Reaffirmation of Credit Ratings by ICRA Limited
RATING
▲ Positive Development
MEDIUM RISK
📅 Filed on BSE: 21 Jul 2026, 05:54 PM IST · BSE ID: c36f4518-b6ac-43cd-8ff9-b63f1fc03527
View Original BSE Filing (PDF)
💡
In Simple Terms
The bank's credit rating has been reaffirmed as stable, indicating its financial health remains strong.
🤖 AI Summary
- ICRA reaffirms 'AA+; Stable' rating on Bank of Maharashtra's Rs. 12,000 Crore debt instruments.
- Rating reflects sustained improvement in earnings, asset quality, and strong CASA deposit base.
- Gross NPA ratio improved to 1.45% as of June 30, 2026.
- Bank plans equity raises and manages expected credit loss (ECL) transition impact.
🔢 Key Numbers — exact figures from BSE filing, not rounded
Total rated amount (Rs. Crore)
12,000.00
Gross NPA ratio as on June 30, 2026
1.45%
Vulnerable book as % of standard advances
0.78%
CET I ratio as on June 30, 2026
15.56%
🏢 How This Affects the Company
The reaffirmation of credit ratings supports the bank's ability to access debt markets at favorable terms, facilitating future funding for growth.
Stable ratings affirm the bank's financial health and capacity to manage liabilities. The bank is preparing for the ECL framework's financial impact.
The rating outcome addresses current financial risks, though ongoing monitoring of asset quality and geopolitical factors is noted.
👥 What This Means For Shareholders
✅
Action Required
No action is required from shareholders regarding this credit rating reaffirmation.
👤
Who Is Affected
All shareholders are indirectly affected as stable credit ratings support the bank's overall financial health and market confidence.
🔍
Management Signal
Management is signaling a commitment to maintaining financial stability and prudently managing future financial frameworks like ECL.
For information only. Not investment advice. ForgeUp is not SEBI-registered.
👁 Watch List — track these upcoming events
Bank's next quarterly results for asset quality trends.
Updates on equity raising plans and their execution.
ICRA's periodic reviews of the bank's credit profile.
MEDIUM RISK
Geopolitical uncertainty and the impact of the ECL framework introduction are noted risks.
💡 Investor Takeaway
ICRA reaffirmed Bank of Maharashtra's 'AA+; Stable' rating on Rs. 12,000 Crore debt. Gross NPA improved to 1.45% as of June 30, 2026.
⚖️ Strengths & Concerns
✅ Positives
- Sustained improvement in earnings profile driven by loan book growth and operating efficiency.
- High share of low-cost CASA deposits supporting competitive cost of funds and profitability.
⚠️ Concerns
- Vulnerable book declined to 0.78% of standard advances, but asset quality remains monitorable with high recent credit growth.
- Uncertainty around West Asia conflict could impact asset quality and profitability.
📅 Company Track Record
Bank of Maharashtra previously had its credit ratings reaffirmed by CARE Ratings Ltd. (July 2026) and Infomerics Valuation and Rating Limited (March 2026), indicating a consistent stable credit profile.
Based on publicly available historical data. For context only.
❓ Frequently Asked Questions
What credit rating has ICRA reaffirmed for Bank of Maharashtra?
ICRA Limited has reaffirmed the 'AA+; Stable' rating for Bank of Maharashtra's securities.
What is the total value of Bank of Maharashtra's debt instruments with reaffirmed ratings?
The total rated amount for Bank of Maharashtra's Basel III Tier II and Infrastructure Bonds is Rs. 12,000 Crore.
What was Bank of Maharashtra's Gross NPA ratio as of June 30, 2026?
Bank of Maharashtra's Gross NPA ratio stood at 1.45% as of June 30, 2026.
What is the expected impact of the ECL framework on Bank of Maharashtra's CET I ratio?
The bank expects an impact of around 100-110 basis points on its reported CET I ratio, which was 15.56% on June 30, 2026.
Questions based on this BSE filing only. For information purposes.