“We expect Bank Of Baroda to report 9% (YoY) decline in net profits to Rs 6,435 million primarily on account of lower treasury profits. The bank had booked Rs 4.2 billion in 3QFY2009 as treasury gains and we expect the bank to report only Rs 1.3 billion in this segment in 3QFY2010. We are retaining our sell recommendation with target price of Rs 450 as we would seek further clarity on BOB’s Dubai exposure and the likely provisions that the bank may have to undertake in that region,” says Karvy Stock Broking report.
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