Growth momentum but guidance cuts signal caution on profitability

Advances YoY 23.7%; but FY27 credit growth guidance cut from 18-20% to 14%

Delivered PAT YoY 10.6%, QoQ 28.7%; partly driven by ₹25Cr TWO recovery + ₹92Cr treasury/insurance gains

GNPA 2.23% (vs 2.37% Q1); within <2.25% guidance but still above 2% target

Q2 NIM 3.22%, down from Q1 3.28% and target 3.5%; management admits compression

Q2 ROA 1.07%, below guidance 1.25%+ from Q1; 1.2% guidance conservative/defensive tone

Q1 guided 18-20% FY27 credit growth; Q2 revised to 14% plus. Retail focus maintained but overall pace slowing.

Reaffirmed 10% in Q1; raised to 12% in Q2 (deposits +16.3% YoY, growing faster than expected)

Q1 guided 1.25%+; Q2 achieved 1.07%, revised guidance to 1.20%. Management tone evasive; relies on one-off recoveries.

Q1 NIM 3.28% target 3.5%; Q2 NIM 3.22%, compressed 6 bps QoQ. Management expects recovery from rate hikes but unclear on timeline.

Signing MOUs with multiple organizations for salary accounts, including state government. ~20 such MOUs expected this quarter; positive CASA inflows recorded in Q2.

Do not expect incremental credit cost. Current slippages under control; no reason to increase credit cost. ECL model being finalized; detail to be shared by December.

Not a downgrade, just conservative. Recovery in written-off accounts and other income in pipeline. 'At least we will not lose the ratio.' Will hit 1.20% and could exceed it.

Target revised to 14% plus. Retail to remain 60%, corporate 40%. Next quarter will see more rate hikes, retail advances growth will continue.

Do not want to mention a particular NIM number. 25 bps repo improvement expected to help. Yield should improve; CASA inflow pressure easing; substantial NIM improvement expected next quarter.

TWO recovery strong pipeline (8-10 quarters of prior recovery pace). OTS scheme approval in progress; cross-selling and treasury income also improving. Not a one-off; ongoing structural improvements.

Bulk deposits ~₹3,000Cr high-cost outstanding. Will benefit accrue in Q3? Yes, definitely Q3 and Q4.

Expected to remain flat, maybe slight dip from Q1 to Q2. Q3–Q4 will see additions; cost back to current levels by FY28 but not rising further.

Retail 60%, corporate 40% split. Retail advances focus continuing; economic headwinds cited

25 bps repo expected; no specific NIM target disclosed; management avoiding number guidance

Timing flexible, awaiting opportune window. Debt likely this quarter; equity dependent on market conditions

₹25Cr TWO recovery + ₹92Cr treasury/insurance/cross-sell gains comprised ~22% of Q2 operating income. Without these, core PAT growth weaker. Management targets 'substantial' pipeline but durability for FY28 uncertain.

Q2 NIM 3.22%, down from Q1 3.28% and target 3.5%. CASA decline (7% vs 10% guidance) raised cost of deposits to 4.85%. Management attributes to repo rate hike cycle reversal and deposit mix, but visibility limited on recovery timing.

Credit growth guidance cut from 18-20% to 14%, a 4-6 ppt reduction. Management cites conservative approach and focus on retail, but cut suggests macro headwinds or asset quality concerns. Advances at 23.7% YoY but guidance for full year lower.

CASA growth only 7% YTD vs 10% FY27 guidance. Bulk deposits ~₹3,000Cr at high cost still outstanding. Despite MOUs signed, CASA conversion remains uncertain. If CASA doesn't recover, NIM pressure will persist.

ROA guidance revised down from 1.25%+ to 1.20%; Q2 delivered 1.07%. Amitava said 'at least we will not lose the ratio,' a defensive statement. ROA recovery tied to one-off recoveries (TWO, OTS) and non-fund-based income (~30-40% improvement Q2). Structural ROA improvement unclear.

ECL implementation ongoing; management said detail to be shared in December. Potential credit cost headwind if ECL assessment is materially different from current provisioning; management withheld numbers.