Questions across 6 calls

Harsh Modi

JPMorgan

Punjab National Bank

Punjab National Bank CC-Oct25.pdf · 2025-10-18

Just one question, sir. How do we think about your ROA and ROE target over, let's say, next in FY '26 and FY '27? And as a management team, what are the key metrics we are looking to solve for, for FY '26 and '27?

So is the target to increase ROA year -on-year over the next 2 years? Or would you be comfortable staying range bound at current level of ROA for FY '26 and '27? The reason I'm asking this is som e of the comments from policymakers suggest there is a renewed focus on increasing returns at the PSU banks in India. And to what extent that boils down to your target? That's what I'm after, sir.

IDFC First Bank Limited

IDFC First Bank Limited CC-Jul25.pdf · 2025-07-26

Definitely, it seems like your asset quality is holding much better than peers on the delivered numbers. But are there any early warning signs, let's say, 3 or 6 months from now, if we do end up getting some sort of weakness, what may be the possible areas where -- which could lead to slightly higher NPL stresses on your book?

Like, say, 50 bps delta.

Yes Bank Limited

Yes Bank Limited CC-Jun25.pdf · 2025-07-19

I just wanted to understand the quantification of NIM decline over the next couple of quarters. I understand that the biggest impact is in second quarter and also a bit more compression Q-on-Q in third quarter. So, especially in third quarter, I wanted to understand if that compression Q-on- Q is right. And if I could -- if I would want to dimension it, especially given that rate cuts are coming through, SA rates, coming to TD rate cuts coming through, how much is the deposit beta? And how should we think about the quantum of decline over the next couple of quarters?

Yes. So thanks to that market forces point, I'm getting a sense, I'm not sure right or wrong, but there are certain players who are already showing, even in the se early days, some signs of a degree of indiscipline, either on pricing or on credit standards, because it seems a lot of players are looking at a certain kind of segments which are not very high yield, mortgages, you can't really compete with the biggest guys. So a lot of the banks are competing for similar debt. Is that something that can play a spoiler? And the second point, the question related is, if we are unable to manage external forces, if competition is really hard, what else can you do at P&L level to protect your ROAs? Because ROAs are already razor thin, and if Cost of Fund or market discipline is something that can't be managed well. I'm thinking can LDR go up from 87 to 90 -95 or like what are the other levers you can use? So two questions here, market forces or indiscipline and what can you do to manage your ROA at current levels?

Yes Bank Limited CC-Mar25.pdf · 2025-04-19

Hi. Thanks for taking my question. I just wanted to understand the path of your NIM over next 3 to 4 quarters. So, as we get a rate cut cycle and JPMorgan forecast is for another 100 basis points from here, how do we think about your strategy? Would you try to gain more market share on Deposits in this rate cut environment? Or would you prefer to deliver slightly better NIM over the next 3 to 4 quarters. So, if you could j ust detail the path of Net Interest Margin and Bank’s strategy to manage NIM, that will be great. That's all my questions.

Thanks for the explanation. So that I get it right, basically, due to the leads and lags, there is a risk of some degree of NIM pressure over the next couple of quarters. But given the levers that you spoke about, 3 to 4 quarters out, we should ultimately get higher NIM. Is my understanding correct?

RBL Bank Limited

RBL Bank Limited CC-Jun25.pdf · 2025-07-19

A couple of questions. I'll go one by one. First is on your fee franchise. This quarter, there was some benefit from trading, but the core underlying fees, could you talk a bit about what are the trends, where should we expect that number to head , let's say, in the next three, four quarters? And second, back to the cost ratios, is it fair to then assume that costs will probably move up or stay high even in second quarter and only start moderating in second half of the year?

Sorry, if I may slip in one more. On LDR, we are around 83, 84. What number you think is a normalized number? Can we hit closer to 85, 90 levels? Or is this close to where we are, where we should stabilize, let's say, over the next three, four quarters?

Bandhan Bank Limited

Bandhan Bank Limited CC-Jul25.pdf · 2025-07-18

Two questions. First on margins, as you just explained, if I look at the mix change on the asset side with more of secured and less of E EB, even in third and fourth quarter with the FD effect coming in, do we still get sequential reduction in margin? So second quarter, definitely margin goes down, if I understand you correctly. Does that continue in third and fourth quarter as well sequentially, that's first? Second, this increased competition of some of the players kind of gaining the gentlemen's code and competing a bit aggressively, which segments, which states do we see this behavior? Is there -- is it behavior in terms of credit underwriting standards? Is it in terms of ticket size, is it in terms of pricing? If you could give a bit more clarity around how the competitive landscape is evolving despite the guardrails 2.0?

I want to understand that Rajeev slightly more, because the gap between your secured yield and your EEB is quite large. And yes, we've got rate cuts, and all of that has happened and hence, your cost of fund will improve. But is it enough? Or as you said, you need a structural shift in much higher CASA balances and so on and so forth for you to even have a stabilization of NIM in second half or knowing at least what we know and where the state of play is a fair assumption is to expect further NIM compression in second half from second quarter levels?