For the exclusive use of RAHUL VICHARE VICHARE of NL DALMIA INST OF MGMT STD & RSRC

BANK OF
BARODA
TICKER: BOB IN
CURRENCY: INR
MARKET CAP: 518,429.06 (M)
ENTERPRISE VALUE: 0.00 (M)
GENERATED ON: 05/31/2022

This report may not be modified or altered in any way. The BLOOMBERG PROFESSIONAL service and BLOOMBERG Data are owned and distributed locally by Bloomberg Finance LP (“BFLP”) and its subsidiaries
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and nothing herein shall constitute an offer of financial instruments by BFLP, BLP or their affiliates.
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TABLE OF CONTENTS

Company Profile 3
Management Information 7
Capital Structure 9
Credit Profile 11
Comparables Analysis 14
Earnings Estimates 16
Shareholders 18
Analyst Ratings 20
Financial Analysis 23
Company News 26

This report may not be modified or altered in any way. The BLOOMBERG PROFESSIONAL service and BLOOMBERG Data are owned and distributed locally by Bloomberg Finance LP (“BFLP”) and its subsidiaries
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Bloomberg Public Information Book: BANK OF BARODA

Company Profile
>>> Company Overview, Management & Board
>>> Market Activity Overview
>>> Key Financial Metrics & Comparables

This report may not be modified or altered in any way. The BLOOMBERG PROFESSIONAL service and BLOOMBERG Data are owned and distributed locally by Bloomberg Finance LP (“BFLP”) and its subsidiaries
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Bank of Baroda Currency: INR

Sector: Financials Industry: Banks Primary Exchange: Natl India

Bank of Baroda owns and operates commercial banks in India. The Group's banks provide the traditional forms of banking services,
including CD's, Credit Card services and a variety of car loans, in addition to gold banking and a range of insurance services. The
Group also owns IBU International Finance Limited, an international banking company in Hong Kong.

Summary

Website www.bankofbaroda.com Revenue(M) 877,801.88 YTD Return 22.33

Address Suraj Plaza 1 Sayaji Current Price 100.25 52 Week Return 24.23
Ganj Vadodara, 390 52 Week High 122.70 Next Earnings 08/05/22
005 India 52 Week Low 72.50 Announcement
No of Employees 82,886 Mkt Cap(M) 518,429.06 Prior Announcement 05/13/22

Key Insights One Year Daily Price and Volume

47% of analysts have changed price targets (2 up, 16 down, 16

535.00 120.00
unchanged, 4 dropped) over the past month
Consensus 2023 revenue estimates increased by 3.5% to INR 475.8B in 437.00 110.80

Price in INR
the past month 339.00 101.60
Revenues from Retail Banking rose 5.2% YoY in the year ending Mar 31, 241.00 92.40
2022 and now account for 40.0% of revenues vs 37.5% a year before
143.00 83.20
Analyst consensus price target (INR 128.00) is 27.7% above current price
45.00 74.00
Relative strength index at 46; stock may be neither overbought/oversold 13 1 2 2 3 0 0 1 2 2
J U 8 J U 2 A U 6 SE 1 O 5 D 9 J A 3 F E 0 M 4 AP 1 M
3
N L C E N A AY
2 0 2 0 G2 P2 0 T 2 C 2 2 0 B2 0 R 2 R 2 2
0 0 0 0
21 21 21 21 21 21 22 22 0 22 22 022

Volume(Millions) Price

Recent News

*TRADING RESUMED: BOB (BATS) BHT 13-Jan

*TRADING HALT: BOB (BATS)-NEWS PENDING BHT 13-Jan
Indian Companiesâ Employment Trends (Table) BN 11-Nov
Mukherjee Cash Boost Sends SBI Yield to August Low: India Credit BN 27-Mar
Belco Oil and Gas Completes $324 Mln Purchase of Coda Energy BN 1-Dec

Current Capitalization (INR Millions)

14000000

12000000
Market Cap 518,429.1
Equity 867,629.9
10000000 Tiers 853,850.0
8000000
Risk 1,011,940.0
Deposits 10,459,385.6
6000000 Loan 7,716,956.1
4000000 Assets 12,779,998.3
2000000

0
M Eq Ti R D Lo As
ar ui er is ep an se
ke ty s k os
tC it s ts
ap

This report may not be modified or altered in any way. The BLOOMBERG PROFESSIONAL service and BLOOMBERG Data are owned and distributed locally by Bloomberg Finance LP (“BFLP”) and its subsidiaries
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Overview Key Executives

NAME TITLE AGE TENURE START
Executives Sanjiv Chadha Managing Director/ 58 2 01/01/2020
Number of Executives 19 CEO
Average Reported Compensation (MM) 0.03 Vikramaditya Singh Whole Time Director 59 3 10/01/2018
Average Age - Khichi
Average Tenure 1.74 Ian Gerard DesouzaChief Financial - 1 12/01/2020
Board Members Officer
Number of Board Members 14 Sharad Kumar Chief Technology - 9 07/01/2012
Independent Directors 8 Saxena Officer
Members Owning Shares 0 S Anantharaman Chief Risk Officer - - -
On Boards of Peers 14.00 Elango Chief Group - - -
On Boards of Other Companies 6.00 Balasubramaniam Compliance Officer
Average Age 57.92 Shiv Narain KaushikChief Vigilance - 1 05/01/2021
Average Tenure (Years) 1.93 Officer
Vineet Kumar Chief General - 1 05/01/2021
Dudeja Manager

Historical Analyst Recommendation and 12M Target Price Firm Analyst Consensus

Consensus Rating 4.34

120.00 125.00
Buys 29 82.86%
100.00 Holds 3 8.57%
108.00
Sells 3 8.57%
80.00
Sell-Hold-Buy

