BoB remains in the green

Bank of Baroda is doing very well on the bourses; for the past two consecutive days, it has been hitting a new high; yesterday it hit a new high at Rs.913 and today, though it has hit no new high, it remains in the green, up over 2% at Rs.896, with an intra day high at Rs.904.60. Post declaration of its Q4 and FY14 numbers, which came in good, there is profit booking on the counter.

The Bank posted a set of very good numbers for Q4FY14. It reported a 12% (YoY) jump in net profit at Rs.1157 crore. More than the profit, the improvement of the asset quality, especially when majority of the PSU banks have reported further deterioration, was very encouraging. Its Gross NP, QoQ, fell from 3.32% to 2.94% and Net NPA also improved from 1.88% to 1.52%. Following these numbers, today morning, most of the brokerage houses have put out a buy call on the stock, increasing the target price.