1. ENBD India branch merger within the next few months On track - At the July 2026 announcement, ENBD India's three branches were likely to be merged with RBL Bank in the next few months, subject to requisite approvals. As of Q1 FY27, the amalgamation is awaiting final approvals from authorities; the window remains open.
2. Microfinance, tractors and agri \~10% of loan book Delivered - At the Q1 FY27 call, management said microfinance, tractors and agri should be in the zip code of 10% of loan book, \~12% of previous year's ANBC. Q1 FY27 JLG gross AUM ₹8,400 crore, RVF ₹3,447 crore and agri ₹1,816 crore combine to \~₹13,663 crore, \~11.8% of ₹116,223 crore advances.
3. Cost-to-income down another 5-6 points in next 1-2 quarters Pending - At the Q1 FY27 call, management said cost-to-income, after coming down to \~64, "will further go down by another 5-6 points in the next one or two quarters". Q1 FY27 cost-to-income was 64.7%; the horizon extends to Q2-Q3 FY27, not yet reached.
4. Bulk deposits run-down \~₹7,000 crore more On track - At the Q1 FY27 call, management said the bulk deposits to be run down would "maybe be in the same ballpark figure" (\~₹7,000 crore) as the \~₹7,000 crore already run down, with equity running out in six to nine months. Q1 FY27 borrowings were reduced by \~₹7,000 crore, with \~₹10,000 crore used to retire borrowings and I-CAS deposits.
5. Retail deposit growth 20-23/24% On track - At the Q1 FY27 call, management set a retail deposit growth target of "20 plus and within 23, 24 percentage", with FCNR growth additional. Q1 FY27 deposits grew 11% YoY to ₹124,829 crore and average deposits grew 24% YoY; retail-specific growth was not separately disclosed.
6. ROE double digit in 3-4 years On track - At the Q1 FY27 call, management made an aspirational effort to increase ROE to double digit in a three-to-four years' timeline, possibly a little earlier. Q1 FY27 ROE was 4.01%, \~5% excluding the capital infusion; the horizon is not reached.
7. ROA 1% in Q2-Q3 FY27 zone Pending - At the Q1 FY27 call, management said ROA should start seeing the 1% number somewhere in the Q2-Q3 zone, with "1% zip code is a given near-term" and better by year exit. Q1 FY27 ROA was 0.57%; Q2-Q3 FY27 is not yet reached.
8. Margins up 30-40 bps in Q2 FY27 from equity Pending - At the Q1 FY27 call, management said margins will go up significantly because of equity, expecting "North of 40-50 basis points improvement or 30-40 basis points improvement" at least in Q2. Q1 FY27 NIM was 4.13%; Q2 FY27 NIM is not yet reported.
9. Slippages materially decrease from Q3 FY27 Pending - At the Q1 FY27 call, management said slippages should materially decrease from Q3 of FY27, with "significant signs of improvement". Q1 FY27 gross slippages were 0.83%, net 0.69%, with net slippages of ₹790 crore; Q3 FY27 is not yet reached.
10. Unsecured growth 10-15%; share down to 22-25% Partial - At the Q3 FY26 call, management guided unsecured (including JLG) growth of around 10% to 15%, with share to come down to around 22% to 25%. Q1 FY27 unsecured retail grew 8% YoY, below the guided range, while its share of 24% of net advances sits within the range.
11. Retail:wholesale mix moderates in favor of wholesale post-capital Delivered - At the Q3 FY26 call, management said the post-capital retail:wholesale mix will not stay 60-40 and will moderate in favor of wholesale. The mix moved from 59:41 in Q4 FY26 to 55:45 by Q1 FY27.
12. TD cost decline complete in \~9 months; 30-35 bps room On track - At the Q3 FY26 call, management said the TD cost decline should complete in maybe a 9-month time frame, with only \~20 bps more cuts this cycle and 30-35 bps overall room over the next 3 quarters. TD cost fell from 7.29% in Q3 FY26 to 7.05% in Q4 FY26, then held at 7.07% in Q1 FY27.
13. FY27 credit cost: H1 in current range, H2 significant moderation On track - At the Q3 FY26 call, management guided FY27 credit cost with the first half in the current range, maybe a little lower, and significant moderation in the second half as the card situation improves. Q1 FY27 credit cost was 54 bps, with cards credit cost closer to 11-12%; H2 FY27 is not yet testable.
