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What the record says.
Bank of Baroda reported a solid Q3 FY26 with net profit of INR 5,055 crore (+4.5% YoY), driven by strong operational performance and benign asset quality. Global advances grew 14.7% YoY, with RAM (retail, agri, MSME) leading at 17-19%. Net interest margin (NIM) stood at 2.78% for the quarter, within the full-year guidance of 2.85-3%. Cost of deposits declined to 4.75% (global), reflecting prudent liability management. Asset quality remained robust with GNPA at 2.04% and credit cost at 0.17%. Management maintained guidance for advances growth of 11-13% (with upside), deposit growth of 9-11%, and ROA above 1%. Key risk: margin compression from repricing of corporate loans and elevated wholesale funding costs could pressure NIMs if deposit costs do not decline further.
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Guidance to track
- Management maintained advances growth guidance of 11-13% for FY26, with an upside to exceed 13% given current strong performance.
- Management guided for deposit growth of 9-11% for FY26, with domestic deposits growing at 11.1% in Q3.
- Full-year NIM guidance maintained at 2.85-3%, with Q3 NIM at 2.78% and expectation of Q4 exit above 2.85%.
- Credit cost guidance revised from below 0.75% to below 0.60% for FY26, reflecting sustained low credit costs.
Risks flagged
- Repricing of corporate loans at lower rates and elevated wholesale funding costs could pressure NIMs, especially if deposit costs do not decline further.
- LCR dropped to 116% from 120% due to sale of investments; while management expects to rebuild, any delay could impact liquidity comfort.
- Transition to ECL norms could impact CRAR by ~60bps over five years and increase recurring credit cost by ~18bps, though management considers it manageable.
- Strong loan growth (15%) outpacing deposit growth (10%) may increase reliance on bulk deposits, potentially raising funding costs.
Key quotes
- The profit numbers that you see for this quarter is purely out of the operation. We don't have any one-off anywhere in the other non-interest income or anywhere which gives slightly elevated level of profit.
- Our credit guidance continue to be 11%-13% with upside, which we have done it this quarter and possibly going to do in Q4. Deposit is to be 9%-11%. At the same time, the ROA above 1%. Margin guidance is 2.85%-3%.
- The point that I'm driving is a consistence, a consistency in terms of the income-earning potential of the portfolio, and the outcomes are very favorable in terms of a consistency and also at an elevated level of profit that we have operated.
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