Bank of Baroda (BANKBARODA)
₹230.40 +1.05% last close, 16 Oct
Latest quarterly results (Q3 FY26)
In its latest reported quarter, Q3 FY26, Bank of Baroda's revenue was ₹33,600 Cr (+3.2% year on year, +6.6% on the previous quarter), and net profit ₹5,443 Cr (+4.4% year on year); the operating margin was 63.1%.
| Q3 FY26 (₹ Cr) | Value | YoY vs Q3 FY25 | QoQ |
|---|---|---|---|
| Revenue | ₹33,600 | +3.2% | +6.6% |
| Operating profit | ₹21,210 | -9.4% | -5.3% |
| Net profit | ₹5,443 | +4.4% | +13.2% |
| EPS (₹) | 10.53 | +4.5% | +13.2% |
| Operating margin | 63.1% | — | — |
BANKBARODA delivery percentage and open interest
NSE end-of-day data for
On Fri, 16 Oct 2026, 52.81% of the BANKBARODA shares traded on NSE were taken to delivery, against the stock's own 20-session average of 50.65%. That is close to its usual level. In BANKBARODA futures, open interest fell 0.26% while the futures price rose 0.68%: short covering (shorts closing out).
Delivery in the last 5 sessions: 46.0% · 53.2% · 37.4% · 40.2% · 52.8%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Bank of Baroda has issued a clarification regarding media reports concerning a lawsuit reportedly filed against it by Dr. Bavaguthu Raghuram Shetty in the Bombay High Court on 13th October, 2026. The bank stated that it has not yet been served with the suit and cannot comment on untested pleadings. Bank of Baroda affirmed that it will defend the suit firmly to protect its interests once served. The financial claim amount or exposure, if any, remains undisclosed.
- Responded to media reports concerning a suit reportedly filed on 13th October, 2026 in the Bombay High Court.
- Lawsuit reportedly filed by Dr. Bavaguthu Raghuram Shetty.
- Bank confirmed it has not yet been formally served with the legal suit.
- Potential financial liability or claim amount is not disclosed in the filing.
Bank of Baroda has revised its Baroda Repo Based Lending Rate (BRLLR) upwards by 25 basis points from 7.90% to 8.15%, effective October 8, 2026. The increase reflects a 25 bps hike in the underlying Repo Rate component from 5.25% to 5.50%, while the mark-up remains unchanged at 2.65%. This will prompt an automatic upward reset in interest rates for all floating-rate retail and MSME loans linked to BRLLR. The rate hike may support loan yields and protect net interest margins (NIM) in the subsequent quarters.
- Effective BRLLR increased by 25 bps from 7.90% to 8.15%
- Underlying Repo Rate component revised from 5.25% to 5.50% (+25 bps)
- Mark-up kept constant at 2.65%
- Revision effective from October 8, 2026
Bank of Baroda submitted its half-yearly statement of outstanding bonds as on September 30, 2026, pursuant to SEBI circulars. The disclosure lists 15 active bond issuances across Tier 1 (perpetual), Tier 2, and infrastructure bonds. Coupon rates on the listed instruments range from 7.10% to 8.00% p.a., with the largest single tranche amounting to ₹10,000 crore (issued in March 2026 at 7.10%). This is a standard half-yearly regulatory compliance filing.
- Listed 15 active bond issuances as of September 30, 2026
- Coupon rates on outstanding bonds range between 7.10% p.a. and 8.00% p.a.
- Largest single bond tranche is ₹10,000 crore (₹1,00,00,00,00,000) issued on 05.03.2026 at 7.10%
- Multiple perpetual bonds listed, including ₹2,474 crore at 7.88% and ₹1,997 crore at 7.95%
Bank of Baroda reported provisional business numbers for Q2 ending September 30, 2026, with total Global Business expanding 17.45% YoY to ₹32,63,697 crore (₹32.64 trillion). Global Advances grew 18.27% YoY to ₹15,12,435 crore, while Domestic Retail Advances rose sharply by 18.67% YoY to ₹3,24,102 crore. Global Deposits registered a 16.75% YoY increase to ₹17,51,262 crore, driven by a 17.01% YoY rise in Domestic Deposits (₹14,88,390 crore). Credit growth marginally outpaced deposit growth, reflecting sustained balance sheet expansion.
