Bank of Baroda’s shares increased after reporting strong Q4 earnings, with CLSA, Kotak Institutional Equities, and Motilal Oswal rating the lender as a ‘Buy’. Meanwhile, Macquarie stood neutral after the Q4 report. The net interest income for the quarter rose by 33.8% to Rs 11,525 crore, with a YoY growth of 26.8% at Rs 41,355 crore for FY23. However, analysts have warned that RoEs are reliant on credit costs, and MOSL has cautioned that further ECL provisioning is required.