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Bank of Baroda reported a strong Q2 FY26 with net profit of INR 4,809 crore, up 6% sequentially, despite a one-off recovery in the base quarter. Asset quality improved to best-ever levels: gross NPA at 2.16% and net NPA at 0.57%. NIM expanded 5 bps sequentially to 2.96% driven by prudent liability management, with cost of deposits declining to 4.91%. Domestic advances grew 11.5% YoY, led by RAM segments (retail +17.6%, agri +17.4%, MSME +13.9%). Corporate loan growth was muted at 3% YoY but management expects 10-11% growth in H2. Guidance includes NIM in 2.85-3% range, slippage at 1-1.25%, and credit cost below 0.75%. Key risk: elevated treasury volatility could pressure operating profit.
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Guidance to track
- Management expects corporate loan book to grow 10-11% in the second half, driven by strong pipelines and seasonal pickup.
- 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.
- Management maintains slippage guidance at 1% to 1.25% for FY26, considering potential geopolitical headwinds.
- Credit cost expected to remain below 0.75% for the full year, with current levels much lower.
Risks flagged
- Treasury profit declined ~50% YoY due to bond yield movements, and further rate cuts could impact operating profit.
- Implementation of ECL framework could increase credit cost by 20-25 bps on a steady-state basis, though management sees manageable impact.
- With only 3% YoY corporate loan growth in H1, achieving 10-11% full-year guidance requires strong H2 pickup, which may be challenged by muted demand.
- Further MCLR cuts could compress NIM if deposit costs do not moderate proportionately, though management expects range-bound NIM.
Key quotes
- Our performance has been consistent for many years, many quarters, in terms of the numbers that we give to the market.
- The NIM has improved from global from 2.91% to 2.96%. The domestic has improved to 3.10%.
- On a fuller basis, again, Q4, we are expecting a rise in the NIM. In that scenario, I think the guidance we are giving is 2.85% to 3%.
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