India Financial Daily

Research evidence excerpt

India Financial Daily

India | Financial Daily EquityJulyResearch13, 2026

Exhibit 1 - System liquidity in small surplus atIndia Financial Daily, 13 July 2026

~Rs1tn as of 10-Jul

As of last close (10-Jul), both Nifty & Bank Nifty rose 1%. J&K Bank & Indian 6,0004,000 Surplus liquidity/ (deficit) (Rsbn)

Bank were top performers, while SG Finserve & Credag underperformed. 2,000

Over the past month, Nifty was up 4% & Nifty Bank was up 5%. (2,000)0

(4,000)

BFSI Research . Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25 Jan-26 Apr-26 Jul-26

Source: RBI, Jefferies

Financials: Credit Growth Surges & Pvt Bks Holding Share; Slight Moderation Ahead

Exhibit 2 - Money market trends

NLFs: MF Jun-26: Lump-sum Equity Flows & Commodity ETFs Stage a Comeback CallMoneyratemarkets(%) 10-Jul-264.9 9-Jul-265.4 10-Jun-264.9

3M CD rate (%) 6.5 6.5 7.0

10yr Gsec (%) 6.7 6.8 6.9

Indian Bank Jun-26 results: Bank profits rose 10% YoY to Rs33bn (in-line with consensus), 1Yr AAA (%) 7.4 7.4 7.5

. 10Yr AAA (%) 7.7 7.6 7.7

on higher NII partially offset by increased provisions. NIMs rose 6bps QoQ to 3.4% & credit Source: Bloomberg, Jefferies

costs fell 5bps YoY to 0.2%. PPoP grew 16% YoY on healthy growth in NII (17% YoY) & other

income. Loans grew at 14% YoY, while deposits were up 13% (known from pre-qtr). Asset Exhibit 3 - Market performance: Indices &

financials

quality improved QoQ as GNPA was down 12bps to 1.86%, while NNPA was flat at 0.15%. (10 Equity Markets Price %1d

Jul, BSE Filing) Nifty Bank 58,046 1.4%

Nifty 24,207 1.0%

Sensex 77,569 1.1%

Indian Bank targets US$2bn in FCNR-B deposits by Sep-26. Indian Bank aims to recover Top Performers Price %1d

Rs45-55bn from bad loans in FY27 after recovering Rs19bn in 1QFY27, including a targeted Jammu and Kashmir Bank 192 14%