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Investing.com - Jefferies has raised its price target on Bank of Baroda (BOB:IN) stock to INR295.00 from INR255.00 while maintaining a Hold rating on the shares.
The bank reported a profit of Rs48 billion for the September quarter, representing an 8% year-over-year decline, though this figure exceeded Jefferies’ estimates. The profit was partially boosted by non-core income, including higher interest on tax refunds and increased treasury gains.
Bank of Baroda’s loan growth of 12% continues to outpace its deposit growth of 9%, pushing its domestic loan-to-deposit ratio (LDR) to 82%, which Jefferies noted is higher than the bank’s public sector peers.
Asset quality remained stable during the quarter, though Jefferies observed that recovery from written-off loans fell short of expectations.
The investment firm has trimmed its estimates for Bank of Baroda’s fiscal year 2026 but raised projections for fiscal years 2027 and 2028, maintaining its Hold recommendation with the new price target of Rs295.
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