Emkay Global Recommends 'BUY' on Bank of Baroda, Raises Target to Rs 350

• Emkay Global Financial retains 'BUY' rating on Bank of Baroda, raising target price to Rs 350 from Rs 330.
• BoB management expects healthy credit growth of 11-13% driven by retail, MSME, corporate, and overseas segments.
• Core Net Interest Margin (NIM) projected to be stable at ~2.8%, with overall margins at 2.85-3% in H2.
• BoB holds Rs10bn floating provision for ECL framework, anticipating a modest ~75bps impact on CET 1.
• Management states no current discussions on PSB consolidation, but expects it to be less stressful if it occurs.

Why It Matters: Emkay Global recommends buying Bank of Baroda, citing strong growth outlook and healthy financials.