Bank of Baroda

Bank of Baroda's price/earnings (P/E) rose 40.9% to 30.9 in 2018

By Helgi Analytics - November 05, 2019

Bank of Baroda stock traded at INR 111 per share at the end 2018 implying a market capitalization of USD 4,877 mil. Since the end of 20...

Bank of Baroda's capital adequacy ratio rose 12.8% to 14.5% in 2018

By Helgi Analytics - November 05, 2019

Bank of Baroda's capital adequacy ratio reached 14.5% at the end of 2018, up from 12.9% compared to the previous year. Histor...

Bank of Baroda's npls (as % of loans) fell 22.2% to 9.33% in 2018

By Helgi Analytics - November 05, 2019

Bank of Baroda's non-performing loans reached 9.33% of total loans at the end of 2018, down from 12.0% compared to the previous y...

Profit Statement 2016 2017 2018
Net Interest Income INR bil 31.7 53.3 62.3
Fee Income (As % Of Revenues) % 7.44 7.77 7.57
Other Income INR bil 179 175 199
Total Revenues INR bil 227 248 283
Operating Profit INR bil 124 135 155
Provisions INR bil 107 155 144
Net Profit INR bil 18.1 -18.9 11.0
Balance Sheet 2016 2017 2018
Interbank Loans INR bil 1,302 734 697
Customer Loans INR bil 3,923 4,379 4,842
Debt Securities INR bil 1,398 1,742 1,947
Total Assets INR bil 7,192 7,478 8,197
Shareholders' Equity INR bil 433 468 553
Interbank Borrowing INR bil 22.0 20.4 19.3
Customer Deposits INR bil 6,173 6,075 6,656
Issued Debt Securities INR bil 312 649 689
Ratios 2016 2017 2018
ROE % 4.22 -4.19 2.15
ROA % 0.257 -0.257 0.140
Costs (As % Of Assets) % 1.47 1.54 1.63
Costs (As % Of Income) % 45.5 45.7 45.2
Capital Adequacy Ratio % 12.8 12.9 14.5
Net Interest Margin % 0.449 0.727 0.794
Loans (As % Of Deposits) % 63.5 72.1 72.7
NPLs (As % Of Loans) % 10.2 12.0 9.33
Provisions (As % Of NPLs) % 57.7 58.4 67.6
Valuation 2016 2017 2018
Market Capitalisation (End Of Period) USD mil 5,864 5,908 4,877
Share Price (End Of Period) INR 173 163 111
Price/Earnings (P/E) 22.0 ... 30.9
Price/Book Value (P/BV) 0.920 0.804 0.615
Dividend Yield % 0.694 0 0
Earnings Per Share (EPS) INR 7.88 -8.17 3.58
Book Value Per Share INR 188 203 180
Dividend Per Share INR 1.20 0 0

