Bank of Baroda Receives BBB+/Stable Rating from CareEdge Global for USD 4 Billion GMTN Programme

Mumbai, June 17, 2026: Public sector lender Bank of Baroda (BoB) has received a 'CareEdge BBB+/Stable' long-term foreign currency issuer rating from CareEdge Global. The rating agency has also assigned the same rating to the bank's USD 4 billion Global Medium-Term Notes (GMTN) programme.

The development was disclosed by Bank of Baroda to stock exchanges under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Sovereign Support Drives Rating

According to CareEdge Global, Bank of Baroda benefits from strong support from the Government of India, which held nearly 63.97% stake in the bank as of March 31, 2026.

The rating agency highlighted the lender's systemic importance as India's second-largest public sector bank by advances, accounting for around 5.5% share in domestic advances. The strong sovereign backing and the bank's role in financial inclusion and policy transmission underpin the rating.

Strong Market Position and Capitalisation

As of March 2026, Bank of Baroda reported:

• Consolidated total assets of ₹21.02 trillion

• More than 8,600 domestic branches

• Over 9,500 ATMs

• Presence across 15 countries through 80 overseas offices

• Capital Adequacy Ratio (CAR) of 15.8%

• CET-1 ratio of 13.2%

• Liquidity Coverage Ratio (LCR) of 127%

The bank's deposit base grew around 12% year-on-year to ₹16.49 trillion, while its CASA ratio stood at 37.2%.

Asset Quality Continues to Improve

CareEdge Global noted that Bank of Baroda's asset quality has improved steadily over the years.

As of March 31, 2026:

• Gross Non-Performing Asset (GNPA) ratio declined to 1.9%

• Net Non-Performing Asset (NNPA) ratio improved to 0.4%

• Provision Coverage Ratio (PCR) remained healthy at around 77%

The agency, however, noted that risks remain in MSME and agricultural loan segments, where asset quality remains relatively weaker.

Profitability Moderates in FY26

Bank of Baroda posted a consolidated profit after tax of ₹198 billion during FY26 compared with ₹207 billion in FY25.

Return on Assets (RoA) moderated to 1.0% in FY26 from 1.2% a year earlier due to margin pressures and lower non-interest income. Nevertheless, lower credit costs and improved asset quality continued to support profitability.

Stable Outlook Linked to India's Sovereign Rating

CareEdge Global stated that the stable outlook reflects expectations of continued government support and Bank of Baroda's strategic importance within India's public sector banking framework.

Any change in India's sovereign rating outlook could influence the outlook on Bank of Baroda's rating.

About Bank of Baroda

Established in 1908 and nationalised in 1969, Bank of Baroda is one of India's largest public sector banks. Following the merger with Vijaya Bank and Dena Bank in 2019, the lender has emerged as one of the country's leading banks in terms of assets and business size.