Bank of India
Bank of India
Banks F&OKey Fundamentals
MidcapPublic Sector BankBanksPrice-based figures as of 9 Oct 2026, 3:59 pm IST · EPS basis: Consolidated · TTM
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Key Insights
Strengths
4- Stock is trading at 0.67 times its book value
- Stock is providing a good dividend yield of 3.48%.
- 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
As of the 2026-10-01 close, Bank of India traded at Rs 129.48, giving it a market capitalisation of Rs 58,947.94 Cr, a trailing P/E of 5.01x and a P/B of 0.71x. Profit has grown at a 39% CAGR over 5 years and 42% over 3 years, but ROE is 11.44% and the 10-year average ROE is 3%. The stock is 27.4% below its 52-week high of Rs 178.36 and 6.0% above its 52-week low of Rs 122.2.
- The trailing P/E is 5.01x on TTM EPS of Rs 25.87, a low multiple relative to current earnings.
- At a P/B of 0.71x, the stock trades below book value. If book value holds, the market is valuing the equity at about 29% less than its accounting net worth.
- Profit has compounded at 39% over 5 years and 42% over 3 years, compared with 14% over 10 years. This points to a sharp earnings recovery in recent years.
- TTM profit growth of 19% outpaced TTM sales growth of 6%, which suggests improving operating leverage and/or lower credit costs.
- The dividend yield is 3.57% at Rs 129.48, and the payout ratio is a moderate 19.8%. That leaves most earnings retained for capital build-up.
- ROE has risen from a 10-year average of 3% to 10% over 5 years, 12% over 3 years and 12% last year, showing a structural improvement in returns.
- Sales have compounded at 16% over 3 years and 13% over 5 years, well above the 10-year rate of 6%. This indicates stronger balance sheet and revenue growth in the recent cycle.
- At Rs 129.48, the stock sits 6.0% above its 52-week low of Rs 122.2, after a 27.4% pullback from the 52-week high of Rs 178.36.
- ROE of 11.44% is modest. The 3-year average of about 11.7% has been flagged as low, and a 10-year ROE of 3% shows the bank's long history of weak returns.
- Long-term returns to shareholders have been weak. The 10-year stock CAGR is 1%, versus a 10-year profit CAGR of 14%, so the market has persistently given low multiples to its earnings.
- Recent momentum is subdued. The stock's 1-year CAGR is 3% and its 3-year CAGR is 6%, and the price is 27.4% below the 52-week high of Rs 178.36.
- Growth is decelerating. TTM sales growth of 6% is well below the 3-year CAGR of 16%, and TTM profit growth of 19% is less than half the 3-year CAGR of 42%.
- Contingent liabilities of Rs 6,93,361 Cr are about 11.8x the market cap of Rs 58,947.94 Cr. For banks these are largely guarantees, LCs and derivative/forex contracts, but they still add off-balance-sheet risk.
- ROCE is 5.42%, a thin return on total capital. That leaves limited room to absorb any rise in funding costs or credit losses.
- Screening flags show low interest coverage and possible capitalisation of interest cost. For a bank, interest expense is the core cost of the business, so these metrics are structurally low and less meaningful than for non-financial companies.
- A 0.71x P/B and a 5.01x P/E may reflect the market discounting PSU-bank risks such as asset-quality cycles and capital needs, rather than signalling undervaluation.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Lowest domestic NIM among peers Sep 19
Bank of India's domestic NIM was 2.52% in Q1FY27, tied with Canara Bank for the lowest among large PSU banks. Indian Bank was at 3.41%, Central Bank at 3.06%, SBI at 3% and BoB at 2.93%. Market worries about NIMs dating back to Q4 have kept bank stocks from re-rating.
- Inflation and FCNR liquidity overhang Sep 19
Inflation is expected to peak at 6.1% in Q3 FY27, above RBI's upper tolerance band, after CPI rose to 4.82% in August from 4.45% in July. Concerns about FCNR-related liquidity spillover could push up deposit costs with a lag.
- Earnings risk from Q3 onward Sep 19
Bank of India MF CIO Alok Singh flagged earnings risk from Q3 onward, especially in segments hit by GST and income tax rate cuts, even though Q1 was strong and Q2 is expected to be good.
- Q2FY27 global business up 21% Oct 3
Global business grew 21.07% YoY in Q2FY27. Deposits rose 21.60% and gross advances grew 20.43%, showing strong, balanced growth on both sides of the balance sheet.
- Rate hikes may lift loan yields Sep 19
The RBI is expected to raise rates by at least 50 bps, starting with 25 bps in October and another 25 bps in December. PSU banks with high exposure to repo-linked EBLR loans can reprice loans faster than deposits, which could help margins.
- Programmable digital rupee launched Sep 29
Bank of India launched user-level programmable e₹ with auto-pay and auto-issuance on its CBDC platform, built by Montran India. The feature supports purpose-bound recurring payments in line with RBI's push for programmable CBDC.
- Group MF schemes top performance rankings Oct 6
Bank of India Flexi Cap leads its category on YTD (8.39%), 3-year (18.68%) and 5-year (15.98%) returns. The Small Cap Fund has the best 7-year CAGR at 25.21% (Sep 16), and the Aggressive Hybrid Fund leads 5-year SIP returns at 16.50% (Sep 28). This supports the value of the AMC franchise, though its impact on the bank stock is small.
- $1 billion EMTN programme set up Sep 28
Bank of India set up a USD 1 billion Euro Medium Term Note programme on September 28, 2026, with the offering circular listed on NSE IFSC and INX. This gives the bank access to overseas wholesale funding.
- ₹1,800 crore Tier II bonds redeemed Sep 30
The bank fully redeemed its 7.14% Tier II Bonds Series XV worth ₹1,800 crore by exercising the call option on September 30, 2026.
- Active institutional investor outreach Sep 30
Management met Phillip Capital (Sep 15), Schonfeld (Sep 18) and Marshall Wace Asia (Sep 30), and spoke with 23 investors at the Arihant Bharat Connect conference (Sep 28). Only public information was shared.
TL;DR: Bank of India is growing strongly, with Q2FY27 global business up 21%, deposits up 21.6% and advances up 20.4%. It is also building out digital infrastructure and funding capacity through the e₹ launch and the $1 billion EMTN programme. The main risk is profitability: its 2.52% domestic NIM is among the weakest of PSU peers, and rising inflation, FCNR-driven liquidity concerns and possible earnings pressure from Q3 could squeeze margins. Business momentum is improving, and the October Q2 results will show whether expected repo-rate hikes are actually lifting margins enough to justify a 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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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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