- Global Business expanded 17.45% YoY to ₹32,63,697 crore as of Sep 30, 2026
- Global Advances rose 18.27% YoY to ₹15,12,435 crore (Domestic Advances up 13.51% to ₹11,87,931 crore)
- Domestic Retail Advances witnessed strong momentum, growing 18.67% YoY to ₹3,24,102 crore
- Global Deposits grew 16.75% YoY to reach ₹17,51,262 crore, with Domestic Deposits at ₹14,88,390 crore
Bank of Baroda announced a change among its Statutory Central Auditors (SCAs) for the quarter and half-year ending September 30, 2026. M/s Batliboi & Purohit expressed inability to continue limited review procedures due to regulatory capacity constraints from accepting another audit engagement. The Audit Committee approved that the limited review will proceed under the remaining four SCAs: Shah Gupta & Co, V Sankar & Aiyar & Co, Ravi Rajan & Co LLP, and Gokhale & Sathe LLP. The bank confirmed the change is not due to any dispute or adverse reasons.
- Audit Committee approved the change on September 28, 2026
- Limited review for Q2/H1 FY27 (period ending September 30, 2026) to be done by 4 remaining SCAs
- M/s Batliboi & Purohit stepped aside due to regulatory capacity caps after taking another audit assignment
- Filing confirms no disagreement, resignation, or adverse matter involved
Bank of Baroda has announced the sale of 76,90,375 equity shares of National Stock Exchange of India Limited (NSE) through an Offer for Sale (OFS) in NSE's Initial Public Offering. The gross consideration received from this transaction stands at ₹1,372.35 crore. This monetization represents approximately 1.1% of Bank of Baroda's current market cap of ₹1,21,817 crore and about 6.8% of its TTM PAT of ₹20,241 crore. The transaction unlocks value from non-core strategic investments and will provide a one-time gain boost to capital and other income.
- Sold 76,90,375 equity shares of National Stock Exchange of India Limited (NSE)
- Gross consideration generated stands at ₹1,372.35 crore
- Divestment completed via Offer for Sale (OFS) in NSE's Initial Public Offering
- Gross proceeds equal ~1.1% of Bank of Baroda's market capitalization
The Central Government has extended the tenure of Shri Lal Singh, Executive Director of Bank of Baroda, beyond his scheduled term end of October 8, 2026. His tenure is now extended until his superannuation date on January 31, 2027, or until further orders. The extension provides leadership stability at the second-largest Public Sector Bank, which manages an asset book of ₹17.46 lakh crore and generated ₹20,241 crore in TTM PAT. As this is a routine administrative extension of approximately four months, it carries neutral financial impact.
- Central Government notification issued on September 23, 2026
- Current tenure of Executive Director Shri Lal Singh was ending on October 8, 2026
- Tenure extended until superannuation date of January 31, 2027, or until further orders
Bank of Baroda has received its certificate of incorporation to establish a new subsidiary, BOB Pension Fund Management Company Limited, on September 21, 2026. The bank will hold an 80.10% stake by investing ₹80.10 crore in cash for 8,00,99,950 equity shares of ₹10 each. Approvals have already been secured from PFRDA (May 2026) and RBI (July 2026). The investment is financially small relative to the bank's ₹1,53,209 crore net worth, but allows the lender to broaden its financial services into pension asset management.
- Incorporated 'BOB PENSION FUND MANAGEMENT COMPANY LIMITED' on 21/09/2026
- Bank to acquire 80.10% stake for a cash consideration of ₹80,09,99,500
- Subscribed to 8,00,99,950 equity shares at face value of ₹10 each against ₹100.00 crore authorized capital
- Regulatory approvals received from PFRDA (05/05/2026) and RBI (10/07/2026)
- Indicative completion target set for 31/12/2026
Bank of Baroda announced its periodic Marginal Cost of Funds Based Lending Rate (MCLR) review effective September 12, 2026. All lending benchmark rates remain unchanged across tenors, with the 1-year MCLR held flat at 8.75% and overnight MCLR at 7.85%. Intermediate tenors also stay constant, including 1-month at 7.95%, 3-month at 8.30%, and 6-month at 8.50%. This reflects stable domestic cost of funds for the PSU lender.
