1. Three-year roadmap - ₹18 lakh crore total business by March 2027 On track - At the Q2 FY25 call, the Board-approved three-year roadmap targeted total business of around ₹18 lakh crore by March 2027, split as ₹10 lakh crore deposits and ₹8 lakh crore advances. Q1 FY27 global business stood at ₹17.55 lakh crore, with deposits of ₹9.58 lakh crore and advances of ₹7.98 lakh crore.
2. BOI@125 - ₹31 lakh crore total business by 2031 On track - At the Q3 FY26 call, the BOI@125 plan targeted total business of around ₹31 lakh crore by 2031, with RAM at around 65% of credit, corporate at 35%, and international advances at 15-16% of global advances; Q2 FY25 had framed a "BOI Star at 125" vision of nearly ₹32 lakh crore. Q1 FY27 global business was ₹17.55 lakh crore with RAM share at 58.30%, and international advances at 15% of the global book.
3. FY29 RAM mix - 62% RAM, 38% corporate, ₹11 lakh crore advances On track - At the Q4 FY26 call, management targeted a RAM book of around 62% and corporate book of 38% by March '29, with total advances of around ₹11 lakh crore as on March '29. Q1 FY27 RAM share was 58.30% and global advances stood at ₹7,98,000 crore.
4. FY27 capital raise - ₹7,500 crore Pending - At the Q1 FY27 PPT, the Board approved capital raising in FY27 of ₹7,500 crore, comprising Additional Tier-I of ₹2,500 crore and Tier-II Bonds of ₹5,000 crore. Our record holds no FY27 capital raise completion disclosure as of Q1 FY27.
5. FY27 cost-to-income - 48-49% On track - At the Q1 FY27 call, management guided cost-to-income of around 48%-49% on a consistent basis during FY27. Q1 FY27 cost-to-income was 46.33%, better than the guided range.
6. FY27 NIM - 2.70-2.75% / 2.55-2.60% On track - At the Q4 FY26 call, management guided global NIM improving from 2.52% to around 2.70-2.75% for March '27, with domestic NIM "as close to 3% as possible"; at Q1 FY27 the global NIM guidance was revised to 2.55%-2.60% for FY27. Q1 FY27 global NIM was 2.52%, below the revised range, and domestic NIM was 2.78% at FY26.
7. FY27 ROA - 1% On track - At the Q4 FY26 call, management guided ROA of 1% for March '27, and at Q1 FY27 reiterated ROA of 1% and above in FY27 on a consistent QoQ basis. Q1 FY27 ROA was 1.01%, meeting the 1% target, as did Q4 FY26's 1.01%.
8. FY27 deposit growth - 13-14% On track - At the Q4 FY26 call, management guided global deposit growth of around 13-14% for FY27, reiterated at Q1 FY27. Q1 FY27 global deposits grew 14.90% YoY to ₹9,58,000 crore, with domestic deposits up 16.15%, above the guided range.
9. FY27 credit growth - 15-16% On track - At the Q4 FY26 call, management guided global advances growth of around 15-16% for FY27, reiterated at Q1 FY27 as "our guidance for FY27 stays unchanged". Q1 FY27 global advances grew 18.64% YoY to ₹7,98,000 crore, with domestic advances up 19.20%, above the guided range.
10. FY26 capital raise - ₹5,000 crore Partial - At the Q1 FY26 call, management said Board approval existed for ₹5,000 crore of capital raising in FY26 - ₹2,500 crore Tier I and ₹2,500 crore Tier II. Tier II Bonds of ₹2,500 crore were raised on 12.12.2025 and infrastructure bonds of ₹10,000 crore on 26.12.25; our record holds no FY26 Tier I raise disclosure.
11. FY26 CASA - 40% internal target Missed - At the Q1 FY26 call, management said internally they were targeting a CASA ratio of 40% for FY26, after guiding at Q4 FY25 to protect CASA at around 40%. FY26 CASA ratio was 37.64%, short of the target, though Q1 FY26 CASA had been 39.88%.
12. FY26 cost-to-income - around 51% Delivered - At the Q1 FY26 call, management guided cost-to-income at around 51% for FY26. FY26 cost-to-income was 51.35%, within the around-51% guidance.
13. FY26 slippage ratio - 1.20% Delivered - At the Q1 FY26 call, management guided a slippage ratio of 1.20% for FY26. FY26 slippage ratio was 0.83%, below the 1.20% ceiling.