14. Card asset quality normalized by September FY27 On track - At the Q3 FY26 call, management said card stress "will pick out in June, and thereafter, it starts trending down", normalizing by September. In Q1 FY27, early delinquency had "quite materially come down" though headline cards credit cost remained closer to 11-12%; the September target is not yet reached.
15. Card book growth 10-15% annually; 1-1.5 lakh monthly acquisitions Partial - At the Q3 FY26 call, management guided card book growth of 10% to 15% annually with 1 lakh to 1.5 lakh monthly acquisitions. Q1 FY27 issued 3.4 lakh cards (\~1.13 lakh/month), but cards in force were 4.65 million after 4.63 million (-4% YoY) in Q4 FY26.
16. PCR build up to 75-78% in the coming quarter Partial - At the Q3 FY26 call, management said the PCR comfort zone is 75-78% and the bank would build up towards that extent in the quarter to come. PCR improved from 71.1% in Q3 FY26 to 73.6% in Q4 FY26, then stood at 72.0% in Q1 FY27, below the zone.
17. Branches: \~600 by March FY26, \~800 by March FY27, 1,000 by year three On track - At the Q3 FY26 call, management guided exiting March FY26 with around 600 branches, around 800 by next March, 1,000 by the third year and 2,400 touchpoints. The bank exited FY26 at 603 branches and reached 628 by Q1 FY27.
18. Yield on advances bottomed out, moving up Missed - At the Q2 FY26 call, management said yield on advances has bottomed out and will start moving up (ceteris paribus), with margins improving over the next 3-6 months added at Q3 FY26. Yield declined from \~13.0% in Q1 FY26 to 11.64% in Q4 FY26 and 11.21% in Q1 FY27.
19. 30%+ loan growth possible post-deal On track - At the Q2 FY26 call, the CEO said 30% loan growth is "very much global" (possible), with details over the next 5 to 6 months once the deal is consumed; at Q3 FY26 post-capital growth was pegged "much above the 25%", around 35%. Q1 FY27 advances grew 23% YoY; no explicit deadline lapsed.
20. Market share 0.5% to 1% with infusion On track - At the Q2 FY26 call, management said the market share of \~0.5% has an ability to go to 1 with the infusion. Q1 FY27 advances grew 23% YoY to ₹116,223 crore versus banking system credit growth of \~19%, with the bank's growth better than average; 1% is not yet reached.
21. SME and commercial banking 2x, 3x growth post-deal On track - At the Q2 FY26 call, management said the SME and commercial banking opportunity could grow "2x, 3x" post-deal. Commercial banking grew 30% YoY in Q4 FY26 and 36% YoY in Q1 FY27, reaching ₹31,845 crore in Q4 FY26.
22. Gold loan business 3x, 4x post-deal Delivered - At the Q2 FY26 call, management said the gold loan business "will be in terms of 3x, 4x" post-deal. Gold loan gross advances grew to ₹4,258 crore in Q4 FY26 from ₹444 crore in Q4 FY25 - \~9.6x - and stood at ₹4,412 crore in Q1 FY27.
23. Rating upgrades from AA- post-deal Delivered - At the Q2 FY26 call, management would "definitely expect the rating upgrades to happen" for the bank from AA-. ICRA upgraded long-term ratings to [ICRA]AAA (Stable) on 25 June 2026, CRISIL assigned AAA (Stable) on 22 June 2026 and CARE upgraded Tier II bonds to CARE AAA (Stable) on 10 July 2026.
24. Emirates NBD \~US$3 billion for 60% stake Delivered - At the Q2 FY26 call, management announced Emirates NBD will invest approximately US$3 billion via preferential issue for a 60% stake, merging its Indian business with RBL and taking net worth to around ₹42,000 crore. ENBD infused \~US$2.75 billion (₹26,016 crore) on 18 June 2026 at ₹280/share, becoming promoter, with net worth \~₹42,000 crore on June 30, 2026.
25. Cards credit cost 6.5-7.5% by H2 FY26 exit Missed - At the Q1 FY26 call, management expected cards delinquency improvement to become more material in H2 and cards credit cost of 6.5%-7.5% by the end of H2; at Q3 FY26 this was extended to normalized card asset quality in H2 FY27. Cards credit cost stayed closer to 11-12% through Q1 FY27, and management acknowledged the earlier guidance was missed.
