Another important data point to consider would be GNPA and NNPA. What is pertinent more so is the trend of these over last 2-3 years. COVID would have resulted in a spike. A lot of them now have shown the peak NPA crisis is behind them so things should improve. Improvement in these metrics could possibly be a driver for the stock price eventually.
Metric wise, yes, RoA is useful. Also important is what leverage is bringing the bank that RoA. RoE is basically RoA * Leverage.
Bank of Baroda – RoA = 0.62%, Lev = 13.8, RoE = 9.0%
Canara Bank – RoA = 0.5%, Lev = 17.4, RoE = 9.23%
In hindsight over 1Y, stock market says BoB is better than Canara Bank as it generates higher RoA with lower leverage though RoE for Canara Bank is higher. Improving NPA numbers would bump up the RoA and in turn RoE.
Look at this video by @Worldlywiseinvestors on what metrics to track for banking and NBFC companies.
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