- One-year MCLR maintained unchanged at 8.75%
- Overnight MCLR held steady at 7.85%
- Three-month and six-month MCLR remain unchanged at 8.30% and 8.50% respectively
- Revised schedule takes effect from September 12, 2026
Bank of Baroda disclosed the resignation of Sumit Sachdeva, Head of Large Corporate Relationships, submitted via email dated August 13, 2026. The executive is stepping down to pursue professional opportunities outside the banking sector. He requested to be relieved as early as the first week of September 2026 and confirmed a smooth transition of his responsibilities. The departure affects senior management within the corporate banking vertical, which targets corporate growth via large domestic credit exposures.
- Sumit Sachdeva tendered resignation from his role as Head - Large Corporate Relationships on 13-Aug-26
- Requested last working date to be as early as September 2026 first week
- Reason cited is to pursue a new professional opportunity beyond banking
- Bank of Baroda reported TTM revenue of ₹129,022 Cr and TTM PAT of ₹20,241 Cr
Bank of Baroda announced the resignation of Sumit Sachdeva, Head - Large Corporate Relationships, submitted on August 13, 2026. The executive cited pursuing professional opportunities outside of banking as the reason for departure, requesting a relief date around the first week of September 2026. The role oversees large corporate credit relationships, an area where the bank maintains INR 25,000 Cr in targeted pipeline recoveries. Given the institutional scale of the bank (asset book of INR 17.46 lakh crore), this individual department-level exit is operational in nature.
- Sumit Sachdeva tendered his resignation from the post of Head - Large Corporate Relationships via email dated August 13, 2026
- Requested last working date to be as early as first week of September 2026
- Transition planning confirmed with full cooperation offered during the notice period
- Exit stated to pursue professional opportunities outside the banking sector
Bank of Baroda informed the exchanges that Mr. Sumit Sachdeva, Head - Large Corporate Relationships, has resigned from the bank effective September 9, 2026. The resignation was tendered on August 13, 2026, citing personal and professional aspirations to pursue opportunities outside banking. The bank, which holds an asset book of over ₹17.46 lakh crore as of June 2025, has an established corporate credit pipeline of ₹25,000 crore. Operationally, the exit is routine management turnover and is unlikely to disrupt ongoing corporate loan operations.
- Mr. Sumit Sachdeva resigned as Head - Large Corporate Relationships effective September 9, 2026
- Resignation was originally tendered via letter dated August 13, 2026
- Reason cited for the departure is personal and professional aspirations outside banking
- Filing made pursuant to Regulation 30 of SEBI (LODR) Regulations, 2015
Bank of Baroda proposes to divest up to 76,90,375 equity shares, representing 35% of its total shareholding in the National Stock Exchange of India Limited (NSE), through an Offer for Sale (OFS) in the upcoming NSE IPO. Shares have been transferred to an escrow account on September 8, 2026, with completion targeted by the end of September 2026. For FY 2025-26, the bank earned ₹76.90 crore in dividend income from its holding in NSE. While final proceeds depend on the IPO pricing, this transaction will unlock value from a non-core investment and generate substantial one-time capital gains.
- Bank of Baroda proposes to divest up to 76,90,375 equity shares in NSE via Offer for Sale
- Divestment represents 35% of the total NSE shares held by the bank
- Shares transferred to the escrow account on September 8, 2026
- Targeted completion of the transaction is by the end of September 2026
- Dividend received by the bank from NSE was ₹76,90,37,500 in FY 2025-26
Bank of Baroda has received a strike notice from the United Forum of Bank Unions (UFBU, comprising 7 unions) and the Akhil Bhartiya Bank of Baroda Officer's Sangathan. The proposed agitation includes a one-day strike on September 11, 2026, a three-day strike from September 28 to 30, 2026, and an indefinite continuous strike starting October 26, 2026. The bank stated it is taking necessary steps for smooth functioning, though branch operations may be impacted if the strike materializes.