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summary Unit 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                                  
Net Interest Income INR bil                     40.7 35.6 37.6 23.6 31.7    
Total Revenues INR bil                     165 184 198 197 227    
Operating Profit INR bil                     87.8 95.5 104 73.6 124    
Net Profit INR bil                     48.0 50.0 39.1 -50.7 18.1    
balance sheet                                  
Interbank Loans INR bil                     736 1,149 1,281 1,142 1,302    
Customer Loans INR bil                     3,336 4,037 4,354 3,915 3,923    
Debt Securities INR bil                     1,251 1,215 1,295 1,281 1,398    
Total Assets INR bil                     5,594 6,761 7,340 6,912 7,192    
Shareholders' Equity INR bil                     334 380 422 427 433    
Interbank Borrowing INR bil                     754 1,100 1,153 856 22.0    
Customer Deposits INR bil                     4,087 4,717 5,169 5,028 6,173    
Issued Debt Securities INR bil                     266 370 355 338 312    
ratios                                  
ROE %                     15.5 14.0 9.75 -11.9 4.22    
ROA %                     0.945 0.810 0.555 -0.711 0.257    
Costs (As % Of Assets) %                     1.51 1.43 1.34 1.73 1.47    
Costs (As % Of Income) %                     46.7 48.1 47.7 62.6 45.5    
Capital Adequacy Ratio %       ... ... ...         13.3 12.3 13.1 13.6 12.8    
Net Interest Margin %                     0.800 0.577 0.534 0.331 0.449    
Interest Income (As % Of Revenues) %                     24.7 19.4 19.0 12.0 13.9    
Fee Income (As % Of Revenues) %                     7.98 8.16 7.90 8.09 7.44    
Equity (As % Of Assets) %                     5.97 5.62 5.75 6.18 6.02    
Loans (As % Of Deposits) %                     81.6 85.6 84.2 77.9 63.5    
Loans (As % Assets) %                     59.6 59.7 59.3 56.6 54.5    
NPLs (As % Of Loans) %       ... ... ...         2.37 2.90 3.67 9.82 10.2    
Provisions (As % Of NPLs) % ... ... ... ... ... ...         47.5 49.2 50.4 52.1 57.7    
valuation                                  
Market Capitalisation (End Of Period) USD mil                     5,193 5,008 5,735 5,107 5,864    
Number Of Shares (Average) mil                     2,058 2,114 2,147 2,258 2,304    
Share Price (End Of Period) INR                     138 146 168 150 173    
Earnings Per Share (EPS) INR                     23.3 23.7 18.2 -22.4 7.88    
Book Value Per Share INR                     162 180 197 189 188    
Dividend Per Share INR                     4.40 4.37 3.30 0 1.20    
Price/Earnings (P/E)                     5.92 6.19 9.24 ... 22.0 ...  
Price/Book Value (P/BV)                     0.852 0.814 0.857 0.793 0.920    
Dividend Yield %                     3.18 2.98 1.96 0 0.694    
Earnings Per Share Growth % ...                   -12.9 1.33 -23.0 -223 -135    
Book Value Per Share Growth % ...                   11.0 10.8 9.35 -3.81 -0.598    
income statement Unit 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                                  
Interest Income INR bil                     286 312 343 345 328    
Interest Cost INR bil                     245 276 305 321 296    
Net Interest Income INR bil                     40.7 35.6 37.6 23.6 31.7    
Net Fee Income INR bil                     13.1 15.0 15.6 15.9 16.9    
Other Income INR bil                     111 133 145 157 179    
Total Revenues INR bil                     165 184 198 197 227    
Operating Cost INR bil                     76.8 88.6 94.4 123 103    
Operating Profit INR bil                     87.8 95.5 104 73.6 124    
Provisions INR bil                     35.1 34.9 43.9 136 107    
Extra and Other Cost INR bil                     -0.027 0.619 < 0.001 -0.022 -0.780    
Pre-Tax Profit INR bil                     52.7 60.0 59.8 -62.3 17.8    
Tax INR bil                     4.44 10.7 21.5 -11.8 0    
Minorities INR bil                     0.248 0.357 0.387 0.347 0.400    
Net Profit INR bil                     48.0 50.0 39.1 -50.7 18.1    
Dividends INR bil                     9.06 9.23 7.08 0 2.76    
growth rates                                  
Net Interest Income Growth % ...                   -6.02 -12.4 5.62 -37.4 34.4    
Net Fee Income Growth % ...                   3.07 14.5 4.11 1.73 6.22    
Total Revenue Growth % ...                   10.8 11.8 7.63 -0.687 15.5    
Operating Cost Growth % ...                   18.8 15.4 6.54 30.5 -16.0    
