1. ROE to end FY27 slightly better than 14.14% On track - At the Q1 FY27 call, management said the ROE trajectory will move up and it wants to end the year slightly better than last year's 14.14%. Q1 FY27 ROE was 12.71%; the FY27 horizon is open.
2. 25% loan growth in FY27 On track - At the Q4 FY26 call, management said 25% loan growth is something "we will strive for" and it "will be disappointed" if not achieved. Q1 FY27 advances grew 24% YoY, slightly below 25%; the FY27 horizon is open.
3. SME back to 28-30% growth in next two years Pending - At the Q4 FY26 call, management hoped to be back to the 28-30% growth range in the next two years. FY26 BLG grew \~2-3%; the two-year horizon is open.
4. GNPA well below 2% for next 3 years On track - At the Q3 FY26 call, management said "we will remain well below 2%" on gross NPA over the next 3 years despite a 2% guidance. GNPA was 1.96% in Q3 FY26, 1.66% in Q4 FY26 and 1.75% in Q1 FY27, all below 2%.
5. ROE 15% "Lakshman Rekha" in FY26 Missed - At the Q3 FY26 call, management said ROE will try to touch the 15% "Lakshman Rekha" this year. FY26 ROE was 14.14%, below the 15% target, though Q4 FY26 ROE was 17.66%.
6. LAS/repledge portfolio reduced as much as possible by April 2026 Delivered - At the Q2 FY26 call, management committed to bringing down the LAS/repledge portfolio "as much as possible by next April". The portfolio fell from Rs 2,100 Cr to \~Rs 300 Cr by Q4 FY26 and \~Rs 60 Cr by Q1 FY27, substantially achieving the reduction by April 2026.
7. Scale phase starts FY27 Delivered - At the Q1 FY26 call, management said the sustain and build phase should get over by the beginning of FY27, with the real scale phase starting from FY27. In Q1 FY27 the bank stated it is in the Scale phase of SBS 2030; the transition occurred as planned.
8. NIM bottomed out - Q1 FY26 was trough Delivered - At the Q1 FY26 call, management said NIM has bottomed out at 3.54%, and at Q2 FY26 stated "we have proved it". NIM improved to 3.81% in Q2 FY26, 3.86% in Q3 FY26 and 3.83% in Q4 FY26, though Q1 FY27 dipped again to 3.66%.
9. New corporate net banking in 6-9 months Delivered - At the Q1 FY26 call, management said new corporate net banking would be launched in the next 6 to 9 months. The Q4 FY26 PPT lists "New OBDX Corporate is live", and corporate internet banking rolled out in FY26, within the window.
10. Cost of funds drop of 20 bps by Q4 FY26 Delivered - At the Q1 FY26 call, management said a twenty basis points drop in cost of funds from the current level is "the minimum which we can aim for" by Q4 FY26. Cost of funds fell from 6.62% in Q1 FY26 to 6.42% in Q4 FY26 - exactly 20 bps, meeting the guided minimum.
11. SME growth below 20% in FY26, return to growth orientation by Q1/Q2 FY27 Partial - At the Q3 FY26 call, management guided SME growth slower than 20% YoY by end FY26, returning to a growth-oriented model from FY27, earliest Q1, latest Q2 FY27. FY26 BLG grew \~2-3% YoY; Q1 FY27 BLG stood at Rs 4,469 Cr, 11% of advances, with the growth return not yet confirmed.
12. GNPA/NNPA back to previous levels by Q4 FY26/Q1 FY27 Delivered - At the Q3 FY26 call, management was confident that between Q4 and Q1 the bank would return to NPA levels of previous quarters. GNPA improved from 1.96% in Q3 FY26 to 1.66% in Q4 FY26 and 1.75% in Q1 FY27; NNPA fell from 0.67% to 0.40% and 0.39%.
13. Slippage peak - Q3 FY26 was peak Delivered - At the Q3 FY26 call, management stated "this is peak in terms of credit cost" and "This is the peak of our slippage is my view". Q4 FY26 slippages were Rs 61 Cr against Rs 197 Cr in Q3 FY26; Q1 FY27 was Rs 98 Cr, both below the Q3 level.
