BANKBARODA Q3 FY26 earnings call.
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Bank of Baroda reported Q3 FY26 net profit of ₹5,555 crore (+4.5% YoY), driven by strong operational performance with no one-off items. Global advances grew 14.7% YoY led by RAM segments (retail +17.4%, agri +19%, MSME +16.4%). Net interest margin stood at 2.79% (9M FY26: 2.88%), within the guided 2.85-3% range. Cost of deposits declined to 4.75% (global) and 4.99% (domestic), reflecting prudent liability management. Asset quality remained robust with GNPA at 2.04% and credit cost at 0.17%. Management maintained full-year guidance: advances growth 11-13% (upside to exceed 13%), NIM 2.85-3%, credit cost below 0.60%, and RoA above 1%. Key risk: potential margin compression from repricing of corporate loans and elevated wholesale funding costs if deposit growth lags asset growth.
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Guidance to track
- Management expects full-year loan growth to be in the 11-13% range, with upside potential to exceed 13% given current momentum.
- Net interest margin for the full year is expected to remain in the 2.85-3% band, with Q4 exit likely above 2.85%.
- Credit cost for FY26 is now expected to be below 0.60%, down from earlier guidance of below 0.75%, reflecting sustained low slippages.
- Return on assets is guided to stay above 1% for the full year, consistent with 14 consecutive quarters of >1% RoA.
Risks flagged
- Analyst flagged that incremental lending to corporates, NBFCs, and housing at lower yields could compress NIMs despite deposit cost benefits.
- Management acknowledged that bulk deposit rates remain tight and could pressure margins if asset growth outpaces low-cost deposit mobilization.
- Analyst raised concern about incremental provisioning under ECL; management estimated 18 bps recurring impact but uncertainty remains on final guidelines.
- LCR dropped to 116% from 120% QoQ due to sale of investments; management targets 120% but any sustained decline could affect liquidity comfort.
Key quotes
- The profit that you are declaring this quarter and the net profit has seen a 4 and a half% jump is purely out of the operational profit.
- Our target is always to operate around 120 on the LCR. Last quarter we were 120, this quarter we were 116.
- The impact on the CR because of the ECL... would be somewhere at 6 or 7 maximum... the recurring provisioning... only can elevate the credit cost only by 18 bps.
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