Bank of Baroda
NII growth improves on healthy loan growth: Interest income increased 5% to Rs 32641.84 crore, while interest expenses moved up 3% to Rs 20148.17 crore in Q4FY2026. NII improved 9% to Rs 12493.67 crore in Q4FY2026.
Margins improve qoq: The bank has shown 34 bps YoY decline in cost of deposits to 4.78%, while yield on advances declined 77 bps YoY to 7.44% in Q4FY2026. Thus, the NIM has eased 9 bps YoY to 2.89%, while rose 10 bps qoq to 2.89% in Q4FY2026.
Non-interest income dips: The non-interest income of the bank declined 16% to Rs 3966.96 crore in Q4FY2026. Bank has posted 4% decline in core fee income to Rs 2093 crore, while the treasury segment witnessed losses of Rs 409 crore in Q4FY2026. The forex income moved up 44% to Rs 453 crore, while the recoveries income improved 54% to Rs 1485 crore and other income galloped 121% to Rs 53 crore.
Expense ratio improves: The operating expenses of the bank declined 9% to Rs 7391.19 crore, as employee expenses fell 25% to Rs 3261.9 crore in Q4FY2026. The other expenses moved up 10% to Rs 4129.29 crore. Cost to income ratio improved to 44.9% in Q4FY2026 compared with 49.9% in Q4FY2025. Operating Profit moved up 12% to Rs 9069.44 crore.
Provisions and contingencies jump due to creation of floating provisions: The bank has shown 103% increase in provisions to Rs 3150 crore. The loan loss provisions moved up 98% to Rs 2566 crore, while investment provisions increased 1869% to Rs 315 crore, standard asset provisions increased 29% to Rs 194 crore and other provisions fell 15% to Rs 76 crore in Q4FY2026.
PBT declined 10% to Rs 5918.97 crore in Q4FY2026. Effective tax rate declined to 5.1% in Q4FY2026 from 23.3% in Q4FY2025, due to reversals of tax provisions of Rs 1293.83 crore on favourable tax order. Net Profit increased 11% YoY to Rs 5615.68 crore in Q4FY2026.
Asset quality improves: The bank has improved asset quality in Q4FY2026.
The fresh slippages of loans stood at Rs 3408 crore in Q4FY2026 compared with Rs 2982 crore in previous quarter and Rs 3159 crore in the corresponding quarter last year. The recoveries of NPAs stood at Rs 1381 crore and upgrades were at Rs 852 crore, while the write-off of loans was at Rs 1516 crore in Q4FY2026. Provision coverage ratio rose to 93.94% at end March 2026 compared to 92.73% a quarter ago and 93.29% a year ago. The capital adequacy ratio of the bank stood at 15.8% with Tier I ratio at 13.6% at end March 2026. The risk weighted assets of the bank has increased 18% YoY to Rs 1035676 crore end March 2026.| Asset Quality Indicators: Bank of Baroda | ||||||||
| ? | Mar-26 | Dec-25 | Sep-25 | Jun-25 | Mar-25 | Variation | ? | |
| QoQ | YoY | ? | ||||||
| Gross NPA (Rs Crore) | 27058.59 | 27399.44 | 27599.75 | 27571.73 | 27834.88 | -1 | -3 | ? |
| Net NPA (Rs Crore) | 6315.56 | 7614.96 | 7140.88 | 7157.55 | 6994.24 | -17 | -10 | ? |
| % Gross NPA | 1.89 | 2.04 | 2.16 | 2.28 | 2.26 | -15 | -37 | ? |
| % Net NPA | 0.45 | 0.57 | 0.57 | 0.60 | 0.58 | -12 | -13 | ? |
| % PCR | 93.94 | 92.73 | 93.21 | 93.18 | 93.29 | 121 | 65 | ? |
| % CRAR - Basel III | 15.82 | 15.29 | 16.54 | 17.61 | 17.19 | 53 | -137 | ? |
| % CRAR - Tier I - Basel III | 13.64 | 13.10 | 14.15 | 15.15 | 14.79 | 54 | -115 | ? |
| Variation in basis points for figures given in percentages and in % for figures in Rs crore | ||||||||
Business Highlights:
Business growth improves: The business of the bank has increased at an accelerated pace of 14% YoY to Rs 3078366 crore end March 2026, as advances growth improved to 16% to Rs 1429879 crore and deposits growth improved to 12% to Rs 1648487 crore at end March 2026. With the faster growth in advances, the credit to deposit ratio rose to 86.7% at end March 2026 from 83.6% at end March 2025.
