Bank of Baroda (BoB) saw the first quarter where the merged entity reported results and the performance was modest in our view with Net interest income (NII) growth of 2.61% y-o-y and profit of Rs. 710 crore for Q1FY20 as against the loss of Rs. 49 crore in Q1FY19. The reported prior period numbers are not comparable with the present reported numbers. Hence, we have used the re-stated prior period numbers of P&L; for comparison. The merger has not only thrown up integration issues (as expected), but overhang on asset-quality...