Bank of Baroda — Q1 FY26
Bank of Baroda reported Q1 FY26 net profit of INR 4,541 crore (+1.9% YoY) and operating profit of INR 8,236 crore (+15% YoY).
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Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
59%Questions answered3Evaded / deflected11Questions audited
Evasive
High priority
Why is fee income soft and can it accelerate?
Asked by Vikrant Shah
Acknowledged softness but gave no specific acceleration timeline or target.
no number givenvague commitment
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Question
The fee income is still pretty soft at sub 10% YoY. Would you be able to share what's happening here, and is there any possibility of acceleration from here onwards?
Shri Debadatta Chand, Managing Director and CEO
On the fee side, yes, it's slightly soft as far as the growth is concerned. The bank is clearly focusing on the fee side... I cannot give you a number here, but then clearly the management is working to improve the fee side of the income.
Partial answer
High priority
What is the margin trajectory from 2.91%?
Asked by Vikrant Shah
Gave a range but said Q2 under pressure and will revisit after September.
conditional guidancedeferred clarity
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Question
Would you be able to share how the margin trajectory looks like from 2.91% that we saw in the current quarter to the next few quarters?
Shri Debadatta Chand, Managing Director and CEO
On the margin guidance... the NIM would be 2.81% as compared to 2.91% that we are showing... Going forward, the next quarter will still be under pressure... On a full-year basis, we are giving a guidance of 2.85%-3%.
Evasive
High priority
Can 1% ROA be sustained without trading gains?
Asked by Vikrant Shah
Did not address whether ROA can be 1% without trading gains; just said full-year guidance.
no specific numberdeflected to full-year guidance
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Question
Suffice to say that meeting 1% ROA is only a possibility if the trading gains sustain, but without that, the 1% ROA would be a tough target to achieve.
Shri Debadatta Chand, Managing Director and CEO
In spite of the fact that whatever says, our full-year guidance when we say ROA, it is always full-year guidance... I think we'll be in a position to maintain next quarter also.
Answered
High priority
What is loan book mix by benchmark and repo pass-through?
Asked by Vikrant Shah
Provided specific percentages and confirmed full pass-through on retail.
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Question
If you could share what is the percentage of loan book mix in terms of repo, other EBLR, MCLR, fixed... how much of that has already flown through in the book so far.
Shri Debadatta Chand, Managing Director and CEO
Your BRLR book is almost 35%. Your MCLR book is 45%, fixed is 6%, TVL is 7%, and the GSEC is 6%... on the retail side, full benefit has been passed on.
Declined
Medium priority
What are absolute SMA1 and SMA2 numbers?
Asked by Ashok Ajmera, Ajcon Global
Explicitly declined to provide absolute SMA numbers, only gave percentage.
refused to share absolute numbersdeferred
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Question
Can I know exactly the numbers of SMA1 in this quarter and SMA2? Because we have seen in most of the banks, SMA2 numbers have suddenly gone up.
Shri Debadatta Chand, Managing Director and CEO
We only give as a percentage we are giving. If possible, then I'll share the data... On the number side, I'll let you know in case there's a publish we have published earlier.
Answered
Medium priority
Will the international account with 40% provision be resolved?
Asked by Ashok Ajmera, Ajcon Global
Confirmed positive resolution prospects and reversal of provision.
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Question
There are very positive chances of getting off totally without any scratch from this account?
Shri Debadatta Chand, Managing Director and CEO
Yes, absolutely right... there can be a resolution within 200 days, and if that happens, obviously this 40% would be reversed after that.
Answered
Medium priority
What is the recovery outlook for written-off accounts?
Asked by Ashok Ajmera, Ajcon Global
Provided specific run-rate and confirmed improvement in subsequent quarters.
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Question
Overall, giving a color of the recovery, our entire recovery book... the other three quarters should be much better than this quarter, sir?
Shri Debadatta Chand, Managing Director and CEO
Yeah, it would be better... our average run rate on the recovery TWO without any one-off is roughly around INR 750 crore per quarter.
Partial answer
Medium priority
What is the rationale for higher standard asset provisioning?
Asked by Kunal Shah, CRED
Explained rationale but did not quantify the total provisioned amount clearly.
no specific account namesvague on quantum
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Question
What was the rationale for creating this?
Shri Debadatta Chand, Managing Director and CEO
A couple of accounts where there is an inherent weakness, which as per the auditors, they think that we need to slightly be more prudent on that... we have provided slightly more.
Answered
High priority
Is there risk of further stress in international book?
Asked by Kunal Shah, CRED
Clearly denied any further stress and stated no other accounts showing weakness.
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Question
Do we see any risk, and maybe this is the first quarter wherein we have started to see some kind of a pain emerging on international?
Shri Debadatta Chand, Managing Director and CEO
No, absolutely not, actually... There is no stress in any other account... I do not see any challenge on the international front.
Answered
Low priority
Why is L2 maturity book down 4% QoQ?
Asked by Bhavik Shah
Confirmed OMO operations as the reason for the decline.
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Question
Our L2 maturity book is down 4% quarter on quarter. Is it because of OMO operations or we have kind of sold our 5% which was allowed under the new investment guidelines?
Lalit Tyagi, Executive Director
In fact, you said you picked it rightly. We took the advantage of OMOs and earned good profit also.
Answered
Medium priority
How many repo cuts are expected and 10-year G-Sec outlook?
Asked by Sushil Choksi
Provided specific expectation of 25 bps cut and timing.
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Question
Looking at your outlook on treasury, how many repo cuts are you hearing or you are likely to project?
Shri Debadatta Chand, Managing Director and CEO
Our house view is that we are expecting a further 25 bps cut. But the expectation is more towards the end of the calendar year rather than immediately.
Partial answer
High priority
How will domestic yields behave after 50 bps rate cut?
Asked by Jay Mundra
Gave full-year range but said Q2 uncertain; did not quantify yield behavior directly.
conditional guidancedeferred to Q3/Q4
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Question
Assuming no more action from RBI. What would be your sense how should it behave in the, let's say, in the near term and maybe for the rest of the year?
Shri Debadatta Chand, Managing Director and CEO
On a full year guidance, we are thinking somewhere around 2.85%-3% will be in a position to maintain on a full year basis. Saying that the Q2 can be something we need to watch it out.