Bank of Baroda
Bank of Baroda
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LargecapPublic Sector BankBanksTapetide Score
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Key Insights
Strengths
3- Stock is trading at 0.73 times its book value
- Stock is providing a good dividend yield of 3.57%.
- Company has been maintaining a healthy dividend payout of 21.3%
Weaknesses
3- Company has low interest coverage ratio.
- Contingent liabilities of Rs.8,63,069 Cr.
- Company might be capitalizing the interest cost
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2d agoBank of Baroda trades at a market cap of ₹1,22,142 Cr with a PE of 6.7x and PB of 0.73x, both below typical banking sector averages. The bank has delivered 13% ROE over 3 years and 14% TTM profit growth, while carrying contingent liabilities of ₹8,63,069 Cr and a low interest coverage ratio.
- Trades at 0.73x book value, indicating the stock is available below its net asset value per share
- PE ratio of 6.7x is significantly below the banking sector median, suggesting compressed earnings multiples
- Dividend yield of 3.58% is attractive relative to most large-cap Indian banks and provides income cushion
- 3-year ROE averages 15%, reflecting consistent and healthy return generation on equity capital
- Compounded profit growth of 73% CAGR over 5 years demonstrates a sharp earnings recovery trajectory
- Compounded sales growth of 13% over both 3-year and 5-year periods shows steady top-line expansion
- Healthy dividend payout ratio of 21.3% signals management confidence in sustaining earnings
- TTM profit growth of 14% indicates continued earnings momentum in the most recent period
- Contingent liabilities stand at ₹8,63,069 Cr, which is roughly 7x the market cap of ₹1,22,142 Cr, posing a material off-balance-sheet risk
- Low interest coverage ratio raises concerns about the bank's ability to service its own borrowing costs comfortably
- Potential capitalisation of interest cost could be inflating reported asset quality and earnings
- Last year ROE dipped to 13% from the 3-year average of 15%, suggesting possible margin or asset quality pressure
- TTM sales growth has decelerated to 5% compared to the 3-year CAGR of 13%, indicating slowing revenue momentum
- 10-year stock CAGR of just 4% implies prolonged periods of poor shareholder returns despite profit growth
- 1-year stock CAGR of 0% shows the market has not rewarded recent earnings growth with price appreciation
- 10-year ROE averages only 10%, reflecting a long history of sub-par returns that includes NPA-heavy years
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 2h ago- RBI fine for note misclassification Aug 19
RBI penalised Bank of Baroda ₹2.15 lakh on August 19, 2026 for misclassifying mutilated notes as soiled notes. Minor penalty but signals compliance gaps.
- Union strike notices filed Sep 2
UFBU and ABBOS unions have scheduled strikes for Sept 11, Sept 28-30, and continuous from Oct 26, 2026, which could disrupt branch operations.
- Inflation and rate hike risk Sep 7
BoB economists now expect RBI to hike rates by 25 bps to 5.5-5.75%, reversing their earlier hold view, citing oil near $98/bbl and weak monsoon risks to inflation at 5-5.2% CPI.
- Senior IT leadership exits Aug 31
CGM Saurabh Shukla (IT head, 20+ years) voluntarily retired Aug 31, and Large Corporate head Sumit Sachdeva resigned Sept 9, creating leadership gaps in key functions.
- NSE stake sale unlocks ~₹1,615-1,769 Cr Sep 8
BoB plans to sell 76.90 lakh NSE shares (35% of its holding) via the NSE IPO at expected ₹2,100-2,300/share, boosting CAR from 16.30% to ~16.40-16.50% and funding RAM lending at ~9.5% yields.
- FY27 GDP growth forecast raised Sep 7
BoB raised its FY27 GDP growth forecast to 7-7.2% from 6.6-6.8% after Q1FY27 GDP printed 7.8%, with private consumption up 9.9% and investment up 20%, supporting credit demand.
- USD 400 Mn bond at 5.389% Aug 21
BoB completed a USD 400 Mn 5-year Reg-S bond issuance at 5.389% all-in-yield, rated BBB by S&P, Fitch, and CareEdge, strengthening its foreign currency funding base.
- AI-powered bob World 2.0 launched Sep 12
BoB launched bob World 2.0 at GFF 2026 featuring voice-enabled payments, AI-driven personalisation for segments like NRIs and seniors, and a Personal Financial Management module on microservices architecture.
- UPI Global QR for international visitors Aug 26
BoB launched UPI Global Reverse Acceptance enabling visitors from Singapore, UAE, Nepal, US, France and others to pay at its merchant QR network, expanding its acquiring franchise.
