India Ratings and Research (Ind-Ra) has affirmed Bank of Baroda’s (BOB) Long-Term Issuer Rating at 'IND AAA/Stable' with a Stable Outlook, along with existing ratings on its debt instruments. This disclosure was made on 17 June 2025.

• The ratings reflect BOB’s high systemic importance to the Government of India (GoI), which held a 63.97% stake as of March 2025, suggesting a high probability of support if required.
• Key ratings affirmed include:
  • Long-Term Issuer Rating: IND AAA/Stable
  • Certificate of Deposits: IND A1+ (Issue Size: ₹70,000 crore)
  • Basel III Tier 2 bonds: IND AAA/Stable (Issue Size: ₹11,123 crore)
  • Basel III Additional Tier-1 bonds: IND AA+/Stable (Issue Size: ₹7,603 crore)
  • Infrastructure and Affordable Housing Bonds: IND AAA/Stable (Issue Size: ₹31,000 crore)
  • Fixed Deposits: IND AAA/Stable
• The bank demonstrated strong capitalisation with a Common Equity Tier-I (CET-I) ratio of 13.78% in FY25 and a total capital adequacy ratio of 17.19% in FY25.
• Asset quality showed improvement, with Gross Non-Performing Assets (NPAs) at 2.26% and Net NPAs at 0.58% as of FYE25. The Provision Coverage Ratio (PCR) stood at 74.9% in FY25.
• The management has guided for credit costs of approximately 0.75% in FY26 (compared to 0.53% in FY25) and aims to maintain Return on Assets at around 1.15% in FY26 (FY25: 1.16%).
• A noted weakness was the decline in the global Current Account Savings Account (CASA) deposit ratio to 37.82% in FY25 (from 38.53% in FY24).
• For FY25, Bank of Baroda reported total assets of ₹17.81 lakh crore, total equity of ₹1.37 lakh crore, and net income of ₹19,580 crore.