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Bank of Maharashtra (Mcap - ₹58,840 crore) - “All round performance”

ICICIdirect Research 24 Apr 2026 DISCLAIMER

Bank of Maharashtra reported a strong Q4FY26 across parameters. Credit grew 21.7% YoY (6.8% QoQ) to ₹2,91,967 crore, while deposits rose 14.1% YoY (9.0% QoQ) to ₹3,50,564 crore, with a sharp 297 bps QoQ improvement in CASA ratio to 52.5%.
NII increased 18.8% YoY, with NIM expanding 4 bps QoQ to 3.91% as management indicated margins have bottomed out. Controlled operating cost with CI ratio at ~37% and 9.2% QoQ YoY decline in credit cost (even after accounting for ₹200 crore, related to geopolitical uncertainty provision) resulted in robust RoA at 1.97%.
Asset quality continued to remain strong with GNPA/NNPA at 1.45%/0.13% and slippages contained, with management maintaining confidence on sustaining low credit cost and stable asset quality going ahead. Continued strong guidance - ~18% loan growth, 14–15% deposit growth, CASA at ~50%, NIM at ~3.75%, credit cost of ~1% and RoA at ~1.8%, is seen to further aid valuation.

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