14. FY26 net NPA - 0.70% Delivered - At the Q1 FY26 call, management guided net NPA of 0.70% for FY26. FY26 net NPA ratio was 0.56%, below the 0.70% ceiling.
15. FY26 credit cost - 0.70% / 0.60% Delivered - At the Q1 FY26 call, management guided credit cost of around 0.70% for FY26, revised at Q2 FY26 to annualized credit cost of around 0.60%. FY26 credit cost was 0.48%, below both ceilings.
16. FY26 NIM - 2.50-2.60% Delivered - At the Q1 FY26 call, management guided NIM in the range of 2.50% to 2.60% for FY26, refined at Q3 FY26 to around 2.50% annualized and around 2.60% for Q4. FY26 global NIM was 2.52% and Q4 FY26 NIM was 2.58%, both within the guided range.
17. FY26 ROA - 0.90% / 1% Delivered - At the Q1 FY26 call, management guided ROA of around 0.90% for FY26, reiterated conservatively at Q2 FY26, after guiding at Q4 FY25 to ROA of 1% "as soon as possible". FY26 ROA was 0.93%, above the 0.90% floor, with Q4 FY26 ROA at 1.01%.
18. FY26 deposit growth - 10-11% Delivered - At the Q4 FY25 call, management guided global deposit growth of around 11% to 12% for FY26, revised to 10-11% at Q1 FY26 and Q2 FY26, then back to 11-12% at Q3 FY26. FY26 global deposits grew 13.56% YoY to ₹9,27,271 crore, above the guided range.
19. FY26 credit growth - 12-13% Delivered - At the Q4 FY25 call, management guided global advances growth of around 12% to 13% for FY26, held at 12-13% through Q1 FY26 and Q2 FY26 before moving to 13-14% at Q3 FY26. FY26 global advances grew 15.82% YoY to ₹7,71,391 crore, above the guided range.
20. FY25 capital raise - ₹5,000 crore Tier I and Tier II Partial - At the Q1 FY25 call, management planned to raise around ₹5,000 crore in Tier-I and Tier-II bonds - Tier-II in the current quarter, Tier-I in Q3 or Q4. ₹2,500 crore of Tier II bonds were raised during FY25 and ₹5,000 crore of Infra Bonds in mid-July 2024; our record holds no FY25 Tier I bond raise disclosure.
21. FY25 net profit - ₹8,000 crore Delivered - At the Q3 FY25 call, management reiterated FY25 net profit guidance of ₹8,000 crore, saying "whatever the guidance we have given, we will be achieving those numbers". FY25 net profit was ₹9,219 crore, above the ₹8,000 crore floor.
22. FY25 cost-to-income - around 51% Delivered - At the Q4 FY24 call, management guided cost-to-income of around 51% for March '25, held at around 51 for FY25, not below 50, at Q2 FY25 and around 51% at Q3 FY25. FY25 cost-to-income was 50.84%, within the guidance.
23. FY25 gross NPA - around 4% Delivered - At the Q1 FY25 call, management guided gross NPA of around 4% by March '25 and net NPA of around 0.90%. FY25 gross NPA ratio was 3.27% and net NPA 0.82%, both better than guided.
24. FY25 credit cost - 0.70% Missed - At the Q1 FY25 call, management guided credit cost of 0.70% for FY25, reiterated at Q2 FY25 and Q3 FY25. FY25 credit cost was 0.76%, above the 0.70% ceiling.
25. FY25 slippage ratio - 1.20% Delivered - At the Q4 FY24 call, management guided a slippage ratio of around 1.20% for March 2025, reiterated at Q1 FY25; at Q2 FY25 it was revised to around 1.40% after a \~₹1,000 crore account slipped. FY25 slippage ratio was 1.36%, within the revised guidance though above the original 1.20%.
26. FY25 ROA - 0.90% Delivered - At the Q4 FY24 call, management guided ROA of around 0.90% for March '25, revised at Q1 FY25 to 0.80% for FY25. FY25 ROA was 0.90%, at the guided level, with Q4 FY25 ROA at 0.98%.
27. FY25 NIM - 2.90% / around 3% Missed - At the Q4 FY24 call, management guided global NIM of around 2.95% and domestic NIM of 3.30% for FY25, revised at Q1 FY25 to NIM of 2.90% for FY25 and held at around 2.90% through Q2 FY25 and Q3 FY25. FY25 global NIM was 2.82%, short of the 2.90% target, though domestic NIM of 3.10% exceeded 3%.