26. Advances growth mid-teens for FY26 Delivered - At the Q1 FY26 call, management was comfortable with mid-teens kind of advances growth, headline 14-15%, tempered by mix and risk-reward focus; at Q3 FY26 post-capital growth was seen around 35%. FY26 advances grew 23% YoY to ₹114,232 crore, and Q1 FY27 grew 23% YoY.
27. Loan-to-deposit ratio 83-87% working range Delivered - At the Q1 FY26 call, management gave a loan-to-deposit ratio working range of 83% to 87%; at Q1 FY27 the LDR will be "in that range" (\~93%) and may rise as high-cost deposits are retired. The CD ratio ran 83.8% in Q1 FY26, 86.1% in Q3 FY26 and \~82.2% in Q4 FY26, before \~93.1% in Q1 FY27 post-infusion.
28. Core fee income growth in the teens Delivered - At the Q1 FY26 call, management said core fee income should grow in the teens, trending into teens of growth going forward. Growth ran 3% YoY in Q1 FY26, 10% in Q3 FY26, 9% in Q4 FY26 and 16% in Q1 FY27.
29. Cost-to-income trending down from Q3 onwards Delivered - At the Q1 FY26 call, management expected cost-to-income to start trending down again as margins fly back up from Q3 onwards; at Q1 FY27 a further 5-6 point reduction in the next one or two quarters was added. Cost-to-income fell from 72.4% in Q1 FY26 to 66.3% in Q3 FY26, 65.1% in Q4 FY26 and 64.7% in Q1 FY27.
30. Deposit cost fall 20-25 bps in Q2 FY26 Delivered - At the Q1 FY26 call, management expected deposit cost to fall by about 20 to 25 basis points in Q2. From 6.53% in Q1 FY26, Q2 cost of deposits fell to 6.26% - \~27 bps, meeting the guidance - and declined further to 6.2% in Q3.
31. Cards + microfinance mix settles materially below 35-37% Delivered - At the Q4 FY25 call, management stated the combined cards + microfinance mix will not return to the earlier 35-37% and will settle materially lower; at Q3 FY26 the unsecured share was guided to around 22
32. ROA trends upward in FY26; 1% exit ROA Missed - At the Q4 FY25 call, management guided ROA to trend upward in FY26 and be "far better" than FY25; at Q1 FY26 this became a 1% exit ROA, "we stick to that for now at least". FY26 ROA was 0.53%, Q4 FY26 exit ROA 0.55% and Q1 FY27 0.57% - well below 1%.
33. NIM back to current range by FY26 exit; 4.8% exit NIM Missed - At the Q4 FY25 call, management expected margins to claw back up to the current NIM range by FY26 exit; at Q1 FY26 the exit NIM was guided to \~4.8% plus-minus, and at Q2 FY26 to 10-15 bps improvement every quarter from Q3, holding 475-480 in March. NIM ran 4.63% in Q3 FY26, 4.41% at FY26 exit and 4.13% in Q1 FY27.
34. No capital need for at least FY26 Delivered - At the Q4 FY25 call, management guided no need for capital "for at least the current financial year", comfortable at a CET1 threshold of 12.8% to 13%. Q4 FY26 CET1 was 12.77% with CRAR 14.25%; the June 2026 ENBD infusion of \~₹26,016 crore lifting CET1 to 32.2% was a strategic acquisition, not a need-driven raise.
35. PPOP flattish-to-improving for FY26 Missed - At the Q4 FY25 call, management guided flattish-to-improving PPOP for FY26 versus FY25, being conservative; at Q1 FY26 this became similar or slightly lower, best case flattish. FY26 operating profit was ₹3,299 crore, -9% YoY against FY25 PPOP of ₹3,617 crore, despite Q4 FY26 PPOP of ₹955 crore, +11% YoY.
36. Credit costs sharply reduce; cards net slippages \~₹425-430 crore Partial - At the Q4 FY25 call, management expected credit costs to sharply reduce, with cards net slippages returning to \~₹425-430 crore a couple of quarters away; at Q1 FY26 sub-2% credit cost was reiterated. Credit cost ran 64 bps in Q3 FY26 and 65 bps in Q4 FY26, while cards net slippages stayed elevated at ₹494-539 crore and FY26 credit costs totaled ₹2,260 crore, 1.38% of average assets.