14. CASA ratio held same in FY27 On track - At the Q1 FY27 call, management said it would be "lucky" to hold the same CASA ratio this year and that a good job would keep it unchanged. Q1 FY27 CASA was 19.41%, down from 23.49% in Q1 FY26; the FY27 horizon is open.
15. Gold loan \~30-35% growth in FY27 On track - At the Q1 FY27 call, management guided gold loans around 30-35% growth this year. Q1 FY27 gold loan book was Rs 21,906 Cr, up 47% YoY, above the guided range; the FY27 horizon is open.
16. Fee income \~16-17% for FY27 On track - At the Q1 FY27 call, management said it will try to come back to its fee income guidance of around 16-17% for the full year. Q1 FY27 fee income was Rs 216 Cr, with other income at 15% of overall income due to lower processing fee, insurance fee and treasury profit, expected to pick up from Q2 onwards; the FY27 horizon is open.
17. ROE 15% "Lakshman Rekha" Partial - From the Q2 FY25 2030 targets of ROE 15-17% through the Q1 FY26 "Lakshman Rekha" and the FY27 \~15% guidance, management repeatedly framed 15% ROE as the floor. ROE ran 15.44% in FY25, 14.14% in FY26 and 12.71% in Q1 FY27; Q4 FY26 was 17.66%.
18. LCR hurdle 110% Partial - At the Q1 FY24 call, management set an LCR hurdle rate of 110%, reiterated as \~110% at Q4 FY26. Average LCR stayed above 110% in most quarters - 117% in Q4 FY24, 124% in Q4 FY25, 123% in Q1 FY27 - but was 106-107% in Q1 FY24 and 109% in Q4 FY26.
19. CASA ratio 30-32% maintained Missed - At the Q1 FY24 call, management reiterated CASA will be maintained in the range of 30-32% on a sustainable basis; by Q1 FY27 it said CASA will grow as much as deposits only from FY28 onwards. CASA fell from 30%+ in Q1 FY24 to 24.19% in Q4 FY25 and 19.41% in Q1 FY27, breaching the 30% floor from Q4 FY24.
20. CD ratio below 90% Partial - At the Q4 FY23 call, management said the net CD ratio will never go above 90%, later revising guidance to 85-90% by Q1 FY26. The ratio hit \~92% in Q1 FY26, 92% in Q3 FY26 and 91.22% in Q4 FY26, before 89.99% in Q1 FY27.
21. Gold loan yield 11.5-12% Delivered - At the Q4 FY25 call, management stated gold loan yields will remain in the range of 11.5% to 12%, reiterated at Q1 FY27. Gold loan yield was 12.00% in Q4 FY26 and 11.85% in Q1 FY27, both within the range.
22. NRI vertical and 20% NRI deposits long-term On track - At the Q4 FY26 call, management expected at least 20% of deposits to come from NRI in the long run with a dedicated NRI vertical, echoing the FY20 annual report's vertical plan. NR deposits were \~13% of deposits in Q4 FY26, with a Dubai representative office application pending extension due to the West Asia crisis.
23. Transaction banking systems implemented in 3-4 months On track - At the Q4 FY26 call, management planned to implement Vayana supply chain, Aurionpro CMS and Oracle trade systems in the next three to four months. The Q1 FY27 PPT lists CMS, Corporate Onboarding and Corporate Lending upgrades as planned deliveries through FY27; full implementation is not yet confirmed.
24. PCR (excluding write-offs) to 70-75% Delivered - At the Q2 FY25 call, management guided PCR (excluding write-offs) to the 70-75% range "sometime next financial year", with Q3 FY26 noting a planned rebuild from 66% to above 70%. PCR rose from 59.45% in Q2 FY25 to 71.62% in Q2 FY26 and 76.38% by Q4 FY26.
