Strong delivery, weak disclosure — 48.7% PAT growth understated on call

Delivered PAT ₹3,299.5 Cr grew 48.7% YoY (not 10.09%)

Deposits 13.40%, advances 13.89% — accurate, controlled

Against 40% guidance, 39.73% is near-miss; improvement credible

Outperforming guidance — verified

Down 115 bps YoY, 12 bps QoQ — achievable target

NIM expanded +6 bps sequentially; MD hedges against further expansion

Prior call implied NIM expand; MD now says 'bottomed', upper end 3.25% achievable but no major trigger for rise. +2-3 bps marginal vs expectations.

SMA book declining YoY (7.99% to 4.69%); ₹5,000 Cr ECLGS disbursed signals preparedness, not stress. Consistent with prior call.

Industry doing 17-18%; bank targeting 13-14% 'balanced' growth. Consistent but reflects deposit constraint & discipline.

Prior call vague; MD now specific: term deposit repricing pending, 2-3 bps impact, bulk deposits expensive at 7.7-8.0%.

New specificity: ₹3,000-3,500 Cr total impact, 8-10 bps after-tax annual drag on credit cost. Magnitude clarified downward from earlier hedging.

SMA-2 rise due to one account (DCCO issue, will resolve). MSME SMA down YoY 7.99% to 4.69%. Provisions held for West Asia (₹310 Cr prior + ₹13 Cr this quarter).

Hopefully yes. MCLR repricing -2 bps offset by bulk-deposit repricing +2-3 bps. No major expansion trigger unless rates rise. Marginal +2-3 bps only.

Total ECL transition ₹3,000-3,500 Cr. Providing ₹1,500-2,000 Cr during year (₹1,000 Cr done). Ongoing impact ~1% on incremental growth. After tax ~8-10 bps. 100% provisioning floor on doubtful-3 and loss assets, minimal release.

Margins bottomed (no trigger to decline). No major trigger for significant expansion either. May expand +2-3 bps marginally.

Repricing pending, impact limited 2-3 bps. Competitive intensity same level, cut-throat already. Bulk market cooled but home-loan rates 7.15-7.20%.

Syndication fees ₹72 Cr, DEAF incentive ₹30 Cr, CBDC reimbursement ₹47 Cr. Loan-processing charges sustainable (volume-driven, no rate increase). Will continue underwriting & syndication.

Selective in AAA/AA-rated only. Book declined ₹6,000-7,000 Cr June-March; added ₹3,000 Cr Q1 while cautious on repayments.

Government decision. We are not in position to comment.

Three factors: credit growth, deposit growth, proportion funded via borrowings. Use TREPS/call market at 5.00-5.25% vs bulk deposits 100-150 bps more expensive. Strategy trade-off: lower LCR ratio via borrowings.

Q1 revenue ₹18,095 Cr (+11.1% YoY, +3.5% QoQ). No new FY-wide target; balanced growth philosophy limits acceleration.

MD says 'hopefully yes' on upper end (3.25%). MCLR repricing -2 bps, bulk repricing +2-3 bps net. No expansion unless rates rise.

No trigger for compression (stable rates) or acceleration (competitive intensity). Deposit repricing 2-3 bps headwind.

Digital transformation and cyber resilience prioritized. Cyber ops centre, user-entity behaviour analytics, zero-trust architecture.

MSME SMA declining but ₹5,000 Cr ECLGS disbursed signals underlying stress. West Asia provisions ₹310 Cr + ₹13 Cr may insufficient if conflict escalates.

Post-ECL, standard-asset provisioning rises from 0.4-0.5% to 1.5%. On 12% advances growth, credit cost impact 8-10 bps annually. No release from NPA provisions (100% floor required).

Bulk-deposit rates peaked 7.7-8.0% in Q1; term deposits repricing pending 2-3 bps impact. Retail CASA growth at 39.73% vs 40% target tight; deposit franchise under pressure.

Home-loan rates stable 7.15-7.20%; corporate pricing cut-throat especially for PSUs and highly-rated accounts. Bank maintains discipline but limits growth optionality.

MD expected August 2025 Trump tariff impact but India showed resilience. West Asia exposure monitored but provisions held. Exporter diversification limiting fallout.