General Updates

BCC:ISD:118:16:522 07.10.2026 The Vice-President, The Vice-President, B S E Ltd., National Stock Exchange of India Ltd. Phiroze Jeejeebhoy Towers Exchange Plaza, Dalal Street Bandra Kurla Complex, Bandra (E) Mumbai – 400 001 Mumbai – 400 051 BSE CODE-532134 CODE-BANKBARODA Madam/Dear Sir, Re: Bank of Baroda – Credit Rating - Disclosure under Regulation 30 of SEBI (LODR), 2015. We advise that the rating rationale on Bank of Baroda published by CARE Ratings. All the ratings have been reaffirmed with Stable outlook The detailed report dated 07.10.2026 is enclosed. We request you to take note of the above pursuant to Regulation 30 of SEBI (LODR) Regulations, 2015 and upload the information on your website. Yours faithfully, S Balakumar Company Secretary बडौदा कॉप(cid:574)रेट स(cid:581)टर, सी-26, जी-(cid:222) लॉक, बा(cid:219)(cid:289)ा कुला(cid:91) कॉ(cid:224) (cid:220) ल(cid:200)े स, मुंबई 400 051, भारत. Baroda Corporate Centre, Bandra Kurla Complex, Mumbai 400 051, India फोन / Ph : 91 22 6698 5812 ई मेल / E Mail : companysecretary.bcc@bankofbaroda.bank.in वेब / Web : www.bankofbaroda.bank.in Press Release Bank of Baroda October 07, 2026 Facilities/Instruments Name of the Regulator1 Amount (₹ crore) Rating2 Rating Action Infrastructure bonds SEBI 10,000.00 CARE AAA; Stable Reaffirmed Tier II bonds& SEBI 2,000.00 CARE AAA; Stable Reaffirmed Tier II bonds& SEBI 500.00 CARE AAA; Stable Reaffirmed Certificate of deposit RBI 1,10,000.00 CARE A1+ Reaffirmed Tier II bonds& SEBI - - Withdrawn Details of instruments/facilities in Annexure-1. &Tier-II Bonds under Basel-III are characterised by a ‘point of non-viability’ (PONV) trigger, due to which the investor may suffer a loss of principal. The PONV will be determined by the Reserve Bank of India (RBI), and is a point at which, the bank may no longer remain a going concern on its own unless appropriate measures are taken to revive its operations, and thus, enable it to continue as a going concern. Difficulties faced by a bank should be such that these are likely to result in financial losses and raising Common Equity Tier-I (CET I) capital of the bank should be considered the most appropriate way to prevent the bank from turning non-viable. Rationale and key rating drivers Reaffirmation of ratings to long-term instruments and certificate of deposits of Bank of Baroda (BOB) continues to factor in majority ownership by Government of India (GOI) and expectation of continued support, given the systemic importance of BOB being one of the largest public sector banks (PSB) in India. Ratings also favourably factor in the bank’s established franchise with a pan-India branch network, which helps it garner deposits at competitive rates and its sizeable international presence (~19% of total advances as on March 31, 2026), which provides diversification to the advances profile. Ratings continue to derive strength from the bank’s comfortable capitalisation levels and improvement in headline asset quality ratios, leading to lower credit costs, which has supported improved profitability. However, the bank’s ability to contain incremental slippages and maintain its asset quality remains a monitorable. CARE Ratings Limited (CareEdge Ratings) expects moderation in BOB’s profitability in FY27 affected largely by one-time provision of ₹5,680 crore related to out-of-court settlement with the joint administrators of NMC Health PLC, NMC Healthcare Limited and NMC Holding Limited. CareEdge Ratings has withdrawn ratings of ‘CARE AAA; Stable’ assigned to the Tier-II Bond (ISIN:INE077A08098) with immediate effect due to redemption of the bonds on due date. This action has been taken due to full redemption of the Bonds and ‘No Due Certificate/Confirmation’ received from debenture trustees. Rating sensitivities: Factors likely to lead to rating actions Positive factors - Factors that could individually or collectively lead to positive rating action/upgrade: • Not applicable Negative factors - Factors that could individually or collectively