Bank of Baroda 2QFY26 business figures

Business update

Total Business (Global) have grown 5.2% QoQ and 10.5% YoY to Rs. 27,791 bn

Loan book aspects

Gross Advances (Global) have grown 6.0% QoQ and 11.9% YoY to Rs. 12,791 bn

Gross Advances (Domestic) have grown 5.6% QoQ and 11.5% YoY to Rs. 10,467 bn

Retail Advances (Domestic) have grown 4.5% QoQ and 17.6% YoY to Rs. 2,731 bn

Deposits traction

Total Deposits (Global) have grown 4.5% QoQ and 9.3% YoY to Rs. 15,000 bn

Total Deposits (Domestic) have grown 5.6% QoQ and 9.7% YoY to Rs. 12,720 bn

Valuation and View

Bank of Baroda (BOB) trades at an FY26E P/BV of 0.9x for an FY26E/FY27E/FY28E RoE profile of 13.4%/14.3%/14.6%. We currently have a BUY rating on the stock.