Price in INR

91.00
60.00
74.00
40.00

57.00
20.00

0.00 40.00 F E M A P M J U J U AU SE O N D J A F E M AP M J U J U AU SE O N D J A F E
B 2 AR R AY N 2 L 2 G P C T OV EC N 2 B2 AR R AY N 2 L 2 G P C T OV EC N 2 B2
02 20 2 02 20 02 0 2 2 0 202 20 2 0 20 0 2 02 20 2 02 20 02 02 20 2 0 2 2 0 2 0 2 0 02 0 2
0 20 0 2 0 0 0 2 0 0 20 20 20 1 1 21 1 2 1 1 1 2 1 1 21 21 2 1 2 2

% Buy % Hold % Sell TargetPrice Price

This report may not be modified or altered in any way. The BLOOMBERG PROFESSIONAL service and BLOOMBERG Data are owned and distributed locally by Bloomberg Finance LP (“BFLP”) and its subsidiaries
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Fiscal Year Financial Performance and Estimates (INR Millions)

03/19 03/20 03/21 03/22E 03/23E 03/24E 03/25E
Revenue 607,933 910,860 890,012 877,802 475,849 535,141 583,915
Growth % 12.5 49.8 -2.3 -1.4 -45.8 12.5 9.1
Gross Profit N.A. N.A. N.A. N.A. - - -
Gross Margin % N.A. N.A. N.A. N.A. N.A. N.A. N.A.
EBITDA - - - - - - -
EBITDA Margin % N.A. N.A. N.A. N.A. - - -
Operating Profit 10,871 9,422 14,539 100,083 - - -
Operating Margin % 3.8 2.3 3.2 20.4 - - -
Net Income (Adj) 11,001 9,278 15,477 78,497 87,427 118,135 129,186
Profit Margin % 3.9 2.3 3.4 16.0 18.4 22.1 22.1
Return On Assets % 0.1 0.1 0.1 0.6 0.6 0.8 0.8
Return On Equity % 2.2 1.4 2.0 9.0 9.7 10.8 11.5

Equity Comparables (Top 6 Peers)

NAME MARKET CAP EV EV/EBITDA T12M EBITDA:2023 EBITDA:2024 P/E P/E:2023 P/E:2024 EPS
BANK OF BARODA 518.4 (B) 0.0 0.0 0.0 0.0 6.6 5.9 4.4 357.2
UNION BANK OF INDIA 258.7 (B) 9,405.8 (B) 15.0 0.0 0.0 4.8 0.0 0.0 73.8
ORIENTAL BANK OF 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -1.3
COMMERCE
PUNJAB NATIONAL 345.2 (B) 0.0 0.0 0.0 0.0 8.9 0.0 0.0 33.7
BANK
HDFC BANK LIMITED 7,710.4 (B) 0.0 0.0 0.0 0.0 20.2 17.3 14.6 18.9
AXIS BANK LTD 2,104.4 (B) 0.0 0.0 0.0 0.0 14.9 13.0 9.5 90.3

Credit Ratings
BOB UNBK OBC PNB HDFCB
Fitch Rating BBB- BBB- WD BBB- -
Moody's Rating - - - - -
S&P Rating NR BB+ NR NR BBB-

Ownership: Top 5 by Country Ownership: Top 15 by % of Shares Outstanding Held

India 95.41% GOVERNMENT OF INDIA 63.97%

France 1.90% LIFE INSURANCE CORP 4.71%
United States 1.50% HDFC ASSET MANAGEMEN 2.94%
Great Britain (UK) 0.27% NIPPON LIFE INDIA AS 2.10%
Luxembourg 0.26% ICICI PRUDENTIAL ASS 1.69%
BNP PARIBAS 1.66%
KOTAK MAHINDRA ASSET 0.93%
Ownership: Top 5 by Institution Type ADITYA BIRLA SUN LIF 0.63%
VANGUARD GROUP 0.62%
Government 81.16% SBI FUNDS MANAGEMENT 0.51%
Investment Advisor 17.78% SUNDARAM ASSET MANAG 0.44%
Pension Fund 0.75% SBI PENSION FUNDS PV 0.44%
Sovereign Wealth Fund 0.22% INVESCO INDIA ASSET 0.39%
Trust 0.06% DIMENSIONAL FUND ADV 0.26%
DSP INVESTMENT MANAG 0.25%

Global Industry Classification Standard

Sector Code Sector Name Industry Group Name Industry Name Sub-Industry Name
40 Financials Banks Banks Diversified Banks

This report may not be modified or altered in any way. The BLOOMBERG PROFESSIONAL service and BLOOMBERG Data are owned and distributed locally by Bloomberg Finance LP (“BFLP”) and its subsidiaries
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Management Information
>>> Overview
>>> Key Executives
>>> Board of Directors

This report may not be modified or altered in any way. The BLOOMBERG PROFESSIONAL service and BLOOMBERG Data are owned and distributed locally by Bloomberg Finance LP (“BFLP”) and its subsidiaries
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MANAGEMENT INFORMATION
Overview Key Executives
DATE OF
NAME AGE TITLE SINCE
Executives BIRTH
Number of Executives 19.0 Sanjiv Chadha 06/25/1963 58 Managing Director/CEO 01/20/2020
Average Reported Compensation (MM) 0.0 Vikramaditya Singh Khichi 07/24/1962 59 Whole Time Director 10/01/2018
Average Age Ian Gerard Desouza Chief Financial Officer 12/17/2020
Average Tenure 1.7 Sharad Kumar Saxena Chief Technology Officer 06/30/2012
Board Members S Anantharaman Chief Risk Officer 11/10/2021
Number of Board Members 14.0 Elango Balasubramaniam Chief Group Compliance 06/23/2021
Independent Directors 8.0 Officer
Members Owning Shares 0.0 Shiv Narain Kaushik Chief Vigilance Officer 05/29/2021
On Boards of Peers 14.0 Vineet Kumar Dudeja Chief General Manager 05/29/2021
On Boards of Other Companies 6.0 Subrat Kumar Chief General Manager 12/17/2020
Average Age 58.0 Rajesh Malhotra Chief General Manager 05/29/2021
Average Tenure (Years) 2.0 Mr Purshotam Chief General Manager 05/29/2021
Vir Prakash Rathi Chief General Manager 05/29/2021
Sunil Kumar Srivastava Chief General Manager 05/29/2021
Menon Venugopal Chief General Manager 05/29/2021
Dr Ramjass Yadav Chief General Manager 05/29/2021
Debadatta Chand 01/31/1971 51 Executive Director 03/10/2021
Shanti Lal Jain 01/01/1965 57 Executive Director 09/20/2018
Ajay Kumar Khurana 03/17/1964 58 Executive Director 04/01/2020
Prashant Kamal Agarwal Secretary/Compliance Officer 06/21/2018

