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Good quarter due to superior NII/NIM and lower opex NIM guided to remain range bound in FY27 over FY26 We upgrade to ACCUMULATE' on comfortable valuations CBK saw a good quarter as core PPoP was ~13% ahead of PLe driven by higher NII/NIM and lower opex. Reported NIM performance was better to peers since it rose by 9bps QoQ driven by (1) fall in deposit cost and (2) healthy retail growth at 8.6% QoQ. NIM for FY27 is guided to be between 2.5-2.6% (FY26 2.51%). Provisions may remain stable at 0.75% despite ECL impact which could be INR 100bn or 9% of equity, primarily...
We value SBIN on a SoTP basis at INR 1,154 (~18.5% upside), applying 1.20x FY28E ABV to the standalone bank (INR 911/share) and adding subsidiaries at fair value post a 15% holdco discount (INR 243/share).
Bank of Baroda (BoB) continues to accelerate credit growth, at ~16% YoY, while margin increased by 10bps QoQ to ~2.9%, mainly due to higher interest on income-tax refund and better NPA recovery.
The bank has a meaningful presence in international operations with its JVs and subsidiaries. ~18.2% of total business comes from overseas. Q4FY26 performance: Bank of Baroda reported healthy Q4FY26 performance, led by strong balance sheet expansion, margin recovery and robust asset quality, though provisions were elevated due to prudent buffer creation. Global advances grew 16.2% YoY (6.3% QoQ), driven by broad-based traction across retail (17.9% YoY) and agri (20.7% YoY) segments, along with a meaningful pickup in corporate growth. Deposits grew 12% YoY (6.6% QoQ), aided by healthy CASA mobilisation...
SBI saw a weak quarter due to 4.2% miss on NII driven by 18bps QoQ fall in domestic NIM to 2.93%. However, core PAT was 12.7% ahead of PLe due to better fees, opex and provisions. Sharp decline in NIM was led by (1) 25bps cut in repo (2) faster corporate growth QoQ and (3) shift in corporate mix towards lower yielding T-bill loans. Bank expects loan yield to improve from Q4'26 levels by slowing down corporate growth in FY27 (guided at 12-13% vs 16.6% in FY26) and focusing on better yielding accounts. We trim NII by avg. 2.8% for FY27/28E and cut core PAT by avg. 4%. We keep multiple of...
Punjab National Bank (PNB) reported 4QFY26 PAT of INR52.3b (up 14% YoY/2.5% QoQ, 6% beat on MOFSLe), led by lower provisions and opex, partly offset by lower NII (5% lower vs. MOFSLe).
Smooth ECL related absorption to aid steady RoA for FY27 Diversified loan mix with RAM (retail/agri/MSME) forming ~66% of book Q4FY26 performance: Indian Bank reported steady Q4FY26 performance, with advances growing 13.4% YoY (4.4% QoQ) to 6.67 lakh crore, driven by continued traction in RAM segments (15.2% YoY), particularly retail (18.7%) and MSME (16.4%), while corporate growth remained moderate at 9.2%. Deposits grew 12.3% YoY (4.6% QoQ) to 8.28 lakh crore, with CASA ratio broadly stable at ~39.7% (+60 bps QoQ). NII rose 11.3% YoY (3.1% QoQ) to 7,109 crore, while NIM moderated to...
Indian Bank delivered steady performance for another quarter, with RoA/RoE coming in at 1.3/15.9%, broadly in-line with expectation. Asset quality remained healthy, with gross/net slippages at 89/51bps, indicating continued normalisation across segments.
Indian Bank (INBK) reported 4QFY26 PAT of INR31.0b, up 5% YoY (5% miss), amid higher-than-expected provisions (additional provision of INR3.1b on West Asia crisis) as well as higher tax.
Core PAT beat due to higher TWO recovery and lower opex Back-ended corporate loan growth led to NIM fall QoQ We trim NIM/core PAT for FY27/28E avg. 8bps/2.9%. UNBK saw a steady quarter; while NII was 1.7% lower due to 13bps fall in reported NIM to 2.64%, core PPoP was ~17% higher owing to higher TWO recovery and lower opex. NIM fell QoQ due to the repo cut in Dec'25 and back-ended corporate growth of 9.2% QoQ. Bank had preferred profitability over growth, however, with new MD at the helm, it has slightly changed its stance to quality growth. We cut NIM/core PAT for FY27/28E...
Union Bank of India (UNBK) reported 4QFY26 PAT of INR53.2b (up 7% YoY/up 6% QoQ, 18% beat), led by NPA recoveries and lower opex. This was partly offset by lower NII and higher-than-expected provisions.
Bank of Maharashtra has formed a classic Cup and Handle pattern on the weekly timeframe, indicating a potential trend reversal and medium-term continuation on the upside. The stock witnessed a rounded bottom formation over the past several months, followed by a shallow consolidation (handle) near the breakout zone. This structure reflects strong accumulation at lower levels and gradual improvement in price...
Punjab National Bank has confirmed a breakout from a well-defined rounding bottom pattern on the weekly timeframe, signaling a potential medium-term trend reversal. After a prolonged phase of base formation and gradual accumulation, the stock has decisively moved above the key neckline resistance zone around 133134, supported by steady volumes. This pattern typically reflects a shift from distribution to accumulation, indicating improving market sentiment and...
Bank of Maharashtra has formed a classic Cup and Handle pattern on the weekly timeframe, indicating a potential trend reversal and medium-term continuation on the upside. The stock witnessed a rounded bottom formation over the past several months, followed by a shallow consolidation (handle) near the breakout zone. This structure reflects strong accumulation at lower levels and gradual improvement in price...
State Bank of India (SBIN) reported 3QFY26 PAT of INR210.3b (25% YoY growth, 18% beat) due to higher other income and lower-than-expected provisions. The bank received dividend income of INR22b (SBIMF); despite netting off the one-off, performance remained strong across all fronts.
