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Margin compression from repricing of corporate loans
View Risks →Bank of Baroda — Q3 FY26
Bank of Baroda reported Q3 FY26 net profit of ₹5,555 crore (+4.5% YoY), driven by strong operational performance with no one-off items.
bullish
high
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Bank of Baroda reported Q3 FY26 net profit of ₹5,555 crore (+4.5% YoY), driven by strong operational performance with no one-off items. Global advances grew 14.7% YoY led by RAM segments (retail +17.4%, agri +19%, MSME +16.4%). Net interest margin stood at 2.79% (9M FY26: 2.88%), within the guided 2.85-3% range. Cost of deposits declined to 4.75% (global) and 4.99% (domestic), reflecting prudent liability management. Asset quality remained robust with GNPA at 2.04% and credit cost at 0.17%. Management maintained full-year guidance: advances growth 11-13% (upside to exceed 13%), NIM 2.85-3%, credit cost below 0.60%, and RoA above 1%. Key risk: potential margin compression from repricing of corporate loans and elevated wholesale funding costs if deposit growth lags asset growth.
बैंक ऑफ बड़ौदा ने तीसरी तिमाही में 5,555 करोड़ रुपये का शुद्ध लाभ कमाया, जो पिछले साल से 4.5% ज्यादा है। यह मुनाफा बिना किसी एकमुश्त आय के सामान्य कामकाज से आया है। बैंक ने कुल कर्ज 14.7% बढ़ाया, जिसमें रिटेल (17.4%), कृषि (19%) और छोटे-मध्यम उद्योगों (16.4%) को दिए गए कर्ज शामिल हैं। ब्याज आय और खर्च का अंतर (NIM) 2.79% रहा, जो बैंक के अनुमानित 2.85-3% के दायरे में है। जमा पर ब्याज दर घटकर 4.75% (देश-विदेश) और 4.99% (देश) हो गई, जो अच्छा प्रबंधन दिखाता है। खराब कर्ज (GNPA) सिर्फ 2.04% और क्रेडिट कॉस्ट 0.17% रही। बैंक ने पूरे साल के लिए कर्ज वृद्धि 11-13%, NIM 2.85-3%, क्रेडिट कॉस्ट 0.60% से कम और मुनाफा 1% से ज्यादा रखने का लक्ष्य दोहराया। मुख्य जोखिम: कॉरपोरेट कर्ज की दरों में कमी और जमा वृद्धि कम होने पर फंडिंग लागत बढ़ने से मार्जिन पर दबाव।
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Global Advances Growth
14.7%
+14.7% YoY
Driven by RAM segments; domestic advances grew 13.6% and international 19.3%.
Cost of Deposits (Global)
4.75%
-16bps QoQ
Sequential decline from 4.91% in Q2; both domestic and global below 5%.
Gross NPA Ratio
2.04%
-39bps YoY
Improved from 2.43% a year ago; net NPA at 0.57%.
Credit Cost
0.17%
-17bps YoY
Well below revised guidance of <0.60%; 9-quarter average at 0.34%.
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Guidance and risk preview
Management expects full-year loan growth to be in the 11-13% range, with upside potential to exceed 13% given current momentum.
Analyst flagged that incremental lending to corporates, NBFCs, and housing at lower yields could compress NIMs despite deposit cost benefits.
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