Banks

SBI posted a solid beat on NII, CASA and fees, leading to a 10% beat on PAT, up 10% YoY/5% QoQ. Core NIM rose 5bp QoQ versus expectation of a decline, loans grew 4% QoQ versus consensus of 3%, fees expanded 12% QoQ/25%

BoB reported a strong Q2FY26 with 6% QoQ/12% YoY loan growth, a 4bp decline in core NIM versus consensus estimate of 7–8bp decrease, lower slippage and lower core credit cost. The bank made a floating provision of

KMB reported Q2FY26 NIM lower than expected, and it declined more than peers—down 11bp QoQ versus consensus of 8bp. However, a lower-than-expected fall in opex, down 3% QoQ/flat YoY, was an offset. Slippage decreased 10%

SBI Cards turned in strong growth in Q2FY26 retail spends (9% QoQ) and receivables (6% QoQ) boosted by festive demand, but NIM, fees, opex and credit cost missed consensus. NIM stayed flat QoQ despite a 51bp YoY decline

IDFC reported reduced pain on MFI with lower slippage and SMA in Q2FY26. Core non-MFI (slippage ex-ATM service provider in Q1) rose 7.8% QoQ. Business growth continues to be higher than peers despite a declining MFI book

ICICI’s core NIM rose 3bp QoQ in Q2FY26 making it the only one among the top three private banks to report core NIM expansion. Total NIM fell 4bp QoQ versus expectation of 12bp decline. Loans grew 3% QoQ/10% YoY. Average

Federal delivered a big beat on NIM in Q2FY26 led by higher average CASA, but loan growth remained soft at 1.4% QoQ/6% YoY and provisions were higher-than-expected due to an overlay of INR460mn on standard stress. Loan

HDFC Bank reported in-line earnings with 8bp QoQ decline in NIM, strong 4.5% QoQ loan growth, a sharp decline in specific credit cost led by lower slippage and a lumpy upgrade and strong fees. Non-agri slippage dipped 7%

AU reported better-than-expected Q2FY26 results with a beat on NIM and stable asset quality. NIM, guided to decline 10–20bp, rose 5bp QoQ driving a beat of 5% on NII. Gross credit cost fell to 1.8% of GLP from 2%, in

Axis Bank posted mixed Q2FY26 results with a beat on loan growth and NIM, but a miss on credit cost, loan mix and opex. Loan growth of 5% QoQ was better than expected, but driven mostly by corporate while retail lagged.

SBI posted strong Q1FY26 earnings. NIM fell 10bp QoQ to 2.9%, better than peers that logged a higher decrease. Core NIM was even better, down only 2bp QoQ, the smallest fall in the sector. Loans grew 12% YoY/0.8% QoQ.

Federal posted a soft Q1FY26 showing with NIM down 18bp QoQ, slippage up 34% QoQ to 1.1% from 0.9% and a sharp rise in credit cost to 66bp from 24bp QoQ. The sharp rise in credit cost is largely driven by MFI and partly

IDFC reported reduced pain in MFI with lower slippage and SMA in Q1FY26. Overall slippage is higher due to slippage of an ATM service provider of INR1.08bn—fully provided for—and an uptick in other non-MFI slippage.

BoB reported a mixed bag with slower loan growth, higher slippage and a more resilient NIM in Q1FY26. Loans fell 2% QoQ versus growth for PSU peers. NIM appears more resilient, down 7bp QoQ. Slippage shot up 21%

After a strong business update, KMB reported weak Q1FY26 earnings with a sharp 32bp QoQ decline in NIM, a steep rise in specific credit cost from 64bp to 93bp (50% QoQ in value) and a sharp slowdown in YoY fee growth.

Credit cost spiked again in Q1 after a marginal improvement in Q4FY25. Credit cost rose to 9.6% from 9%, highest ever, even with a fall in GS2 and flat GS3. The rise in credit cost was driven by the quarterly ECL reset

Reported NIM decreased 7bp QoQ in Q1FY26 while core NIM fell only 4bp QoQ, beating estimates of 12–15bp decline. ICICI is the only bank to post a beat on NIM so far. Even with a lower share of wholesale, the bank has