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>Credit growth expected to remain buoyant – AU Small Finance Bank (AUSFB) continues to witness strong credit demand across segments as was visible in Q3FY23.</li><li>The management expects the demand momentum to sustain going forward. We expect the bank to clock a robust advances growth of ~29% CAGR over FY22-25E.</li><li>Asset Quality continues to remain stable – Asset quality trends continue to remain encouraging.</li></ul><p><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></p>

Credit growth expected to remain buoyant – AU Small Finance Bank (AUSFB) continues to witness strong credit demand across segments as was visible in Q3FY23.The management expects the demand momentum to sustain going forward. We expect the bank to clock a robust advances growth of ~29% CAGR over FY22-25E.Asset Quality continues to remain stable – Asset quality trends continue to remain encouraging.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.

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>AUBANK posted 23% YoY growth in net earnings (9% beat) led by lower provisions in 2QFY23.</li><li>However, operating profit came in line with healthy NII growth aided by 30bp QoQ margin expansion to 6.2% during the quarter.</li><li>Gross advances grew strongly at 44% YoY, and deposits rose 49% YoY with healthy traction in CASA deposits.</li></ul><p><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></p>

AUBANK posted 23% YoY growth in net earnings (9% beat) led by lower provisions in 2QFY23.However, operating profit came in line with healthy NII growth aided by 30bp QoQ margin expansion to 6.2% during the quarter.Gross advances grew strongly at 44% YoY, and deposits rose 49% YoY with healthy traction in CASA 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 - Operating Performance in Line; Margins Expand Sequentially

<ul><li>AU Small Finance Bank (AUSFB) reported a strong performance in Q2FY23 with a beat across all parameters.</li><li>The key positive during the quarter was the superior growth on both sides of the balance sheet as well as NIM expansion to 6.2% (+20/30bps YoY/QoQ) with CoF remaining under control.</li><li>This was despite systemic rate hikes and benign credit costs which collectively enabled AU SFB to deliver a strong RoA/RoE of 1.8/15.3% (post-considering equity dilution).</li></ul><p><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></p>

AU Small Finance Bank (AUSFB) reported a strong performance in Q2FY23 with a beat across all parameters.The key positive during the quarter was the superior growth on both sides of the balance sheet as well as NIM expansion to 6.2% (+20/30bps YoY/QoQ) with CoF remaining under control.This was despite systemic rate hikes and benign credit costs which collectively enabled AU SFB to deliver a strong RoA/RoE of 1.8/15.3% (post-considering equity dilution).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 - Robust All-Round Performance!

<div><div><div><div><ul><li>AU Small Finance Bank (AUSFB) is retail focused small finance bank which transitioned from a NBFC in April’17 and offers a diversified suite of products spread across Vehicle Finance, SME, Home Loans, Business Banking etc.</li><li>The bank primarily caters to the low and middle-income individuals and businesses that have limited or no access to formal banking and finance channels.</li><li>The bank operates its business through 953 touchpoints pan-India.</li></ul></div></div></div></div><p><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></p>

AU Small Finance Bank (AUSFB) is retail focused small finance bank which transitioned from a NBFC in April’17 and offers a diversified suite of products spread across Vehicle Finance, SME, Home Loans, Business Banking etc.The bank primarily caters to the low and middle-income individuals and businesses that have limited or no access to formal banking and finance channels.The bank operates its business through 953 touchpoints pan-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.

Pick of the Week - AU Small Finance Bank Ltd

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

<ul>
<li>
<a href="https://www.smartkarma.com/entities/home-first-finance-company-india" target="_blank" data-smartkarma-citation="entities:28865:1" rel="noopener">Home First Finance (HOMEFIRS IN)</a> is growing fast and has a low operating cost, there is a reason why. </li>
<li>
<a href="https://www.smartkarma.com/entities/aavas-financiers-ltd" target="_blank" data-smartkarma-citation="entities:27422:1" rel="noopener">Aavas Financiers Ltd (AAVAS IN)</a> operates in its own specific domain taking only risks that it is comfortable with.  </li>
<li>Competitive feedback is positive for <a href="https://www.smartkarma.com/entities/iifl-holdings-ltd" target="_blank" data-smartkarma-citation="entities:20197:1" rel="noopener">IIFL Holdings (IIFL IN)</a> 's HF subsidiary. <a href="https://www.smartkarma.com/entities/capri-global-capital-ltd" target="_blank" data-smartkarma-citation="entities:18094:1" rel="noopener">Capri Global Capital (CGCL IN)</a> seems to be following AU Bank's footsteps, but hopefully only in underwriting.</li>
</ul>



Home First Finance (HOMEFIRS IN) is growing fast and has a low operating cost, there is a reason why. 

Aavas Financiers Ltd (AAVAS IN) operates in its own specific domain taking only risks that it is comfortable with.  
Competitive feedback is positive for IIFL Holdings (IIFL IN) 's HF subsidiary. Capri Global Capital (CGCL IN) seems to be following AU Bank's footsteps, but hopefully only in underwriting.


India Channel Insight #44 | Home First, Aavas, IIFL Home Finance, Capri Global

India

AU Small Finance Bank Limited is an Indian scheduled commercial small finance bank. It offers a diverse range of products including savings accounts, current accounts, fixed deposits, loans (vehicle, MSME, housing, personal, gold, agriculture), debit and credit cards, and insurance. The company was founded in 1996 and is headquartered in Jaipur, Rajasthan, India.

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AU Small Finance Bank (AUBANK IN)

AU Small Finance Bank Ltd -

Credit growth expected to remain buoyant – AU Small Finance Bank (AUSFB) continues to witness strong credit demand across segments as was visible...

Axis Direct

AU Small Finance Bank - Operating Performance in Line; Margins Expand Sequentially

However, operating profit came in line with healthy NII growth aided by 30bp QoQ margin expansion to 6.2% during the quarter.

Motilal Oswal

AU Small Finance Bank Ltd - Robust All-Round Performance!

This was despite systemic rate hikes and benign credit costs which collectively enabled AU SFB to deliver a strong RoA/RoE of 1.8/15.3% (post...

Axis Direct

Pick of the Week - AU Small Finance Bank Ltd

The bank primarily caters to the low and middle-income individuals and businesses that have limited or no access to formal banking and finance...

Axis Direct

India Channel Insight #44 | Home First, Aavas, IIFL Home Finance, Capri Global

We visit a tier 1 location in western India, to understand affordable housing, credit practices and the organizational culture of the key players...

Pranav Bhavsar

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