25. LAS/repledger portfolio run-off by Q2 FY27 On track - At the Q1 FY27 call, management said the LAS (repledger) portfolio of \~Rs 60 Cr "will get zeroised" by next quarter. The portfolio was already down from Rs 2,100 Cr to \~Rs 60 Cr; the Q2 FY27 run-off is not yet confirmed.
26. Wholesale book growth 35-40% in FY27 Pending - At the Q1 FY27 call, management guided the wholesale book to grow between 35% to 40% this year. Q1 FY27 wholesale book was Rs 10,553 Cr, 26% of advances, with YoY growth not separately disclosed; the FY27 horizon is open.
27. FY27 ROA 1.3-1.5% On track - At the Q1 FY27 call, management guided FY27 ROA in the range of 1.3-1.5%, committing not to go below 1.3%. Q1 FY27 ROA was 1.09%, below the floor, with management expecting to make it up during the year; the FY27 horizon is open.
28. FY27 NIM around 3.75% On track - At the Q1 FY27 call, management guided full-year FY27 NIM of around 3.75%. Q1 FY27 NIM was 3.66%, which management called "the worst case scenario. We will only improve from here"; the FY27 horizon is open.
29. FY26 ROA \~1.5% exit Delivered - At the Q1 FY26 call, management guided exit ROA for FY26 to be around 1.5%. Q4 FY26 ROA was 1.53%, meeting the exit target; full-year FY26 ROA was 1.29%.
30. FY26 credit cost below 30 bps Partial - At the Q4 FY25 call, management guided credit cost below 30 bps for FY26, revising at Q2 FY26 to "anything around 40 to 50 bps". FY26 credit cost came in at 48 bps - above the original target but within the revised range.
31. FY26 asset growth 20-25% Delivered - At the Q4 FY25 call, management guided asset growth of 20-25% for FY26, upgraded at Q2 FY26 to 25-30% as a "no-brainer". FY26 advances grew 27% YoY, above the original range and within the revised one.
32. FY26 NIM around 4% Delivered - At the Q4 FY25 call, management guided FY26 NIM around 4%, between FY25's 4.13% and Q4 FY25's 3.75%, later refined to 3.5-4% "closer to 3.7%" and 3.75-3.8%. FY26 NIM was 3.76%, within the revised guidance.
33. FY25 credit cost 20-30 bps Delivered - At the Q1 FY25 call, management guided overall credit cost for FY25 in the range of 20-30 bps. FY25 credit cost was 29 bps, within the guided range.
34. FY25 SME growth \~35% Delivered - At the Q1 FY25 call, management guided the SME segment to grow almost 35% over last year for full FY25. FY25 SME grew 33% YoY, with Q4 FY25 SME also up 33%, close to the target.
35. FY25 ROA 1.5-1.8% Delivered - At the Q1 FY25 call, management reiterated full-year FY25 ROA guidance of 1.5-1.8%. FY25 ROA was 1.53%, within the guided range.
36. FY25 NIM 4.5-4.8% Missed - At the Q1 FY25 call, management reiterated full-year FY25 NIM guidance of 4.5-4.8%, revised downward at Q2 FY25 to 4.3-4.5% on penal interest regulatory impact. FY25 NIM was 4.13%, below even the revised range; Q4 FY25 NIM was 3.75%.
37. Core system migration - go-live Q1 FY26 Partial - In the Q4 FY24 Phase 1 plan and the Q2 FY25 update, management guided Flexcube, Oracle General Ledger and OFSAA to go live "sometime in Q1 FY26". Flexcube and the Oracle General Ledger are now live, but OFSAA is still under implementation with readiness pushed to Q3 FY27.
38. Fee income to 15% of total income in two years Delivered - At the Q4 FY23 call, management guided fee income contribution to reach at least 15% of overall income in the next two years, later raising the target to 19-20%. Fee income was 21% of total income in FY25 and 20.71% in FY26, having exceeded 15% by FY24 at 16.64%.
