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Bank of Maharashtra delivered a strong Q1 FY27 with net profit of ₹2,020 crore (+27% YoY), driven by robust loan growth of 27% YoY and stable asset quality. Advances grew across all segments (retail 25%, agri 30%, MSME 23%, corporate 30%), while gross NPA was maintained at 1.45% and net NPA at 0.13%. NIM stood at 3.85%, above the guided 3.75%, though down 10bps YoY. Management reiterated its 18% loan growth guidance for FY27 despite the strong start, citing a focus on profitable growth. Key risks include potential margin compression from rising deposit costs and the impact of the Maharashtra debt waiver scheme, which could result in a one-time haircut of ₹450-500 crore, though largely provisioned for.
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Guidance to track
- Despite 27% growth in Q1, management reiterated the full-year loan growth guidance of 18%, emphasizing commitment to guidance and profitable growth.
- Management expects NIM to remain around 3.75% for the full year, with Q1 NIM at 3.85% providing a buffer.
- Credit cost for Q1 was 0.99%, within the guided range of below 1% for the full year.
- Management aims to keep cost-to-income below 40%, supported by operating leverage from branch expansion.
Risks flagged
- Cost of deposits increased 5bps QoQ to 4.38%, and management noted a structural shift of savings to other asset classes, potentially pressuring NIM.
- The scheme could result in a one-time haircut of ₹450-500 crore for the bank, though management stated it is largely provisioned for.
- SMA 2 increased from ₹56 crore to ₹208 crore QoQ, largely due to one government entity account of ₹87 crore, which management expects to regularize.
- Yield on advances fell 71bps YoY to 8.57% due to MCLR resets and rate cuts, though management expects stabilization with potential rate hikes.
Key quotes
- We are always focusing on growth which is a profitable one where there is no compromise in the asset quality and that's medium to long term.
- We have stopped underwriting any segment loan, even a personal segment where the TransUnion CIBIL score is less than 681.
- We would like to not change the guidance. If we are over-delivering, we are only giving confidence to you all.
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