- Notice served by UFBU (representing 7 employee unions) and Bank of Baroda Officer's Sangathan
- Phase 1 strike planned for 11th September 2026
- Phase 2 strike scheduled for 3 days between 28th and 30th September 2026
- Indefinite continuous strike proposed starting from 26th October 2026
Bank of Baroda informed the exchanges that its representatives participated in the 'ASHWAMEDH - ELARA INDIA DIALOGUE 2026' investor conference on September 02, 2026, starting at 4:00 PM. The bank confirmed that no unpublished price-sensitive information (UPSI) was shared during the meeting. This filing is a standard compliance requirement under Regulation 30 of SEBI (LODR) Regulations, 2015, following an earlier intimation on August 27, 2026.
- Participated in ASHWAMEDH - ELARA INDIA DIALOGUE 2026 on September 02, 2026
- Meeting conducted from 4:00 PM onwards
- No Unpublished Price Sensitive Information (UPSI) was disclosed
- Follows prior intimation dated August 27, 2026
Financial Performance
Revenue Growth by Segment
Global Advances grew 11.9% YoY in Q2 FY26. Domestic Advances increased 11.5% and International Advances grew 13.8%. Within Domestic, Retail grew 17.6%, Agriculture 17.4%, and MSME 13.9%. Corporate loans saw muted growth of 3% YoY. Net Interest Income (NII) reached INR 13,127 Cr, a 3.9% YoY increase.
Geographic Revenue Split
Domestic operations contribute the majority of business with advances growing at 11.5% YoY, while International operations contribute a smaller but faster-growing portion at 13.8% YoY growth. International deposits grew by 7.2% compared to 9.7% for domestic deposits.
Profitability Margins
Net Interest Margin (NIM) improved to 2.96% globally (up 5 bps sequentially) and 3.10% domestically. Return on Assets (ROA) stands at 1.07% for Q2 FY26, and Return on Equity (ROE) is 15.37%. Net Profit for Q2 FY26 was INR 4,809 Cr, representing a 22% growth when excluding a one-off recovery from the previous year's base.
EBITDA Margin
Operating Profit for Q2 FY26 was INR 8,493 Cr, down 24.2% YoY due to a high base effect from a significant INR 900 Cr NCLT resolution in Q2 FY25. For H1 FY26, Operating Profit stood at INR 15,812 Cr.
Capital Expenditure
Not disclosed as a traditional CapEx figure; however, the bank maintains a strong capital profile with a Capital Adequacy Ratio (CRAR) of 17.61% and CET-I of 14.12% as of June 30, 2025, supporting future balance sheet expansion.
Credit Rating & Borrowing
The bank maintains a high credit rating due to 63.97% Government of India ownership. Cost of Deposits sequentially declined to 4.91% from 5.05%, driven by prudent liability management and a CASA ratio of 38.42%.
Operational Drivers
Raw Materials
For banking, 'raw materials' are deposits: CASA (Current Account Savings Account) at 38.42% of total deposits and Term Deposits which grew 11.7% YoY.
Import Sources
Sourced primarily from the Indian domestic market (9.7% deposit growth) and international markets (7.2% deposit growth) through its global branch network.
Key Suppliers
Not applicable as a bank; primary 'suppliers' are retail and corporate depositors and the Reserve Bank of India for liquidity.
Capacity Expansion
Total Asset book stood at INR 17.46 lakh crore as of June 30, 2025. The bank is expanding its digital infrastructure through a new Section 8 company for a Digital Payments Intelligence Platform.
Raw Material Costs
Cost of Deposits is the primary 'raw material' cost, which stands at 4.91% as of Q2 FY26. Interest expended for FY25 was INR 75,783 Cr, up from INR 67,884 Cr in FY24.
