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What the record says.
Bank of Maharashtra reported a strong Q2 FY26 with net profit rising 23% YoY to ₹1,633 crore and operating profit up 17% to ₹2,500 crore. NII grew 16% YoY, while NIM remained healthy at 3.85% despite rate cuts. Asset quality improved with gross NPA declining to 1.72% and net NPA to 0.18%, supported by a provision coverage ratio of 98.34%. The bank is executing an aggressive branch expansion plan (321 branches in 18 months) outside Maharashtra, targeting high-growth regions. Management guided for NIM of 3.75% and credit cost below 1%. Key risks include elevated agriculture NPAs due to rebalancing and potential ECL provisioning impact of ₹100-125 crore per quarter from FY27.
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Guidance to track
- Management expects NIM to remain around 3.75% for the full year, with potential stabilization as deposits reprice.
- Management guided to maintain credit cost below 1% on a sustainable basis, including ECL impact.
- The bank plans to open 321 new branches in 18 months, primarily outside Maharashtra, targeting high-growth pin codes.
- Management aspires to grow the GIFT IBU book to $1 billion in the next 12 months, with a profitable business model.
Risks flagged
- Agriculture GNPA has risen to nearly 10% due to rebalancing and RBI classification changes; management expects normalization in 1-2 quarters.
- ECL provisions of ₹2,500 crore need to be built by FY31, requiring ₹100-125 crore per quarter, which could pressure profitability.
- Cost of deposits increased 8 bps due to fixed deposit repricing and client shift from CASA to term deposits, potentially impacting NIM.
- Capital adequacy consumed 193 bps in Q2; planned ₹5,000 crore equity raise may dilute existing shareholders.
Key quotes
- We are maintaining and achieving beating our own guidance.
- Our guidance to maintain CASA beyond above 50% has been achieved despite industry decline.
- We have a complete basket of products that is taking care of the professionals, the HNIs, the NRIs, the business community.
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