Bank of Baroda share price rises marginally post Q1 results; here's why experts see an upside in the range of 4% to 26%
Bank of Baroda's share price traded with minimal gains in the morning session on BSE on Monday, suggesting that investor sentiment was not too optimistic following the release of the bank's June quarter (Q1FY24) financial results. The stock opened almost flat at ₹191 against the previous close of ₹191.45 and rose by almost a per cent to the level of ₹193.10. Around 10:25 AM, the stock was 0.84 per cent up at ₹193.05 on BSE.
Bank of Baroda Q1 results: Bank of Baroda (BoB) reported an 87.72 per cent year-on-year (YoY) jump in net profit during the April to June 2023 quarter. This robust growth in profitability was supported by healthy Operating Income growth of 42.9 per cent YoY in Q1FY24. Operating income growth was driven by strong Net Interest Income (NII) growth of 24.4 per cent YoY in Q1FY24 coupled with robust growth in Non-Interest Income which grew 2.8 times YoY.
The net interest income (NII) of the lender increased 34 per cent to ₹11,525 crore during January to March 2023 quarter from ₹8,612 crore, YoY. Net interest margin (NIM) rose to 3.31 per cent from 3.03 per cent, YoY. The asset quality during the quarter also improved while deposit growth remained strong.
Read more: Bank of Baroda Q1FY24 results: Net profit jumps 87.7% YoY, NPA dips over 40% Brokerage firms largely maintained their previous views on the stock after BoB's Q1 earnings and a majority of them recommend buying the stock for the long term even as some of them have tweaked their estimates. Here are the views of five brokerage firms on BoB stock after the Q1 numbers. Take a look: The brokerage firm maintained a buy call on the stock with a target price of ₹240, implying a 26 per cent upside potential in the stock.
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