Bank of India
Bank of India
Banks F&OKey Fundamentals
MidcapPublic Sector BankBanksTapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
4- Stock is trading at 0.70 times its book value
- Stock is providing a good dividend yield of 3.32%.
- Company has delivered good profit growth of 39.2% CAGR over last 5 years
- Company has been maintaining a healthy dividend payout of 19.8%
Weaknesses
4- Company has low interest coverage ratio.
- Company has a low return on equity of 11.7% over last 3 years.
- Contingent liabilities of Rs.6,93,361 Cr.
- Company might be capitalizing the interest cost
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2d agoBank of India trades at a market cap of ₹63,123 Cr with a PE of 5.5x and PB of 0.78x, reflecting deep value metrics relative to the banking sector. The bank has delivered strong 5-year profit CAGR of 39% but carries massive contingent liabilities of ₹6,93,361 Cr and a modest 3-year ROE of around 12%.
- Stock trades at just 0.78x book value, significantly below the 1x threshold, indicating potential deep value for a public sector bank
- PE ratio of 5.5x is well below sector averages, suggesting earnings are cheaply priced relative to profitability
- Compounded profit growth of 39% CAGR over 5 years reflects a sharp turnaround in earnings trajectory
- Dividend yield of 3.30% is attractive compared to most listed banks and provides a recurring income component
- TTM profit growth of 19% indicates continued earnings momentum even on a higher base
- Revenue CAGR of 16% over 3 years shows improving top-line growth, up from the 10-year CAGR of just 6%
- ROE has improved from a 10-year average of 3% to 12% in the last year, signalling a meaningful profitability recovery
- Stock CAGR of 20% over 5 years shows the market has been re-rating the bank, though the 10-year CAGR of just 2% highlights the long period of underperformance that preceded it
- Contingent liabilities of ₹6,93,361 Cr are enormous — more than 10x the bank's market cap of ₹63,123 Cr — posing a material tail risk
- Low interest coverage ratio suggests vulnerability to margin compression or asset quality deterioration in a stressed environment
- 3-year ROE of approximately 12% remains modest for a bank, and the 10-year ROE of just 3% underscores a long history of poor capital efficiency
- Potential capitalisation of interest costs raises questions about the true quality of reported earnings and asset valuations
- TTM sales growth has decelerated sharply to 6% versus the 3-year CAGR of 16%, suggesting top-line momentum is fading
- 10-year stock CAGR of only 2% highlights that long-term shareholders have seen negligible wealth creation, with most returns concentrated in the recent rally
- As a public sector bank, the company faces structural overhang risks from government ownership, directed lending mandates, and periodic capital dilution
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 3h ago- Profitability lags industry averages Sep 8
S&P noted that Bank of India's profitability and asset quality lagging industry averages are tempering its strengths, despite improvements in risk management.
- Union strike may hit branches Sep 4
United Forum of Bank Unions issued a strike notice for September and October 2026, potentially disrupting branch operations across the network.
- S&P assigns BBB rating Sep 8
S&P Global assigned 'BBB' long-term and 'A-2' short-term ratings with stable outlook, citing sufficient capitalisation, solid funding, healthy liquidity, and likelihood of extraordinary government support.
- Rating above standalone profile Sep 8
The BBB rating is one notch above S&P's standalone credit profile assessment, reflecting the uplift from strong government ownership links and the bank's role in financial inclusion.
- Capital supports above-average growth Sep 8
S&P expects Bank of India's capitalisation to remain adequate and sufficient to support credit growth above the industry average over the next two years.
- Investor roadshow across 3 cities Sep 4
Bank of India will conduct a non-deal roadshow in Hong Kong, Singapore, and London from September 9-16, 2026, engaging institutional investors on its EMTN program.
- Millennium Partners investor meeting Sep 7
Bank held a virtual one-to-one meeting with Millennium Partners on September 7, sharing only public information.
- Tier II bonds call option exercised Sep 3
Bank of India exercised call option on 7.14% Series XV Tier II bonds with record date September 15, 2026, extinguishing the liability upon payment.
- One-year MCLR set at 8.80% Aug 31
Bank of India fixed its one-year MCLR at 8.80% effective September 1, 2026, serving as benchmark for retail and corporate loan pricing.
- Elara India Dialogue participation Aug 28
Bank representatives will attend the Ashwamedh - Elara India Dialogue 2026 on September 2 in a physical group meeting arranged by Elara Capital.
