April 8, 2009 Initiating Coverage CMP : INR ---- Target : INR ----- Rating : ------- KEY DATA ------------------------ Market Cap (Rs bn) - Market Cap (US$ mn) - 52 WK High / Low - HIGHLIGHTS Avg Daily Volume (BSE) - Face Value (Rs) - Credit BSE Sensex - Nifty - BSE Code - NSE Code - Reuters Code - Bloomberg Code - Shareholding % 1Q 2Q 3Q Promoters MF/Banks/Indian FIs FII/ NRIs/ OCBs Indian Public CONTENTS Business growth outlook ........................................................................................ 2 Performance Chart Financials (INR bn.) F08 F09E F10E NII PPP PAT ABV Shruti Udeshi Analyst Tel. : 4000 2641
[email protected] FINQUEST research also available on BLOOMBERG FSPL <GO> and REUTERS. For Private Circulation Only PARTICULARS FY08 FY09E FY10E FY11E Company Description Valuation Ratios (X) Bank of Baroda P/E 6.2 4.7 4.5 4.1 www.bankofbaroda.com P/BV 0.8 0.7 0.6 0.6 P/ABV 1.0 0.8 0.8 0.7 Per Share Data EPS 39.3 51.5 54.0 59.3 BVPS 302.1 342.3 383.9 430.7 AVPS 247.1 290.3 322.7 362.1 Key Management Personnel DPS 9.1 10.0 11.0 11.0 Mr. M. D. Mallya P&L (INR mn) Chairman & Managing Director NII 39,118 48,443 53,304 60,752 Mr. V. Shanthanaraman Non Interest income 20,510 25,333 22,812 25,333 Executive Director Non interest income (ex-treasury) 15,188 18,183 18,612 21,833 Total Income 59,628 73,776 76,116 86,085 Operating Expenses 29,343 34,586 37,810 42,117 Pre-Provisioning Profits 30,286 39,190 38,306 43,968 PBT 22,072 28,012 30,356 33,340 Tax 7,716 10,137 10,624 11,669 PRICE PERFORMANCE (%) PAT 14,355 18,825