Credit beat & deposit recovery mask revenue softness

Revenue 14.6% YoY (₹11,051 Cr); treasury gain ₹181 Cr + tax refund ₹60 Cr inflated profit growth

Credit cost 1.53% delivered, beats prior 170-180 bps guidance meaningfully; revised down to 150-160 bps

5.96% reported but includes 6 bps tax refund + benefits; adjusted ~5.90%; FY27 guided 5.8% reflects margin headwinds

Loan book ₹3.05L Cr, 20.6% YoY growth; retail+agri+MSME 18% YoY, wholesale 30% YoY

Customer deposits 16.6% YoY, 5.3% QoQ; CASA 50.8%, CA +30% YoY, SA +25% YoY; strong rebound

PAT ₹1,147.8 Cr delivered (153% YoY growth); call figure slightly lower, likely rounding or timing

Provisions ₹1,144 Cr (includes ₹514.8 Cr CGFMU claim + ₹515 Cr contingency provision); one-time claim masks underlying credit cost

Prior 170-180 bps → now 150-160 bps; Q1 actual 1.53% beat materially. Reflects better-than-expected asset quality.

Prior 5.75% → now 5.8%; +5 bps. Offset by asset mix headwinds (corporate lower NIM). Q1 achieved 5.96% (adj ~5.90%).

Prior 'kissing distance by Q4' → now '~1% for full year FY27'. Management signaled confidence post-Q1 beat.

20.6% YoY vs ~20% prior guidance; retail+agri+MSME 18%, wholesale 30%. No change.

13-14% growth for FY27; Q1 grew 16.4% YoY but benefited from operating jaw. Maintain guidance.

5.9% this quarter, but guided 5.8% FY27 due to asset mix dilution + cost of funds may stabilize ~6%. NIM 5.8% is revised up from 5.75% prior guide.

Yes, revising down from 170-180 bps to 150-160 bps. Q1 surprising strength, but took ₹515 Cr contingency provision for macro/monsoon risks.

Yes, aiming to maintain 500 bps operating jaw (income vs opex). Depends on business momentum but hopeful of maintaining leverage.

350 bps cost-income reduction from jaw opening straight to P&L. If 18-20.5% income growth & 13-14% opex, then natural ROA improvement.

Progress on ground (arrests, PMLA court process), but legal process long. Difficult to commit timeline. No recovery in P&L yet.

9% sustainable; it's not about spend amount but architecture quality. Built modern cloud-native stack, real-time streaming, ML models. Enables 20%+ growth on current platform.

Aiming 2.5% of $60-70B pool via leverage + SBLC structure. Just started gaining steam; update next quarter.

MFI slippages low; SMA 0.71%. Disbursements doubled YoY, decline arrested. Targeting 15% book growth FY27.

NII line item (interest on balance with RBI), not advances. ~₹60 Cr in NII.

CA +30% YoY, SA +25% YoY. SA is major CASA component. Growth mostly in SA (granular); balance sheet stable post-incident.

Yes, gunning for 1% FY27. Mainly driven by credit cost; NIM roughly in zone (basis points matter to you but not transformative).

Transition capital impact broadly neutral (more ECL provision offset by RWA reduction). Run-rate: higher provision but EIR benefits offset; manageable. Won't prolong ROA expansion.

Corporate NIM lower but credit quality better, discipline improves. Target structurally 1.7-1.8% ROA achievable even with lower NIM & lower credit cost. 7 years of corporate book, no mishap.

Deposits recovered very strong, didn't lose material deposits in first place. Flat quarter, came back quick. Flying now. Institutional stable.

5.8% FY27 reflects asset mix drag from corporate, cost of funds ~6%, FCNR uncertainty. Q1 benefited from lower investment book; normalization ahead.

Q4 had fraud ₹XCr one-time. Excluding that, opex +2.3% QoQ. C/I -166 bps QoQ, -310 bps YoY. Target <70% for year realistic.

Yes, gunning for ~1% full year. Last time said kissing distance by Q4, but now looks like full year will get there.

Procedurally once a year. Q1 done. Next year could get similar but amounts likely much smaller.

Yes, working on insourcing product-by-product. Bit-by-bit benefits showing in ratios. Should grow in line with volume.

Two types of AI: classical (ML scorecards 7-8 years) and GenAI (just starting). Classical AI on consumer durables, 2W, small loans already in use. GenAI will affect every part; focus on outcomes not inputs.

Still short on PSL, buying PSLC. Lost ~₹250 Cr last year; depends on market rates this year. Have 1-1.2L Cr PSL now; building organically from zero base.

Q1 delivered 20.6% YoY; retail 18%, wholesale 30%. Volume momentum strong, originations +25% YoY.

Q1 included 6 bps tax refund + lower investment book benefits. Asset mix shift (corporate 30% growth) & cost of funds ~6% offset upside. Revised up +5 bps vs prior.

Retail+agri+MSME portfolio ₹2.4L Cr (79% of loan book); agri exposed to monsoon. Took ₹515 Cr contingency provision explicitly for monsoon risk.

NRI deposits ₹25,000 Cr (1.7% of system); FCNR opportunity just starting with no track record. Middle East conflict could reduce NRI inflows or increase withdrawal risk.

Wholesale (corporate) book growing 30% YoY vs retail 18%; corporate NIM lower than retail. Asset mix dilution expected to compress overall NIM from 5.96% to 5.8% FY27.

Q1 profit benefited from ₹181 Cr treasury gain + ₹60 Cr tax refund + ₹514.8 Cr CGFMU claim (one-time). Reported PAT 153% YoY growth; adjusted organic likely mid-20s %.

February 2026 fraud incident (₹XCr) recovered via PMLA court process ongoing. ED filed charge sheet; arrests made; recovery timeline uncertain, could stretch years.