Board of Directors
NAME DATE OF BIRTH AGE TITLE ORGANIZATION
Dr Hasmukh Adhia 11/03/1958 63 Chairman Bank of Baroda
Parvathy Vairava Sundaram 11/24/1959 62 Chief General Manager Reserve Bank of India
Board Member Bank of Baroda
Shanti Lal Jain 01/01/1965 57 Executive Director Bank of Baroda
Board Member Bank of Baroda
Soundara Kumar 08/15/1954 67 Board Member Bank of Baroda
Srinivasan Sridhar 05/03/1960 62 Sr Advisor Oliver Wyman
Board Member Bank of Baroda
Sanjiv Chadha 06/25/1963 58 Managing Director/CEO Bank of Baroda
Board Member Bank of Baroda
Ajay Kumar Khurana 03/17/1964 58 Executive Director Bank of Baroda
Board Member Bank of Baroda
Amit Agrawal 06/27/1970 51 Additional Secretary (Ind)Ministry of Finance
Board Member Bank of Baroda
Vikramaditya Singh Khichi 07/24/1962 59 Whole Time Director Bank of Baroda
Board Member Bank of Baroda
Debadatta Chand 01/31/1971 51 Chief General Manager Punjab National Bank
Executive Director Bank of Baroda
Board Member Bank of Baroda
Ajay Singhal 12/14/1974 47 Board Member Bank of Baroda
Alok Vajpeyi 07/08/1961 60 Board Member Bank of Baroda
Sanjay Vinayak Mudaliar Board Member Bank of Baroda

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Capital Structure
>>> Capital Structure Distribution
>>> Debt Distribution

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CAPITAL STRUCTURE
Millions (INR)

Total Bank Deposits - 10,758.0 (B)

Market Cap - 518.4 (B)

0 200,000 400,000 600,000

DEBT DISTRIBUTION
Forcasts for up to 50 years. All values in INR
Debt Type: Bonds and Loans Loan Type: All
Payments: Principal Only Debt: To Maturity
AMOUNT
10000000 YEAR
(MM)
2022 9,680,329
2023 6,835,795
8000000 2024 5,358,317
2025 4,770,786
2026 7,695,805
2027 4,561,332
6000000 2028 3,216,669
2029 5,903,930
2030 7,716,483
2031 4,426,337
4000000
2032 4,507,560
2033 5,238,318
2034 4,005,923
2000000 2035 5,307,930
2036 1,271,146
2037 261,708
2038 294,153
0 2039 935,776
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
2047
2048
2049
2050
2051

2055

2059
2060
2061

2040 1,159,224
2041 1,174,657
2042 1,070,106
2043 1,239,493
Revolver (Total Outstanding) Bond 2044 1,006,527
2045 1,163,699
2046 1,065,726
2047 178,257
2048 79,409
2049 945,577
2050 2,597,146
2051 1,415,250
2055 1,000,416
2059 834,619
2060 1,995,575
2061 2,312,651

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Credit Profile
>>> Credit Ratings
>>> Credit Comparables

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CREDIT PROFILE
Moody's
Outlook STABLE
Foreign LT Bank Deposits Ba1
Local LT Bank Deposits Ba1
Bank Financial Strength WR
Foreign Currency ST Debt NP
Local Currency ST Debt NP
LT Counterparty Risk Assessment Ba1(cr)
ST Counterparty Risk Assessment NP(cr)
ST Bank Deposits (Foreign) NP
ST Bank Deposits (Domestic) NP
Baseline Credit Assessment b1
Adj Baseline Credit Assessment b1
LT Counterparty Risk Rating (Foreign) Ba1
LT Counterparty Risk Rating (Domestic) Ba1
ST Counterparty Risk Rating (Foreign) NP
ST Counterparty Risk Rating (Domestic) NP

Standard & Poor's

LT Foreign Issuer Credit NR
LT Local Issuer Credit NR
ST Foreign Issuer Credit NR
ST Local Issuer Credit NR

Fitch
Outlook NEG
LT Issuer Default Rating BBB-
Foreign Currency LT Debt NR
Senior Unsecured Debt BBB-
Subordinated Debt BB-
ST Issuer Default Rating F3
Individual Rating WD
Support Rating WD
Viability bb-

CRISIL
Outlook STABLE
Long Term AAA
Subordinated Debt NR

ICRA
Outlook STABLE
Long Term AAA
Medium Term MAAA
Short Term A1+

CARE
Outlook STABLE
Long Term AAA

Outlook STABLE
Financial Strength NR
Support Rating NR
Foreign Long Term BBB-
Foreign Short Term A3

Long Term WR
Short Term WR

Outlook STABLE
Long Term AAA
Short Term A1+

Outlook STABLE
Long Term AAA

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CREDIT COMPARABLES

Credit Ratings
BOB IN Equity UNBK IN Equity OBC IN Equity PNB IN Equity HDFCB IN Equity
Fitch Rating BBB- BBB- WD BBB- -
Moody's Rating - - - - -
S&P Rating NR BB+ NR NR BBB-

