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Tuesday, July 14, 2009

Bank of Baroda:-Bank on it

Scripscan:Bank of Baroda

Story:Bank of Baroda (BoB) posted a 172.3% year-on-year (y-o-y) growth in its net profit for the quarter ending March ''09. This is the highest growth rate registered by any bank in the March ''09 quarter results. FY09 was phenomenal for the bank as it recorded a 55% growth in its net profit for the year.The growth in the quarter was driven by a 43% growth in net interest income (NII) and 53.9% growth in other income. Growth in NII was backed by a 34.9% y-o-y growth in advances. BOB''s advances growth is far ahead of the banking industry. As per the data available from Reserve Bank of India (RBI), non-food credit growth stood in the range of 17-18% in FY09. Moreover, even other income, which is non-fund based revenue, has jumped appreciably. This is contrary to the trend seen earlier, when PSU banks found it difficult to grow their non-fund based revenue.The expenses on salaries and other operating heads grew 21.8% and 10.9% respectively in the March ''09 quarter. The bank is clearly trying to maintain the expenses growth at lesser rates than growth in interest and other income. And, this is one of the most important reasons behind high profit growth. On other parameters, the bank''s performance was comparable to that of top PSU Banks. For instance, gross non-performing assets stood at 1.27% of gross advances. With fundamentals in place, the bank is looking set to give tough competition to Punjab National Bank and Bank of India.A great buy at dips,bank on it folks.

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