On April 11, the Bank of Baroda share gained 4% in the early trade after the firm’s total business crossed the Rs 21 trillion breakthrough in the March quarter of FY23.

As on March 31, the Bank of Baroda recorded a 16.8% rise in business at Rs 21,77,307 crore against Rs 18,64,059 crore in the year-ago quarter, as per the fourth quarter report of the FY2022-23.

Its aggregate deposits rose 15.1% at Rs 12.04 lakh crore against Rs 10.45 lakh crore. Besides, its domestic deposits plunged 13% to 10.47 lakh crore from Rs 9.27 lakh crore YoY.

The bank’s worldwide gross advances rose 19% at Rs 9.7 lakh crore against Rs 8.18 lakh crore and domestic advances plunged 16.9% YoY at Rs 7.99 lakh crore from Rs 6.84 lakh.

From 12 April, the bank will revise its overnight and 1-year Marginal Cost of Funds Based Lending Rate (MCLR) by 5 bps to 7.95% and 8.6%.

According to Motilal Oswal, the bank stated robust business growth, with advances and deposits growing rapidly. Within deposits, CASA deposits grew at a faster pace, increasing the CASA ratio to 42.2%.

JPMorgan stated an “overweight” rating to the stock, with a target price of Rs 220 a share. The bank reported Q4 gross advances growth of 19% YoY and domestic advances growing 17% YoY, led by 27% growth in domestic retail advances. In addition, domestic deposits grew 13% YoY, ensuing a domestic loan-to-deposit ratio (LDR) of 76%.

Morgan Stanley has an “overweight” rating and a target of Rs 220. The bank’s domestic loan growth remains robust, accelerating domestic retail. Besides, the bank’s overseas loans grew by 6% compared to 4% in the previous quarter.

Citi has stated a “buy” rating with a target of Rs 210 a share. The bank’s advances growth is led by retail and overseas loans, with deposit growth following suit.

At 9.16 am on the BSE, Bank of Baroda was citing at Rs 171.50, up Rs 5.30, or 3.19%.