Valuation Multiples

Price to Book Ratio 0.6 0.4 - 0.4 3.3

Market Metrics

1-Yr Implied Volatility 43.0 - - 40.1 26.8

5 Year Bid CDS Spread - - - - -
Bid OAS 123.1 21.1 - 9.5 61.0

This report may not be modified or altered in any way. The BLOOMBERG PROFESSIONAL service and BLOOMBERG Data are owned and distributed locally by Bloomberg Finance LP (“BFLP”) and its subsidiaries
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Comparables Analysis
>>> Revenue Breakdown by Industry
>>> Equity Comparables

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COMPARABLES ANALYSIS
% Revenue by Industry Comparables Range
METRIC BOB LOW HIGH AVERAGE
P/E 6.6 4.8 30.6 15.4
EPS 1 Yr Gr 357.2 -1.3 90.3 46.1
Whole Firm 12.0 (B) Rev 1 Yr Gr -1.4 -7.0 37.8 4.0
ROE 9.0 0.4 16.6 9.0
Banks 8.5 (B)

Other Financial Services 3.5 (B)

0 20 40 60 80 100

EV/EBITDA
NAME MARKET CAP EV EBITDA:2023 EBITDA:2024 P/E P/E:2023 P/E:2024
T12M
BANK OF BARODA 518.4 (B) 6.6 5.9 4.4
UNION BANK OF INDIA 258.7 (B) 9,405.8 (B) 15.0 4.8
ORIENTAL BANK OF COMMERCE
PUNJAB NATIONAL BANK 345.2 (B) 8.9
HDFC BANK LIMITED 7,710.4 (B) 20.2 17.3 14.6
AXIS BANK LTD 2,104.4 (B) 14.9 13.0 9.5
BANK OF INDIA 196.8 (B) 5.3 5.2 4.6
STATE BANK OF INDIA 4,177.6 (B) 11.8 8.9 7.7
YES BANK LTD 329.5 (B) 30.6
INDUSIND BANK LTD 721.2 (B) 15.0 9.8 7.9
CANARA BANK 371.9 (B) 6.1
ICICI BANK LTD 5,234.6 (B) 21.0 19.1 15.3
KOTAK MAHINDRA BANK LTD 3,666.3 (B) 30.4 28.6 24.1
IDBI BANK LTD 394.1 (B) 15.5

This report may not be modified or altered in any way. The BLOOMBERG PROFESSIONAL service and BLOOMBERG Data are owned and distributed locally by Bloomberg Finance LP (“BFLP”) and its subsidiaries
in all jurisdictions other than Argentina, Bermuda, China, India, Japan and Korea (the (“BFLP Countries”). BFLP is a wholly-owned subsidiary of Bloomberg LP (“BLP”). BLP provides BFLP with all the global marketing
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and nothing herein shall constitute an offer of financial instruments by BFLP, BLP or their affiliates.

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Bloomberg Public Information Book: BANK OF BARODA

Earnings Estimates
>>> Earnings History
>>> Earnings Trend Chart
>>> Current Period Estimates

This report may not be modified or altered in any way. The BLOOMBERG PROFESSIONAL service and BLOOMBERG Data are owned and distributed locally by Bloomberg Finance LP (“BFLP”) and its subsidiaries
in all jurisdictions other than Argentina, Bermuda, China, India, Japan and Korea (the (“BFLP Countries”). BFLP is a wholly-owned subsidiary of Bloomberg LP (“BLP”). BLP provides BFLP with all the global marketing
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and nothing herein shall constitute an offer of financial instruments by BFLP, BLP or their affiliates.

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Bloomberg Public Information Book: BANK OF BARODA

EARNINGS & ESTIMATES

Earnings History
Next Announcement 08/05/2022
Prior Announcement 05/13/2022
Avg/Implied 1 Day Move * 4.94/2.17

* Average 1 Day Move: Average absolute percent change in price 1 day after earnings for the past 8 periods
Implied 1 Day Move: Absolute percent change in price around the next earnings date estimated from option volatilities

2023 Annual EPS Earnings Trend (EPS, INR per share)

124.44 25

20
114.514

15
2023 Annual EPS

104.588
Price

10

94.662
5

84.736
0

74.81 12 12 12 1/ 1/ 1/ 1/ 2/ 2/ 2/ 3/ 3/ 3/ 4/ 4/ 4/ 4/ 5/ 5/ 5/ -5
/6 /1 /2 2 /2 11 20 29 7/2 16 25 6/2 15 24 2/2 11 20 29 8/2 17 2 6 20 20 20 20 20 20
/2 5 / 4 / 0 /2 /2 /2 0 /2 /2 0 /2 /2 0 /2 /2 /2 0 /2 / 2 19 20 22 23 24 25
02 20 20 22 0 2 0 2 0 2 2 2 0 2 0 2 2 2 0 2 0 2 2 2 0 2 0 2 0 2 22 02 0 2
1 21 21 2 2 2 2 2 2 2 2 2 2 2 2

Price Actuals Estimates

Current Period ( 2023 YEARLY) Overview

MEASURE PERIOD EST 4WK CHG YoY Gr GROWTH vs COMPS PAST SURPRISE
EPS Adj+ 16.890 -18.13%
EPS GAPP 16.890 -18.13%
Sales 475.849 (B) 3.53%
Net Income Adjusted+ 87.427 (B) -15.74%
Operating Profit
EBITDA

This report may not be modified or altered in any way. The BLOOMBERG PROFESSIONAL service and BLOOMBERG Data are owned and distributed locally by Bloomberg Finance LP (“BFLP”) and its subsidiaries
in all jurisdictions other than Argentina, Bermuda, China, India, Japan and Korea (the (“BFLP Countries”). BFLP is a wholly-owned subsidiary of Bloomberg LP (“BLP”). BLP provides BFLP with all the global marketing
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and nothing herein shall constitute an offer of financial instruments by BFLP, BLP or their affiliates.

