Company Update : Bank of Baroda by Motilal Oswal Financial Services Ltd
Advances and deposit growth lower than estimates; CD ratio largely stable QoQ
* Total business grew 15.46% YoY/fell 0.88% QoQ to INR30.51t.
* Global advances grew 17.42% YoY/declined 0.87% QoQ to INR14.17t (below our estimated net advances growth of 22.2% YoY/2.9% QoQ). Retail advances increased by 18.45% YoY/2.4% QoQ.
* Global deposits grew 13.81% YoY/fell 0.9% QoQ to INR16.34t (below our estimate of 18.3% YoY/3.0% QoQ), led by slower growth in domestic deposits, which grew 14.74% YoY/declined 1.4% QoQ to INR13.82t.
* As a result, the C/D ratio was largely stable at 86.8% vs. 86.7% in 4QFY26 (on gross basis).
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