HDFC Bank Limited
NSE: HDFCBANK
Financial Services · Banks - Regional
₹692.80 last close on 23 Oct 2026 −0.18%
Research updated
Bank of India
NSE: BANKINDIAFinancial ServicesBanks - Regional
- Last close
- ₹131.00
- Day change
- −₹5.20 (−3.82%)vs
- Market cap
- ₹59,640 crIndian rupees
- Research updated
- 3 reports
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About Bank of India
Bank of India is a prominent financial institution in India, serving as both a banking and financial services entity. Established in 1906, it has become a key player in India's banking industry, offering a multitude of financial products and services tailored to its diverse clientele. The bank focuses on providing retail banking solutions, including savings and current accounts, debit and credit cards, and personal and housing loans. It caters to corporate clients by offering services like corporate loans, cash management, and trade finance solutions. Bank of India plays a vital role in supporting the agricultural and rural sectors through specialized financial products designed to promote economic inclusion. The bank's extensive network, consisting of numerous branches and ATMs, facilitates its outreach to urban and semi-urban populations. As a public sector bank, Bank of India is integral to implementing various government policies, including financial inclusion and social welfare programs, contributing significantly to the economic development of the country.
- Sector
- Financial Services
- Industry
- Banks - Regional
- Listing
- NSE: BANKINDIA
- Chief executive
- Mr. Rajneesh Karnatak
- Employees
- 51,010
- Headquarters
- Mumbai, India
- ISIN
- INE084A01016
- Website
- bankofindia.bank.in
Public research · Report of
Business model & financial foundation
Bank of India (NSE: BANKINDIA), Public sector commercial banking: revenue of ₹35,510 crore in FY26 (+5.0% on FY25) and net profit of ₹10,306 crore.
- Revenue, FY26 (₹ crore)
- 35,510
- consolidated
- Revenue growth, FY26
- +5.0%
- on FY25
- Net profit, FY26 (₹ crore)
- 10,306
- to owners
- Return on equity, FY26
- 12.1%
- on average equity
- Market capitalisation (₹ crore)
- 59,640
- at the close of 23 Oct 2026
Company profile
Bank of India earns net interest income by intermediating deposits into loans and investments, alongside fees, treasury income and recoveries. Its domestic retail, agriculture and MSME franchise and overseas banking network drive asset growth; deposit mix, repricing and provisioning determine returns. Government ownership provides funding support but does not remove equity dilution or credit risk.
| Item | Value |
|---|---|
| Legal name | Bank of India |
| Exchange and ticker | NSE: BANKINDIA; BSE: 532149 |
| ISIN | INE084A01016 |
| Sector | Financial Services |
| Industry | Public sector commercial banking |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | S. Jaykishan; A. Bafna & Co.; SCV & Co. LLP; Sarda & Pareek LLP |
| Market capitalisation | ₹59,640 crore (23 Oct 2026) |
| Shares outstanding | 455.27 crore shares (FY26) |
| Price | ₹131.0 (close, 23 Oct 2026) |
| 52-week range | ₹126.7 - ₹178.4 (to 23 Oct 2026) |
| Website | https://bankofindia.co.in |
Corporate structure and shareholding
Parent: Government of India.
| Entity | Holding | Business |
|---|---|---|
| BOI Services Limited | 100% | Services |
| BOI Merchant Bankers Limited | 100% | Merchant banking |
| BOI Investment Managers Pvt. Ltd. | 100% | Asset management |
| BOI Trustee Services Pvt. Ltd. | 100% | Mutual fund trustee |
| PT Bank of India Indonesia Tbk | n.d. | Overseas banking |
| Bank of India (Tanzania) Ltd | n.d. | Overseas banking |
| Bank of India (New Zealand) Ltd | n.d. | Overseas banking |
| Bank of India (Uganda) Ltd | n.d. | Overseas banking |
| Star Union Dai-Ichi Life Insurance Company Ltd. | 27.48% | Life insurance joint venture |
| STCI Finance Limited | 29.96% | Finance associate |
| ASREC (India) Ltd. | 26.02% | Asset reconstruction associate |
| Indo-Zambia Bank Ltd. | n.d. | Overseas banking joint venture |
Associates/JVs are identified as such in business descriptions. Overseas holding percentages not retrieved. Bank also owns 2.81% of SWIFT India. RRB derecognition in FY26 affects comparability.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 73.38% | 73.38% | 73.38% | 73.38% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 5.82% | 7.26% | 6.87% | 7.58% |
| Domestic institutions | 15.18% | 13.96% | 13.96% | 13.39% |
| of which mutual funds | 4.05% | 3.41% | 4.13% | 4.12% |
| Retail | 3.69% | 3.46% | 3.46% | 3.47% |
| Other | 1.93% | 1.93% | 2.32% | 2.18% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Bank of India is a government-controlled commercial bank. Its earnings are governed by advances and deposit growth, funding mix and cost, fee/treasury income, operating expense and credit provisions. The model uses consolidated financial statements but bank-level global operating KPIs as timely leading indicators.
