Soft revenue growth masks margin recovery; guidance absent

OPM 25.4% YoY, NPM 5.6% YoY; PAT grew 30.9% but from lower base

Revenue +3.7% YoY, +21.4% QoQ; low YoY growth despite strong QoQ

Delivered results show revenue growth stalled; segment performance mixed

Provisions lower YoY; OPM stable despite revenue headwinds; credit costs normalized vs prior soft quarter

Growth decelerated to 3.7% YoY, slowest in at least 2 years; wealth and lending segments both soft

Prior calls hinted at mid-teen growth targets; now management is silent on FY27 targets

We are focused on credit quality and margin stability first; FY27 targets will be reset based on market conditions.

Deposit rates are competitive but we are optimizing mix toward wholesale. Cost pressures are manageable.

Market volatility impacted new money flows in Q1. We expect recovery in H2 as volatility eases.

We are guiding credit costs at current normalized levels; no significant deterioration expected.

Management deflected on growth targets; implied range 5-8% YoY based on cautious tone

Dependent on assumption of normalized credit costs; cost-to-income further compression targeted

YoY revenue growth of 3.7% is the slowest in years; wealth AUM growth slowed by market volatility; lending growth cautious due to asset quality focus

PAT +30.9% is driven largely by lower credit provisions; if asset quality deteriorates or credit costs spike, PAT will crater—no revenue growth to cushion

Rising deposit rates eroding NIM; wholesale deposits more expensive; retail deposit pricing pressures increasing; impact not quantified

Management declined to provide FY27 revenue or margin guidance; suggests prior targets are being reset downward; lack of transparency increases credibility risk

Wealth and lending businesses sensitive to market volatility; AUM outflows if sentiment turns negative; lending volume pressure if growth slows