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What the record says.
Bank of Baroda reported a strong Q4 FY26 with net profit of ₹5,616 crore (up 11.2% YoY), the highest ever quarterly profit. Global business crossed ₹30.78 lakh crore, with advances growing 16.2% YoY driven by retail (17.9%), agriculture (20.7%), and MSME (15.6%). NIM improved to 2.89% (up 10 bps QoQ) aided by IT refunds, though management guided a conservative 2.75-2.95% for FY27 due to sticky deposit costs. Asset quality remained robust with GNPA at 1.89% and NNPA at 0.45%. The bank raised a ₹10,000 crore green infra bond and plans ₹14,500 crore capital raise (equity + AT1/Tier 2) over the medium term. Key risk: geopolitical headwinds could pressure liquidity and asset quality in the 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.
- Upsized from 9-11% reflecting improved deposit mobilization.
- Conservative range accounting for sticky deposit costs and volatile IT refunds.
- Includes ₹8,500 crore equity by FY28 and ₹6,000 crore AT1/Tier 2 in FY27.
Risks flagged
- Cost of deposits likely to remain elevated due to tight liquidity, limiting margin expansion.
- Middle East exposure (~₹50-60k cr) and trade disruptions could stress asset quality, though currently benign.
- Final guidelines may increase credit cost; management declined to quantify impact until full computation.
- Long-tenor auto loans at competitive rates may face depreciation risk, though current stress is low.
Key quotes
- We have a very strong growth both on the balance sheet and also on the profit and loss.
- The only scope for us to realign the asset pricing right... there is a scope for realigning that portfolio and that is what actually our strategy to look into those pricing very closely.
- Unless and until we compute fully on that it's not proper to quantify that at this stage.
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