External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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Thematic (Sector/Industry)

<ul><li>Q2FY27E provisional updates indicate broad-based strength in credit and deposit growth across lenders, in a relatively weaker quarter.</li><li>SFBs continued to outpace the mid/larger banks, delivering robust business growth. FCNR(B) flows supported deposit mobilisation.</li><li>However, margins are likely to remain under pressure from higher CoF in Q2. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Q2FY27E provisional updates indicate broad-based strength in credit and deposit growth across lenders, in a relatively weaker quarter.SFBs continued to outpace the mid/larger banks, delivering robust business growth. FCNR(B) flows supported deposit mobilisation.However, margins are likely to remain under pressure from higher CoF in Q2. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Flash Note:Banks and NBFCs: Q2FY27E Provisional Update

Equity Bottom-Up

<ul><li>NIMs Remain Within Guidance; Pricing Discipline Continues: In Q1, BoB’s core NIMs (adj for tax refunds) contracted to 2.77% vs 2.83-2.84% QoQ.</li><li>Domestic NIMs continue to remain resilient at 2.9+%, while international margins remain structurally lower. BoB is consciously migrating its corporate book from finely-priced non-MCLR loans to MCLR-linked pricing.</li><li>While bulk deposit rates were elevated, the announcement of the FCNR (B) scheme has resulted in easing off of these rates. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

NIMs Remain Within Guidance; Pricing Discipline Continues: In Q1, BoB’s core NIMs (adj for tax refunds) contracted to 2.77% vs 2.83-2.84% QoQ.Domestic NIMs continue to remain resilient at 2.9+%, while international margins remain structurally lower. BoB is consciously migrating its corporate book from finely-priced non-MCLR loans to MCLR-linked pricing.While bulk deposit rates were elevated, the announcement of the FCNR (B) scheme has resulted in easing off of these rates. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bank of Baroda - One-Time Settlement Dents Earnings

<ul><li>NIMs Remain Resilient Amid CoF Pressures: While reported Global/Domestic NIM improved sequentially by 10/15 bps during Q4, the management indicated that a noted contributor to NIM continues to be interest income on IT refunds and also higher recovery from TWO accounts.</li><li>While the management has alluded to the fact that IT refunds are recurring in nature its quantum tends to remain volatile.</li><li>However, post factoring in the impact of IT refunds, the bank has guided for FY27 NIMs to range between 2.75-2.95%, which the management considers conservative. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

NIMs Remain Resilient Amid CoF Pressures: While reported Global/Domestic NIM improved sequentially by 10/15 bps during Q4, the management indicated that a noted contributor to NIM continues to be interest income on IT refunds and also higher recovery from TWO accounts.While the management has alluded to the fact that IT refunds are recurring in nature its quantum tends to remain volatile.However, post factoring in the impact of IT refunds, the bank has guided for FY27 NIMs to range between 2.75-2.95%, which the management considers conservative. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bank of Baroda - Navigating Margin Pressures Without Diluting Profitability

<ul><li>Retail Momentum Strong; Growth to Outperform Guidance: BoB is expected to outperform the guidance with growth settling at 14.5-15% for FY26 vs its previous guidance of 11-13%.</li><li>This performance is likely to be driven by continued strong traction in the retail portfolio, growing at ~17-18%, alongside an improving corporate portfolio, with growth strengthening to ~10%.</li><li>The bank is comfortable maintaining domestic LDR between 82-84% with global LDR higher at 86-88%, and the management believes these levels are optimal. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Retail Momentum Strong; Growth to Outperform Guidance: BoB is expected to outperform the guidance with growth settling at 14.5-15% for FY26 vs its previous guidance of 11-13%.This performance is likely to be driven by continued strong traction in the retail portfolio, growing at ~17-18%, alongside an improving corporate portfolio, with growth strengthening to ~10%.The bank is comfortable maintaining domestic LDR between 82-84% with global LDR higher at 86-88%, and the management believes these levels are optimal. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Axis Punch: Bank of Baroda - 18th February, 2026

<ul><li>Corporate Growth Revival Expected; Retail Momentum Strong: The management has continued to guide for the pace of credit growth to range between 11-13% for FY26, with the corporate portfolio growth reviving in H2.</li><li>The growth opportunities in the highly rated corporates continue to remain subdued, with pricing pressures persisting and most of these corporates tapping bond markets, citing better rates.</li><li>However, the management envisages stronger corporate growth opportunities supported by a strong corporate sanction pipeline and expectations of revival in private capex and expects growth to settle at 10-11% in FY26. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Corporate Growth Revival Expected; Retail Momentum Strong: The management has continued to guide for the pace of credit growth to range between 11-13% for FY26, with the corporate portfolio growth reviving in H2.The growth opportunities in the highly rated corporates continue to remain subdued, with pricing pressures persisting and most of these corporates tapping bond markets, citing better rates.However, the management envisages stronger corporate growth opportunities supported by a strong corporate sanction pipeline and expectations of revival in private capex and expects growth to settle at 10-11% in FY26. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bank of Baroda - Better NIM Performance Keeps ~1% RoA Hopes Alive

India

Bank of Baroda owns and operates commercial banks in India.  The Group's banks provide the traditional forms of banking services, including CD's, Credit Card services and a variety of car loans, in addition to gold banking and a range of insurance services.  The Group also owns IBU International Finance Limited, an international banking company in Hong Kong.

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Bank Of Baroda (BOB IN)

Flash Note:Banks and NBFCs: Q2FY27E Provisional Update

Q2FY27E provisional updates indicate broad-based strength in credit and deposit growth across lenders, in a relatively weaker quarter.

Axis Direct

Bank of Baroda - One-Time Settlement Dents Earnings

NIMs Remain Within Guidance; Pricing Discipline Continues: In Q1, BoB’s core NIMs (adj for tax refunds) contracted to 2.77% vs 2.83-2.84% QoQ.

Axis Direct

Bank of Baroda - Navigating Margin Pressures Without Diluting Profitability

However, post factoring in the impact of IT refunds, the bank has guided for FY27 NIMs to range between 2.75-2.95%, which the management considers...

Axis Direct

Axis Punch: Bank of Baroda - 18th February, 2026

Retail Momentum Strong; Growth to Outperform Guidance: BoB is expected to outperform the guidance with growth settling at 14.5-15% for FY26 vs its...

Axis Direct

Bank of Baroda - Better NIM Performance Keeps ~1% RoA Hopes Alive

The management has continued to guide for the pace of credit growth to range between 11-13% for FY26, with the corporate portfolio growth reviving...

Axis Direct

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