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Bank of Baroda reported a 9.5% YoY PAT growth to INR 4,450 crore for Q1 FY25, driven by stable margins and lower credit costs. However, loan growth was muted at 8.1% YoY due to a strategic reduction in bulk deposits (down INR 24,000 crore) to protect margins and improve liquidity. NIM stood at 3.18%, within guidance, while asset quality improved with GNPA at 2.88% (down 63bps YoY). Management reiterated full-year guidance of 12-14% loan growth and 10-12% deposit growth, with a strong corporate pipeline. Key risks include elevated slippages in retail and MSME segments and potential margin pressure from competitive pricing.
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Guidance to track
- Management reiterated loan growth guidance of 12-14% for FY25, with strong pipeline in corporate and retail segments.
- Deposit growth guidance of 10-12% for FY25, with focus on retail deposits and CASA improvement.
- Net interest margin guidance maintained at 3.15% ± 5bps for FY25, supported by liability management.
- Credit cost guidance improved to below 0.75% for FY25, factoring in potential ECL impact.
Risks flagged
- Retail slippages rose substantially in Q1, partly due to seasonal factors and subsidy-dependent assets, but could persist.
- MSME slippages remain elevated at ~4% run rate, though management says it has stabilized; any deterioration could impact credit cost.
- Credit yield fell 25bps sequentially due to shedding of high-yield assets and competitive pricing, potentially pressuring NIM.
Key quotes
- The family silver, Ajmera sir, we kept it with the book, not otherwise, leading to a position wherein I have strengthened the structural balance sheet of the book bank, rather than again a short-term objective of booking profit.
- We are not facing any incipient sickness in our portfolio, with SMA book is only 0.18% of our total standard asset and collection efficiency.
- The bank would continue to have in this journey. But clearly, outlining the factor like we need to do a trade-off in terms of the margin requirement and also the growth at the same time.
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