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Bloomberg Public Information Book: BANK OF BARODA

Shareholders
>>> Ownership by Fund Objective
>>> Ownership by Geography
>>> Top Institutional Holders
>>> Top Insider Holdings

This report may not be modified or altered in any way. The BLOOMBERG PROFESSIONAL service and BLOOMBERG Data are owned and distributed locally by Bloomberg Finance LP (“BFLP”) and its subsidiaries
in all jurisdictions other than Argentina, Bermuda, China, India, Japan and Korea (the (“BFLP Countries”). BFLP is a wholly-owned subsidiary of Bloomberg LP (“BLP”). BLP provides BFLP with all the global marketing
and operational support and service for the Services and distributes the Services either directly or through a non-BFLP subsidiary in the BLP Countries. BFLP, BLP and their affiliates do not provide investment advice,
and nothing herein shall constitute an offer of financial instruments by BFLP, BLP or their affiliates.

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Bloomberg Public Information Book: BANK OF BARODA

SHAREHOLDERS
Top Fund Objective Ownership (%) Top Geographic Ownership (%)
05/30/2022 05/30/2022
Blend 30.06 India 95.50
Growth 20.36 France 1.90
Asset Allocation 18.42 United States 1.50
ETF 12.75 Great Britain (UK) 0.27
Sector Fund 6.41 Luxembourg 0.26
Emerging Market 4.36 Norway 0.21
Fund Debt 2.68 Unknown 0.09
Country Fund 2.44 Hong Kong 0.07
Value 1.56 Ireland 0.06
Regional Fund 0.81 South Korea 0.05
Unclassified 0.13 Singapore 0.02
Australia 0.02
Japan 0.01
Denmark 0.01
Canada 0.01
Jersey 0.01
Sweden 0.00

Top 20 Holders by Position

HOLDER NAME POSITION % OUTSTANDING POSITION CHANGE % POSITION CHANGE FILING DATE
GOVERNMENT OF INDIA 3,308,184,689 63.97 0 0.00 03/31/2022
LIFE INSURANCE CORP 243,739,330 4.71 -345,606 -0.14 03/31/2022
HDFC ASSET MANAGEMEN 151,861,323 2.94 1,243,539 0.83 05/15/2022
NIPPON LIFE INDIA AS 108,451,273 2.10 6,278,283 6.14 05/15/2022
ICICI PRUDENTIAL ASS 87,440,645 1.69 -4,828,651 -5.23 04/30/2022
BNP PARIBAS 85,627,365 1.66 -5,801,533 -6.35 03/31/2022
KOTAK MAHINDRA ASSET 47,922,673 0.93 9,974,162 26.28 05/15/2022
ADITYA BIRLA SUN LIF 32,469,826 0.63 67,725 0.21 05/15/2022
VANGUARD GROUP 32,203,296 0.62 273,418 0.86 04/30/2022
SBI FUNDS MANAGEMENT 26,410,711 0.51 1,011,997 3.98 05/15/2022
SUNDARAM ASSET MANAG 22,851,297 0.44 290,084 1.29 04/30/2022
SBI PENSION FUNDS PV 22,538,000 0.44 0 0.00 04/29/2022
INVESCO INDIA ASSET 19,958,712 0.39 1,848,183 10.21 04/30/2022
DIMENSIONAL FUND ADV 13,395,688 0.26 1,176,354 9.63 05/27/2022
DSP INVESTMENT MANAG 12,762,629 0.25 422,946 3.43 04/30/2022
TATA ASSET MANAGEMEN 11,847,800 0.23 5,054,400 74.40 04/30/2022
NORGES BANK 9,306,084 0.18 4,129,466 79.77 12/31/2021
PGIM INDIA ASSET MAN 9,305,300 0.18 9,305,300 0.00 04/30/2022
IDFC MUTUAL FUND 9,077,201 0.18 173,943 1.95 04/30/2022
SAMSUNG LIFE INSURAN 8,000,000 0.15 4,000,000 100.00 02/28/2022

Top Insider Holders by Position

HOLDER NAME POSITION % OUTSTANDING POSITION CHANGE % POSITION CHANGE FILING DATE
None

This report may not be modified or altered in any way. The BLOOMBERG PROFESSIONAL service and BLOOMBERG Data are owned and distributed locally by Bloomberg Finance LP (“BFLP”) and its subsidiaries
in all jurisdictions other than Argentina, Bermuda, China, India, Japan and Korea (the (“BFLP Countries”). BFLP is a wholly-owned subsidiary of Bloomberg LP (“BLP”). BLP provides BFLP with all the global marketing
and operational support and service for the Services and distributes the Services either directly or through a non-BFLP subsidiary in the BLP Countries. BFLP, BLP and their affiliates do not provide investment advice,
and nothing herein shall constitute an offer of financial instruments by BFLP, BLP or their affiliates.

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Bloomberg Public Information Book: BANK OF BARODA

Analyst Ratings
>>> Analyst Company Consensus
>>> Analyst Recommendation Table
>>> Analyst Recommendation Chart

This report may not be modified or altered in any way. The BLOOMBERG PROFESSIONAL service and BLOOMBERG Data are owned and distributed locally by Bloomberg Finance LP (“BFLP”) and its subsidiaries
in all jurisdictions other than Argentina, Bermuda, China, India, Japan and Korea (the (“BFLP Countries”). BFLP is a wholly-owned subsidiary of Bloomberg LP (“BLP”). BLP provides BFLP with all the global marketing
and operational support and service for the Services and distributes the Services either directly or through a non-BFLP subsidiary in the BLP Countries. BFLP, BLP and their affiliates do not provide investment advice,
and nothing herein shall constitute an offer of financial instruments by BFLP, BLP or their affiliates.

