Merger Overhang Remains A Key Concern; Maintain HOLD Bank of Baroda (BoB) has delivered a strong performance on asset quality front in 2QFY19, marked low fresh slippage of Rs22.8bn for seventh successive quarter. It's PCR including technically written-off accounts sequentially improved to 70.75%, which excluding technically written-off accounts stood at 61.79% in 2QFY19 vs. 69.11% and 59.94% in 1QFY19. The Bank's NII grew by 20.8% in 2QFY19 led by strong growth in loan book and relatively stable NIMs of 2.61%. Further, its core fee-based income remained strong ((+14.3% YoY and +12.3% QoQ) at Rs9.6bn. Domestic credit grew by 20.4% led by retail loans, which grew by 33.6% YoY. Within retail loans,...