TL;DR: Bank of India secured a meaningful positive with S&P's BBB rating and stable outlook, validating its capitalisation and government-backed funding strength. The key risk remains below-industry profitability and asset quality, along with potential branch disruptions from union strikes in Sep-Oct 2026. Active investor engagement via roadshows and meetings signals management intent to tap international debt markets. The trend is modestly improving on creditworthiness, but operational metrics need to catch up with peers for a sustained re-rating.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 14,442 | 15,062 | 15,319 | 16,250 | 17,046 | 17,466 | 18,317 | 18,479 | 18,467 | 18,521 | 19,052 | 19,573 | 20,097 |
| Expenses | 4,579 | 4,546 | 4,190 | 6,041 | 5,269 | 5,456 | 4,485 | 6,050 | 5,399 | 4,849 | 5,201 | 5,989 | 5,390 |
| Financing Profit | 1,396 | 1,260 | 1,337 | -33 | 1,084 | 607 | 1,666 | 97 | 747 | 1,142 | 1,346 | 800 | 1,551 |
| Fin. Margin % | 10% | 8% | 9% | 0% | 6% | 3% | 9% | 1% | 4% | 6% | 7% | 4% | 8% |
| Other Income | 1,484 | 1,717 | 1,202 | 1,830 | 1,338 | 2,532 | 1,780 | 3,455 | 1,692 | 2,218 | 2,327 | 3,280 | 2,615 |
| Interest | 8,467 | 9,256 | 9,792 | 10,242 | 10,693 | 11,403 | 12,166 | 12,333 | 12,321 | 12,530 | 12,504 | 12,785 | 13,156 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PBT | 2,880 | 2,977 | 2,539 | 1,797 | 2,422 | 3,138 | 3,447 | 3,551 | 2,439 | 3,361 | 3,674 | 4,079 | 4,167 |
| Tax % | 48% | 50% | 25% | 17% | 28% | 24% | 26% | 25% | 28% | 25% | 25% | 25% | 25% |
| Net Profit | 1,562 | 1,499 | 1,931 | 1,574 | 1,890 | 2,422 | 2,638 | 2,602 | 1,831 | 2,576 | 2,814 | 3,089 | 3,304 |
| EPS in Rs | 3.81 | 3.65 | 4.24 | 3.46 | 4.15 | 5.32 | 5.79 | 5.72 | 4.02 | 5.66 | 6.18 | 6.78 | 7.25 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 43,685 | 42,093 | 39,585 | 38,313 | 41,005 | 42,591 | 40,854 | 38,281 | 47,932 | 61,073 | 71,308 | 75,613 | 77,244 |
| Expenses | 13,600 | 19,842 | 21,218 | 24,618 | 26,874 | 26,386 | 17,672 | 16,263 | 21,177 | 18,848 | 20,656 | 20,708 | 21,429 |
| Financing Profit | -2,135 | -7,994 | -9,239 | -13,984 | -13,076 | -10,987 | -3,239 | -2,065 | -686 | 4,469 | 4,057 | 4,766 | 4,840 |
| Fin. Margin % | -5% | -19% | -23% | -36% | -32% | -26% | -8% | -5% | -1% | 7% | 6% | 6% | 6% |
| Other Income | 4,278 | 3,672 | 6,819 | 5,846 | 4,862 | 6,687 | 6,778 | 8,092 | 7,168 | 6,415 | 9,317 | 9,737 | 10,441 |
| Interest | 32,220 | 30,245 | 27,606 | 27,679 | 27,207 | 27,191 | 26,421 | 24,083 | 27,441 | 37,757 | 46,594 | 50,139 | 50,975 |
| Depreciation | 291 | 290 | -7 | 522 | 373 | 392 | 380 | 372 | 427 | 509 | 604 | 731 | 0 |
| PBT | 1,852 | -4,612 | -2,412 | -8,660 | -8,587 | -4,692 | 3,160 | 5,655 | 6,056 | 10,375 | 12,771 | 13,773 | 15,281 |
| Tax % | 6% | 37% | -34% | -30% | -37% | -35% | 34% | 38% | 37% | 37% | 25% | 25% | — |
| Net Profit | 2,015 | -6,276 | -1,492 | -5,982 | -5,426 | -3,051 | 2,081 | 3,487 | 3,839 | 6,567 | 9,552 | 10,309 | 11,783 |
| EPS in Rs | 30.27 | -75.98 | -13.94 | -34.2 | -19.67 | -9.31 | 6.36 | 8.51 | 9.35 | 14.42 | 20.97 | 22.64 | 25.87 |
