Bank of Baroda (BOB) reported in-line 4QFY24 PAT of INR48.9b, up 2% YoY, driven by higher other income. NIMs improved 17bp QoQ, partly supported by recoveries.Provisioning expenses were high as the bank further provided for aviation exposure. Opex was also high due to pension provisions and a decline in the discount rate. Business growth was healthy, with loans growing 13% YoY (4.1% QoQ) and deposits increasing 10% YoY (6.6% QoQ). The CD ratio, thus, moderated to 80.3%, while LCR too decreased to 121% (vs. 133% in 3Q), aiding margins. Slippages increased to 1.2%. Healthy advances growth enabled a decline in GNPA/NNPA by 16bp/2bp QoQ to 2.9%/0.7%. PCR was stable at 77.3%. We raise our FY25/FY26 EPS estimates by 1.9%/2.8% to account for stable margin and contained provisions. We estimate FY26 RoA/RoE of 1.22%/17.3%. We reiterate our BUY rating on the stock.