39. ROA 1.5-1.8% sustained Partial - From the Q2 FY23 guidance to sustain ROA between 1.5% and 1.8% through repeated reiterations, management held the 1.5% floor; by Q1 FY27 the FY27 range was reset to 1.3-1.5%. ROA ran 1.79% in FY24, 1.53% in FY25 and 1.29% in FY26, breaching the floor; Q1 FY27 was 1.09%.
40. SBS 2030 - 25% CAGR over 3 years, mid-sized bank by 2030 On track - At the Q2 FY23 call under SBS 2030, management aspired to a 25% CAGR over the next 3 years en route to a mid-sized new-age bank with national presence by 2030, reaffirming at Q4 FY26 "by 2030 we will deliver what we had promised". Balance sheet grew from Rs 36,056 Cr in FY23 to Rs 57,727 Cr in FY26, a \~17% CAGR; the FY30 horizon is open.
41. GNPA below 2%, NNPA below 1% by March 2022 Delivered - At the Q2 FY22 call, management targeted GNPA below 2% and net NPA below 1% by March 2022, conditional on no further COVID wave. FY22 closed with GNPA 1.81% and NNPA 0.68% - both targets met.
42. 100 branches every year - ongoing Partial - From the Q1 FY23 reiteration of around 100 branches every year, the target was progressively revised down to 60-75 in FY25 and 40-50 per year by Q3 FY26. Branches opened: 100 in FY23, 76 in FY24, 56 in FY25 and 35 in FY26; the network stood at 868 in June 2026.
43. 200 branches in FY22 Missed - At the Q4 FY21 call, management planned to open 200 branches in FY22 on a pan-India basis, with at least 70-80 in H1, later scaling back to 30-40 in Q4 FY22 citing longer breakeven times. FY22 saw 100 branches opened, the network growing from 512 to 603 - half the target.
44. Advances growth minimum 25% YoY Partial - At the Q2 FY21 call, management guided at least 25% advances growth "which should be possible by March", later extended to 25% minimum over three to five years and revised to 10-15% for FY22. Advances grew 9.5% in FY22 and 18% in FY24, but 31% in FY23, 29% in FY25 and 27% in FY26; Q1 FY27 was 24%.
45. NIM above 4% / 4.5% internal target Partial - At the Q3 FY21 call, management committed to maintain NIM above 4%, with a 4.5% internal target that was progressively revised down to 4.3-4.5% for FY25 and around 3.75% for FY27. NIM ran 5.48% in FY23, 4.13% in FY25 - below even the revised range - and 3.76% in FY26, within its revised 3.5-4% guidance.
46. Gold loan growth \~25% with share of advances coming down Partial - At the Q1 FY21 call, management said gold will keep growing \~25% but gold's share of advances, then 32%, will come down, with FY30 reduction targets later set at 20-30%. The share instead rose from 32% to \~47% in Q2 FY24 and 53% by Q4 FY26; the FY30 horizon is open with guidance of \~30%.
47. 100+ branches in FY21 - centenary year Delivered - At the Q1 FY21 call, management planned to open 100+ branches in FY21, mostly in Tamil Nadu, Karnataka, Andhra, Telangana and Maharashtra, committing at Q3 FY21 to end FY21 with 101 new branches. FY21 closed with 101 branches opened in the 101st year, 92 outside Kerala, taking the network from 413 to 512.
48. Cost-to-income ratio - below 50% short term, 40-45% by FY30 On track - At the Q1 FY21 call, management guided cost-to-income around 50% for FY21, down to \~45-46% over three years; guidance later became 60-65% till FY27 with the glide path from FY28 onwards. CTI ran 62.15% in FY24, 62.82% in FY25, 62.53% in FY26 and 64.55% in Q1 FY27; the FY30 target horizon has not been reached.
49. Credit cost below 1% - existing businesses Partial - At the Q1 FY21 call, management stated "our credit cost target is only less than 1% always" for existing businesses, with FY26 guided below 30 bps at Q4 FY25 and revised to 40-50 bps at Q2 FY26. Credit cost stayed below 1% every year - 29 bps in FY25 and 48 bps in FY26, within the revised range but above the original below-30-bps FY26 guidance.