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Bloomberg Public Information Book: BANK OF BARODA

ANALYST RATINGS
Firm Analyst Consensus Price

Consensus Rating 4.34 Curr INR

Buys 29 82.86% Tgt Px 129.57
Holds 3 8.57% Last Price 105.70
Sells 3 8.57% LTM Return 25.53%

Historical Analyst Recommendation and 12M Target Price

120.00 125.00

100.00
108.00

80.00

91.00
Price in INR

60.00

74.00

40.00

57.00
20.00

0.00 40.00
FE M AP M JU JU AU SE O N D JA FE M AP M JU JU AU SE O N D JA FE
B2 AR R AY N L2 G P2 C O EC N B2 AR R AY N L2 G P2 C O EC N B2
20 20 20 20 T2 V2 20 20 20 20 20 20 T2 V2 20 20
02 20 02 02 02 02 02 20 02 02 02 02 02
0 20 20 20 20 0 20 0 20 21 1 21 21 21 21 1 21 1 21 22 2
0 0 1 1

% Buy % Hold % Sell TargetPrice Price

Analyst Recommendations
FIRM NAME ANALYST RECOMENDATION TGT PX DATE 1 YR RTN BARR RANK
Credit Suisse Kush Shah outperform M 130.00 05/30/22 25.14 3rd 1st
YES Research Shivaji Thapliyal buy M 130.00 05/29/22 18.22 5th 7th
Macquarie Suresh Ganapathy neutral M 110.00 05/23/22 -14.55 - -
IIFL (Institutional) Alpesh Mehta reduce M 120.00 05/23/22 - - -
Axis Research Manish Shukla buy M 140.00 05/19/22 - - -
LKP Securities Ajit Kumar Kabi buy M 128.00 05/17/22 21.11 4th -
Daiwa Securities Punit Srivastava buy M 125.00 05/16/22 21.11 4th -
Kotak Securities (Institutional M B Mahesh add M 110.00 05/16/22 21.11 4th 16th
Equities)
Nomura Nilanjan Karfa buy M 125.00 05/16/22 2.16 - -
Spark Capital Advisors Abhinesh Vijayaraj buy M 167.00 05/16/22 21.11 4th -
ICICIdirect.com (Retail) Kajal Gandhi buy M 115.00 05/16/22 18.22 5th -
Haitong International Research LtdDarpin Shah outperform M 133.00 05/16/22 - - -
JP Morgan Saurabh S Kumar overweight M 130.00 05/15/22 21.11 4th 12th
Phillip Securities Manish Agarwalla neutral M 105.00 05/15/22 0.00 - -
Emkay Anand Dama buy M 130.00 05/15/22 21.11 4th 4th
Antique Stock Broking Ltd Sohail H Halai buy M 125.00 05/15/22 21.11 4th 5th
Nirmal Bang Institutional Equities Raghav Garg buy M 120.00 05/15/22 21.11 4th -
Prabhudas Lilladher Pvt. Gaurav Jani buy M 125.00 05/14/22 - - -
JM Financial Institutional Sameer Bhise buy M 145.00 05/14/22 - - -
Securities Limited
Batlivala & Karani Securities India Jai Mundhra buy M 140.00 05/14/22 25.84 2nd -
Pvt. Ltd.
DAM Capital Pritesh Bumb buy M 123.00 05/14/22 - - -
Dolat Capital Market Ltd. Mona Khetan accumulate M 115.00 05/14/22 29.59 1st 13th

This report may not be modified or altered in any way. The BLOOMBERG PROFESSIONAL service and BLOOMBERG Data are owned and distributed locally by Bloomberg Finance LP (“BFLP”) and its subsidiaries
in all jurisdictions other than Argentina, Bermuda, China, India, Japan and Korea (the (“BFLP Countries”). BFLP is a wholly-owned subsidiary of Bloomberg LP (“BLP”). BLP provides BFLP with all the global marketing
and operational support and service for the Services and distributes the Services either directly or through a non-BFLP subsidiary in the BLP Countries. BFLP, BLP and their affiliates do not provide investment advice,
and nothing herein shall constitute an offer of financial instruments by BFLP, BLP or their affiliates.

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FIRM NAME ANALYST RECOMENDATION TGT PX DATE 1 YR RTN BARR RANK

Edelweiss Capital Limited Prakhar Agarwal buy M 130.00 05/14/22 21.11 4th -
(Institutional)
Morgan Stanley Sumeet Kariwala Overwt/Attractive M 140.00 05/13/22 - - -
Motilal Oswal Securities Ltd. Nitin Aggarwal buy M 135.00 05/13/22 25.14 3rd 11th
Investec Sri Karthik buy M 130.00 05/06/22 0.25 - -
Velamakanni
Sushil Finance Umesh Matkar buy M 146.00 04/13/22 - - -
HSBC Abhishek Murarka buy U 144.00 04/08/22 -15.59 - -
ULJK Financial Service Team Coverage buy M 162.00 02/15/22 21.11 4th 14th
Jefferies Prakhar Sharma underperform M 88.49 02/07/22 -21.11 - 2nd
Citi Aditya Jain buy M 133.00 02/07/22 - - -
Quantum Securities Pvt. Ltd. Rati J Pandit buy M 128.00 11/11/21 21.11 4th -
Elara Capital Mahrukh Adajania accumulate M 110.00 11/10/21 21.11 4th -
Narnolia Securities Deepak Kumar accumulate M 78.00 04/12/21 21.11 4th 8th
BNP Paribas Asia Avneesh Sukhija buy M 175.00 10/10/20 21.11 4th -
Reliance Securities Limited Mona Khetan hold M 102.00 01/25/20 0.00 - -
Firstcall India Equity Advisors Pvt. Team Coverage overweight M 0.00 12/27/19 21.11 4th 15th
Ltd.
ISS-EVA Anthony Campagna hold D 0.00 10/04/19 0.00 - 9th
Arihant Capital Markets Ltd. Team Coverage Under Review M 0.00 07/17/19 - - -

