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Bank of India Q3FY26
22 Jan 2026, 11:50AM

  • Bank of India posted NII growth of 6.4% YoY and 9.2% QoQ, ahead of our estimates, on the back of 16 bps sequential improvement in NIMs
  • Fee income was subdued but owing to good treasury income the overall non-interest income grew by 30.5% YoY.
  • Operating expenses were up 10.5% YoY and 5.4% QoQ, the bank continues to spend on IT.
  • Credit cost inched up on sequential basis as fresh NPA addition was higher QoQ due to one large road account, however overall GNPA and NNPA ratio declined.
  • Net profit was up 7.5% YoY and 5.9% QoQ and was higher than our expectations.
  • Loan growth at 15% YoY was higher than industry and was driven by RAM segment (Retail-Agri-MSME)
  • We have a BUY rating on the stock. 

Particulars

Q3FY26

Q3FY25

YoY

Q2FY26

QoQ

Net Interest Income

6,461

6,070

6.4%

5,914

9.2%

Other income

2,279

1,746

30.5%

2,220

2.7%

Net Income

8,740

7,817

11.8%

8,134

7.4%

Opex

4,547

4,114

10.5%

4,313

5.4%

Operating Profit

4,193

3,703

13.2%

3,821

9.7%

Provisions

576

304

89.7%

441

30.5%

PAT

2,705

2,517

7.5%

2,555

5.9%

 

         

Advances

7,27,959

6,32,868

15.0%

6,95,660

4.6%

Deposits

8,87,287

7,94,788

11.6%

8,53,301

4.0%

 

         

NIMs %

2.57

2.80

-23 bps

2.41

16 bps

GNPA %

2.26

3.69

-143 bps

2.54

-28 bps

NNPA %

0.60

0.85

-25 bps

0.65

-5 bps

PCR %

73.9

77.5

-358 bps

74.9

-93 bps

 

Actual versus estimates

Particulars

Q3FY26

Q3FY26E

Var

Net Interest Income

6,461

6,133

5%

Operating Profit

4,193

4,018

4.4%

PAT

2,705

2,646

2.2%

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