Operating Profit Growth % ...                   4.59 8.72 8.63 -29.1 68.4    
Pre-Tax Profit Growth % ...                   -17.1 13.7 -0.219 -204 -129    
Net Profit Growth % ...                   -8.47 4.09 -21.8 -230 -136    
market share                                  
Market Share in Revenues % ... ... ... ... ... ... ... ... ...   6.98 6.83 6.53 5.84 5.65   ...
Market Share in Net Profit % ... ... ... ... ... ... ... ... ...   8.12 9.27 7.17 ... ... ... ...
balance sheet Unit 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
balance sheet                                  
Cash INR bil                     142 194 236 228 239    
Interbank Loans INR bil                     736 1,149 1,281 1,142 1,302    
Customer Loans INR bil                     3,336 4,037 4,354 3,915 3,923    
Debt Securities INR bil                     1,251 1,215 1,295 1,281 1,398    
Fixed Assets INR bil                     25.5 28.5 29.8 63.6 59.3    
Total Assets INR bil                     5,594 6,761 7,340 6,912 7,192    
Shareholders' Equity INR bil                     334 380 422 427 433    
Of Which Minority Interest INR bil                     1.10 1.58 1.87 1.94 2.33    
Liabilities INR bil                     5,260 6,381 6,918 6,485 6,759    
Interbank Borrowing INR bil                     754 1,100 1,153 856 22.0    
Customer Deposits INR bil                     4,087 4,717 5,169 5,028 6,173    
Sight Deposits INR bil                     351 489 517 344 437    
Term Deposits INR bil                     3,735 4,228 4,651 4,684 5,735    
Issued Debt Securities INR bil                     266 370 355 338 312    
Other Liabilities INR bil                     153 194 241 262 252    
asset quality                                  
Non-Performing Loans INR bil       ... ... ...         79.8 119 163 405 427    
Gross Loans INR bil                     3,374 4,096 4,436 4,126 4,169    
Total Provisions INR bil ... ... ... ... ... ...         37.9 58.4 81.9 211 246    
growth rates                                  
Customer Loan Growth % ...                   14.2 21.0 7.85 -10.1 0.198    
Total Asset Growth % ...                   22.3 20.9 8.56 -5.83 4.06    
Shareholders' Equity Growth % ...                   16.7 13.8 11.0 1.17 1.41    
Customer Deposit Growth % ...                   20.8 15.4 9.57 -2.71 22.8    
market share                                  
Market Share in Customer Loans % ... ...                 6.04 6.28 6.14 4.91 4.75   ...
Market Share in Total Assets %                     6.44 6.68 6.59 5.48 5.06   ...
Market Share in Customer Deposits %                     6.49 6.55 6.33 5.50 5.80   ...
ratios Unit 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
ratios                                  
ROE %                     15.5 14.0 9.75 -11.9 4.22    
ROA %                     0.945 0.810 0.555 -0.711 0.257    
Costs (As % Of Assets) %                     1.51 1.43 1.34 1.73 1.47    
Costs (As % Of Income) %                     46.7 48.1 47.7 62.6 45.5    
Capital Adequacy Ratio %       ... ... ...         13.3 12.3 13.1 13.6 12.8    
Tier 1 Ratio %       ... ... ...         10.1 9.28 9.87 10.8 10.6    
Net Interest Margin %                     0.800 0.577 0.534 0.331 0.449    
Interest Spread % ...                   0.487 0.303 0.273 0.045 0.177    
Asset Yield %                     5.62 5.05 4.87 4.84 4.65    
Cost Of Liabilities % ...                   5.13 4.74 4.59 4.79 4.47    
Payout Ratio %                     18.9 18.5 18.1 0 15.2    
Interest Income (As % Of Revenues) %                     24.7 19.4 19.0 12.0 13.9    
Fee Income (As % Of Revenues) %                     7.98 8.16 7.90 8.09 7.44    
Other Income (As % Of Revenues) %                     67.3 72.5 73.1 79.9 78.6    
Equity (As % Of Assets) %                     5.97 5.62 5.75 6.18 6.02    
Loans (As % Of Deposits) %                     81.6 85.6 84.2 77.9 63.5    
Loans (As % Assets) %                     59.6 59.7 59.3 56.6 54.5    
NPLs (As % Of Loans) %       ... ... ...         2.37 2.90 3.67 9.82 10.2    
Provisions (As % Of NPLs) % ... ... ... ... ... ...         47.5 49.2 50.4 52.1 57.7    
Provisions (As % Of Loans) % ... ... ... ... ... ...         1.14 1.45 1.88 5.39 6.28    
Cost of Provisions (As % Of Loans) %                     1.12 0.947 1.05 3.29 2.73    
other data Unit 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
other data                                  
Employees                     43,108 46,001 49,378 52,021 ... ... ...
Sight (As % Of Customer Deposits) %                     8.60 10.4 10.0 6.85 7.09    