28. FY25 deposit growth - 11-12% Partial - At the Q4 FY24 call, management guided domestic deposit growth of around 12% for FY25, moved to 11-12% at Q1 FY25, 12-13% at Q2 FY25 and 13-14% at Q3 FY25. FY25 global deposits grew 10.65% YoY and domestic deposits 11.21% - domestic at the lower end of the guided range, global short of it.
29. FY25 credit growth - 13-14% Delivered - At the Q4 FY24 call, management guided FY25 global credit growth of 13% to 14%, held at 13-14% at Q1 FY25, raised to 14% global and 15% domestic at Q2 FY25 and 14-15% at Q3 FY25. FY25 global advances grew 13.74% YoY to ₹6,66,047 crore, with domestic advances up 14.45%, within the original guided range.
30. FY24 gross NPA - below 6% Delivered - At the Q1 FY24 call, management expected the gross NPA ratio to be contained below 6%, reiterated at Q2 FY24 and refined to around 5.10% at Q3 FY24. FY24 gross NPA ratio was 4.98%, below the 6% ceiling and better than the revised target.
31. FY24 capital raise - ₹6,500 crore Partial - At the Q4 FY23 call, the Board approved fund-raising of ₹6,500 crore - ₹4,500 crore equity and/or AT-1 bonds and ₹2,000 crore Tier 2 bonds, with Tier II bonds flagged at Q1 FY24 for the next three to four months and equity of around ₹2,500 crore planned for Q3 FY24 at Q2 FY24. ₹4,500 crore of equity was raised in December 2023, while ₹2,500 crore of Tier II bonds were raised only during FY25.
32. FY24 operating profit growth - \~30% Missed - At the Q1 FY24 call, management guided operating profit growth of around 30% YoY for March '24, with the MD "very sure and confident"; at Q2 FY24 the guidance was revised downward to 13-15% for FY24. FY24 operating profit grew 5.05% to ₹14,069 crore, or 12% after netting one-offs, short of even the revised target.
33. FY24 cost-to-income - \~47% / 47.50% Missed - At the Q4 FY23 call, management guided cost-to-income of \~47% / 47.50% for FY24, reiterated at Q1 FY24. FY24 cost-to-income was 51.73%, well above the \~47% target.
34. FY24 slippage ratio - \~1.4% Missed - At the Q4 FY23 call, management guided an FY24 slippage ratio of roughly 1.4%. FY24 slippage ratio was 1.58%, above the 1.4% target.
35. FY24 credit cost - 0.75% / 60-70 bps Missed - At the Q4 FY23 call, management guided FY24 credit cost of 0.75%, revised to 60-70 bps at Q1 FY24, around 0.60% at Q2 FY24 and around 0.50% at Q3 FY24. FY24 credit cost was 0.78%, above both the latest 0.50% guidance and the original 0.75% ceiling.
36. FY24 ROA - 0.75% Partial - At the Q4 FY23 call, management guided FY24 ROA of 0.75%, reiterated at Q1 FY24 and restated at Q2 FY24 as "at least 0.70%"; at Q3 FY24 the guidance for March 2024 was set at 0.85% annualized. FY24 ROA was 0.70%, meeting the revised floor but short of the original 0.75% and revised 0.85% targets, with Q4 FY24 ROA at 0.61%.
37. FY24 NIM - 3.16% / above 3% Missed - At the Q4 FY23 call, management guided FY24 NIM of 3.16%, then at Q1 FY24 guided NIM protected at the 3.03% level with clarification that guidance was "always three plus", maintained above 3% at Q2 FY24 and set at 3.00% at Q3 FY24. FY24 global NIM was 2.97%, below the 3%+ target, though domestic NIM of 3.34% exceeded 3%.
38. FY24 deposit growth - \~10% Delivered - At the Q4 FY23 call, management guided deposit growth of \~10% for FY24, restated at Q1 FY24 as 10-11%. FY24 global deposits grew 10.21% YoY to ₹7,37,920 crore, with domestic deposits up 11.05%, within the guided range.
39. FY24 credit growth - 11-12% Delivered - At the Q4 FY23 call, management guided FY24 global credit growth of \~11-12% (11.27% global, 12.83% domestic), with the MD "very confident" of achieving it, reiterated at Q1 FY24, Q2 FY24 and Q3 FY24. FY24 global advances grew 13.52% YoY to ₹5,85,595 crore, with domestic advances up 14.08%, above the guided range.