- MCLR held steady at 8.75% Sep 10
One-year MCLR unchanged at 8.75% effective Sept 12, 2026, with overnight rate at 7.85%. Reflects stable cost-of-funds assessment with no immediate lending rate changes.
- Recruiting 2,482 local language officers Aug 31
BoB opened recruitment for 2,482 local bank officers across 20 states at ₹48,480-85,920/month salary, requiring 12-year state commitment to strengthen local language customer service.
- Fiscal deficit expected to widen Sep 7
BoB economists project fiscal deficit at 4.5-4.6% of GDP versus budgeted 4.3%, driven by higher fertiliser subsidies and weaker OMC dividends, a macro watch item for government bank exposure.
TL;DR: Bank of Baroda is executing well on capital optimisation, with the NSE IPO stake sale poised to unlock ₹1,615-1,769 crore and lift CAR to ~16.50%, while digital investments like bob World 2.0 and UPI Global strengthen its franchise. The raised FY27 GDP forecast to 7-7.2% supports credit growth momentum. Key risks include potential RBI rate hikes, union strike action through October, and senior leadership departures in IT and corporate banking. The trend is constructive on capital and digital strategy, but near-term margin and operational disruption risks warrant monitoring.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 28,003 | 29,263 | 30,042 | 31,072 | 31,143 | 31,902 | 32,570 | 32,820 | 32,866 | 33,318 | 33,600 | 34,514 | 35,115 |
| Expenses | 11,040 | 12,216 | 10,556 | 12,269 | 10,879 | 12,755 | 10,654 | 12,712 | 12,928 | 11,548 | 12,390 | 13,155 | 12,130 |
| Financing Profit | 902 | -480 | 1,484 | 494 | 1,682 | -119 | 1,772 | -165 | -368 | 1,579 | 624 | 582 | 1,684 |
| Fin. Margin % | 3% | -2% | 5% | 2% | 5% | 0% | 5% | 0% | -1% | 5% | 2% | 2% | 5% |
| Other Income | 5,316 | 6,503 | 5,042 | 6,538 | 4,658 | 7,553 | 5,163 | 7,076 | 5,538 | 5,116 | 6,399 | 5,474 | 522 |
| Interest | 16,060 | 17,528 | 18,002 | 18,309 | 18,582 | 19,266 | 20,143 | 20,273 | 20,307 | 20,191 | 20,586 | 20,776 | 21,301 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PBT | 6,217 | 6,023 | 6,526 | 7,033 | 6,340 | 7,434 | 6,935 | 6,911 | 5,170 | 6,695 | 7,024 | 6,057 | 2,206 |
| Tax % | 31% | 28% | 27% | 29% | 28% | 27% | 26% | 23% | 35% | 24% | 23% | 7% | 29% |
| Net Profit | 4,468 | 4,426 | 4,815 | 5,160 | 4,764 | 5,405 | 5,250 | 5,447 | 3,517 | 5,181 | 5,501 | 5,872 | 1,839 |
| EPS in Rs | 8.61 | 8.5 | 9.26 | 9.92 | 9.14 | 10.36 | 10.08 | 10.48 | 6.71 | 9.93 | 10.53 | 11.22 | 3.45 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 44,915 | 45,799 | 44,473 | 46,056 | 52,906 | 78,895 | 74,314 | 73,385 | 94,139 | 1,18,379 | 1,27,945 | 1,34,298 | 1,36,546 |
| Expenses | 13,466 | 25,391 | 19,250 | 26,093 | 25,815 | 40,583 | 38,636 | 37,518 | 38,239 | 44,387 | 45,533 | 48,058 | 49,223 |
| Financing Profit | 902 | -11,700 | -4,372 | -9,197 | -5,414 | -11,728 | -7,523 | -2,948 | 5,957 | 4,093 | 4,147 | 4,381 | 4,469 |
| Fin. Margin % | 2% | -26% | -10% | -20% | -10% | -15% | -10% | -4% | 6% | 3% | 3% | 3% | 3% |
| Other Income | 5,449 | 5,992 | 7,937 | 7,992 | 7,887 | 12,191 | 15,254 | 14,395 | 16,639 | 23,399 | 24,939 | 22,527 | 17,511 |
| Interest | 30,547 | 32,107 | 29,596 | 29,160 | 32,506 | 50,040 | 43,201 | 38,815 | 49,942 | 69,899 | 78,265 | 81,860 | 82,855 |
| Depreciation | 368 | 525 | 540 | 901 | 948 | 1,697 | 1,357 | 1,438 | 2,032 | 1,694 | 1,467 | 1,963 | 0 |
