Strong delivery masked by QoQ PAT decline; fee weakness unresolved

Delivered ₹377.7 Cr (17.2% YoY growth)

Highest ever NII; growth from deposit repricing, CASA growth 15%

Advances ₹104,368 Cr; YoY 17% growth vs guidance 15-16%

Clawed back deposit repricing impact; rate cycle assumptions hold if cycle turns

Growth 'muted from expectations'; acknowledged slowdown due to uncertainties

Core fees ₹179 Cr down from ₹191 Cr (Q4), ₹188 Cr (Q1 last year); weakness consistent 2+ qtrs

Gross NPA 1.38% (excellent), slippage 12 bps annualizes 48 bps; credit costs likely to normalize upward per guidance

Acknowledged deviation from strategy. Rationalized as opportunistic (West Asia, tight liquidity, pricing +40-50 bps). Short-duration; intends to wind down. Deviates from Retail/MSME pivot narrative.

Previously implied recovery; now called 'one-off' with technical fix. Treasury/FX ₹44 Cr (80% below Q1 last year). Core fees ₹179 Cr (down from ₹191 Cr Q4). No recovery timeline given.

Admitted growth below expectations due to 'uncertainties' (West Asia). Expecting 'scale mode' to resume Q2. Underlying strategy intact but execution slowed.

Prior guidance expected widening; Q1 delivered +28 bps. MD now expects further hardening 'if rate cycle turns' (T+1 sensitivity benefit). Deposit repricing baked in.

Q1 did NOT achieve it; FY27 target confirmed. OpEx growth 5-6% but revenue growth expected higher (confidence on NII traction, business lines).

High-rate deposits rolled off 40-60 bps Jan-Jun. CASA growth 19% helped. Bulk deposits down 50%. Believe substantial repricing baked in. NIM should harden if rate cycle switches to up; currently well positioned but no quantified guidance.

Small branch rollout restart in key locations (frozen 3 years). Aiming for positive operating leverage (last 2 years achieved; Q1 missed; FY27 target). OpEx 5-6% growth expected. Confidence on NII/business lines expansion to exceed costs.

One-off; focused on NIMs. Treasury down 80% (repo environment). FX growing 40-50% YoY; new platform by Sept will boost. Q1 recoveries ₹179 Cr lower than normal (seasonal); expect ₹800-1000 Cr FY27.

Long-run aim to bring down. Current environment (West Asia, uncertainties) favors low-risk corporates. Pricing improved dramatically. These are short-duration; will roll off quickly. Onetime adjustment.

Technical issue: product renewal process change resulted in lower fees charged (will fix). Treasury/FX muted (separate issue). Overall one-off; will address.

Yes. Q1 actuarial contribution ₹84 Cr back to normal (same as last year Q1). G-SEC movement impact moderated.

9 bps 'generous side'; likely to moderate. Slippage ₹500-800 Cr FY27, recoveries ₹800-1000 Cr. SMA-1+2 rise seasonal (Q4 to Q1 normal); reversible.

Growth robust. Offer open until Sept 30. Bulk flows expected Aug-Sep. No credit lines from external entities; no GIFT City presence; leverage not possible. Only unlevered deposits. Landed cost competitive vs domestic liquidity.

Seasonal. Increases Q4 to Q1 every year (prior years confirm). Reviewed constituents; believe reversible; no material risk add.

RBI circular (effective April 1) caused ₹270 Cr runoff in co-lending/portfolio purchases. Branch banking grew nicely. Core growth solid; confident material growth forward.

Still working on it. Initial workings show no material change to current NII expected.

Yes, ₹10 Cr benefit QoQ (~15% full-year reduction).

Both. T-bill movement + market hardening (liquidity tighter). Opportunistic pricing. Retail pricing flat; corporate pricing up considerably.

Grow balance sheet at market + 2%. Shift asset mix (low-risk/low-yield to high-risk/high-yield retail/MSME). ROA migration 100-115 bps today to 120-125 bps over time. Hesitant to bind successor with concrete ROE target.

Personal choice to do other things; age consideration. Cannot speak to prior MD's reasons.

Repricing advantage may not be same quantum forward. But NII should hold. Rate cycle up (expected) would help via T+1 repo pass-through.

Growth 'muted' from expectation due to uncertainties. Fraternity now operating 'business as usual.' Expecting 'scale mode' return this quarter. Narrative on balance sheet mix change (reduce corporate, increase MSME) intact and on track.

Limit ₹400 Cr. Disbursement ₹238 Cr. Utilized ₹50 Cr. Utilization struggle; working to increase contribution progressively.

Met and exceeded in Q1; advances ₹104,368 Cr YoY +17%. Retail segments all strong (gold +43%, mortgage +34%, auto +34%). MSME 'muted'; expects recovery. Trend positive.

Deposit repricing (40-60 bps) and CASA growth (19%) delivered. 'Substantial repricing baked in'; sharp reduction unlikely forward. Rate-cycle up (expected) would help via T+1 transmission. Reasonably positioned.

Core fees ₹179 Cr (Q1) down from ₹191 Cr (Q4), ₹188 Cr (prior year Q1). Treasury/FX 80% below. Management blamed 'technical' product renewal issue, but weakness consistent 2+ quarters. One-off narrative not supported.

Q1 PAT ₹377.7 Cr is -7.3% QoQ from Q4 FY26 (implied Q4 PAT ~₹408 Cr). Despite NII +23% YoY and cost management, net PAT declined quarter-on-quarter. Unexplained in call; suggests headwinds elsewhere (fee, recoveries, provisions).

Business loans (MSME) grew 17% YoY (18% ex-charge-off), but ED Dolphy Jose admitted growth 'muted from expectations' due to 'too many uncertainties' (West Asia). This is core to balance-sheet mix strategy (shift from corporate to MSME). If slowdown persists, strategic pivot at risk.

Corporate now 40% of advances vs 30% strategic target. Growth 17% driven by corporate (short-duration, opportunistic pricing). If West Asia geopolitical stress escalates, corporate defaults could spike. Collateral-light vs gold loans.

MD P.R. Seshadri announced this is his last earnings call. This is the third MD in 3 years (prior MD also left after 3 years per analyst question). Leadership churn raises questions on strategy continuity, execution pace, and succession quality.

MD said NIM should 'harden' and NII outcomes 'positive' if rate cycle switches to increases. T+1 sensitivity means benefit if repo rises. But if rate cycle stays flat or turns down, NIM tailwind evaporates. No base-case guidance on margins without rate hikes.