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Bank of Baroda reported a strong Q2 FY25 with PAT crossing INR 5,000 crore for the first time, growing 23.2% YoY. Domestic advances grew 12.5% YoY, driven by retail (20%) and corporate (10.6%). NIM stood at 3.10%, within the guided range of 3.15% ±5 bps, despite a 5 bps drag from penal interest reclassification. Asset quality improved with GNPA at 2.5% and net NPA at 0.6%. Management revised full-year deposit growth guidance down to 9-11% and loan growth to 11-13%, citing systemic deposit constraints. Credit cost remained below 0.75% and ROA at 1.30%. Key risks include elevated deposit competition and potential slippages from small-ticket retail/agri loans.
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Guidance to track
- 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%.
- 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.
- Net interest margin guidance remains unchanged at 3.15% plus/minus 5 basis points, supported by ALM management and expected moderation in deposit costs.
- Credit cost guidance remains below 0.75%, with slippage ratio guided at 1-1.25% and ROA above 1% (target 1.10%).
Risks flagged
- Deposit growth is under pressure due to savers shifting to capital markets, leading to a downward revision in deposit guidance.
- Personal loan slippages have increased to ~INR 250 crore per quarter from ~INR 100 crore earlier, though still small relative to total book.
- International NIM declined to ~2% from 2.13-2.14% due to repricing in overseas markets, with further moderation expected.
- Higher prudential provisions (floating and standard asset) were taken this quarter, which could pressure earnings if sustained.
Key quotes
- We have again declared a very good quarter, Q2, both in terms of a very strong top line and also a strong bottom line in terms of the net profit going up by 23.2% year-over-year, and 17.4% quarter-to-quarter.
- The margin guidance that we had given, that is at 3.15 ± 5 basis points. In spite of the deposit cost going up by 5 basis points, 5 or 6 basis points quarter-to-quarter, because of the management of the ALM, we are able to maintain the margin guidance.
- We are slightly lowering the guidance from 10-12% to 9%-11%, although we'll try to operate in the upper band of that, that is, that is at 11%.
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