Transcript of Earnings Conference Call

Investor Services Department Corporate Office: Montclaire, 134/1, Baner- Pashan Link Road, Pashan, Pune 411021 E-mail: investor_services@bankofmaharashtra.bank.in Phone no - 020-71658139 www.bankofmaharashtra.bank.in AX1/ISD/STEX/85/2026-27 Date: 29th Oct., 2026 The Vice President The Vice President BSE Ltd., National Stock Exchange of India Ltd., P.J Towers, Exchange Plaza, Dalal Street, Fort, Bandra Kurla Complex, Mumbai-400 001 Bandra (East), Mumbai-400 051 BSE Scrip Code: 532525 NSE Scrip Code: MAHABANK Dear Sir/ Madam, Sub: Transcript of Earnings Conference Call with Investors / Analysts held on 26th October, 2026. Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed the transcript of conference call with Investors/ Analysts regarding Financial Results of the Bank for the quarter and half year ended 30.09.2026 held on Monday, 26th October, 2026. The transcript of conference call is uploaded on Bank’s website and same can be accessed through below link: https://bankofmaharashtra.bank.in/financial-results Kindly take the same on your records. Thanking you Yours faithfully, For Bank of Maharashtra (Vishal Sethia) Company Secretary & Compliance Officer Encl : As above Restricted “Bank of Maharashtra” Q2 FY27 Earnings Conference Call” October 26, 2026 MANAGEMENT: MR. NIDHU SAXENA – MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER EXECUTIVE DIRECTORS, CHIEF GENERAL MANAGERS & GENERAL MANAGERS OF THE BANK Restricted Page 1 of 19 Bank of Maharashtra October 26, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Bank of Maharashtra Q2 FY27 Earnings Conference Call hosted by Systematix Group. As a reminder, all participant line will be in the listen-only mode. There will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Siddharth Rajpurohit from Systematix Group. Thank you, and over to you, sir. Siddharth Rajpurohit: Good evening, everyone. Thank you for joining Bank of Maharashtra's Q2 FY27 Post Results Earnings Call. From the management today, we have Mr. Nidhu Saxena, the MD and CEO of the bank. We thank the management for giving us the opportunity to host the call and congratulate on the strong numbers. I hand over the call now to Mr. Saxena for his opening remarks. Thank you, and over to you, sir. Nidhu Saxena: Thank you, and good evening to one and all, and thank you for joining this investor call. The business and the numbers for this quarter has been quite encouraging for the bank. We had set out the year with a set of guidance numbers across all metrics of growth, profitability, asset quality, capital adequacy and so on. And I'm happy to share that each one of those guidance numbers have been met, and this is getting consistently met also is one good feature. I will quickly take you through the highlights. The business for this September '26 has grown by 25%, within which advances have grown at the rate of 30% Y-o-Y. A large contribution -- significant contribution has come from the IBU and minus the IBU, also, the credit growth in the bank Y-o-Y has been healthy 23%. So all verticals of the RAM, Retail, Agri, MSME, have grown individually and have grown more than 20%. The large credit growth, which is seen, is also Y-o-Y growth of 38%. So INR36,000 crores of large credit has grown Y-o-Y. And as I just said, 50%, INR18,000 crores of this has happened in the GIFT City IBU branch of the bank. The rest INR18,000 crores has happened in the domestic large credit, which is again a healthy 19% growth. As against the domestic credit growth of 23%, the deposits have also grown healthy 22% Y-o- Y. So even if we exclude the FCNR (B), the deposit growth has happened at the Y-o-Y rate of 19% within which CASA has grown in the bank at 12% Y-o-Y and bank has added in absolute terms, INR19,000 crores of CASA over the last FY. GNPA also has improved. It has reduced by 47 basis points and GNPA stands at 1.25%. Likewise, NNPA also reduction by 6 basis points. NNPA for the bank is at 0.12%. Provision coverage ratio is at a healthy level of 98.53%. Stress in the loan book also has been well managed. Restricted Page 2 of 19 Bank of Maharashtra October 26, 2026 It has also reduced overall 167 bps year-on-year from 4.93% to 3.26%, within which the SMA 1 and 2 portfolio is also shown a reduction of 50 basis points, and it stands at 1.37%. And we have seen the improvement in the stress levels across the sectors, Retail, Agriculture, MSME, every sector has registered an improvement. Above INR5 crores, the NPA -- the stress is near 0.13%. And exclude one state account, it is only 0.11%, which also has improved 4 basis points. The cost of deposits and overall cost, we have been able to manage and maintain well. We have been exercising the various options of availing refinance raising through infra bonds from time to time. Today, in the bank, we have an outstanding of INR18,300 crores of refinance book, which is between 6% to 6.5%. Likewise, infra bond raises, which happened in the last FY, outstanding is INR2,400 crores. These have been also supporting the credit growth at reasonable and able to give reasonable profitability levels to the bank. So cost of deposits also has reduced for the bank year-on-year by 4 basis points, stands at 4.38%. Likewise, cost of funds overall have reduction -- shown reduction of 25 basis points. It stands at 4.07%. So with slippages also staying under check, profitability for the bank has been good. Operating profit has shown a growth of 31% Y-o-Y, while the net profit has grown year-on-year 41%. As a result of this, the ROE has shown a sharp improvement. ROE has improved by 440 basis points and has reached 27%, 26.98%, to be precise. NIM has improved by 12 basis points to 3.97%. And the ROA has improved by 20 basis points to 2.02%. The capital adequacy is also maintained at the healthy level and above our guidance number. CET1 is 15.61% and CRAR stands at 18.51%. Bank is maintaining a good LCR. The LCR is standing at 123% and NSFR at 127%. So this is overall highlight from my side. I think we should take some questions from the investors. Moderator: Thank you very much sir. We will now begin the question-and-answer session. The first question is from the line of Ashok Ajmera from Ajcon. Ashok Ajmera: The name of my company is Ajcon. Congratulations, Nidhu sir, and the entire team of Bank of Maharashtra, for yet another very good quarter for a good set of numbers, fantastic results. In fact, you have reached many of the milestones. The business for the first time, I think, has crossed INR7 lakh crores, if I'm not wrong. Credit is also more than INR3 lakh -- crossed INR3 lakh crores. Your EPS for the first time has gone above INR3. ROA is above 2% and many, many more such milestones and the records which you have created in this quarter and the half year. Congratulations for that, sir. Restricted Page 3 of 19 Bank of Maharashtra October 26, 2026 Having said that, I have got some couple of data points, some observations and some questions. Sir, on the provisioning side, there is a low provision for the -- I mean, the provision for the standard asset and the restructured asset has gone up to INR603 crores from INR76 crores in the last quarter. But at the same time, in the contingency side, which was for the COVID-19, we are gradually reducing our provision from INR1,200 crores to now in 3, 4 quarters coming down to INR510 crores. Coupled with that, the ECL provisioning, which is required to be done, all these 3 questions must be having only one answer from your side. What is our ECL preparedness? How much do we need to provide? And how are we prepared for it, sir? Nidhu Saxena: Thank you, Mr. Ajmera. I think y [Showing first 8,000 characters — download PDF for full document]