Buy Bank of Baroda; Target Rs 200: ICICI Direct

ICICI Direct’s Research Report on Bank of Baroda

~| Bank of Baroda is among the leading public sector banks with a global loan book of over 9.2 lakh crore and has the best operating metrics among PSBs. Pan-India presence with more than 8178 branches • Bank has meaningful presence in international operations with its JVs and subsidiaries. Also, ~18% of total business comes from abroad.

Outlook

We maintain our Buy rating on the stock. We value the bank at ~0.9x FY25E ABV and revise our target price to Rs 200/share from Rs 220/share previously.

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