1. Affordable Housing and Micro LAP expansion to sustain portfolio yields Delivered - In the FY25 Annual Report, management outlined focus on expanding into Affordable Housing and Micro LAP to sustain portfolio yields. Affordable housing loans started in a small manner in Q3 FY26, with the partnership to be expanded cautiously in Q4 FY26, and mortgage LAP grew 56% YoY in FY26.
2. End-to-end digital Loan against Mutual Funds launch Partial - In the FY25 Annual Report, KVB was set to launch a comprehensive end-to-end digital Loan against Mutual Funds solution. At Q4 FY26 the IT integration was at its fag end with launch expected in H1 FY27, and at Q1 FY27 it was expected by end of Q2 FY27 - not yet launched.
3. Co-branded credit cards - first in industry in FY25 Missed - In the FY25 Annual Report, KVB aimed to be the first in the industry to introduce co-branded credit cards in FY25, targeting HNI and affluent customers. At Q3 FY26 the revamped credit card business was likely to launch by end of Q4 FY26, and premium credit cards were planned for FY27; no FY25 launch was confirmed.
4. ROA of 1% plus by FYE March 2024 Delivered - At the Q4 FY21 PPT, management set a goal to achieve ROA of 1% plus by FYE March 2024. FY24 ROA was 1.63%, with management noting the 1% plus guide was "crossed much earlier and above 1.5% in all four quarters of last year".
5. Write-off recoveries of ₹500-600 crore for FY27 On track - At the Q1 FY27 call, management aimed for write-off recoveries of ₹500 crore to ₹600 crore. Q1 FY27 write-off recoveries were ₹103 crore; the full-year FY27 horizon is not yet reached.
6. Credit cost less than 1% for FY27 On track - At the Q4 FY26 call, management guided credit cost around less than 1% for FY27, and at Q1 FY27 indicated 1% but "somehow feel it can be much lower". Q1 FY27 credit cost was 0.33% annualized, well below 1%.
7. ROA of 1.7-1.8% for FY27 On track - At the Q4 FY26 call, management guided ROA for full year FY27 between 1.7% to 1.8%, reiterated at Q1 FY27. Q1 FY27 ROA was 2.11%, above the guided range.
8. Slippages below 1% of asset book for FY27 On track - At the Q4 FY26 call, management guided slippages expected to be below 1% of asset book for FY27, reiterated at Q1 FY27. Q1 FY27 slippage ratio was 0.53% annualized, below 1%.
9. Net NPA less than 1% for FY27 On track - At the Q4 FY26 call, management guided net NPA less than 1% for FY27, reiterated at Q1 FY27. Q1 FY27 net NPA was 0.19%, well below 1%.
10. GNPA less than 1.5% for FY27 On track - At the Q4 FY26 call, management guided GNPA expected to be less than 1.5% for FY27, reiterated at Q1 FY27. Q1 FY27 GNPA was 0.74%, well below 1.5%.
11. Cost-to-income below 50% for FY27 On track - At the Q4 FY26 call, management guided cost-to-income ratio below 50% for FY27, and at Q1 FY27 said it will not cross the 45-50% bracket. Q1 FY27 cost-to-income was 41.74%, within the guided range.
12. 50 branch openings in FY27 On track - At the Q4 FY26 call, management planned to open 50 branches in FY27 - 38 regular, 7 lite, and 5 to be shortlisted, and at Q1 FY27 said 50 branches during H1 with 25 before end of Q2. Q1 FY27 saw 2 branches opened against the plan of 50 in H1; management cited external delays but said "we are on the job".
13. NIM of 3.75-3.8% for FY27 On track - At the Q4 FY26 call, management guided NIM in the range of 3.75% to 3.8% for full year FY27, reiterated at Q1 FY27. Q1 FY27 NIM was 4.26%, above the guided range, which management called "in line with the 3.7%-3.8% full-year guidance".
14. FY27 credit growth of 1-2% over industry growth On track - At the Q4 FY26 call, management expected credit growth to be 1% or 2% over industry growth for FY27, reiterated at Q1 FY27. Q1 FY27 advances grew 17% YoY against system credit growth of around 18%, about 1% below industry.
15. Seamless CEO succession by end of July 2028 On track - At the Q3 FY26 call, management committed to a seamless CEO succession with \~2.5 years available until end of July 2028, reiterated at Q1 FY27. The Board insisted on a 3-year extension and the MD took a 2-year extension until end of July 2028, with succession planning in progress.
16. Bonus issue of 1:5 Delivered - At the Q1 FY26 call, management said the board proposed a bonus issue of 1:5, subject to shareholder approval. By Q4 FY26, a dividend of 130% was declared on bonus shares, with the 1:5 bonus issued the previous year - the bonus issue was completed.
17. Credit cost around 1% for FY26 Delivered - At the Q1 FY26 call, management guided credit cost around 1% for FY26. FY26 credit cost was 0.77%, below the 1% guidance.
