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.

Thematic (Sector/Industry)

<ul><li>The systemic credit growth (as of 13th June, 2025) has derailed to &lt;10%.</li><li>This can be attributed to a meaningful slowdown in the unsecured loans amidst continued asset quality challenges alongside banks, mainly private banks, intending to bring down their LDRs to a balanced level.</li><li>We expect the bank under our coverage to deliver ~11% YoY credit growth, 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 13th June, 2025) has derailed to &lt;10%.This can be attributed to a meaningful slowdown in the unsecured loans amidst continued asset quality challenges alongside banks, mainly private banks, intending to bring down their LDRs to a balanced level.We expect the bank under our coverage to deliver ~11% YoY credit growth, 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.

Q1FY26 Earnings Preview - Banks, Financial Services and Insurance (BFSI)

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund 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.

<ul><li>The Indian PSU banking (PSB) sector, once considered structurally broken, is experiencing early signs of a secular turnaround, buttressed by a combination of governance reforms (balance sheet repair and recapitalization), modernized digital stack, and a gradual turnaround in the quality and sustainability of earnings</li><li>This is beginning to reflect in PSBs finally stabilizing their loan market share (+52bps market share gains during FY25), enhancing the quality of their customer franchise and service standards, and improving their return ratios</li><li>Despite improving profitability (FY25 RoAs approaching 1%), investors remain skeptical of the sustainability of these earnings</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 Indian PSU banking (PSB) sector, once considered structurally broken, is experiencing early signs of a secular turnaround, buttressed by a combination of governance reforms (balance sheet repair and recapitalization), modernized digital stack, and a gradual turnaround in the quality and sustainability of earningsThis is beginning to reflect in PSBs finally stabilizing their loan market share (+52bps market share gains during FY25), enhancing the quality of their customer franchise and service standards, and improving their return ratiosDespite improving profitability (FY25 RoAs approaching 1%), investors remain skeptical of the sustainability of these earningsContent 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.

Public Sector Banks: Repair, Reform, Reset

Equity Bottom-Up

<ul><li>Asset Quality to remain stable: BoB has seen a slight inch-up in SMA1 and SMA2 levels during the quarter, mainly owing to 2 state PSU accounts.</li><li>However, the management does not expect any challenge on these accounts and expects them to pull-back and become standard at the earliest.</li><li>The management also indicated that BoB is not seeing any slippages from any state or central PSU. </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.

Asset Quality to remain stable: BoB has seen a slight inch-up in SMA1 and SMA2 levels during the quarter, mainly owing to 2 state PSU accounts.However, the management does not expect any challenge on these accounts and expects them to pull-back and become standard at the earliest.The management also indicated that BoB is not seeing any slippages from any state or central PSU. 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.

Bank of Baroda - Earnings Beat Led by One-Off, RoA Delivery of 1+% to Continue!

<ul><li>The systemic credit growth (as of 20th Sep’24) continued to remain healthy at 13% YoY.</li><li>This growth continues to be led by Retail and SMEs, while corporate credit continues to remain sluggish.</li><li>The deceleration in credit growth is most likely primarily amongst the private sector banks as they aim to reduce their LDR and maintain them at balance 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.

The systemic credit growth (as of 20th Sep’24) continued to remain healthy at 13% YoY.This growth continues to be led by Retail and SMEs, while corporate credit continues to remain sluggish.The deceleration in credit growth is most likely primarily amongst the private sector banks as they aim to reduce their LDR and maintain them at balance 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.

Q2FY25 Earnings Preview - Banks, Financial Services and Insurance

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>Bank of Baroda (BOB) posted ~17% CAGR in loan growth over FY22-FY24 as it deployed excess liquidity on the balance sheet.</li><li>Its CD ratio, thus, increased ~600bp over the past two years to 80.3%.</li><li>With intense competition for deposits, we estimate BoB’s deposit growth to remain broadly in line with the system at ~11%.</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.

Bank of Baroda (BOB) posted ~17% CAGR in loan growth over FY22-FY24 as it deployed excess liquidity on the balance sheet.Its CD ratio, thus, increased ~600bp over the past two years to 80.3%.With intense competition for deposits, we estimate BoB’s deposit growth to remain broadly in line with the system at ~11%.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.

Bank of Baroda - Asset Quality Steady; Remain Watchful on the Pace of Deposit Mobilization

India

Bank of Baroda owns and operates commercial banks in India.  The Group's banks provide the traditional forms of banking services, including CD's, Credit Card services and a variety of car loans, in addition to gold banking and a range of insurance services.  The Group also owns IBU International Finance Limited, an international banking company in Hong Kong.

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Bank Of Baroda (BOB IN)

Q1FY26 Earnings Preview - Banks, Financial Services and Insurance (BFSI)

The systemic credit growth (as of 13th June, 2025) has derailed to <10%. This can be attributed to a meaningful slowdown in the unsecured loans...

Axis Direct

Public Sector Banks: Repair, Reform, Reset

Despite improving profitability (FY25 RoAs approaching 1%), investors remain skeptical of the sustainability of these earnings

HDFC Securities

Bank of Baroda - Earnings Beat Led by One-Off, RoA Delivery of 1+% to Continue!

Asset Quality to remain stable: BoB has seen a slight inch-up in SMA1 and SMA2 levels during the quarter, mainly owing to 2 state PSU accounts.

Axis Direct

Q2FY25 Earnings Preview - Banks, Financial Services and Insurance

Mirroring the systemic credit growth trends, we expect banks under our coverage (incl. SFBs) to register credit growth of ~14/4% YoY/QoQ.

Axis Direct

Bank of Baroda - Asset Quality Steady; Remain Watchful on the Pace of Deposit Mobilization

Bank of Baroda (BOB) posted ~17% CAGR in loan growth over FY22-FY24 as it deployed excess liquidity on the balance sheet.

Motilal Oswal

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