| Revenue growth | Global business +17.2% YoY; ex-FCNRB only +12.3%, flattered by FCNRB. |
|---|---|
| Margins | NIM 2.74% Q2 vs 2.76% H1; upside to guidance claimed for Q3-Q4. |
| Demand visibility | RAM incremental ~₹60,000 Cr expected; corporate pipeline ~₹60,000 Cr. |
| Management confidence | Confident but hedged; defends FCNRB and provisions, raised credit guidance. |
Growth
Global business +17.2% YoY, but only +12.3% excluding FCNRB. Advances +18.3% (domestic +13.5%). NII +9.2%.
Outlook
Credit growth guided 13-15% (raised from 12-14%); deposits 11-13%; NIM 2.75-2.95%; RoE 15-16%.
Risks
Provision buffers and NSE gains flatter PAT; core earnings are weaker ex-gains. ECL impact is unquantified, corporate loans grew only 6.3%, and gold loans were flat.
Last quarter's promises, checked
Delivered
- Guided 12-14% credit growth → Q2 YoY global advances +18.3%, domestic +13.5% (= BEAT)
Partly delivered
- Guided pension fund setup in 6-9 months from May-26 → no launch confirmed, timeline open (= PARTIAL)
Missed
- Guided NIM 2.75-2.95% → Q2 2.74% (H1 2.76%) (= MISS)
- Guided ECL impact quantified after ~1 quarter of implementation → still unquantified in Q2 (= MISS)
Earnings Call Transcript filed with NSE, NSE: BANKBARODA. Summary written with AI assistance from the document.
Bank of Baroda: key numbers
- Share price
- ₹238.60
- Market cap
- ₹1,23,389 Cr
- Revenue (annual)
- ₹1,34,298 Cr
- Net profit (annual)
- ₹19,846 Cr
- P/E (TTM)
- 6.8×Sector 19.8×
- Promoter holding
- 63.97%+0.00% QoQ
- FII holding
- 10.29%Current quarter
Reference market data from a third-party provider, updated daily. Not a valuation or a recommendation.
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