Credit Rating

bib *sow n Bank of India WO *If(cid:9) Ref. No.:HO:IRC:SVM:2026-27: 124(cid:9) it*- Date: 17-07-2026 Scrip Code: BANKINDIA Scrip Code: 532149 The Vice President — Listing The Vice-President — Listing Department, Department, National Stock Exchange of India Ltd. BSE Ltd., Exchange Plaza, 25, P.J. Towers, Dalal Street, Bandra Kurla Complex, Bandra East, Mumbai 400 001. Mumbai 400 051. (cid:9) Dear Sir/Madam, Reporting under Regulation 30 & Regulation 55 of SEBI (LODR) Regulations Credit Rating and Press Release of Issuer Rating (Assigned) & Basel-III compliant Tier II & Long Term Infra Bonds — Reaffirmed by India RatinQs & Research In terms of Regulation 30 read with point 3 of Para A of Part A of Schedule III and Regulation 55 of SEBI (LODR) Regulations, 2015 and SEBI Circular No.CIR/CFD/CMD/4/2015 dated September 9, 2015, we wish to inform that the rating agency, India Ratings & Research, has assigned Issuer Rating and reaffirmed rating our Bank's Basel-III compliant Tier II & Long Term Infra Bonds rating as per details given below. SI. ISIN Name of Credit Outlook Rating Action Date of ! Verification Date of No. the Rating (Stable/Positive/ (New/ Credit Status of verification Credit Assigned Negative/No Upgrade/ Rating Credit Rating Outlook) Downgrade/ Rating Agency Reaffirm/ Agencies Other) 1. 2. 3. 4. 5. 6. 8. 9. 10. 1. INE084A081 93 AA+ Stable Reaffirmed 17-07-2026 Verified 17-07-2026 (Tier-II Bonds) 2. INE084A08185 AA+ Stable Reaffirmed 17-07-2026 Verified 17-07-2026 (Long Term Infra Bonds) IN IDA 3. INE084A08201 Ratings AA+ Stable Reaffirmed 17-07-2026 Verified 17-07-2026 (Long Term & Infra Bonds) Research 4. INE084A0821 9 AA+ Stable Reaffirmed 17-07-2026 Verified 17-07-2026 (Long Term Infra Bonds) 5. Issuer Rating I AA+ Stable Assigned 17-07-2026 Verified 17-07-2026 -------- lot - VIIR an rig +nc, #494:Trattr, TETT MiT-1, 31T3* (cid:9) WtAT Ted 347, VW le, 400 051 Head Office: Investor Relations Cell, Star House-I, 8th Floor, C-5, G-Block, Bandra Kurla Complex, Bandra (East), Mumbai - 400 051 Ph.: (022) 6668 4490 / 4491 Email: headoffice.share@bankofindia.banIcin IN ago tam Bc)I 4kor Bank of India 2. Press Release issued by India Ratings & Research dated 17.07.2026 is also attached. 3. This is for your information and appropriate dissemination. 1-1-dtEr Yours faithfully, (Usha Ramsinghani) *Eft Tfr4q Company Secretary MR cniq(cid:9) Rim 70U:wig, RR' oKiti-: afrad +act W1-5,(cid:9) VAT To(cid:9) tiTef, VAT 1:14,(cid:9) - 400 051 Head Office: Investor Relations Cell, Star House-I, 8th Floor, C-5, G-Block, Bandra Kuria Complex, Bandra (East), Mumbai - 400 051 Ph.: (022) 6668 4490 /4491 Email: headoffice.share@bankofindia.bankin India Ratings & Research India Ratings Affirms Bank of India's Infrastructure and Tier 2 Bonds at 'IND AA+'/Stable; Assigns Issuer Rating Jul 17, 2026 i Bank of India I Public Sector Bank India RRaattiinnggss and Research (Ind-Re) has taken the following rating actions on Bank of India (Bol) and its debt instruments: Details of Instruments Instrument Regulator of Date of Coupon Maturity Size of Issue Rating Assigned with Rating Type Instrument Issuance Rate Date (INR billion) OutlooklWatch Action Issuer rating # - - - - IND AA+/Stable Assigned Basel III tier 2 Refer ISIN annexure - - - 25 IND AA+/Stable Affirmed bonds" Infrastructure Refer ISIN annexure - - 150 IND AA+/Stable Affirmed bond* # There is no instrument being rated and hence, Regulator of the instrument is not applicable. The rating scale and definitions are being followed as stipulated in SEBI Master Circular for CRAs. * Details in the annexure Analytical Approach Ind-Re continues to factor in the support from the government of India (Gol) to arrive at the ratings. Detailed Rationale of the Rating Action The ratings reflect Bol's systemic importance, which is driven by an increase in the bank's market share in net advances, along with a stable market share in its deposits and the Gol's 73.38% stake in the bank as of end-March 2026. Ind-Ra opines that the Gol's