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What the record says.
Bank of Baroda reported a strong Q4 FY26 with net profit of INR 5,616 crore (+11.2% YoY), the highest ever quarterly profit. Global business crossed INR 30.78 lakh crore (+13.9% YoY), driven by robust loan growth of 16.2% YoY. Domestic CASA ratio improved to 38.9%, and asset quality strengthened with GNPA at 1.89% (down 37bps YoY) and net NPA at 0.45%. The bank guided for loan growth of 12-14% and NIM in the 2.75-2.95% range for FY27, with credit cost below 0.60%. A one-time AS 15 mortality charge of INR 520 crore was absorbed. Key risks include sticky deposit costs and potential asset quality stress in the Middle East overseas book.
Colored figures show movement against the previous available record.
Guidance to track
- Upsized from earlier 11-13% due to strong performance, subject to global headwinds not impacting India significantly.
- Increased from 9-11% earlier, reflecting improved deposit mobilization.
- Conservative range accounting for sticky deposit costs and potential volatility in IT refunds.
- Includes INR 8,500 crore equity (by FY28) and INR 6,000 crore AT1/Tier 2 (FY27), subject to market conditions.
Risks flagged
- Management expects cost of deposits to remain elevated in Q1 FY27 due to tight liquidity, limiting NIM improvement.
- Exposure of INR 50,000-60,000 crore in Middle East retail operations may face stress due to geopolitical tensions; management is watchful.
- Management declined to quantify the impact of final ECL guidelines, though earlier draft suggested ~18bps credit cost increase.
- Interest on IT refund, which contributes to NIM, is volatile and may not sustain at current levels, though management accounts for it in guidance.
Key quotes
- The profit for this quarter, INR 5,600 possibly is the highest in any quarter for the bank for many years, maybe for the decades.
- Our net profit for Q4 2026 stands at INR 5,616 crore, registering a growth of 11.2% YOY, which is the highest ever quarterly net profit.
- The loan guidance we are upsizing from the earlier guidance of 11%-13% to 12%-14% considering our performance, subject the global headwinds doesn't impact big time to the Indian market.
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