1. Opening Hook

While markets obsessed over fintechs and PSU divestments, V. Vaidyanathan was busy building patience as a business model.
Margins dipped, provisions trimmed, and CASA kissed 50% — and yet, the man smiled like a monk with a Bloomberg terminal.
He spoke less like a banker, more like a founder explaining “why compounding takes time.”
This wasn’t just an earnings call; it was a 22-page masterclass on how to look calm when your ROA’s still stuck at 0.5%.
Read on — it gets philosophical and mathematical.

2. At a Glance

• Customer Deposits ₹2.69 lakh cr (+23.4% YoY) – Deposits grew faster than the average Diwali shopping bill.
• CASA Ratio 50.1% (↑270 bps YoY) – Half the money comes free; the other half comes with sermons.
• Loan Book ₹2.67 lakh cr (+19.7% YoY) – Lending steady; microfinance still on timeout.
• PAT ₹352 cr (↓23.8% QoQ | ↑76% YoY) – Profits took a tea break after last quarter’s trading gains.
• NIM 5.59% (↓12 bps QoQ) – Margins bottomed, says CFO; investors whisper “we’ve heard that before.”
• GNPA 1.86% | NNPA 0.52% – Asset quality cleaner than most credit card statements.
• PCR 72.2% – Provisioning strong enough to survive another MFI storm.

3. Management’s Key Commentary

“Total customer business grew 21.6% YoY to ₹5.35 lakh cr.”
(Translation: We’re growing faster than our patience runs out.)

“MFI book degrew, but insurance coverage now 77%.”
(Basically—if borrowers default, at least they’re insured.)

“NIMs have largely bottomed out.”
(Ah yes, the famous banker’s equivalent of ‘summer is coming.’)

“We can now originate one million loans a month.”
(The machines have officially taken over underwriting. 🤖)

“We’ll cut savings rates later — happiness can wait.”
(Because delayed gratification is the new profit strategy.)

“Our credit-deposit ratio must hit mid-80s before joy begins.”
(In IDFC land, mid-80s isn’t an exam score — it’s enlightenment.)

“Microfinance issue is behind us.”
(Translation: We’ve burned our fingers; now we cook with gloves on. 🔥)

4. Numbers Decoded