Bank of Baroda / Q4-FY25

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Watch2025-04-01Back to BANKBARODA

Revenue

Pending

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Revenue YoY

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reported change

EBITDA

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Actual signal trajectory

Where this quarter sits.

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PAT (₹ Cr)PositiveWatchNegative
8 actual records
Actual quarterly PAT (₹ Cr) trajectoryReported values plotted by quarter. Hover or focus a point for its quarter, value, and source sentiment.Q1 FY25: 4,764 · Watch source sentiment · 2024-07-31Q1 FY25Q2 FY25: 5,405 · Positive source sentiment · 2024-10-24Q2 FY25Q3 FY25: 5,250 · Positive source sentiment · 2025-01-20Q3 FY25Q4 FY25: 5,447 · Watch source sentiment · 2025-04-01Q4 FY25Q1 FY26: 3,517 · Watch source sentiment · 2025-07-15Q1 FY26Q2 FY26: 5,181 · Positive source sentiment · 2025-10-24Q2 FY26Q3 FY26: 5,501 · Positive source sentiment · 2026-01-15Q3 FY26Q4 FY26: 5,872 · Positive source sentiment · 2026-04-30Q4 FY265,8723,517
Values are taken from the available verified source records; sentiment color is a separate source-read indicator.

Quarter read

What the record says.

Bank of Baroda reported a stable Q4 FY25 with PAT of INR 5,048 crore, contributing to a record full-year PAT of INR 19,581 crore. Domestic advances grew 13.7% YoY, driven by retail (19.4%) and agri/MSME (14.2%), while corporate growth moderated to 8.6%. Global NIM declined to 3.02% (domestic 3.18%) due to elevated deposit costs and repo rate cuts, with Q1 FY26 expected to remain under pressure before recovering in H2. Asset quality improved further: GNPA fell to 2.26% and net NPA to 0.58%, with slippage ratio at 1% and credit cost at 0.47%—well below guidance. Management refrained from giving full-year NIM guidance, citing an inflection point in rates and liquidity. Key risks include margin compression from lagging deposit repricing and potential stress in MSME slippages, though overall asset quality remains robust.

Colored figures show movement against the previous available record.

Guidance to track

  • Management maintained loan growth guidance of 11-13% for FY26, with potential upside if liquidity improves.
  • Deposit growth guidance maintained at 9-11%, with focus on reducing bulk deposit dependency.
  • Management expects full-year NIM to be similar to FY25, with Q1 under pressure and recovery from Q2 onwards.
  • Slippage ratio guidance maintained at 1-1.25%, with actuals trending well below this range.

Risks flagged

  • Deposit costs are slow to reprice downward, pressuring NIM in Q1 FY26 before expected recovery in H2.
  • MSME slippages increased by INR 300-500 crore in Q4, though management attributes it to legacy accounts and remains confident in overall asset quality.
  • International NIM fell to 1.97% from over 2% due to repricing of assets in a lower rate environment, impacting global NIM given the large international book.
  • The bank continues to amortize pension liabilities (INR 290 crore remaining), unlike peers who have fully written off, creating a future earnings drag.

Key quotes

  • The slippage of this year is lower than that of the slippage last year. The recovery of this year is higher than the recovery that of last year. Within the same year, the recovery is higher than that of slippage.
  • We are not giving a full year guidance now, the reason being the market is at a very inflection point.
  • I have not increased during the rise, so why should I reduce during the fall?

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