This report may not be modified or altered in any way. The BLOOMBERG PROFESSIONAL service and BLOOMBERG Data are owned and distributed locally by Bloomberg Finance LP (“BFLP”) and its subsidiaries
in all jurisdictions other than Argentina, Bermuda, China, India, Japan and Korea (the (“BFLP Countries”). BFLP is a wholly-owned subsidiary of Bloomberg LP (“BLP”). BLP provides BFLP with all the global marketing
and operational support and service for the Services and distributes the Services either directly or through a non-BFLP subsidiary in the BLP Countries. BFLP, BLP and their affiliates do not provide investment advice,
and nothing herein shall constitute an offer of financial instruments by BFLP, BLP or their affiliates.

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Bloomberg Public Information Book: BANK OF BARODA

Financial Analysis
>>> Highlights
>>> Enterprise Value
>>> Multiples
>>> Analytics-Profitability

This report may not be modified or altered in any way. The BLOOMBERG PROFESSIONAL service and BLOOMBERG Data are owned and distributed locally by Bloomberg Finance LP (“BFLP”) and its subsidiaries
in all jurisdictions other than Argentina, Bermuda, China, India, Japan and Korea (the (“BFLP Countries”). BFLP is a wholly-owned subsidiary of Bloomberg LP (“BLP”). BLP provides BFLP with all the global marketing
and operational support and service for the Services and distributes the Services either directly or through a non-BFLP subsidiary in the BLP Countries. BFLP, BLP and their affiliates do not provide investment advice,
and nothing herein shall constitute an offer of financial instruments by BFLP, BLP or their affiliates.

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Bloomberg Public Information Book: BOB

Financial Analysis
Key Stats-Highlights
Original:2021 A Preliminary:2022 A Current/LTM Estimate:2023 A Estimate:2024 A
For the period ending 2021-3-31 2022-3-31 2022-3-31 2023-3-31 2024-3-31
Market Capitalization 384,210.70 577,825.74 518,429.06
Book Value of Equity 770,457.21 867,629.90 867,629.90
Total Deposits 9,669,969.27 10,459,385.60 10,459,385.60
Total Loans 7,511,716.21 7,716,956.10
Total Assets 11,553,647.71 12,779,998.30 12,779,998.30

Net Revenue 410,417.63 441,052.90 442,118.80 469,261.17 517,984.17

Growth %, YoY 8.95 7.46 6.42 6.40 10.38
Prof Bef Provisions 204,981.08 223,888.50 224,954.40
Margin % 49.94 50.76 50.88
Operating Income 6,972.57 93,864.40 93,864.40 249,982.89 271,630.38
Margin % 1.70 21.28 21.23 53.27 52.44
Net Income 8,289.58 72,722.80 72,722.80 90,438.67 109,492.74
Margin % 2.02 16.49 16.45 19.27 21.14
EPS, Adj 1.64 14.06 14.07 17.43 21.02
Growth %, YoY 20.64 759.13 673.08 23.95 20.63

Tier 1 Common Eqty % 10.94 11.74 11.74

Tier 1 Capital Ratio % 12.67 11.74 11.74
Total Capital Ratio % 14.99 15.98 15.98

Key Stats-Multiples
Original:2021 A Preliminary:2022 A Current Estimate:2023 A Estimate:2024 A
For the period ending 2021-3-31 2022-3-31 2022-5-31 2023-3-31 2024-3-31
P/E 41.63 7.94 7.13 5.75 4.77
Average 40.35 48.92
High 70.33 66.26
Low 26.84 7.94

P/Book 0.50 0.67 0.60 0.58 0.52

Average 0.35 0.59
High 0.62 0.79
Low 0.24 0.42

P/Tangible Book 0.50 0.67 0.60

Average 0.35 0.59
High 0.62 0.79
Low 0.24 0.42

P/Sales 0.42 0.71 0.64 1.10 1.00

Average 0.26 0.49
High 0.46 0.72
Low 0.17 0.35

P/Free Cash Flow 6.36

Average 1.08 6.36
High 1.88 6.36
Low 0.72 6.36

Price/Share 74.10 111.60 100.25

High 99.85 118.85 102.45
Low 36.00 61.75 99.80

Market Cap 384,210.70 577,825.74 518,429.06

Average 257,089.32 452,297.14
High 443,702.87 609,962.17
Low 168,650.68 325,537.24

Market Cap / Deposits 0.04 0.06 0.05

Average 0.03 0.05
High 0.05 0.06
Low 0.02 0.03

Ratio Analysis-Profitability
Original:2021 A Preliminary:2022 A Current/LTM Estimate:2023 A Estimate:2024 A
For the period ending 2021-3-31 2022-3-31 2022-3-31 2023-3-31 2024-3-31
Returns
Return on Common Equity 1.11 8.88 8.88 10.34 11.15
Return on Assets 0.07 0.60 0.60 0.68 0.75
Return on Capital -2.49 4.31 4.31
Return on Invested Capital 9.26 10.97 11.02

Margins
Operating Margin 1.70 21.28 21.23 53.27 52.44
Net Income Margin 2.02 16.49 16.45 19.11 20.87

Growth
Revenue, 1 YR Growth -4.03 -1.65 -3.89 10.38

This report may not be modified or altered in any way. The BLOOMBERG PROFESSIONAL service and BLOOMBERG Data are owned and distributed locally by Bloomberg Finance LP (“BFLP”) and its subsidiaries
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and operational support and service for the Services and distributes the Services either directly or through a non-BFLP subsidiary in the BLP Countries. BFLP, BLP and their affiliates do not provide investment advice,
and nothing herein shall constitute an offer of financial instruments by BFLP, BLP or their affiliates.

