Bank of Baroda

- No explicit mention of major current or planned capital expenditure (capex) or strategic investment was found in the provided pages. - Focus appears to be on efficient operations and technology investments made over the past 5-7 years, especially in data infrastructure and shared services, which are now yielding benefits. - No direct figures or plans for fresh capex were discussed. - The bank is aiming for stable profitability, growth, and efficient capital management without needing to raise new capital in the near term. - Discussions around raising Rs. 2000 crore through bonds indicate capital raising for general purposes rather than specific capex. - The listing of the life insurance subsidiary is planned within the year, contingent on market conditions, indicating a strategic investment in non-banking financial services but not directly a capex. - Overall, the emphasis is on maintaining capital adequacy, prudent growth, and leveraging existing investments rather than new large capital outlays.

- Loan growth outlook for FY24 is moderate, expected around 11-14%, slightly above system growth of 12-13%. - Internal accruals are sufficient to fund growth without additional capital raising. - Retail loan growth is targeted to be about 1.5 times overall growth, continuing the shift towards retail from corporate. - International loan growth expected to align broadly with overall loan growth after a prior spike. - Bank aims to maintain margins with a projected NIM slightly above 3.31% but below Q4’s 3.6%. - Deposit growth is moderated; bulk deposits replenishing prior levels while retail deposit growth remains single-digit. - Growth in various sectors like roads, power, and chemicals supports balanced and sustainable growth pipeline. - The strategy emphasizes underwriting standards and credit quality over chasing high growth.

- Loan growth guidance for FY24 is moderate at around 13-14%, slightly faster than the system's 12-13%, funded through internal accruals without raising capital. (Page 28, 8) - Net Interest Margin expected to remain strong, above 3.31% for the year, with protection against significant deterioration. (Page 16, 9) - Profitability has shown sharp improvement; PAT reached a record INR 14,000 crores, up nearly 94% YoY. (Page 23) - Operating profit growth of around 20% YoY, supported by strong NII growth of 28%. (Page 23, 5) - Dividend payout maintained at around 20%, with CET-1 ratio improving by 1 percentage point due to retained earnings. (Page 24, 28) - Focus remains on underwriting quality and margins before growth, supporting sustainable earnings quality. (Page 3, 28) - Digital transformation and cost control expected to bolster strong operating metrics going forward. (Page 24, 6)

- The bank has a strong pipeline of cases and new-to-bank customer growth outlook of 11-13% for the financial year (Page 34). - There is a significant undrawn sanction limit portfolio, with half of the anticipated 11-13% corporate loan growth expected to come from this on-run pipeline (Page 33). - Term loan disbursements will happen in phases, supported by a diversified sector demand including roads, power, and chemicals (Page 30). - The bank emphasizes that term loans sanctioned are not fully availed immediately but expected to be utilized progressively over the year (Page 33 and 30).

- The Bank plans to raise about Rs. 2000 crore through bonds in the current financial year (Page 31). - The life insurance subsidiary of the Bank has filed for listing; SEBI has approved the DRHP in March. The timing of the listing depends on market conditions, with the Bank aiming to complete it within this year after SEBI approval (Page 31). - The Bank is not currently planning to raise equity capital for loan growth as internal accruals are sufficient. The CET1 ratio has improved despite 20% dividend payout, allowing funding of credit growth through internal accruals (Pages 28, 24). - No other specific new equity fundraising plans were mentioned.