40. FY23 net NPA - below 1.5% Missed - At the Q2 FY23 call, management said net NPA guidance was below 2%, and that by year-end the bank would try to bring it below 1.5%. FY23 net NPA ratio was 1.66%, with Q4 FY23 net NPA at 1.61%, missing the below-1.5% target.
41. FY23 ROA - 0.65-0.70% Missed - At the Q2 FY23 call, management agreed with the analyst's expectation of 0.65%-0.70% ROA for FY23, the MD saying from 0.47% to 0.65% "should be good enough"; earlier at Q1 FY23 at least 0.75% by end of FY23 had been guided, and at Q3 FY23 a 1% ROA was flagged as possible by March '24 but not for March '23. FY23 ROA was 0.49%, with Q4 FY23 ROA at 0.57%, well short of the target.
42. IT/digital capex - \~₹1,000 crore plus over 18 months Delivered - At the Q4 FY22 call, management planned IT/digital CAPEX of around ₹1,000 crore plus over the next 18 months, with total IT CAPEX over five years around ₹5,000 crore; at Q1 FY23 the digital budget was set at around ₹1,000 crore with a September 2023 timeline, and at Q3 FY23 the five-year budget was raised to about ₹6,000 crore with ₹800-900 crore per year run rate. FY23 IT spend was ₹820 crore, the FY24 technology budget was ₹2,000 crore with 75% spent as of March '24, and FY25 IT spend was nearly ₹1,800 crore against a ₹2,000 crore budget.
43. Capital raise - ₹2,500 crore in FY23 Partial - At the Q4 FY22 call, management had in-principle Board approval for raising another ₹2,500 crore in FY23 via QIP/FPO/preferential route, with government stake to be brought below 75%; at Q3 FY23 a QIP was planned very soon with capital expected safely above 17-17.5% by March '23. ₹1,500 crore of the approved ₹2,500 crore was raised by Q3 FY23, including ₹1,500 crore of AT-1 bonds on 02.12.2022; government holding was 81.41% at end-September 2022 and fell below 75% to 73.38% only at FY24.
44. CASA ratio - stabilize at 45% and above Missed - At the Q4 FY22 call, management wanted CASA stabilized at 45% and above, with around 10% CASA growth targeted at Q1 FY23 to reach 46% by year-end. CASA ratio was 44.73% at FY23, then declined to 43.21% at FY24, 40.28% at FY25 and 37.64% at FY26.
45. FY23 NIM - around 3% by March 2023 Delivered - At the Q4 FY22 call, management aimed to realize NIM of around 3% by March '23, with domestic NIM at 2.90% in Q4 standalone; guidance moved through 2.75% global at Q1 FY23, 3% to 3.50% at Q2 FY23 and 3.25-3.50% then 3.00-3.25% at Q3 FY23. FY23 NIM was 3.01%, with Q4 FY23 exit NIM at \~3.15%, meeting the target.
46. FY23 credit cost - less than 1% Delivered - At the Q4 FY22 call, management expected credit cost at less than 1% by end of FY23, reiterated at Q1 FY23 as "1% will be ideally our credit cost" and at Q2 FY23. FY23 credit cost was 0.79%, below the 1% ceiling, against 0.75% in FY22.
47. FY23 gross NPA - below 8% Delivered - At the Q4 FY22 call, management expected the gross NPA ratio to be contained below 8% by end of FY23, reiterated at Q2 FY23 with the aim raised to "substantially below 8%". FY23 gross NPA ratio was 7.31%, below the 8% ceiling, with Q4 FY23 gross NPA declining to ₹37,686 crore.
48. FY23 credit growth - 10-12% Delivered - At the Q4 FY22 call, management expected credit growth of 10% to 12% during FY23, reiterated at Q1 FY23 and Q2 FY23, where it was revised upward to a conservative minimum 12% to be reviewed by December end. FY23 global advances grew 12.87% YoY to ₹5,15,852 crore, with domestic advances up 9.56%, above the guided range.
49. FY21 advances growth - 7% for FY21 Delivered - At the Q1 FY21 call, management revised FY21 advances growth guidance downward from 8.5% to 7%, the MD saying "if we are able to achieve 7%, that itself will be a good achievement". FY21 global advances grew 9.59% YoY to ₹4,14,987 crore as of Q3 FY21, exceeding the 7% target.