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Net interest income & Margin: NII up 19.4% y-o-y and 6.0% q-o-q to Rs. 5606 crore, exceeding estimates by 5.0% due to reduction in the funding costs. Consequently, Net Interest Margin (NIM) expanded to 3.94%, up by 21 bps y-o-y and 17 bps q-o-q.
Pre-Provision Operating Profit (PPOP): It rose by 15.7% y-o-y and 3.1% q-o-q to Rs. 5,963 crore (beating forecasts by 7.4%). This outperformance was driven by robust NII growth and disciplined operating expenses, which grew modestly by 8.6% y-o-y.
Credit Costs: Provisions stood at Rs. 5 crore, significantly than the anticipated Rs. 249 crore (negative).
Profitability: Profit After Tax (PAT) grew 14.6% y-o-y and 6.8% to Rs. 4,763 crore, in line with estimates. Strong PPOP growth were partially offset by higher credit costs.
Asset Quality: The portfolio demonstrated significant strengthening, with Gross NPA (GNPA) improving to 1.64% (down 104 bps y-o-y and 23 bps q-o-q) and Net NPA (NNPA) reaching a lean 0.24%.
AUM Growth: Total Assets Under Management (AUM) expanded to Rs. 569,627 crore, representing a steady 13.1% y-o-y and 1.5% q-o-q rise, slightly below estimates.
Results table
|
Particulars Rs. Crore |
Q3FY25 |
Q2FY26 |
Q3FY26 |
y-o-y |
q-o-q |
|
Interest Income |
12,417.2 |
13,472.8 |
13,935.8 |
12.2% |
3.4% |
|
Interest Expenses |
7,723.1 |
8,183.5 |
8,329.4 |
7.9% |
1.8% |
|
NII |
4,694.2 |
5,289.3 |
5,606.4 |
19.4% |
6.0% |
|
Other Income |
635.3 |
1,283.5 |
724.8 |
14.1% |
-43.5% |
|
Net Income |
5,329.5 |
6,572.8 |
6,331.3 |
18.8% |
-3.7% |
|
Opex |
183.2 |
193.2 |
199.1 |
8.6% |
3.1% |
|
PPOP |
5,153.8 |
5,781.9 |
5,962.5 |
15.7% |
3.1% |
|
P&C |
74.5 |
242.0 |
5.2 |
-93.1% |
-97.9% |
|
PBT |
5,079.3 |
5,539.9 |
5,957.3 |
17.3% |
7.5% |
|
Tax |
924.4 |
1,078.0 |
1,194.0 |
29.2% |
10.8% |
|
PAT |
4,154.9 |
4,461.9 |
4,763.3 |
14.6% |
6.8% |
|
Loans |
5,03,824 |
5,61,209 |
5,69,627 |
13.1% |
1.5% |
Source: Company and Mirae Asset Sharekhan
Actual Vs Estimates
|
Particulars (Rs. Crore) |
Q2FY26E |
Q2FY26A |
Variance (%) |
|
NII |
5,337 |
5,606 |
5.0% |
|
PPOP |
5,551 |
5,962 |
7.4% |
|
PAT |
4,718 |
4,763 |
1.0% |
Key Metrics
|
Q3FY25 |
Q2FY26 |
Q3FY26 |
y-o-y (bps) |
q-o-q (bps) |
|
|
NII as % of AUM |
3.73% |
3.77% |
3.94% |
21 |
17 |
|
Fee income % of AUM |
0.50% |
0.91% |
0.51% |
0 |
-41 |
|
OpEx as % of AUM |
0.15% |
0.14% |
0.14% |
-1 |
0 |
|
Provisons as % of AUM |
0.06% |
0.17% |
0.00% |
-6 |
-17 |
|
Tax Rate |
0.73% |
0.77% |
0.84% |
10 |
7 |
Source: Company and Mirae Asset Sharekhan
|
Asset Quality |
Q3FY25 |
Q2FY26 |
Q3FY26 |
y-o-y |
q-o-q |
|
GNPA |
2.68% |
1.87% |
1.64% |
-104.0 |
-23.0 |
|
NNPA |
0.71% |
0.37% |
0.24% |
-47.0 |
-13.0 |
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