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Bank of India reported a solid Q3 FY26 with net profit of ₹2,750 crore (+9.3% YoY) and operating profit of ₹4,193 crore (+13% YoY). Global advances grew 13.6% YoY to ₹7.40 lakh crore, driven by RAM (retail, agriculture, MSME) growth of 18% YoY. Net interest margin improved 16 bps sequentially to 2.57% aided by portfolio churn from low-yielding AAA advances to higher-yielding assets. Asset quality improved sharply with GNPA down 143 bps YoY to 2.26% and PCR at 93.6%. Management guided for FY26 global advances growth of 13-14% and deposits growth of 11-12%, with a strong corporate pipeline of ₹65,000 crore supporting near-term momentum. Key risk: SMA-2 book doubled to ₹4,120 crore, largely from three state government accounts, though backed by guarantees.
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Guidance to track
- Management guided global advances growth at 13-14% for FY26, supported by a corporate pipeline of ₹65,000 crore.
- Management guided global deposits growth at 11-12% for FY26, with focus on low-cost deposits.
- Management expects full-year NIM around 2.50% and Q4 NIM around 2.60%.
- Board approved opening 200 branches in FY26 and another 200 in FY27, totaling 600 branches over three years.
Risks flagged
- SMA-2 (overdue 61-90 days) increased from ₹2,200 crore to ₹4,120 crore, largely from three state government accounts, though backed by guarantees.
- CASA ratio fell from 41% to 38% YoY due to shift of deposits to alternative investments, increasing reliance on bulk deposits.
- Yield on advances declined due to 125 bps repo rate cuts, with 64% of book linked to EBLR, pressuring NIMs.
- Expected Credit Loss framework may impact CRAR by ~2% (₹9,200-9,400 crore), though spread over 5 years at 0.40% per annum.
Key quotes
- We have churned our portfolio... we have shed some of our very low yielding advances and got it replaced with certain advances... giving 20, 30, 40 basis point higher.
- Our RAM book should be at around 65% and 35% has to be corporate... better margins are available as far as the RAM book are concerned.
- We have reduced the loan to value to 75% now. Any fresh advances in the gold loan category we are keeping a margin of 25% as against earlier of 10% or 15%.
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