Manufacturing Efficiency
Cost-to-Income ratio was 47.94% in FY25. The Credit-Deposit (CD) ratio stands at 85.26%, indicating high utilization of the deposit base for lending.
Logistics & Distribution
Distribution is handled through a network of domestic branches and three sponsored Regional Rural Banks (RRBs) which have an aggregate business of INR 1,86,088.63 Cr.
Strategic Growth
Expected Growth Rate
11-13%
Growth Strategy
Growth will be driven by a focus on RAM (Retail, Agri, MSME) segments, which grew at 17.6%, 17.4%, and 13.9% respectively. The bank also targets a 10-11% recovery in Corporate growth in H2 FY26 through a strong pipeline of INR 25,000 Cr in proposals and a focus on Mid-Corporate clusters.
Products & Services
Retail loans (Home, Auto, Education, Personal, Mortgages), MSME loans, Corporate credit, Agriculture loans, and Insurance through IndiaFirst Life Insurance.
Brand Portfolio
Bank of Baroda, Baroda U.P. Bank, Baroda Rajasthan Kshetriya Gramin Bank, Baroda Gujarat Gramin Bank, IndiaFirst Life Insurance.
New Products/Services
Establishment of a Section 8 Company for a 'Digital Payments Intelligence Platform' to enhance digital transaction security and experience.
Market Expansion
Focus on Mid-Corporate Clusters in New Delhi, Chennai, Mumbai, and Kolkata. International expansion continues through subsidiaries in Botswana, Kenya, Uganda, and the UK.
Market Share & Ranking
Second largest Public Sector Bank (PSB) and fourth largest bank in the Indian financial system as of March 2025.
Strategic Alliances
Joint ventures include IndiaFirst Life Insurance (64.98% stake) and Baroda BNP Paribas Asset Management (50.10% stake).
External Factors
Industry Trends
The industry is seeing a shift toward retail consumption-driven credit. Bank of Baroda is positioning itself by growing its retail book at 17.6%, exceeding its total advance growth of 11.9%.
Competitive Landscape
Faces intense competition in the 'fine price' corporate segment, leading the bank to strategically hold back on low-margin corporate lending to protect NIM.
Competitive Moat
Moat is derived from its sovereign backing (63.97% GoI stake), which ensures a low cost of funds and a massive distribution network through RRBs and domestic branches.
Macro Economic Sensitivity
Highly sensitive to RBI monetary policy; a 25 bps reduction in the Repo Rate directly impacts the lending rate (BRLLR) for a large portion of the book.
Consumer Behavior
Increasing demand for digital payment security and retail credit (Personal loans grew 18.6%, Mortgages 19.8%).
Geopolitical Risks
Geopolitical scenarios are monitored as they may impact slippages (guided at 1-1.25%) and international business operations.
Regulatory & Governance
Industry Regulations
Subject to RBI's ECL (Expected Credit Loss) framework; the bank has proactively made floating provisions of INR 400 Cr (totaling INR 1,000 Cr) to prepare for regulatory shifts.
Taxation Policy Impact
The bank provided INR 1,624 Cr for tax in Q2 FY26, with an effective tax rate of approximately 24.2% for the quarter.
Risk Analysis
Key Uncertainties
Slippage guidance is maintained at 1-1.25% due to potential geopolitical headwinds. Corporate growth remains a key uncertainty, having grown only 3% YoY against a target of 10-11%.
Geographic Concentration Risk
Domestic advances represent the bulk of the portfolio (INR 9.38 lakh crore), with specific focus on Gujarat, UP, and Rajasthan through sponsored RRBs.
Third Party Dependencies
Dependency on the Government of India for capital support and the RBI for liquidity and interest rate direction.
Technology Obsolescence Risk
Mitigated by the creation of a dedicated Digital Payments Intelligence Platform and focus on digital-first customer experiences.
Credit & Counterparty Risk
Gross NPA ratio declined to 2.28% (June 2025) from 2.92% (FY24). Net NPA is low at 0.60%, indicating high asset quality and low counterparty risk.
