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>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!

<ul><li>Gross Advances grew by 29%/8% YoY/QoQ, led by growth in Wheels (+17%/11% YoY/QoQ), Home loans (+56%/10% YoY/QoQ), Credit cards (+3.3x YoY, on a small base) and business banking (+69%/11% YoY/QoQ).</li><li>Deposits grew by 27% on a YoY basis but stood flat on a QoQ basis.</li><li>The focus during the quarter was on consuming excess liquidity, rather than growing high- cost 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.

Gross Advances grew by 29%/8% YoY/QoQ, led by growth in Wheels (+17%/11% YoY/QoQ), Home loans (+56%/10% YoY/QoQ), Credit cards (+3.3x YoY, on a small base) and business banking (+69%/11% YoY/QoQ).Deposits grew by 27% on a YoY basis but stood flat on a QoQ basis.The focus during the quarter was on consuming excess liquidity, rather than growing high- cost 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. - Margin Pressures & Elevated Opex to Hurt RoA!

<ul><li>Advances grew by 26/5% YoY/QoQ led by growth in home loans (+61/16% YoY/QoQ), Credit cards (+3.6x YoY), and business banking (+72/14% YoY/QoQ).</li><li>NII grew by 30/5% YoY/QoQ, driven by strong advances growth, and margins contracted by ~20/10bpsYoY/QoQ owing to higher CoF.</li><li>Opex growth remained elevated as the bank continues to invest in building the franchise.</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 26/5% YoY/QoQ led by growth in home loans (+61/16% YoY/QoQ), Credit cards (+3.6x YoY), and business banking (+72/14% YoY/QoQ).NII grew by 30/5% YoY/QoQ, driven by strong advances growth, and margins contracted by ~20/10bpsYoY/QoQ owing to higher CoF.Opex growth remained elevated as the bank continues to invest in building the franchise.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.

AUBANK IN - Strong Levers for Fee Income Growth to Partially Offset Margin Pressures!

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 reported 30% YoY growth in net earnings (8% beat), driven by lower provisions.</li><li>However, operating profit came in line with growth in NII, aided by stable margins and healthy loan growth.</li><li>Gross advances/deposits grew strongly at 38% YoY each, however, CASA deposits witnessed pressure, resulting in CASA ratio moderating to 38%.</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.

AUBANK reported 30% YoY growth in net earnings (8% beat), driven by lower provisions.However, operating profit came in line with growth in NII, aided by stable margins and healthy loan growth.Gross advances/deposits grew strongly at 38% YoY each, however, CASA deposits witnessed pressure, resulting in CASA ratio moderating to 38%.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 - Steady Operating Performance; Loan Growth Accelerates

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. - 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

AU Small Finance Bank Ltd. - Margin Pressures & Elevated Opex to Hurt RoA!

Deposits grew by 27% on a YoY basis but stood flat on a QoQ basis. The focus during the quarter was on consuming excess liquidity, rather than...

Axis Direct

AUBANK IN - Strong Levers for Fee Income Growth to Partially Offset Margin Pressures!

Advances grew by 26/5% YoY/QoQ led by growth in home loans (+61/16% YoY/QoQ), Credit cards (+3.6x YoY), and business banking (+72/14% YoY/QoQ).

Axis Direct

AU Small Finance Bank - Steady Operating Performance; Loan Growth Accelerates

AUBANK reported 30% YoY growth in net earnings (8% beat), driven by lower provisions. However, operating profit came in line with growth in NII,...

Motilal Oswal

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