CASA deposits ratio improves qoq: The domestic CASA deposits of the bank increased 9% YoY to Rs 545034 crore at end March 2026. The current account deposits moved up 17% to Rs 99105 crore, while saving account deposits increased 7% to Rs 445929 crore end March 2026. The CASA ratio eased to 38.9% at end March 2026 compared to 40% at end March 2025, while increased from 38.5% at end December 2025. The term deposits have increased 6% to Rs 856256 crore end March 2026.
Strong loan growth: Within the loan book, the retail loans increased 18% YoY to Rs 302598 crore at end March 2026, while credit to agriculture increased 21% to Rs 191063 crore and MSME credit increased 17% to Rs 159786 crore. The corporate credit has also increased 10% to Rs 516011 crore end March 2026. The overseas credit has increased 24% to Rs 260421 crore end March 2026. The share of retail, agriculture and MSME (RAM) improved to 55.9% at end March 2026 compared to 54.0% at end March 2025.
Investment book of the bank was flat YoY at Rs 388644 crore at end March 2026. The SLR book was steady at Rs 305744 crore, while non SLR book moved up 4% to Rs 66574 crore at end March 2026. The AFS book dipped 33% to Rs 58987 crore, while HTM book rose increased 3% to Rs 274774 crore at end March 2026. The duration of the overall investment portfolio stood at 4.17 years end March 2026 compared with 3.95 years at end March 2025. The duration of the AFS investment portfolio stood at 2.57 years end March 2026 compared with 3.52 years at end March 2025.
Branch expansion: The bank has added 148 branches and added 34 ATMs in Q4FY2026, taking overall tally to 8648 branches and 11597 ATM`s end March 2026.
Book value of the bank stood at Rs 279.9 per share at end March 2026, while the adjusted book value (net of NNPA and 10% of restructured advances) was Rs 264.6 per share at end March 2026.
Financial Performance FY2026:
Bank has posted 2% increase in net profit to Rs 20021.06 crore in the year ended March 2026 (FY2026). The net interest income increased 3% to Rs 47682.46 crore, while non-interest income was flat at Rs 15756.84 crore, leading net total income to increase 2% to Rs 63439.30 crore in FY2026. The operating expenses increased 4% to Rs 31180.32 crore, while provision and contingencies jumped 20% to Rs 7148.81 crore. PBT declined 5% to Rs 25110.17 crore in FY2026. The cost-to-income ratio rose to 49.1% in FY2026 compared to 47.9% in FY2025. An effective tax rate eased to 20.3% in FY2026 compared to 26.0% in FY2025. The net profit has increased 2% to Rs 20021.06 crore in FY2026. ?| Bank of Baroda: Results | ||||||
| Particulars | 2603 (3) | 2503 (3) | Var % | 2603 (12) | 2503 (12) | Var % |
| Interest Earned | 32641.84 | 31116.74 | 5 | 126993.65 | 122300.61 | 4 |
| Interest Expended | 20148.17 | 19622.39 | 3 | 79311.19 | 75782.96 | 5 |
| Net Interest Income | 12493.67 | 11494.35 | 9 | 47682.46 | 46517.65 | 3 |
| Other Income | 3966.96 | 4735.11 | -16 | 15756.84 | 15788.36 | 0 |
| Net Total Income | 16460.63 | 16229.46 | 1 | 63439.30 | 62306.01 | 2 |
| Operating Expenses | 7391.19 | 8097.34 | -9 | 31180.32 | 29871.38 | 4 |
| Operating Profits | 9069.44 | 8132.12 | 12 | 32258.98 | 32434.63 | -1 |
| Provisions & Contingencies | 3150.47 | 1551.51 | 103 | 7148.81 | 5980.25 | 20 |
| Profit Before Tax | 5918.97 | 6580.61 | -10 | 25110.17 | 26454.38 | -5 |
| EO | 0.00 | 0.00 | - | 0.00 | 0.00 | - |
| PBT after EO | 5918.97 | 6580.61 | -10 | 25110.17 | 26454.38 | -5 |
| Provision for tax | 303.29 | 1532.88 | -80 | 5089.11 | 6873.23 | -26 |
| PAT | 5615.68 | 5047.73 | 11 | 20021.06 | 19581.15 | 2 |
| EPS*(Rs) | 43.4 | 39.0 | ? | 38.7 | 37.8 | ? |
| Equity | 1035.5 | 1035.5 | ? | 1035.5 | 1035.5 | ? |
| Adj BV (Rs) | 264.6 | 229.0 | ? | 264.6 | 229.0 | ? |
| * EPS and Adj BV are calculated on diluted equity as given for each year. Face Value: Rs 2, Figures in Rs crore | ||||||
| Source: Capitaline Corporate Database | ||||||
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