| PBT | 5,983 | -6,233 | 3,024 | -2,106 | 1,525 | -1,234 | 6,373 | 10,008 | 20,565 | 25,799 | 27,619 | 24,945 | 21,981 |
| Tax % | 36% | -19% | 41% | -9% | 29% | -176% | 77% | 23% | 29% | 29% | 26% | 22% | — |
| Net Profit | 3,950 | -5,033 | 1,855 | -1,836 | 1,166 | 981 | 1,620 | 7,933 | 15,005 | 18,869 | 20,865 | 20,070 | 18,392 |
| EPS in Rs | 17.69 | -21.99 | 7.88 | -7.13 | 4.16 | 2.01 | 2.99 | 15.18 | 28.82 | 36.29 | 40.06 | 38.38 | 35.13 |
| Div. Payout % | 18% | 0% | 15% | 0% | 0% | 0% | 0% | 19% | 19% | 21% | 21% | 22% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 444 | 462 | 462 | 530 | 530 | 925 | 1,036 | 1,036 | 1,036 | 1,036 | 1,036 | 1,036 |
| Reserves | 41,574 | 42,041 | 42,605 | 46,036 | 54,466 | 75,179 | 81,354 | 90,833 | 1,04,019 | 1,18,677 | 1,45,467 | 1,64,833 |
| Borrowing | 35,502 | 33,845 | 31,242 | 64,860 | 68,868 | 95,753 | 71,263 | 1,09,526 | 1,07,910 | 1,01,959 | 1,35,813 | 1,70,297 |
| Deposits | 6,29,981 | 5,86,690 | 6,17,257 | 6,07,451 | 6,65,589 | 9,73,228 | 9,95,910 | 10,75,804 | 12,34,682 | 13,59,980 | 14,96,688 | 16,75,895 |
| Other Liabilities | 26,465 | 28,134 | 27,649 | 28,919 | 30,217 | 54,850 | 53,104 | 62,922 | 78,224 | 73,123 | 82,762 | 89,425 |
| Total Liabilities | 7,33,966 | 6,91,173 | 7,19,216 | 7,47,796 | 8,19,670 | 11,99,935 | 12,02,667 | 13,40,121 | 15,25,871 | 16,54,775 | 18,61,766 | 21,01,485 |
| Fixed Assets | 2,978 | 6,359 | 5,930 | 5,532 | 7,368 | 9,268 | 8,438 | 11,098 | 9,865 | 9,054 | 13,544 | 13,107 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 2 | 1 | 3 | 6 | 1 | 1 |
| Investments | 1,24,739 | 1,28,894 | 1,40,716 | 1,75,137 | 1,95,716 | 2,89,727 | 2,81,859 | 3,47,587 | 3,97,487 | 4,07,136 | 4,27,380 | 4,35,778 |
| Other Assets | 6,06,248 | 5,55,920 | 5,72,570 | 5,67,126 | 6,16,586 | 9,00,941 | 9,12,367 | 9,81,435 | 11,18,516 | 12,38,580 | 14,20,842 | 16,52,599 |
| Total Assets | 7,33,966 | 6,91,173 | 7,19,216 | 7,47,796 | 8,19,670 | 11,99,935 | 12,02,667 | 13,40,121 | 15,25,871 | 16,54,775 | 18,61,766 | 21,01,485 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 17,838 | -10,011 | 17,865 | -59,692 | -1,449 | 18,531 | -887 | 6,210 | -21,271 | -6,274 | 34,892 | 33,426 |
| Investing | -556 | -4,005 | -551 | -414 | -2,537 | -139 | -471 | -3,645 | -1,096 | -1,285 | -6,494 | -3,275 |
| Financing | -6 | -616 | -198 | 3,413 | 4,449 | 14,729 | -986 | -998 | -5,488 | 5,476 | 3,790 | -1,806 |
| Net Cash Flow | 17,276 | -14,632 | 17,116 | -56,692 | 462 | 33,120 | -2,344 | 1,567 | -27,855 | -2,084 | 32,188 | 28,345 |
| Free Cash Flow | 17,282 | -14,016 | 17,314 | -60,105 | -3,986 | 18,393 | -1,146 | 2,805 | -22,057 | -7,153 | 28,979 | 31,911 |
| CFO/OP | 57 | -56 | 66 | -304 | 11 | 49 | 12 | 20 | -28 | 3 | 54 | 44 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE % | 10% | -12% | 4% | -4% | 2% | 1% | 2% | 9% | 15% | 17% | 16% | 13% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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69 extracted metrics + investor summaries across FY09–FY27.
Documents
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Company Information
Bank of Baroda is engaged in providing various services, such as personal banking, corporate banking, international banking, small and medium enterprise (SME) banking, rural banking, non-resident Indian (NRI) services and treasury services.(Source : Company Web-site)
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