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Original:2021 A Preliminary:2022 A Current/LTM Estimate:2023 A Estimate:2024 A

For the period ending 2021-3-31 2022-3-31 2022-3-31 2023-3-31 2024-3-31
Operating Income, 1 YR 1,246.19 -29.14
Growth
Net Income, 1 YR Growth 51.77 777.28

Additional

Effective Tax Rate 570.23 22.52 6.32

Dvd Payout Ratio 0.00 0.00 13.01 12.18
Free Cash Flow Yield -3.97 15.72
Sustainable Growth Rate 1.11 8.88

This report may not be modified or altered in any way. The BLOOMBERG PROFESSIONAL service and BLOOMBERG Data are owned and distributed locally by Bloomberg Finance LP (“BFLP”) and its subsidiaries
in all jurisdictions other than Argentina, Bermuda, China, India, Japan and Korea (the (“BFLP Countries”). BFLP is a wholly-owned subsidiary of Bloomberg LP (“BLP”). BLP provides BFLP with all the global marketing
and operational support and service for the Services and distributes the Services either directly or through a non-BFLP subsidiary in the BLP Countries. BFLP, BLP and their affiliates do not provide investment advice,
and nothing herein shall constitute an offer of financial instruments by BFLP, BLP or their affiliates.

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Bloomberg Public Information Book: BANK OF BARODA

Company News
>>> orissadiary.com: Mumbai : In an industry-first move, Bank of Baroda (Bank), one of Indiaâs leading public sector banks, today
>>> Forevernews: Bank of Baroda signs MoU with Assam Rifles to provide Central Forces Salary Package #BankofBaroda
#AssamRifles
>>> States see drop in borrowing cost as bond yields soften after RBI policy

This report may not be modified or altered in any way. The BLOOMBERG PROFESSIONAL service and BLOOMBERG Data are owned and distributed locally by Bloomberg Finance LP (“BFLP”) and its subsidiaries
in all jurisdictions other than Argentina, Bermuda, China, India, Japan and Korea (the (“BFLP Countries”). BFLP is a wholly-owned subsidiary of Bloomberg LP (“BLP”). BLP provides BFLP with all the global marketing
and operational support and service for the Services and distributes the Services either directly or through a non-BFLP subsidiary in the BLP Countries. BFLP, BLP and their affiliates do not provide investment advice,
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orissadiary.com: Mumbai : In an industry-first move, Bank of Baroda

(Bank), one of India’s leading public sector banks, today
orissadiary.com@odishadiary
Mumbai : In an industry-first move, Bank of Baroda (Bank),
one of India’s leading public sector banks, today announced that
it has introduced instant digital opening of Savings Accounts
for Self Help Groups (SHG) through tablets (bob World - Tabit).
With SHG account opening through bob World - Tabit, the Bank has
digitised its SHG on-boarding process, enabling instant account
opening and providing a superior and more convenient banking
experience to Self Help Groups....

https://orissadiary.com/an-industry-first-bank-of-baroda-rolls-
out-instant-savings-account-opening-through-tablet-banking-for-
self-help-groups-shg/
An Industry-First – Bank of Baroda rolls out Instant Savings
Account Opening through Tablet Banking for Self Help Groups
(SHG)
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Description: OdishaDiary is the first complete portal on the
state of Odisha.
Country: India
Page Likes: 21,386

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Forevernews: Bank of Baroda signs MoU with Assam Rifles to

provide Central Forces Salary Package #BankofBaroda
#AssamRifles
Forevernews@forevernews.in
Bank of Baroda signs MoU with Assam Rifles to provide
Central Forces Salary Package
#BankofBaroda
#AssamRifles
#centralforces
#Salary
#SalaryPackage

Bank of Baroda signs MoU with Assam Rifles - Forever NEWS

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Mumbai. This weekly covers News on Current affairs, Ev
Country: India
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States see drop in borrowing cost as bond yields soften after RBI
policy
(Business Standard) -- Borrowing cost for states eased after the Reserve Bank
of India’s delivered a dovish policy last week which softened the bond yields.
In the auctions on Tuesday, states borrowed Rs 12,100 crore from the market
compared with Rs 14,200 crore last week, with most of them opting for
longer-term borrowing. “Easing pressure on yields was seen. Cut-off yield for
Andhra Pradesh was down to 7.13 per cent compared with 7.18 per cent in the
auction held on January 4, 2022. Karnataka's yields were down to 7.16 per cent
(14-year) and 7.12 per cent (15-year), from 7.35 per cent and 7.33 per cent
respectively, last auctioned on 18 Jan 2022,” said Madan Sabnavis, chief
economist, Bank of Baroda. Yield on Punjab's 15Y paper also fell to 7.12 per
cent from 7.31 per cent before (January 11, 2022). Tamil Nadu auctioned
25-year paper at 7.13 per cent compared with 7.22 per cent earlier in January
22. The spread between the 10-year state development loans and G-sec narrowed
to 40 bps today from 48 bps last week. The yield on the 10-year benchmark bond
fell sharply after RBI kept both the repo and reverse repo unchanged in the
February review of monetary policy. The market was expecting a hike in the
reverse repo rate – 65 bps lower than the repo rate as compared to 25 bps of
pre-pandemic times. The yield of the 10-year government paper is down to 6.69
per cent, which went up 6.92 per cent after the Union budget announced a net
borrowing of Rs 11.6 trillion for FY23. -0- Feb/15/2022 15:34:00 GMT -0-
Feb/15/2022 18:05 GMT

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