 9927 trades.

The stock hit an intraday high of Rs. 48.35 and intraday low of 46.7. The net turnover during the day was Rs. 64203598.

Source: Equity Bulls

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