Block deal generates interest in Bank of Baroda

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Updated: 19/06/2009 | 12:00 AM IST

Banking

Capital Market

Friday, June 19, 2009 (New Delhi)

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The block deal constituted 0.04% of the bank's equity.

Meanwhile, the BSE Sensex was up 122.85 points, or 0.86%, 14,388.38.

On BSE, 47,554 shares were traded in the counter. The stock had an average daily volume of 3.41 lakh shares in the past one quarter.

The stock hit a high of Rs 437.90 and a low of Rs 428 so far during the day. The stock hit a 52-week high of Rs 464.30 on 19 May 2009 and a 52-week low of Rs 180.50 on 9 March 2009.

The mid-cap bank stock had outperformed the market over the past one month till 18 June 2009, rising 4.57% as compared to the Sensex's decline of 0.13%. It had also outperformed the market in the past one quarter, jumping 106.38% as compared to the Sensex's return of 58.92%.

The bank's current equity is Rs 367 crore. Face value per share is Rs 10.

The current price of Rs 434.65 discounts the bank's Q4 March 2009 annualized EPS of Rs 82.37, by a PE multiple of 5.28.

Bank of Baroda (BoB) on 25 May 2009 announced a reduction in deposit rates of maturities above 181 days by 0.25% to 0.75%. The reduction in interest rates was led by the conditions of ample liquidity, low-inflation and sluggish credit expansion in the banking industry, the state-run bank said. Earlier, the state-run bank had on 7 May 2009 slashed deposit rates by 0.25% for all maturities above 181 days. The reduction in deposit rates will help reduce cost of funds for the state-run bank.

BoB's net profit surged 172.30% to Rs 752.69 crore on 28.50% increase in operating income to Rs 4,992.41 crore in Q4 March 2009 over Q4 March 2008.

The bank's gross non-performing assets (NPA) fell 6.99% to Rs 1842.92 crore as at 31 March 2009 from Rs 1981.38 crore as on 31 March 2008. The ratio of gross NPA to gross advances declined to 1.27% as of 31 March 2009 from 1.84% as of 31 March 2008. The net NPA as of 31 March 2009 was at 0.31%, the bank said.

Bank of Baroda provides banking and related services through 2,732 branches in India and 40 overseas branches. The services include accepting deposits, commercial and institutional credit, project finance, treasury, forex, investment and risk management and other related financial services.

The Government of India holds a 53.81% stake in Bank of Baroda (as on 31 March 2009).