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

AU Small Finance Bank Limited / Equity Bottom-Up

<ul><li>We attended the Analyst Meet hosted by AU Small Finance Bank (AUSFB) to discuss the roadmap for the bank upto FY27E, post the merger and as it completes a decade as a bank.</li><li>The management team also discussed the near-term challenges for the bank and the impact of the merger with Fincare SFB (Fincare).</li><li>AUSFB will look to maintain its growth momentum in terms of deposits, growing the deposit franchise by 23-25% CAGR by FY27E, with a focus on individual and retail deposits.</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.

We attended the Analyst Meet hosted by AU Small Finance Bank (AUSFB) to discuss the roadmap for the bank upto FY27E, post the merger and as it completes a decade as a bank.The management team also discussed the near-term challenges for the bank and the impact of the merger with Fincare SFB (Fincare).AUSFB will look to maintain its growth momentum in terms of deposits, growing the deposit franchise by 23-25% CAGR by FY27E, with a focus on individual and retail deposits.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.

AU Small Finance Bank Ltd. - Multiple RoA Expansion Levers Identified

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and 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.

<ul><li>Motilal Oswal's research report onAU Small Finance Bank AUBANK has historically delivered healthy RoAs; however, this has seen compression over FY24, primarily due to a decline in margins and an uptick in credit costs.</li><li>The merger with Fincare SFB will enable AUBANK to achieve sustainable growth, while stronger return ratios for Fincare will boost profitability in the coming years, particularly as operating leverage improves.</li><li>Post-merger, the AUBANK will also gain presence in high-yielding MFI and Gold loan segments, while its positioning in SBL and the Housing vertical will be strengthened.</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.

Motilal Oswal's research report onAU Small Finance Bank AUBANK has historically delivered healthy RoAs; however, this has seen compression over FY24, primarily due to a decline in margins and an uptick in credit costs.The merger with Fincare SFB will enable AUBANK to achieve sustainable growth, while stronger return ratios for Fincare will boost profitability in the coming years, particularly as operating leverage improves.Post-merger, the AUBANK will also gain presence in high-yielding MFI and Gold loan segments, while its positioning in SBL and the Housing vertical will be strengthened.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.

AU Small Finance Bank - Building Strong Foundation for Sustainable Growth

<ul><li>Advances growth was slower at 20/4% YoY/QoQ, owing to slower growth in the core segment (~60% Mix) of wheels (5/-2% YoY/QoQ), MBL (+6/3% YoY/QoQ).</li><li>However, growth in home Loans (+44/5% YoY/QoQ), Business Banking (+56/11% YoY/QoQ) remained healthy.</li><li>NII grew by 15/6% YoY, highe than our expectations owing to lower than expected NIM compression. </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.

Advances growth was slower at 20/4% YoY/QoQ, owing to slower growth in the core segment (~60% Mix) of wheels (5/-2% YoY/QoQ), MBL (+6/3% YoY/QoQ).However, growth in home Loans (+44/5% YoY/QoQ), Business Banking (+56/11% YoY/QoQ) remained healthy.NII grew by 15/6% YoY, highe than our expectations owing to lower than expected NIM compression. 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.

AU Small Finance Bank Ltd. - Elevated Opex and Credit Costs to Keep RoA at 1.6-1.7%!

<ul><li>Post the announcement of the merger, a point of discussion has been AUSFB’s intent to enter the microfinance (MFI) segment, a business it has been averse to in the past and its decision to acquire a Small Finance Bank (SFB), rather than a microfinancier.</li><li>We attended the analyst meet hosted by AU Small Finance Bank (AUSFB) to discuss the strategic motives and address the key concerns around the merger with Fincare Small Finance Bank (Fincare). We list a few of our key takeaways from the meeting.</li><li>Pan-India player with a diversified portfolio: A key positive from the merger with Fincare is that it will allow AUSFB to become a pan-India player with a diversified portfolio, given Fincare’s dominant presence in South and East India. </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.

Post the announcement of the merger, a point of discussion has been AUSFB’s intent to enter the microfinance (MFI) segment, a business it has been averse to in the past and its decision to acquire a Small Finance Bank (SFB), rather than a microfinancier.We attended the analyst meet hosted by AU Small Finance Bank (AUSFB) to discuss the strategic motives and address the key concerns around the merger with Fincare Small Finance Bank (Fincare). We list a few of our key takeaways from the meeting.Pan-India player with a diversified portfolio: A key positive from the merger with Fincare is that it will allow AUSFB to become a pan-India player with a diversified portfolio, given Fincare’s dominant presence in South and East India. 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.

AU Small Finance Bank Ltd. - Merger Synergies to Play-Out over Medium Term!

<ul><li>Advances grew by 24/2% YoY/QoQ, with growth driven by Home Loans (51/8% YoY/QoQ) and Business Banking Segment (+59/11% YoY/QoQ), while Wheels and SBL de-grew by ~1/2% QoQ respectively.</li><li>NII grew by 15% YoY and remained flat QoQ. Margins contracted further by 14bps QoQ and stood at 5.5%.</li><li>Non-interest income growth was primarily driven by healthy fee income (+47/43% YoY/QoQ). Opex growth was modest at 23/1% YoY/QoQ</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.

Advances grew by 24/2% YoY/QoQ, with growth driven by Home Loans (51/8% YoY/QoQ) and Business Banking Segment (+59/11% YoY/QoQ), while Wheels and SBL de-grew by ~1/2% QoQ respectively.NII grew by 15% YoY and remained flat QoQ. Margins contracted further by 14bps QoQ and stood at 5.5%.Non-interest income growth was primarily driven by healthy fee income (+47/43% YoY/QoQ). Opex growth was modest at 23/1% YoY/QoQContent 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.

AU Small Finance - Near-Term Headwinds on NIMs and Credit Costs to Persist!

India

AU Small Finance Bank Limited operates as a commercial bank. The Bank offers financial products and services such as savings and current accounts, term deposits, debit cards, insurance, government banking, retail loans, and microfinance lending. AU Small Finance Bank serves customers in India.

AU Small Finance Bank Limited (AUBANK IN)

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AU Small Finance Bank Ltd. - Multiple RoA Expansion Levers Identified

We attended the Analyst Meet hosted by AU Small Finance Bank (AUSFB) to discuss the roadmap for the bank upto FY27E, post the merger and as it...

Axis Direct

AU Small Finance Bank - Building Strong Foundation for Sustainable Growth

Motilal Oswal's research report onAU Small Finance Bank AUBANK has historically delivered healthy RoAs; however, this has seen compression over FY24

Motilal Oswal

AU Small Finance Bank Ltd. - Elevated Opex and Credit Costs to Keep RoA at 1.6-1.7%!

Advances growth was slower at 20/4% YoY/QoQ, owing to slower growth in the core segment (~60% Mix) of wheels (5/-2% YoY/QoQ), MBL (+6/3% YoY/QoQ).

Axis Direct

AU Small Finance Bank Ltd. - Merger Synergies to Play-Out over Medium Term!

A key positive from the merger with Fincare is that it will allow AUSFB to become a pan-India player with a diversified portfolio

Axis Direct

AU Small Finance - Near-Term Headwinds on NIMs and Credit Costs to Persist!

Advances grew by 24/2% YoY/QoQ, with growth driven by Home Loans (51/8% YoY/QoQ) and Business Banking Segment (+59/11% YoY/QoQ)

Axis Direct