18. Recoveries from written-off accounts of around ₹600 crore for FY26 Delivered - At the Q1 FY26 call, management guided recoveries from written-off accounts of around ₹600 crore for FY26, reiterated at Q2 FY26 and Q3 FY26. ₹601 crore was achieved in 9 months, and FY26 recoveries closed at ₹679 crore excluding ₹139 crore interest recovery.
19. ROA of 1.55-1.65% for FY26 Delivered - At the Q1 FY26 call, management guided ROA of 1.55-1.65% for FY26, reiterated at Q2 FY26 and raised at Q3 FY26 to above 1.85%. FY26 ROA was 1.93%, exceeding the revised guidance.
20. Slippages below 1% of asset book for FY26 Delivered - At the Q4 FY25 call, management guided slippages to be below 1% of asset book for FY26, reiterated through FY26. FY26 slippage ratio was 0.75%, below 1%.
21. Net NPA less than 1% for FY26 Delivered - At the Q4 FY25 call, management guided net NPA less than 1% for FY26, reiterated through FY26. FY26 net NPA was 0.19%, well below 1%.
22. GNPA less than 150 bps for FY26 Delivered - At the Q4 FY25 call, management guided GNPA to be less than 150 bps for FY26, reiterated at Q1 FY26, Q2 FY26 and Q3 FY26. FY26 GNPA was 0.75%, well below the 1.5% ceiling.
23. Cost-to-income around 50% in FY26 Delivered - At the Q4 FY25 call, management guided cost-to-income ratio to continue to be around 50% in FY26, reiterated at Q1 FY26, Q2 FY26 and Q3 FY26. FY26 cost-to-income was 42.96%, well within the guided range.
24. NIM of 3.7-3.75% for FY26 Delivered - At the Q4 FY25 call, management guided NIM in the range of 3.7-3.75% for full year FY26, reiterated at Q1 FY26 and Q2 FY26, then raised at Q3 FY26 to 3.9-3.95%. FY26 NIM was 3.97% excluding one-offs, above the revised range.
25. 19 lite and 9 regular branches before end of H1 FY26 Missed - At the Q4 FY25 call, management planned to open 19 lite branches and 9 regular branches before the end of the first half of FY26. H1 FY26 saw 7 branches opened (5 lite, 2 regular), 10 in 9M, and 13 for full FY26 against the 28-branch H1 target.
26. CD ratio around 85% during FY26 Delivered - At the Q4 FY25 call, management guided CD ratio to be maintained at around 85% levels during FY26. CD ratio was 83.91% at Q2 FY26 and was maintained around 85% through FY26.
27. FY26 credit growth more than 2% over industry growth Delivered - At the Q4 FY25 call, management expected credit growth to be more than 2% over industry growth for FY26, reiterated at Q1 FY26, Q2 FY26 and Q3 FY26. FY26 advances grew 17% against RBI industry data of 16.1% at end March, about 1.9% over industry.
28. Gold loans up to around 30% of portfolio Delivered - At the Q2 FY25 call, management indicated (3 years back, reiterated) a target of gold loans going up to around 30% of the portfolio. Gold loan share moved from 26% at Q2 FY25 to 28% at Q4 FY25, 30% at Q4 FY26 and \~30% at Q1 FY27.
29. Deposit growth of 14% for FY25 Delivered - At the Q2 FY25 call, management reiterated annual deposit growth guidance of 14%. FY25 deposits grew 14% to ₹1,02,078 crore.
30. 80 lite and 20 regular branches in FY25 Missed - At the Q4 FY24 call, management planned to open 80 lite branches and 20 regular branches in FY25; the target moved between 80 and 100 branches through the year. FY25 closed with 50 branches added - 38 lite and 12 regular.
31. Credit cost of 75 bps for FY25 Delivered - At the Q4 FY24 call, management guided credit costs for FY25 in the range of 75 bps, reiterated at Q1 FY25. Full-year FY25 credit cost was 0.71%, with Q4 annualized at 0.64%.
32. ROA above 1.6% or 1.65% at all times Delivered - At the Q4 FY24 call, management guided ROA to be above 1.6% or 1.65% levels at all times, reiterated through FY25. FY25 ROA was 1.72%, with quarterly ROA of 1.7%, 1.72%, 1.74% and 1.73% - all above 1.65%.
33. Cost-to-income around 50% in FY25 Delivered - At the Q4 FY24 call, management guided cost-to-income ratio of around 50% in FY25, reiterated at Q1 FY25 and Q3 FY25. FY25 cost-to-income was 47.25%, within the guided range.
34. FY25 loan growth of 14% plus Delivered - At the Q4 FY24 call, management guided FY25 loan growth of 14% plus, reiterated at Q3 FY25. FY25 advances grew 14% to ₹84,491 crore, with management noting performance was "above guidance on 3 metrics: growth, profitability and asset quality".
35. Unsecured portfolio limited to 5-10% of portfolio Delivered - At the Q2 FY24 call, management said the unsecured (personal loan) segment will stay limited to maybe 5-10% of the portfolio. Unsecured share was 2.04% at Q2 FY25, 2.42% at Q3 FY25, 2.22% at Q4 FY25, 1.91% at Q3 FY26 and 1.81% at Q4 FY26.