| Peer | Why the dossier compares them |
|---|---|
| Canara Bank (CANBK) | Large PSU bank with similar deposit and RAM franchise |
| Union Bank of India (UNIONBANK) | Large PSU bank with corporate and retail mix |
| Punjab National Bank (PNB) | PSU turnaround and asset-quality comparator |
| Bank of Baroda (BANKBARODA) | PSU bank with material international operations |
| Indian Bank (INDIANB) | Higher-return PSU execution benchmark |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net total income (NII + other income) | 29,550 | 33,818 | 35,510 | ||
| Other operating costs (vendor classification) * | 3,366 | 4,573 | 4,205 | 4,471 | 4,558 |
| Profit before tax (P&L, excluding associates) | 5,574 | 6,099 | 10,193 | 12,558 | 13,553 |
| Tax expense | 2,168 | 2,217 | 3,809 | 3,219 | 3,463 |
| Net profit attributable to owners | 3,487 | 3,839 | 6,564 | 9,548 | 10,306 |
| Diluted EPS (₹) | 9.07 | 9.35 | 15.48 | 20.97 | 22.64 |
| Interest earned | 61,073 | 71,308 | 75,613 | ||
| Interest expended | 37,757 | 46,594 | 50,139 | ||
| Net interest income | 23,317 | 24,714 | 25,474 | ||
| Other income | 6,233 | 9,105 | 10,036 | ||
| Employees cost | 9,263 | 10,387 | 10,450 | ||
| Other operating expenses | 6,044 | 6,823 | 7,801 | ||
| Operating expenses | 15,306 | 17,210 | 18,251 | ||
| Pre-provision operating profit | 14,243 | 16,608 | 17,260 | ||
| Provisions other than tax and contingencies | 4,050 | 4,050 | 3,188 | ||
| Exceptional items (signed as printed) | 0.00 | 0.00 | -518.8 | ||
| Profit after tax before minority and associates | 6,385 | 9,339 | 10,089 | ||
| Minority interest (signed deduction) | 2.11 | 3.89 | 2.95 | ||
| Share of earnings in associates (signed) | 182.0 | 212.7 | 220.0 | ||
| Interest expended | 37,757 | 46,594 | 50,139 | ||
| Profit attributable to owners | 6,564 | 9,548 | 10,306 | ||
| Basic EPS (₹) | 15.48 | 20.97 | 22.64 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity attributable to owners (capital plus reserves) | 55,131 | 60,589 | 70,581 | 80,726 | 89,959 |
| Total borrowings | 80,960 | 1,23,869 | 1,18,626 | ||
| Cash and balances with the RBI and other banks | 91,558 | 84,683 | 83,123 | 1,00,837 | 99,589 |
| Trade payables * | 1,740 | 2,580 | 3,201 | 3,663 | 3,219 |
| Fixed assets | 10,328 | 12,047 | 11,877 | ||
| Capital work in progress * | 285.4 | 110.4 | 150.0 | 181.8 | 206.7 |
| Total assets | 9,24,280 | 10,56,425 | 11,79,552 | ||
| Net advances | 5,66,644 | 6,53,518 | 7,64,651 | ||
| Deposits | 7,40,611 | 8,19,806 | 9,30,973 | ||
| Investments | 2,34,592 | 2,68,002 | 2,79,084 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | -4,437 | 18,534 | 4,753 | ||
| Free cash flow (vendor definition) * | -35,885 | -7,668 | -5,287 | 17,811 | 3,863 |
| Dividends paid (an outflow is negative) | -820.7 | -820.7 | -1,275 | -1,844 | |
| Capital expenditure (an outflow is negative) | -850.5 | -723.1 | -890.1 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding | 455.34 | 455.34 | 455.27 | ||
| Gross NPAs (the bank's standalone figure) | 29,183 | 21,749 | 15,306 | ||
| Net NPAs (the bank's standalone figure) | 6,845 | 5,358 | 4,250 | ||
| Gross NPA ratio, % (the bank's standalone figure) | 5.0% | 3.3% | 2.0% | ||
| Net NPA ratio, % (the bank's standalone figure) | 0.8% | 0.6% | |||
| CET1 ratio, % (the bank's standalone figure) | 14.9% | 14.8% | 15.1% | ||
| Additional tier 1 ratio, % (the bank's standalone figure) | 0.7% | 0.6% | 0.3% |
