印度银行预计，印度储备银行10月份的加息将支撑其2026年10月至12月季度的利润率。该行董事总经理兼首席执行官拉杰尼什·卡纳塔克表示，该行预计其国内净息差将改善约11.5个基点。该行还预计2026-27财年的存款和信贷增长率分别为16%-17%和15%-16%，同时目标是在未来两到三年内将全球净息差提升至接近3%的水平。
Bank of India expects the Reserve Bank of India's October rate hike to support margins in the October-December 2026 quarter, with Managing Director & CEO Rajneesh Karnatak saying the lender expects around an 11.5-basis-point improvement in its domestic net interest margin .The bank also expects deposit and credit growth of 16-17% and 15-16%, respectively, for the financial year 2026-27 , while targeting a global NIM closer to 3% over the next two to three years. Karnatak said the October 7 repo rate hike has not yet been reflected in the bank's financials and will begin contributing from the third quarter. He added that while higher deposit costs will offset part of the benefit, the overall impact on margins will remain positive. The lender remains focused on improving loan yields and lowering funding costs to strengthen profitability. Karnatak said the bank's asset quality continues to improve, recoveries remain healthy, and growth guidance factors in the possibility of additional interest rate hikes later this year. The executive explained that around 63% of Bank of India's loan book is linked to the repo rate, allowing lending rates to reprice quickly after policy changes.
卡纳塔克表示，10月7日的基准回购利率上调尚未反映在银行的财务数据中，将从第三季度开始产生贡献。他补充说，虽然存款成本上升会抵消部分收益，但对利润率的整体影响仍将是积极的。该行继续专注于提高贷款收益率和降低融资成本，以增强盈利能力。
About 30% of the portfolio is linked to the marginal cost of funds-based lending rate . Bank of India shares were trading at ₹125.57 as of 11 am on the NSE. The company, which has a current market capitalisation of ₹57,227.04 crore, has seen its shares decline more than 10% over the last year. Karnatak said the bank's domestic NIM stands at about 2.75%, while the global NIM is around 2.47%.
卡纳塔克称，该行的资产质量持续改善，回收情况保持良好，且增长指引已将今年晚些时候可能进一步加息的因素考虑在内。
He expects the lender to gradually improve margins by increasing higher-yielding advances and optimising funding costs. Apart from margins, the lender also reported strong growth in recoveries from written-off accounts, which helped lift non-interest income.
这位高管解释说，印度银行约63%的贷款账目与回购利率挂钩，这使得贷款利率能够在政策变动后迅速重新定价。约30%的投资组合与边际资金成本贷款利率（MCLR）挂钩。截至上午11点，印度银行在印度国家证券交易所的股价为125.57卢比。该公司目前的市值为5722.704亿卢比，过去一年股价下跌了超过10%。
Karnatak said while the current level may not be repeated every year, recoveries are expected to remain on a growth path because of stronger internal recovery mechanisms. The CEO also downplayed the impact of the draft IRDAI regulations on insurance commissions, estimating the hit to non-interest income at only around ₹50 crore. He said the bank remains confident of maintaining current SMA levels and does not expect a sharp deterioration in slippages during the December quarter. On business growth, Karnatak said the revised guidance reflects the impact of FCNR deposits raised during the year and the possibility of further policy tightening.
卡纳塔克表示，该行国内净息差约为2.75%，全球净息差约为2.47%。他预计该行将通过增加高收益贷款和优化融资成本，逐步改善利润率。
Excluding FCNR deposits, deposit growth remains healthy, he added. The lender now expects deposit growth of 16-17% and credit growth of 15-16% for the current financial year.I read through your investor call and guidance, but if you could repeat it for us. There was a rate hike on October 7, which is not yet factored in. That will come in the Q3 numbers.
除利润率外，该行还报告称，核销账户的回收额强劲增长，这有助于提升非利息收入。卡纳塔克表示，虽然目前的水平可能不会每年重复，但由于内部回收机制的加强，预计回收额将保持增长态势。
The widespread expectation is for at least another 25-basis-point hike in December, maybe even more, maybe even 50 basis points. So, what's your sense? If you can tell us, for every 25-basis-point hike, what is the improvement in margins we can expect?
这位首席执行官还淡化了印度保险监管和发展局（IRDAI）关于保险佣金的法规草案的影响，估计对非利息收入的冲击仅在50亿卢比左右。
So, as far as the margins are concerned with respect to the repo rate hike of 25 basis points, we expect around 10-12 basis points of improvement because of that.
他表示，该行有信心维持目前的特殊资产账户（SMA）水平，预计12月季度的不良贷款率不会出现大幅恶化。
This is because 63% of our book is linked to the repo rate, if you see our presentation, and the MCLR book is around 30%.