| Div. Payout % | 17% | 0% | 0% | 0% | 0% | 0% | 0% | 24% | 21% | 19% | 19% | 21% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 666 | 817 | 1,055 | 1,744 | 2,760 | 3,278 | 3,278 | 4,104 | 4,104 | 4,553 | 4,553 | 4,553 |
| Reserves | 31,857 | 32,528 | 32,574 | 35,013 | 44,892 | 41,795 | 46,703 | 52,418 | 56,329 | 66,028 | 76,172 | 85,405 |
| Borrowing | 37,649 | 51,103 | 39,491 | 43,598 | 44,265 | 39,752 | 32,464 | 26,821 | 65,015 | 80,960 | 1,23,869 | 1,18,626 |
| Deposits | 5,36,932 | 5,15,722 | 5,42,352 | 5,22,997 | 5,22,555 | 5,57,386 | 6,29,098 | 6,29,981 | 6,72,194 | 7,40,611 | 8,19,806 | 9,30,973 |
| Other Liabilities | 18,046 | 16,457 | 16,553 | 11,833 | 16,409 | 20,805 | 21,244 | 29,807 | 28,393 | 32,127 | 32,024 | 39,980 |
| Total Liabilities | 6,25,150 | 6,16,628 | 6,32,026 | 6,15,184 | 6,30,881 | 6,63,017 | 7,32,786 | 7,43,131 | 8,26,036 | 9,24,280 | 10,56,425 | 11,79,538 |
| Fixed Assets | 5,802 | 8,382 | 8,349 | 8,192 | 8,799 | 8,765 | 8,637 | 9,570 | 9,950 | 10,178 | 11,865 | 11,670 |
| CWIP | 113 | 191 | 197 | 158 | 200 | 293 | 364 | 286 | 110 | 150 | 182 | 207 |
| Investments | 1,23,196 | 1,22,621 | 1,30,751 | 1,40,321 | 1,50,905 | 1,62,323 | 1,91,693 | 1,80,274 | 2,11,324 | 2,34,592 | 2,68,002 | 2,79,084 |
| Other Assets | 4,96,040 | 4,85,435 | 4,92,729 | 4,66,513 | 4,70,977 | 4,91,636 | 5,32,092 | 5,53,001 | 6,04,652 | 6,79,361 | 7,76,376 | 8,88,577 |
| Total Assets | 6,25,150 | 6,16,628 | 6,32,026 | 6,15,184 | 6,30,881 | 6,63,017 | 7,32,786 | 7,43,131 | 8,26,036 | 9,24,280 | 10,56,425 | 11,79,538 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 14,638 | 18,311 | -6,624 | -7,366 | -9,218 | -4,827 | 37,868 | -35,487 | -7,045 | -4,437 | 18,534 | 4,753 |
| Investing | -755 | -609 | -371 | -260 | 71 | -232 | -182 | -644 | -521 | -991 | -854 | -329 |
| Financing | 1,295 | 4,864 | 3,955 | 7,185 | 7,983 | -3,192 | 2,398 | 1,146 | 541 | 3,868 | 34 | -5,672 |
| Net Cash Flow | 15,179 | 22,566 | -3,040 | -440 | -1,164 | -8,251 | 40,085 | -34,985 | -7,026 | -1,560 | 17,714 | -1,248 |
| Free Cash Flow | 14,066 | 17,814 | -6,910 | -7,620 | -9,090 | -5,184 | 37,538 | -36,035 | -7,569 | -5,264 | 17,861 | 3,907 |
| CFO/OP | 52 | 84 | -42 | -43 | -41 | -24 | 160 | -159 | -28 | -13 | 37 | 9 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE % | 6% | -19% | -4% | -17% | -14% | -7% | 4% | 6% | 6% | 10% | 12% | 12% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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Documents
Frequently Asked Questions about Bank of India
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Company Information
Bank of India is an India-based bank. The Bank's segments include Treasury Operations, Wholesale Banking and Retail Banking. The Treasury operations segment includes the entire investment portfolio, which is dealing in government and other securities, money market operations and foreign exchange operations.(Source : Company Web-site )
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