Bank of Maharashtra (MAHABANK) Q2 25/26 earnings summary

Executive summary

• Total business grew 14.20% year-over-year to ₹5,63,909 crore, with deposits up 12.13% and advances up 17%.

• Net profit increased 23% year-over-year to ₹1,633 crore for Q2 FY26; operating profit rose 17%.

• S&P Global assigned a BBB- rating, a 3-notch improvement; FII holding increased from 0.39% to 2.58%.

• Project 321 aims to open 321 new branches in 18 months, focusing on growth centers outside Maharashtra.

• Board approved unaudited standalone and consolidated results for Q2 and H1 FY26, with auditors issuing an unmodified limited review opinion.

Financial highlights

• Net interest income grew 15.71% year-over-year; NIM stood at 3.98% for Q2 FY26.

• Total income for Q2 FY26 was ₹7,974 crore, up 17% year-over-year; non-interest income increased 7%.

• Cost-to-income ratio improved to 37.1%.

• Provision coverage ratio as of 30 September 2025 stood at 98.34%.

• Standalone net profit for H1 FY26 was ₹3,22,590 lakh, up from ₹2,62,026 lakh in H1 FY25.

Outlook and guidance

• NIM guidance maintained at 3.75% despite deposit repricing and rate cut impacts.

• Credit cost expected to remain below 1%, including ECL impact.

• GDP growth forecast for FY26 revised upward to 6.8%; inflation forecast lowered to 2.6%.

• Guidance to maintain CASA above 50% and capital adequacy at healthy levels.

• Bank continues to hold a COVID-19 related contingency provision of ₹1,200 crore.