lead to negative rating action/downgrade: • Reduction in Government of India (GoI) support and ownership below 51%. • Deterioration in the asset quality parameters: net non-performing assets (NNPA) ratio of over 3% on a sustained basis. • Decline in profitability, with return on total assets (ROTA) below 0.50% on a sustained basis. • Moderation in capitalisation cushion levels of less than 2.5% over and above the minimum regulatory requirement. Analytical approach: Standalone 1SEBI: Securities and Exchange Board of India; RBI: Reserve Bank of India; MCA: Ministry of Corporate Affairs; IRDAI: Insurance Regulatory and Development Authority of India; PFRDA: Pension Fund Regulatory and Development Authority. 2 Complete definitions of ratings assigned are available at www.careratings.com and in other CARE Ratings Limited’s publications. 1 CARE Ratings Ltd. Press Release Ratings are based on the bank’s standalone profile and factor in the strong and continued support from the GoI, which holds majority shareholding in the bank. Outlook: Stable The ‘stable’ outlook reflects CareEdge Ratings’ expectation that BOB will continue to maintain its steady growth in advances and deposits in the medium term, while maintaining stable asset quality and comfortable capitalisation levels. Detailed description of key rating drivers Key strengths Majority ownership and expected continued support from the GoI The GoI continues to be majority shareholder, holding 63.97% stake in BOB as on June 30, 2026. The GoI has been supporting PSBs with regular capital infusions and steps to improve capitalisation, operational efficiency, and asset quality. Given the majority ownership of GoI and BOB’s systemic importance being one of the largest PSBs in the domestic banking system, the bank is expected to receive timely adequate capital and operational support from the GoI, when required, and will remain a key rating sensitivity. Long track record of operations with an established franchise and sizeable international presence BOB has a long and established operational track record of over 11 decades and is one of the largest nationalised banks in terms of assets, business, and outreach. Post amalgamation of Vijaya Bank and Dena Bank with BOB on April 01, 2019, pan-India geographical presence of BOB rose substantially, furthering its existing strong franchise. The bank’s net advances stood at ₹1,395,727 crore as on June 30, 2026, making it the second largest PSB in the country. The bank had a network of 8,728 branches (80 international and 8,648 domestic branches), 9,538 ATMs and over 75,000 employees as on March 31, 2026. The bank has a stable depositor base, which raises its deposits at competitive rates. Indian banks have been facing a challenge in raising deposits, especially low-cost current account savings account (CASA) due to shift of depositors to other investment avenues. In FY26, the bank’s total deposits grew by ~12% from ₹1,472,035 crore as on March 31, 2025, to ₹1,648,487 crore as on March 31, 2026, which was marginally higher than the industry growth of ~11.5%. The bank’s low-cost CASA deposits grew at a slower rate of ~10% from ₹556,666 crore as on March 31, 2025, to ₹613,207 crore as on March 31, 2026. As a result, the proportion of global CASA deposits to total deposits fell to 37.20% as on March 31, 2026, compared to 37.82% for the corresponding date of previous year. Comfortable capitalisation levels supported by internal accruals BOB has maintained comfortable capitalisation levels with higher cushion over the minimum regulatory requirement in the last few years. The bank had raised equity of ₹4,500 crore through qualified institutional placement (QIP) in FY21, post which, the accretion to capital has been through internal accruals. The bank reported capital adequacy ratio (CAR) of 15.82% (PY: 17.19%), Tier-I CAR of 13.64% (PY: 14.79%), and Common Equity Tier-I (CET I) of 13.16% (PY: 13.78%) as on March 31, 2026, drive [Showing first 8,000 characters — download PDF for full document]