36. Employee cost of ₹1,200-1,250 crore annually from FY25 Missed - At the Q2 FY24 call, management endorsed an annual employee cost estimate of ₹1,200-1,250 crore from FY25 onwards. FY25 establishment expenses were ₹1,469 crore, calculated from quarterly data of ₹333 cr, ₹374 cr, ₹374 cr and ₹385 cr, above the guided range.
37. Recoveries of closer to ₹200 crore from technically written-off book in FY24 Delivered - At the Q4 FY23 call, management confirmed the bank could hit a number closer to ₹200 crore in FY24 from the \~₹1,500 crore realizable pool, later refined to ₹200-250 crore at Q2 FY24. FY24 recoveries from technically written-off accounts were ₹341 crore.
38. Slippages below 1% for FY24 Delivered - At the Q4 FY23 call, management guided estimated slippages during FY24 in the range of 1% of loan book with confidence to keep below 1%, reiterated through FY24. FY24 gross slippages were 0.75%, with Q4 FY24 annualized at 0.67% - below 1% for the full year.
39. Deposit growth of 14% for FY24 Delivered - At the Q4 FY23 call, management guided deposit growth of 14% for FY24. FY24 deposits grew 16% to ₹89,113 crore.
40. Advances growth of 14% for FY24 Delivered - At the Q4 FY23 call, management guided advances growth of 14% for FY24, reiterated at Q1 FY24, Q2 FY24 and Q3 FY24. FY24 advances grew 16% to ₹74,423 crore, with management noting "last year guided \~14%, landed at 18.5% including 2.5% consciously given up".
41. CASA mix of 40% of total deposits Missed - At the Q2 FY23 call, management aimed to take CASA mix to 40% of total deposits, later scaled to 40% over a period of three years. CASA ratio was 33% at March 2023, 30.39% at March 2024, 27.27% at March 2025, 26.91% at March 2026 and 27.55% at June 2026, moving away from the 40% target.
42. 18 branches in FY23, then 35-40 in FY24 Partial - At the Q2 FY23 call, management planned to open 18 more branches during FY23; the FY24 target was raised from around 25 to 35-40, then 38 and 40 branches. FY23 closed with 10 branches opened and FY24 with 39 added.
43. Cost-to-income around 50%, then 45-50% for FY24 Delivered - At the Q2 FY23 call, management guided maintaining cost-to-income around 50%, planned 45% to 47% at Q3 FY23, then 45 to 50 for FY24, reiterated through FY24. FY24 cost-to-income was 49.68% YTD, within the guided range.
44. ROA of 1.2% exit quarter FY23, then above 1.5% / 1.6% Delivered - At the Q2 FY23 call, management indicated ROA of 1.2% for the exit quarter March 2023; the target was raised to 1.5% for FY24, above 1.6% and above 1.6% or 1.65% at all times. Q4 FY23 ROA was 1.5% and FY24 ROA was 1.63% with all four quarters above 1.5%.
45. Net NPA below 1% by March 2023 Delivered - At the Q2 FY23 call, management's endeavor was to bring net NPA below 1% by March 2023 from 1.36%, reiterated as "less than 1% going forward" and through FY24. Net NPA was 0.74% at March 2023 and 0.4% at Q4 FY24.
46. Gross NPA below 3% by March 2023, then below 2% Delivered - At the Q2 FY23 call, management planned to reduce gross NPA to below 3% by March 2023 from 3.97%, with intent at Q3 FY23 to keep it below 2% going forward, reiterated through FY24. Gross NPA was 2.27% at March 2023 and 1.4% by Q4 FY24.
47. Credit cost of 1% for FY23, then 75 bps for FY24 Delivered - At the Q2 FY23 call, management guided credit cost of 1% on the estimated loan book for FY23; FY24 guidance settled at 75 bps at the Q4 FY23 call, reiterated through FY24. FY23 Q4 provisioning was front-loaded at 146 bps, and FY24 credit cost was 0.65%, below the 75 bps guidance.
48. NIM north of 3.8% / 4% through FY24 Delivered - At the Q2 FY23 call, management guided NIM "3.8% plus we will maintain"; the exit-quarter FY24 target moved from 4% down to 3.8% and back to 4%. Q4 FY24 NIM was 4.19%, with management scorekeeping "we had indicated in the last call NIM would be above 4% at the exit quarter; delivered".
49. Total deposit growth of 15% for FY23 Partial - At the Q2 FY23 call, management guided total deposit growth of 15% for FY23, with Q2 at 13% YoY, "tad lower than expected", reiterated at Q3 FY23 as \~15-16% in tandem with 15% loan growth. FY23 deposits grew 12% YoY to ₹76,638 crore, with term deposits at 15% and CASA at 6%.
50. Loan book growth of 15% for FY23 Delivered - At the Q2 FY23 call, management guided loan book growth of 15% for FY23, with Q2 already at 16% YoY and the trend expected to continue, reiterated at Q3 FY23 as "we will stick to that… maybe 15% plus". FY23 advances grew 16% YoY before technical write-off and 13% as reported, with management confirming "adjusted growth in advances for FY23 was 16%".