在业务增长方面，卡纳塔克表示，修订后的指引反映了年内筹集的非居民外币（FCNR）存款的影响，以及政策进一步收紧的可能性。他补充说，剔除FCNR存款后，存款增长依然健康。
So, an immediate increase has happened by 25 basis points on that 63% book. So, we expect at least a 10-12 basis-point improvement in the NIM because of the 25-basis-point increase in the repo rate. However, there will also be an increase in the cost of deposits.
该行目前预计本财年的存款增长率为16%-17%，信贷增长率为15%-16%。
That is why I am saying that the full 25-basis-point improvement in NIM will not be there, but a 10-12-basis-point improvement in NIM will be there.
“我阅读了你们的投资者电话会议记录和指引，但能否请您为我们重申一下。10月7日有一次加息，目前尚未计入。这将在第三季度的数据中体现。普遍预期12月至少还会加息25个基点，甚至更多，也许是50个基点。那么，您的看法是什么？如果您能告诉我们，每加息25个基点，我们能预期利润率会有多少改善？”
Similarly, if future hikes also take place, then if you see the last five-year trajectory, whenever the repo rate has increased by the RBI, you will always see that when the repo rate increased by around 2.5%, the increase in the weighted average lending rate was 1.9%. So that has been the pass-through that lenders normally do in the market. Similarly, when the repo rate declined by 125 basis points, the fall in the weighted average MCLR lending rate was around 93 basis points.
“关于回购利率上调25个基点对利润率的影响，我们预计会有约10-12个基点的改善。这是因为，如果您查看我们的演示文稿，我们63%的账目与回购利率挂钩，MCLR账目约占30%。因此，这63%的账目已经立即上调了25个基点。所以，我们预计由于回购利率上调25个基点，净息差至少会有10-12个基点的改善。然而，存款成本也会增加。这就是为什么我说净息差不会有完整的25个基点改善，但会有10-12个基点的改善。同样，如果未来继续加息，如果您查看过去五年的轨迹，每当印度储备银行提高回购利率时，您总会看到当回购利率提高约2.5%时，加权平均贷款利率的增幅为1.9%。这就是贷款机构在市场上通常采取的传导机制。同样，当回购利率下降125个基点时，加权平均MCLR贷款利率的降幅约为93个基点。”
This is too much data you're giving me. Can you make it simpler for us? For every 25-basis-point hike, can we say it is about 7 basis points?
“您提供的数据太多了。能为我们简化一下吗？对于每25个基点的加息，我们可以说是大约7个基点吗？既然您说了10-12个基点，您是说每加息25个基点，您的利润率就会增加10个基点吗？”
Since you said 10-12 basis points, are you saying that for every 25-basis-point hike, you get a 10-basis-point increase in your margin? In this quarter, we are expecting that there may be a 10-12-basis-point increase in the domestic NIM. So, assuming another 25-basis-point hike in December.I am not factoring that in because we are not yet clear about that.
“在本季度，我们预计国内净息差可能会有10-12个基点的增长。”“那么，假设12月再加息25个基点。”
I am talking only about what happened on October 7. There is a clarification I want from your non-interest income numbers. From recovery in written-off accounts, you've shown a very big growth. It is ₹978 crore.
“我没有把那个因素考虑在内，因为我们还不清楚。我只谈论10月7日发生的事情。”
Never before has it been so good. Should we take that as the standard going forward — around ₹1,000 crore in recoveries?
“我需要您澄清一下非利息收入数据。从核销账户的回收情况来看，您展示了非常大的增长。是978亿卢比。以前从未这么好过。我们应该将其视为未来的标准吗——即约1000亿卢比的回收额？”
Our non-interest income has grown by around 25%, if you see our presentation, out of which, as you rightly said, there has been a big improvement in the recovery from written-off accounts. So, there are 2-3 lumpy accounts in that. But nonetheless, let me share with you that we have done a lot of internal work as far as the recovery in written-off accounts is concerned.
“如果您查看我们的演示文稿，我们的非利息收入增长了约25%，正如您所说，核销账户的回收情况有了很大改善。其中有2-3笔大额账户。但尽管如此，我想与您分享的是，在核销账户回收方面，我们做了大量内部工作。在1000万卢比以下的小额账户中，我们从整个银行和我们的资产回收分支机构获得了良好的回收。我们非常有信心，即使不能匹配900亿卢比的数字，我们也能够维持这一水平，而且核销账户的回收额肯定会保持增长。”
In small accounts of up to ₹1 crore, we have got good recoveries from the entire bank and from our Asset Recovery Branches . We are very confident that we will be able to maintain, if not match, the ₹900-crore number, but definitely the growth will be there in the recovery from written-off accounts. For the full interview,