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Bank of Maharashtra reported its highest-ever quarterly net profit of ₹179 crore for Q3 FY26, with 9-month PAT exceeding ₹5,005 crore. The bank surpassed its full-year guidance on all key parameters: total business grew 17.2% YoY to ₹5.95 lakh crore, advances rose 20% YoY, and deposits increased 15.3% YoY. Asset quality improved with gross NPA at 1.60% (down 12bps QoQ) and net NPA at 0.15%. NIM expanded 2bps to 3.87%, ROA reached 1.86%, and ROE hit 23.79%. The bank maintained a strong CASA ratio of 50% and cost-to-income of 37.19%. Management guided for continued double-digit growth driven by branch expansion (321 new branches under Project C21) and focus on retail segments (home loans up 28%, gold loans up 56% YoY). Key risk: potential margin compression from further rate cuts and repricing of 18-20% of term deposits in Q4.
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Guidance to track
- Management confirmed achieving 14% deposit growth target for the full year, despite Q3 YTD growth of 4.73%, citing Q4 seasonal inflows and strategic focus on low-cost deposits.
- Management targets NIM around 3.75% despite rate cuts, supported by MCLR repricing and cost management.
- Asset quality guidance reiterated; current gross NPA 1.60% and net NPA 0.15% are well within targets.
- Despite branch expansion, management expects to maintain cost-to-income below 40%; current level is 37.19%.
Risks flagged
- RBI rate cuts of 125bps have pressured yields; full impact of Q3 cut will be felt in Q4, and further cuts could compress NIM.
- 9-month deposit growth of 4.73% trails credit growth, pushing CD ratio to 85%; reliance on Q4 seasonal inflows to meet 14% target.
- One-time hit of ₹290 crore from amalgamation of Maharashtra Gramin Bank and Vidharbha Konkan Gramin Bank impacted treasury profits.
- Strategic shift away from bill discounting and tightening underwriting (CMR 1-5 only) may slow MSME growth; current YoY growth is 8% vs earlier double-digit.
Key quotes
- We have been able to clock our highest ever quarterly profit of 1,79 crores and the 9 months net profit has exceeded 5,000 crores. It stands at 5,05 crores.
- We are running a project currently in the bank. We are calling it as project C21 wherein 321 branches selected very scientifically at the pin code level. We have decided to be opened in 18 months.
- We have also been mindful of the quality... no funding below CIC score of 681 and below. We have benchmarked our underwriting to TransUnion CIBIL and 681 and below there is no underwriting in any schemes in the bank.
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