| Quarterly profit and loss (₹ crore) | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|---|---|---|---|
| Total income | 7,932 | 9,601 | 8,357 | 8,210 | 8,875 | 10,068 | 22,712 | 24,137 |
| Other operating costs (vendor classification) * | 1,407 | 1,780 | 1,864 | 1,883 | 1,922 | 1,602 | ||
| Profit before tax | 3,447 | 3,551 | 2,439 | 3,361 | 3,674 | 4,079 | 4,167 | 4,408 |
| Tax | 887.9 | 903.6 | 675.1 | 835.2 | 923.5 | 1,030 | 1,028 | 1,099 |
| Net profit | 2,637 | 2,602 | 1,830 | 2,577 | 2,812 | 3,088 | 3,138 | 3,309 |
| Diluted EPS (₹) | 5.79 | 5.72 | 4.02 | 5.66 | 6.18 | 6.78 | 7.25 | 7.27 |
| Interest earned | 18,317 | 18,479 | 18,467 | 18,521 | 19,052 | 19,573 | n.r. | 21,370 |
| Interest expended | 12,166 | 12,333 | 12,321 | 12,530 | 12,504 | 12,785 | n.r. | |
| Net interest income | 6,152 | 6,146 | 6,146 | 5,992 | 6,548 | 6,789 | 6,833 | 7,107 |
| Other income | 1,780 | 3,455 | 2,211 | 2,218 | 2,327 | 3,280 | 2,579 | 2,767 |
| Employees cost | 2,462 | 2,906 | 2,420 | 2,476 | 2,707 | 2,846 | n.r. | 2,709 |
| Other operating expenses | 1,707 | 1,778 | 1,867 | 1,881 | 1,912 | 2,141 | n.r. | 2,034 |
| Operating expenses | 4,169 | 4,683 | 4,287 | 4,358 | 4,619 | 4,987 | 4,361 | 4,743 |
| Pre-provision operating profit | 3,763 | 4,918 | 4,070 | 3,852 | 4,256 | 5,082 | 5,051 | 5,132 |
| Provisions and contingencies | 316.5 | 1,366 | 1,112 | 491.7 | 582.1 | 1,002 | n.r. | 811.0 |
| Exceptional items (signed as printed) | 0.00 | 0.00 | -518.8 | 0.00 | 0.00 | 0.00 | n.r. | 0.00 |
| Profit after tax before minority and associates | 2,559 | 2,648 | 1,764 | 2,526 | 2,750 | 3,050 | n.r. | |
| Minority interest (signed deduction) | 1.47 | 0.34 | 0.95 | -1.11 | 1.98 | 1.14 | 0.00 | 0.88 |
| Share of earnings in associates (signed) | 79.4 | -45.3 | 66.6 | 49.9 | 64.3 | 39.2 | 0.05 | 87.6 |
| Interest expended | 12,166 | 12,333 | 12,321 | 12,530 | 12,504 | 12,785 | 13,156 | 14,263 |
| Profit attributable to owners | 2,637 | 2,602 | 1,830 | 2,577 | 2,812 | 3,088 | 3,303 | 3,309 |
| Basic EPS (₹) | 5.79 | 5.72 | 4.02 | 5.66 | 6.18 | 6.78 | 7.25 | 7.27 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 14.4% | 5.0% | |||
| Net margin | 22.2% | 28.2% | 29.0% | ||
| Return on equity | 10.0% | 12.6% | 12.1% | ||
| Return on assets | 0.7% | 1.0% | 0.9% | ||
| Dividend payout | 12.5% | 13.4% | 17.9% | ||
| EPS, diluted (₹) | 9.07 | 9.35 | 15.48 | 20.97 | 22.64 |
| Book value per share (₹) | 155.0 | 177.3 | 197.6 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on assets: net profit to owners / average total assets.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 3, information to 23 Oct 2026); market data at the close of 23 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Bank of India includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Bank of India
- Research reportLatest
- Research report
- Research report
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 23 Oct 2026; page updated 25 Oct 2026.
Mool’s research is written by AI agents and published by Mool Capital Private Limited, a SEBI-registered Research Analyst, registration INH000012449, which is responsible for it. This page shows factual company information and an excerpt of that research; it carries no rating and is not investment advice for any individual. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Read the disclosures.