External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Our interaction with the management of IndusInd Bank (IIB) suggests that the macro uncertainties / volatility amidst current geopolitical situation and prolonged supply disruption may pose some risk to financing demand in gems/jewellery (Russia accounts for ~30% of global diamond output) and vehicle financing (due to rise in fuel prices).</li><li>.</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Our interaction with the management of IndusInd Bank (IIB) suggests that the macro uncertainties / volatility amidst current geopolitical situation and prolonged supply disruption may pose some risk to financing demand in gems/jewellery (Russia accounts for ~30% of global diamond output) and vehicle financing (due to rise in fuel prices)..Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Improving visibility towards >5% PPoP/loans, >1.8% RoAs and 15% RoEs

Specialist in Indian Banking and Economic Research

Hemindra Hazari

<ul>
<li>Bank claimed  "procedural lapse" whereby the bank received repayments of large numbers of loans, and disbursed new loans to the same accounts, on the same day, and in cash.</li>
<li>Earlier CEO stated that the bank during Covid had an approved loan product which facilitated same day repayments of earlier and disbursal of new loans </li>
<li>Regulator and the board of directors needs to probe whether this was a "procedural lapse" or a management policy and fix accountability of senior management.</li>
</ul>


Bank claimed  "procedural lapse" whereby the bank received repayments of large numbers of loans, and disbursed new loans to the same accounts, on the same day, and in cash.
Earlier CEO stated that the bank during Covid had an approved loan product which facilitated same day repayments of earlier and disbursal of new loans 
Regulator and the board of directors needs to probe whether this was a "procedural lapse" or a management policy and fix accountability of senior management.


IndusInd Bank’s Single Day Cash-Loan Mela: “Procedural Lapse” or Management Policy?

Silver Point

Thomas J. Monaco

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

<ul>
<li><strong><em>IndusInd reported FY 3Q22 bottom-line results improved 4.8% linked quarter, driven by stronger core revenues and a lower provision; </em></strong></li>
<li><em><strong>NCOs remain elevated and show no sign of abating, and net new NPLs increased 31.6% annualized; and </strong></em></li>
<li><em><strong>IndusInd’s reserve needs to increase closer to 75% with a shortfall of INR 30 bn – representing two quarters of pre-tax results. </strong></em></li>
</ul>


IndusInd reported FY 3Q22 bottom-line results improved 4.8% linked quarter, driven by stronger core revenues and a lower provision; 
NCOs remain elevated and show no sign of abating, and net new NPLs increased 31.6% annualized; and 
IndusInd’s reserve needs to increase closer to 75% with a shortfall of INR 30 bn – representing two quarters of pre-tax results. 


External broker reports(aggregated public sources), Edelweiss Broking Limited

Edelweiss

Edelweiss Broking Limited

Edelweiss Broking Limited is an Indian Financial services company based in Mumbai, India. The company is a subsidiary of Edelweiss Group. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<p>Stable quarter; guidance maintained</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Stable quarter; guidance maintainedContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul>
<li>Toxity in Axis Bank's work culture confirmed by Ravi Narayanan - Group Executive, retail liabilities and branches</li>
<li>Senior executive at town hall meeting allegedly stated “employees should fight, abuse and complain amongst them [sic] for business, this is the attitude what [sic] I like”</li>
<li>Strategy of abuse so far has failed but with board's endorsement, more of the same is being implemented which may have adverse impact on performance </li>
</ul>


Toxity in Axis Bank's work culture confirmed by Ravi Narayanan - Group Executive, retail liabilities and branches
Senior executive at town hall meeting allegedly stated “employees should fight, abuse and complain amongst them [sic] for business, this is the attitude what [sic] I like”
Strategy of abuse so far has failed but with board's endorsement, more of the same is being implemented which may have adverse impact on performance 


Axis Bank’s Toxic Call to Staff to Fight, Abuse, and Undermine One Another in Pursuit of Business

India

IndusInd Bank Limited is a Mumbai-based Indian new generation bank established in 1994. The Bank provides a range of banking and financial services including  wholesale banking, credit monitoring, risk management, tele-banking, investment banking and commercial lending. IndusInd Bank operates branches throughout India as well as an office in Dubai and London.

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Indusind Bank (IIB IN)

Improving visibility towards >5% PPoP/loans, >1.8% RoAs and 15% RoEs

Our interaction with the management of IndusInd Bank (IIB) suggests that the macro uncertainties / volatility amidst current geopolitical situation...

ICICI Securities Limited

IndusInd Bank’s Single Day Cash-Loan Mela: “Procedural Lapse” or Management Policy?

Depending on how seriously the regulator views the “technical glitch” and “procedural lapse”, shareholders should not take Sumant Kathpalia’s...

Hemindra Hazari

IndusInd Bank – Stabilizing Somewhat

INDUSIND BANK: IndusInd reported FY 3Q22 bottom-line results improvement of 4.8% linked quarter, driven by stronger core revenues. NCOs remain...

Thomas J. Monaco

IndusInd Bank Ltd | Q3FY22 Result Update

Stable quarter; guidance maintained

Edelweiss

Axis Bank’s Toxic Call to Staff to Fight, Abuse, and Undermine One Another in Pursuit of Business

Strategy of abusing staff so far has failed but with board of directors' endorsement, more of the same is being implemented which may have adverse...

Hemindra Hazari

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