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Bank of Baroda reported a steady Q3 FY25 with PAT of ₹4,837 crore (+5.6% YoY) and operating profit growth of 9.3% YoY. Domestic advances grew 11.9% YoY, driven by retail (+20%), agri (+13%), and MSME (+14%), while corporate growth moderated to 7%. Net interest margin (NIM) for 9M FY25 stood at 3.08%, slightly below the earlier guidance due to a 5-6 bps impact from penal interest accounting changes and a one-off recovery in Q2. Management revised full-year NIM guidance to 3.00-3.10% with an upside bias. Asset quality improved with gross NPA at 2.43% (down 65 bps YoY) and credit cost at 0.30% (well below 0.75% guidance). Slippage ratio improved to 0.90%. The bank maintained its deposit growth guidance of 9-11% and advance growth of 11-13%. A key risk is the elevated CD ratio (84.24%) and tight liquidity, which could pressure margins if deposit costs remain high.
Colored figures show movement against the previous available record.
Guidance to track
- Management guided NIM for FY25 at 3.05% ± 5 bps (3.00-3.10%), with an upside bias due to potential rate cuts and improved liquidity.
- Management reiterated deposit growth guidance of 9-11% for FY25, with continued focus on reducing bulk deposit dependency.
- Management reiterated advance growth guidance of 11-13% for FY25, with focus on RAM (retail, agri, MSME) segments.
- Management maintained credit cost guidance of less than 0.75% for FY25, despite 9M credit cost of 0.47%.
Risks flagged
- CD ratio at 84.24% and tight liquidity conditions could pressure margins if deposit costs remain high.
- Personal loan GNPA rose to 3.9% from 3.16% QoQ, though management downplayed it as small in absolute terms.
- RBI discussions on collateral-free agri loans and stricter gold loan norms could impact business, but management declined to comment.
- Q2 had a one-off recovery of ~₹350 crore boosting interest income; its absence in Q3 contributed to margin decline.
Key quotes
- We are looking at a very sustainable business model wherein the growth in book, the growth in profit are something strong, robust, and consistent.
- Our operating guidance for the margin for the full year is 3.10%. That means 3.05% ± 5 basis points with an upside bias.
- The stance continues to be lowering the dependency on bulk deposit. That means this is a percentage of total deposits will not go up.
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