Bank of Baroda Q2 results preview: Government-owned Bank of Baroda could report a weak set of earnings for the September 2025 quarter, predict analysts.
Though they remain divided on the quantum of decline in the public sector bank’s net profit for Q2FY26, they unanimously see a hit on bottom-line due to weak treasury income and margin pressure.
Bank of Baroda (BoB) Q2 results: Date, time
Bank of Baroda has informed the stock exchanges that a meeting of Board of Directors of the bank will be held on Friday, October 31, 2025, to consider and approve the unaudited (reviewed) standalone and consolidated financial results of the bank for the quarter/six months ended September 30, 2025.
BoB Q2 2025 results expectations:
Nomura
The global brokerage expects weak treasury income to weigh on Bank of Baroda’s Q2 net profit, estimating the PAT to fall to ₹4,390 crore from ₹5,237.9 crore year-on-year, noting a decline of around 16 per cent.
On a quarterly basis, the decline is seen at 3 per cent from ₹4,541.4-crore profit recorded in Q1FY26.
It also expects the bank to report poor operating performance with net interest income (NII) at ₹11,760 crore, up 1 per cent Y-o-Y and 3 per cent Q-o-Q, and pre-provision profit (PPoP) at ₹7,340 crore, down 23 per cent Y-o-Y and 11 per cent Q-o-Q.
Nomura has baked in net interest margin (NIM) compression of 26 basis points (bps) Y-o-Y and 7 bps Q-o-Q at 2.8 per cent, credit cost decline of 38 bps Y-o-Y and 20 bps Q-o-Q at 0.5 per cent, and return on asset (RoA) dip of 32 bps Y-o-Y and 5 bps Q-o-Q at 1 per cent for the quarter under review.
PL Capital
Analysts at PL Capital see a sharper decline of 30 per cent Y-o-Y in Bank of Baroda’s Q2 net profit at ₹3,650.5 crore. Sequentially, it would be a 20 per cent de-growth.
Further, it expects NII to drop 2 per cent Y-o-Y to ₹11,383.1 crore from ₹11,622.1 crore (Q2FY25), but rise 3 per cent Q-o-Q from ₹11,049.5 crore (Q1FY26).
Moreover, in-line with the decrease in net profit, PL Capital notes BoB to report a near 28 per cent slide in PPoP, at ₹6,869.3 crore, compared to ₹9,477 crore operating profit seen in Q2FY25.
As against a PPoP of ₹8,236.5 crore seen in Q1FY26, it would be drop of around 17 per cent.
That said, the brokerage sees BoB’s loan growth at 12 per cent Y-o-Y and 6 per cent Q-o-Q at ₹12.57 trillion. It sees NIM at 2.7 per cent, down 5bps Q-o-Q.
As for the bank’s asset quality, PL Capital expects gross non-performing asset (GNPA) ratio to improve to 2.13 per cent from 2.28 per cent Q-o-Q.
Kotak Institutional Equities
The brokerage sees Bank of Baroda’s operating profit declining 32 per cent Y-o-Y, to ₹6,433.9 crore, as there would be pressure on revenue growth (NIM and weak treasury income).
It has assumed NIM contraction of 10bps Q-o-Q (2.58 per cent), factoring in the rate cut. Non-interest income, meanwhile, is seen falling 36 per cent on year and 29.5 per cent over the previous quarter to ₹3,293.6 crore.
It expects BoB’s reported loan growth to come at 11 per cent Y-o-Y (₹12.57 trillion), with deposit growth seen at 9 per cent Y-o-Y (₹14.90 trillion).
The brokerage sees the PSU bank’s slippages rising, while RoA and RoE falling in the quarter.
“We expect slippages at ~1.3 per cent (₹3,800 crore) mostly driven from retail and SME. Credit costs could normalise off a low base. Key discussion would be the loan growth, deposit related challenges, and NIM outlook in the near term,” it said.
Overall, Bank of Baroda Q2 net profit is seen at ₹3,591.6 crore, a drop of 31 per cent Y-o-Y and 21 per cent Q-o-Q.
Elara Capital
Elara Capital analysts note a conservative weakness in Bank of Baroda. It estimates the lender’s profit at ₹4,829.5 crore, down just 8 per cent Y-o-Y and a clocking a growth of 6 per cent Q-o-Q.
It sees PPoP at ₹8,234 crore, down 13 per cent Y-o-Y and flat sequentially.
 "Bank of Baroda Q2 preview: Weak NIM, treasury income to likely hit profit")
