External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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>NIM Compression Lower on Changed Methodology: The bank has changed its NIM computation methodology, wherein it has changed its convention of computation of margins and other return ratios from the actual number of days to the number of months.</li><li>While the change in methodology is unlikely to have a meaningful impact on the reported NIMs, it evens out any quarterly volatility due to differences in days in a quarter.</li><li>Resultantly, the NIM compression during the quarter was at 7bps, despite a sharp 33bps contraction in yields and a marginal 3/16bps QoQ drop in CoD/CoF, respectively. </li></ul>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.

NIM Compression Lower on Changed Methodology: The bank has changed its NIM computation methodology, wherein it has changed its convention of computation of margins and other return ratios from the actual number of days to the number of months.While the change in methodology is unlikely to have a meaningful impact on the reported NIMs, it evens out any quarterly volatility due to differences in days in a quarter.Resultantly, the NIM compression during the quarter was at 7bps, despite a sharp 33bps contraction in yields and a marginal 3/16bps QoQ drop in CoD/CoF, respectively. 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.

ICICI Bank Ltd. - Steady Quarter; Ready to Resume Growth Momentum!

<ul><li>Growth visibility healthy; unsecured growth likely to pick up: The bank continues to remain comfortable with the loans underwritten and does not expect any specific caution to be exercised incrementally on the credit side.</li><li>The bank had tightened the credit filters in the Personal Loans (PL) and Credit Cards (CC) portfolio, which is reflected in the volumes.</li><li>Moreover, with the rate cut cycle beginning, the bank has been additionally disciplined on the spreads charged over the benchmark. </li></ul>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.

Growth visibility healthy; unsecured growth likely to pick up: The bank continues to remain comfortable with the loans underwritten and does not expect any specific caution to be exercised incrementally on the credit side.The bank had tightened the credit filters in the Personal Loans (PL) and Credit Cards (CC) portfolio, which is reflected in the volumes.Moreover, with the rate cut cycle beginning, the bank has been additionally disciplined on the spreads charged over the benchmark. 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.

ICICI Bank Ltd. - Another Quarter of Steady Numbers; Steady Performance to Continue!

External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

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.

<ul><li>ICICI Bank has once again posted an endearing performance with in-line PAT at Rs118bn/superior RoA of 2.4%, system-beating credit growth at 14% YoY, nearly stable margins at 4.25%, and steady asset quality, amid tough times.</li><li>Deposit growth has moderated, but is well above the system’s at 14% YoY, exhibiting the bank’s strong liability franchisee built over the years.</li><li>Slippages are up QoQ at Rs61bn (lower than estimates) due to seasonal stress in Agri, including the KCC book, but retail asset quality stays at tolerable levels.</li></ul>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.

ICICI Bank has once again posted an endearing performance with in-line PAT at Rs118bn/superior RoA of 2.4%, system-beating credit growth at 14% YoY, nearly stable margins at 4.25%, and steady asset quality, amid tough times.Deposit growth has moderated, but is well above the system’s at 14% YoY, exhibiting the bank’s strong liability franchisee built over the years.Slippages are up QoQ at Rs61bn (lower than estimates) due to seasonal stress in Agri, including the KCC book, but retail asset quality stays at tolerable levels.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.

ICICI Bank - Endearing Performance in Tough Times

<ul><li>Growth visibility healthy: In Q3FY25, the bank witnessed a slight slowdown in retail loans, which grew by 11/1% YoY/QoQ.</li><li>This was owing to a marginal slowdown in the mortgage book due to pricing pressures.</li><li>The vehicle finance portfolio, primarily focused on financing new cars, has experienced a slowdown in its growth momentum. </li></ul>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.

Growth visibility healthy: In Q3FY25, the bank witnessed a slight slowdown in retail loans, which grew by 11/1% YoY/QoQ.This was owing to a marginal slowdown in the mortgage book due to pricing pressures.The vehicle finance portfolio, primarily focused on financing new cars, has experienced a slowdown in its growth momentum. 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.

ICICI Bank Ltd - Strong Quarter; Remains Preferred Pick!

Thematic (Sector/Industry)

<ul><li>The systemic credit growth as of 19 th September, 2025, stood at 10.4% YoY, with muted growth seen in retail and corporate segments.</li><li>However, credit growth is showing gradual signs of revival. For banks that have reported their provisional update, they have reported a healthy sequential growth.</li><li>We expect banks under our coverage to deliver ~11% YoY credit growth, only marginally ahead of industry growth. </li></ul>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.

The systemic credit growth as of 19 th September, 2025, stood at 10.4% YoY, with muted growth seen in retail and corporate segments.However, credit growth is showing gradual signs of revival. For banks that have reported their provisional update, they have reported a healthy sequential growth.We expect banks under our coverage to deliver ~11% YoY credit growth, only marginally ahead of industry growth. 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.

Q2FY26 Earnings Preview - Banks, Financial Services & Insurance (BFSI)

India

ICICI Bank Limited operates as a bank. The Bank offers saving accounts, loans, debit, credit cards, insurance, investments, mortgages, and online banking services. ICICI Bank serves customers worldwide.

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ICICI Bank Ltd (ICICIBC IN)

ICICI Bank Ltd. - Steady Quarter; Ready to Resume Growth Momentum!

While the change in methodology is unlikely to have a meaningful impact on the reported NIMs, it evens out any quarterly volatility due to...

Axis Direct

ICICI Bank Ltd. - Another Quarter of Steady Numbers; Steady Performance to Continue!

The bank continues to remain comfortable with the loans underwritten and does not expect any specific caution to be exercised incrementally on the...

Axis Direct

ICICI Bank - Endearing Performance in Tough Times

Deposit growth has moderated, but is well above the system’s at 14% YoY, exhibiting the bank’s strong liability franchisee built over the years.

Emkay

ICICI Bank Ltd - Strong Quarter; Remains Preferred Pick!

Growth visibility healthy: In Q3FY25, the bank witnessed a slight slowdown in retail loans, which grew by 11/1% YoY/QoQ.

Axis Direct

Q2FY26 Earnings Preview - Banks, Financial Services & Insurance (BFSI)

The systemic credit growth as of 19 th September, 2025, stood at 10.4% YoY, with muted growth seen in retail and corporate segments.

Axis Direct

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