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Download Sample   $19.99

Bank of Baroda's net interest income rose 16.8% to INR 62.3 bil in 2018

By Helgi Analytics - November 05, 2019

Bank of Baroda generated total banking revenues of INR 283 bil in 2018, up 14% compared to the previous year. Historically, the bank’s revenues containing of interest, fee and other non-interest income reached an all time high of INR 283 bil in 2018 and an all ...

Bank of Baroda's net profit rose 158% to INR 11.0 bil in 2018

By Helgi Analytics - November 05, 2019

Bank of Baroda made a net profit of INR 11.0 bil under revenues of INR 283 bil in 2018, up 158% and 14.0% respectively compared to the previous year. Historically, the bank’s net profit reached an all time high of INR 52.5 bil in 2011 and an all time low of INR -50.7...

Bank of Baroda's net interest margin rose 9.33% to 0.794% in 2018

By Helgi Analytics - November 05, 2019

Bank of Baroda's net interest margin amounted to 0.794% in 2018, up from 0.727% compared to the previous year. Historically, the bank’s net interest margin reached an all time high of 1.28% in 2010 and an all time low of -0.406% in 2003. The average mar...

Bank of Baroda's share price (end of period) fell 32.1% to INR 111 in 2018

By Helgi Analytics - November 05, 2019

Bank of Baroda stock traded at INR 111 per share at the end of 2018 implying a market capitalization of USD 4,877 mil. Since the end of 2013, the stock has depreciated by -24.4 % implying an annual average growth of -5.43 %. In absolute terms, the value of the company...

Bank of Baroda's customer loan growth fell 9.26% to 10.6% in 2018

By Helgi Analytics - November 05, 2019

Bank of Baroda's customer loan growth reached 10.6% in 2018, down from 11.6% compared to the previous year. Historically, the bank’s loans growth reached an all time high of 40.6% in 2005 and an all time low of -10.1% in 2015. In the last decade, the aver...

Bank of Baroda's total revenues rose 14.0% to INR 248 bil in 2018

By Helgi Analytics - November 05, 2019

Bank of Baroda generated total banking revenues of INR 248 bil in 2017, up 9.07% compared to the previous year. Indian banking sector banking sector generated total revenues of INR 4,320,359 mil in 2017, up 7.41% when compared to the last year. ...

Bank of Baroda's customer deposits rose 9.57% to INR 6,075 bil in 2018

By Helgi Analytics - November 05, 2019

Bank of Baroda's customer deposits reached INR 6,075 bil in 2017, down 1.59% compared to the previous year. Indian banking sector accepted customer deposits of INR 110,303 bil in 2017, up 3.61% when compared to the last year. Bank of Baroda accounted for ...

Bank of Baroda's customer loans rose 10.6% to INR 4,379 bil in 2018

By Helgi Analytics - November 05, 2019

Bank of Baroda's customer loans reached INR 4,379 bil in 2017, up 11.6% compared to the previous year. Indian banking sector provided customer loans of INR 88,362 bil in 2017, up 7.04% when compared to the last year. Bank of Baroda accounted for 4.96% of ...

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Finance

Bank of Baroda has been growing its revenues and asset by 13.1% and 13.5% a year on average in the last 10 years. Its loans and deposits have grown by 12.8% and 14.0% a year during that time and loans to deposits ratio reached 72.7% at the end of 2018. The company achieved an average return on equity of 9.57% in the last decade with net profit growing -7.44% a year on average. In terms of operating efficiency, its cost to income ratio reached 45.2% in 2018, compared to 46.9% average in the last decade.

Equity represented 6.75% of total assets or 11.4% of loans at the end of 2018. Bank of Baroda's non-performing loans were 9.33% of total loans while provisions covered some 67.6% of NPLs at the end of 2018.

Valuation

Bank of Baroda stock traded at INR 111 per share at the end of 2018 resulting in a market capitalization of USD 4,877 mil. Over the previous five years, stock price fell by 24.4% or 5.43% a year on average. That’s compared to an average ROE of < 0.001% the bank generated for its shareholders. This closing price put stock at a 12-month trailing price to earnings (PE) of 30.9x and price to book value (PBV) of 0.615x in 2018.