support to Bol has been demonstrated through regular equity infusions over the past few years, which has helped the bank to step up provisions and strengthen its balance sheet. The ratings also reflect the bank's improving capital position and operating buffers, indicating its increasing ability to absorb the impact of any expected and unexpected increase in credit costs. Furthermore, Bol's provision cover has been improving without any significant deterioration in its credit profile and market position. These factors, in the agency's opinion, have enabled the bank to witness material profitability in FY26 (FY26 return on assets (RoA): 0.93%) and boost its share in advances and deposits over the medium term. Furthermore, the bank's high provision coverage moderates its additional provisioning requirements. With slippages contained, the bank's overall profitability has been on an improving trend since FY21 . zhuwer Invest(cid:9) lions List of Key Rating Drivers Strengths - Continuing systemic importance - Adequately capitalised - Improvement in asset quality - Improvement and sustainability of quality of earnings key to performance Weaknesses - Deposit profile remains under pressure Detailed Description of Key Rating Drivers Continuing Systemic Importance: Bol remains the sixth-largest public sector bank with a market share of 3.6% in advances in FY26 (FY25: 3.6%; FY24: 3.5%) and 3.7% in deposits (3.6%; 3.6%). The bank had a sizeable network of 5,511 domestic and 22 overseas branches at FYE26. Bol continues to hold a high systemic importance for the Gol, resulting in a high probability of ordinary and extraordinary support from it, if required. Bol received a capital infusion of INR309.44 billion from the Gol over FY16- FY21; Ind-Re expects the Gol's support to continue, if required, and the same has been factored into the ratings. Like other large public sector banks, Bol has been able to raise equity (December 2023: INR45.0 billion; August 2021: INR25.5 billion) from the market, led by an improvement in its financial position. Adequately Capitalised: Bol is a well-capitalised public sector bank, with a common equity tier-1 ratio of 15.05% in FY26 (FY25: 14.84%; FY24: 14.24%) and a capital adequacy ratio of 18.01% (17.77%; 16.96%). The bank achieved a return on assets of 0.93% in FY26 (FY25: 0.9%; FY24: 0.70%) and expects profitability to sustain at the current level over the medium term, signifying its improving internal accruals over the last two years. This also needs to be viewed in context of the bank's net non-performing assets (NPAs) reducing to 0.56% at FYE26 (FYE25: 0.82%; FYE24: 1.22%). Additionally, Bol's risk- weighted assets-to-net advances decreased to 65.35% at FYE26 (FYE25: 68.65%; FYE24: 73.17%), largely due to improved capital efficiency led by lending to better-rated corporates. Despite factoring in elevated provisioning requirements in FY26 on account of potential slippages, Ind-Ra believes Bol's capital buffers will remain adequate for its growth requirements. Furthermore, with an adequate provision coverage ratio of 72.2% at FYE26 (excluding technical write-offs) (FYE25: 75.4%; FYE24: 76.54%), the incremental requirement to provide for legacy NPAs will be limited, reducing pressure on profitability. Additionally, the bank is not planning to accelerate provisioning for the implementation of expected credit loss norms and expects an impact of around 2% on its capital-to-risk weighted asset ratio, spread over five years. However, the bank intends to raise capital to maintain an adequate level of capital-to-risk weighted asset ratio. Improvement in Asset Quality: The bank's gross NPA ratio reduced to 1.98% in FY26 (FY25: 3.27%; FY24: 4.98%) and its net NPA ratio to 0.56% (0.8%; 1.2%), mainly on account of write-offs of INR57.4billion during FY26 (INR77.5 billion; INR97.5 billion), and a recovery and upgrade of INR62.6 billion (INR72.7 billion; INR63.0 billion), leading to negative n [Showing first 8,000 characters — download PDF for full document]