37. Cards (incl. PL) growth mid-single digits for FY26 Missed - At the Q4 FY25 call, management guided cards (incl. PL) growth at mid-single digits for FY26; at Q1 FY26 unsecured was seen in high single digits to low-teens, and at Q3 FY26 card book growth was reset to 10% to 15%. FY26 credit card receivables fell 5% YoY to ₹7,702 crore and personal loans 9% to ₹2,960 crore; Q1 FY27 card AUM of ₹19,707 crore was below ₹21,499 crore a year earlier.
38. Opex growth \~10% for FY26 Delivered - At the Q4 FY25 call, management reiterated opex growth around the 10% range for FY26; at Q1 FY26 this became not more than advances growth, broadly 9% to 12% with downward bias. Q1 FY26 opex grew 12% YoY and Q3 FY26 8%, with FY26 opex of ₹7,182 crore up \~8% against ₹6,642 crore in FY25.
39. Effective savings rate down to \~5.6% by May FY26 Delivered - At the Q4 FY25 call, management expected the effective savings rate to come down from \~6.4% in March to \~5.6% in May FY26 as rate cuts become effective. Q1 FY26 SA cost fell 60 bps sequentially, reaching 5.15% in Q3 FY26 and 5.05% in Q4 FY26 - below the \~5.6% target - and 5.09% in Q1 FY27.
40. Retail assets breakeven during FY26 Delivered - At the Q4 FY25 call, management committed to delivering breakeven in retail assets during FY26; at Q2 FY26 all segments barring prime housing were to contribute to profitability by year-end. Retail secured products turned PBT positive as a cohort in Q2 FY26 and profitable at operating level in Q3 FY26, with prime housing the only segment yet to break even.
41. CET1 remain above 13% for FY26 Partial - At the Q4 FY25 call, management expected CET1 to remain above 13% for FY26, based on expected growth of 16% to 18%. CET1 ran 14.05% in Q1 FY26 and 13.45% in Q3 FY26, but dipped to 12.77% at FY26 exit before rising to 32.2% post ENBD infusion in Q1 FY27.
42. CGFMU coverage 90% of JLG disbursals in FY26 Delivered - At the Q4 FY25 call, management expected CGFMU coverage of 90% of JLG disbursals to continue in FY26. Coverage was just short of 50% of the JLG book in Q1 FY26, reached 90% of Q4 disbursals in Q4 FY26, and hit 99% of disbursals by Q1 FY27.
43. JLG slippages normalize from Q1-Q2 FY26 Delivered - At the Q4 FY25 call, management expected JLG slippages to decline meaningfully in Q1 FY26 with return to pre-stress levels from Q2 FY26 onwards. JLG slippages fell from \~₹318 crore in Q1 FY26 to ₹124 crore in Q3 FY26, with SMA position down sharply by Q4 FY26 and microfinance provisions only ₹17 crore in Q1 FY27.
44. JLG disbursements ₹600-650 crore/month by H2 FY26 Delivered - At the Q4 FY25 call, management targeted JLG disbursements returning to ₹600 crore per month by H2 FY26, later refined to "reach back to ₹650 crore". H2 FY26 run rates were ₹700 crore/month in Q3 and \~₹844 crore/month in Q4 (₹2,532 crore for the quarter), with ₹1,862 crore (\~₹621 crore/month) in Q1 FY27.
45. JLG share of advances 6-7.5% zone Delivered - At the Q4 FY25 call, management aimed to keep JLG share of advances in the 6% to 7.5% zone, then 6.2%, reiterated as "6% to 7% of advances". JLG gross AUM of ₹8,059 crore in Q4 FY26 was \~7.1% of advances, and ₹8,400 crore in Q1 FY27 was \~7.2%, within the zone.
46. Wholesale advances growth 10-12% for FY26 Delivered - At the Q4 FY25 call, management guided wholesale advances growth to improve from 6% in FY25 to 10% to 12% "going forward"; at Q1 FY26 this became mid-teens, and at Q3 FY26 near-term growth of 20-25%. FY26 wholesale advances grew 28% YoY to ₹47,112 crore, with Q1 FY27 up 38% YoY.