India Financials: 1QFY27 pre-quarter updates: Loan growth healthy, focus on NIMs/NII growth. Mon Jul 06 2026

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India Financials: 1QFY27 pre-quarter updates: Loan growth healthy, focus on NIMs/NII growth. Mon Jul 06 2026

J P M O R G A N Asia Pacific Equity Research

06 July 2026

India Financials

1QFY27 pre-quarter updates: Loan growth healthy,

focus on NIMs/NII growth

We highlight the key trends in the pre-quarter updates for 1QFY27 reported by key India Financials

ACbanks and NBFCs. While the advances growth was healthy for most (in line with Anuj Singla

the pick-up in system growth), deposit trends were mixed, with a tightening of (91-22) 6157-3590

system liquidity in Mar’26 also being a key contributor. As we highlighted in our anuj.singla@jpmchase.com

1QFY27 preview, we expect this quarter to be marked by benign asset quality, loan J.P.Tower,MorganSantacruz(E),India PrivateMumbaiLimited,- 400098,J.P. MorganSEBI

growth acceleration and NIM pressure for most names. With benign AQ trends Registration: INH000001873, (91-22) 6157-3000.

supported by no deterioration in bounce rates and collection efficiency trends Harsh Wardhan Modi

(seasonally adjusted), we believe investor focus will be on NII growth and margin (65) 6882-2450

delivery, given the funding cost pressures during 1Q. In this regard, we continue harsh.w.modi@jpmorgan.com

J.P. Morgan Securities Singapore Private Limited/

to forecast a strong quarter for Indian NBFCs (BAF, CIFC, LTFH) and select mid- J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

tier banks (AUBANK) with potential for earnings upgrades on the back of solid Morgan Broking (Hong Kong) Limited

growth momentum and AQ trends. We continue to reiterate our positive view on Shivansh Puri, CFA

large private banks with a preference for ICICI Bank, where the NII inflection is (91-22) 6157-5077

very visible, with valuations likely to catch up with a lag.