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Motilal Oswal Financial Services maintained a 'Buy' call on the stock with a target price of ₹240, implying a 29% upside potential.

Bank of Baroda reported its highest-ever quarterly net profit of ₹4,775 crore in Q4FY23 as against a profit of ₹1,778.77 in  last year.

Bank of Baroda share price has rallied more than 83% in the last one year. Bank Nifty gained 28% while Nifty PSU Bank index rallied over 61% during the same period.

The asset quality during the quarter also improved while deposit growth remained strong.

Net interest margin (NIM) rose to 3.31% from 3.03%, YoY.

Brokerages remained bullish on Bank of Baroda led by its strong credit growth and improving asset quality.