Bank of Baroda Management Guidance Tracker

32 forward-looking guidance items tracked across 8 quarters.

Growth

Q1 FY25Loan growth 12-14% for FY25Active

Management reiterated loan growth guidance of 12-14% for FY25, with strong pipeline in corporate and retail segments.

Q1 FY25Deposit growth 10-12% for FY25Active

Deposit growth guidance of 10-12% for FY25, with focus on retail deposits and CASA improvement.

Q2 FY25Deposit growth guidance revised to 9-11% for FY25Active

Management lowered deposit growth guidance from 10-12% to 9-11%, citing systemic deposit constraints, but aims to operate at the upper end of 11%.

Q2 FY25Loan growth guidance revised to 11-13% for FY25Active

Advances growth guidance reduced from 12-14% to 11-13%, with a target to operate at 13%, driven by domestic growth and moderation in international book.

Q3 FY25Deposit growth guidance maintained at 9-11%Active

Management reiterated deposit growth guidance of 9-11% for FY25, with continued focus on reducing bulk deposit dependency.

Q3 FY25Advance growth guidance maintained at 11-13%Active

Management reiterated advance growth guidance of 11-13% for FY25, with focus on RAM (retail, agri, MSME) segments.

Q4 FY25Loan growth guidance of 11-13% for FY26Tracked

Management maintained loan growth guidance of 11-13% for FY26, with potential upside if liquidity improves.

Q4 FY25Deposit growth guidance of 9-11% for FY26Tracked

Deposit growth guidance maintained at 9-11%, with focus on reducing bulk deposit dependency.

Q1 FY26Corporate loan growth target of 9%-10% for FY26Tracked

Management aims to grow corporate book at 9%-10% for the full year, despite muted Q1 growth of 4.2%.

Q2 FY26Corporate loan growth of 10-11% in H2 FY26Active

Management expects corporate loan book to grow 10-11% in the second half, driven by strong pipelines and seasonal pickup.

Q2 FY26Slippage ratio guidance of 1% to 1.25%Tracked

Management maintains slippage guidance at 1% to 1.25% for FY26, considering potential geopolitical headwinds.

Q3 FY26Advances growth guidance of 11-13% with upsideActive

Management maintained advances growth guidance of 11-13% for FY26, with an upside to exceed 13% given current strong performance.

Q3 FY26Deposit growth guidance of 9-11%Active

Management guided for deposit growth of 9-11% for FY26, with domestic deposits growing at 11.1% in Q3.

Q4 FY26Loan growth guidance raised to 12-14% for FY27Active

Upsized from earlier 11-13% due to strong performance, subject to global headwinds not impacting India significantly.

Q4 FY26Deposit growth guidance raised to 10-12% for FY27Active

Increased from 9-11% earlier, reflecting improved deposit mobilization.

Margins

Q1 FY25NIM guidance 3.15% ± 5bpsActive

Net interest margin guidance maintained at 3.15% ± 5bps for FY25, supported by liability management.

Q1 FY25Credit cost below 0.75% for FY25Active

Credit cost guidance improved to below 0.75% for FY25, factoring in potential ECL impact.

Q2 FY25NIM guidance maintained at 3.15% ±5 bpsActive

Net interest margin guidance remains unchanged at 3.15% plus/minus 5 basis points, supported by ALM management and expected moderation in deposit costs.

Q2 FY25Credit cost guidance maintained below 0.75%Active

Credit cost guidance remains below 0.75%, with slippage ratio guided at 1-1.25% and ROA above 1% (target 1.10%).

Q3 FY25Full-year NIM guidance revised to 3.00-3.10%Active

Management guided NIM for FY25 at 3.05% ± 5 bps (3.00-3.10%), with an upside bias due to potential rate cuts and improved liquidity.

Q3 FY25Credit cost guidance maintained below 0.75%Active

Management maintained credit cost guidance of less than 0.75% for FY25, despite 9M credit cost of 0.47%.

Q4 FY25NIM expected to be flat YoY in FY26Tracked

Management expects full-year NIM to be similar to FY25, with Q1 under pressure and recovery from Q2 onwards.

Q1 FY26NIM guidance of 2.85%-3% for FY26Tracked

Management expects full-year NIM in the range of 2.85%-3%, with Q2 under pressure but improvement in H2.

Q1 FY26Cost of deposits moderation of 15-17bps by SeptemberActive

Management expects cost of deposits to moderate by 15-17bps by September quarter due to repricing of maturing deposits.

Q2 FY26Global NIM guidance of 2.85% to 3% for FY26Tracked

Net interest margin expected to be in the range of 2.85% to 3% for the full year, with Q3 range-bound and Q4 improvement.

Q2 FY26Credit cost below 0.75% for FY26Tracked

Credit cost expected to remain below 0.75% for the full year, with current levels much lower.

Q3 FY26NIM guidance of 2.85-3% for FY26Active

Full-year NIM guidance maintained at 2.85-3%, with Q3 NIM at 2.78% and expectation of Q4 exit above 2.85%.

Q3 FY26Credit cost guidance revised downward to below 0.60%Active

Credit cost guidance revised from below 0.75% to below 0.60% for FY26, reflecting sustained low credit costs.

Q4 FY26NIM guidance of 2.75-2.95% for FY27Tracked

Conservative range accounting for sticky deposit costs and potential volatility in IT refunds.

Other

Q4 FY25Slippage ratio guidance of 1-1.25% for FY26Tracked

Slippage ratio guidance maintained at 1-1.25%, with actuals trending well below this range.

Q1 FY26Recovery target of over INR 10,000 crore for FY26Tracked

Management expects to exceed internal recovery target of INR 10,000 crore for the full year.

Capex

Q4 FY26Capital raise of INR 14,500 crore plannedTracked

Includes INR 8,500 crore equity (by FY28) and INR 6,000 crore AT1/Tier 2 (FY27), subject to market conditions.