Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

Thematic (Sector/Industry)

It was always a stretch that the Reserve Bank of India’s (RBI) INR2.1 trillion could well recapitalise the main government-owned banks. At the time of that announcement, there was euphoria over the renewed and positive outlook of these ailing, fledgling government banks. And still the figures did not add up then and they add up even less now. Besides hardly covering the non-performing loans (NPLs) and restructured loans of targeted banks, the recapitalization plan did not require a change in…

It was always a stretch that the Reserve Bank of India’s (RBI) INR2.1 trillion could well recapitalise the main government-owned banks. At the time of that announcement, there was euphoria over the renewed and positive outlook of these ailing, fledgling government banks. And still the figures did not add up then and they add up even less now. Besides hardly covering the non-performing loans (NPLs) and restructured loans of targeted banks, the recapitalization plan did not require a change in…

India – Recap Euphoria, Going, Going, Gone

India - Politics, Industrials, IT and Large Caps, EMAlpha

Pankaj Sharma

India - Politics, Industrials, IT and Large Caps

<h2>PSU Banks continue to report BAD NEWS on NPAs</h2>Just when there were hopes that finally, things may be getting better for Indian Banking System on Poor Asset Quality, some of the recent results indicate that it is still too early to think so.<ol><li>
<a href="https://www.smartkarma.com/entities/160" target="_blank" data-smartkarma-citation="entities:160:1">State Bank Of India (SBIN IN)</a> posts Q3 net loss of Rs18.87 bn. The nation’s largest lender saw its net bad loans ratio spiking to 5.61% of advances, from 4.24% during the third quarter of 2017-18. The gross dud assets ratio jumped meanwhile from 7.23% to 10.35%…</li></ol>

PSU Banks continue to report BAD NEWS on NPAsJust when there were hopes that finally, things may be getting better for Indian Banking System on Poor Asset Quality, some of the recent results indicate that it is still too early to think so.
State Bank Of India (SBIN IN) posts Q3 net loss of Rs18.87 bn. The nation’s largest lender saw its net bad loans ratio spiking to 5.61% of advances, from 4.24% during the third quarter of 2017-18. The gross dud assets ratio jumped meanwhile from 7.23% to 10.35%…

India: Is Banking System 'Out of the Woods' on Bad Loans? 3Q Results of PSU Banks Says Not Yet!

The Reserve Bank of India (RBI) recapitalization plan is fundamentally flawed. It is not large enough. It does not address processes, systems. It does not address inherent weakness in the corporate sector. Recent results for <a href="https://www.smartkarma.com/entities/10669" target="_blank" data-smartkarma-citation="entities:10669:1">IDBI Bank Ltd (IDBI IN)</a> and <a href="https://www.smartkarma.com/entities/544" target="_blank" data-smartkarma-citation="entities:544:1">Central Bank Of India (CBOI IN)</a> show all too clearly how any new monies provided to government owned banks, is immediately at risk of loss. This recap plan would essentially be the first of several, not an end all.What stands out with IDBI and…

The Reserve Bank of India (RBI) recapitalization plan is fundamentally flawed. It is not large enough. It does not address processes, systems. It does not address inherent weakness in the corporate sector. Recent results for IDBI Bank Ltd (IDBI IN) and Central Bank Of India (CBOI IN) show all too clearly how any new monies provided to government owned banks, is immediately at risk of loss. This recap plan would essentially be the first of several, not an end all.What stands out with IDBI and…

India’s economy continues to slow. Yet, many of India’s banks are expanding credit aggressively. The risk is that new debtors are not expecting a protracted deceleration in the overall economy – or more succinctly, their revenue, their income. Loan seasoning risks are highest with some of the safest banks. <a href="https://www.smartkarma.com/entities/558" target="_blank" data-smartkarma-citation="entities:558:1">HDFC Bank Limited (HDFCB IN)</a> stands out.India’s real GDP growth for June 2017 came in at 5.7%. This is the fifth consecutive quarter of deceleration in the pace of growth.  This is fine, and…

India’s economy continues to slow. Yet, many of India’s banks are expanding credit aggressively. The risk is that new debtors are not expecting a protracted deceleration in the overall economy – or more succinctly, their revenue, their income. Loan seasoning risks are highest with some of the safest banks. HDFC Bank Limited (HDFCB IN) stands out.India’s real GDP growth for June 2017 came in at 5.7%. This is the fifth consecutive quarter of deceleration in the pace of growth.  This is fine, and…

Fast Growing Banks, Amidst Slowing Growth: India

Equity Bottom-Up

India has cut interest rates again. The successive multiple rate cuts suggest to us that all is not well in the India economy. There will be inflated risk for those banks that have been especially aggressive at lending. For the listed banks with data through June 2017, <a href="https://www.smartkarma.com/entities/558" target="_blank" data-smartkarma-citation="entities:558:1">HDFC Bank Limited (HDFCB IN)</a> shows by far the most aggressive growth in credit. The concern ultimately is about the seasoning of loans into a worsening economic environment. Maybe this is why the bank is already showing some of…

India has cut interest rates again. The successive multiple rate cuts suggest to us that all is not well in the India economy. There will be inflated risk for those banks that have been especially aggressive at lending. For the listed banks with data through June 2017, HDFC Bank Limited (HDFCB IN) shows by far the most aggressive growth in credit. The concern ultimately is about the seasoning of loans into a worsening economic environment. Maybe this is why the bank is already showing some of…

India's 7th Rate Cut, HDFC's Defiant Loan Growth

India

Central Bank Of India is a full service commercial bank. The Bank's services include taking deposits, lending services, and investing. Central bank operates branches throughout India.

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Central Bank Of India (CBOI IN)

India – Recap Euphoria, Going, Going, Gone

It was always a stretch that the Reserve Bank of India’s (RBI) INR2.1 trillion could well recapitalise the main government-owned banks. At the time...

Daniel Tabbush

India: Is Banking System 'Out of the Woods' on Bad Loans? 3Q Results of PSU Banks Says Not Yet!

PSU Banks continue to report BAD NEWS on NPAsJust when there were hopes that finally, things may be getting better for Indian Banking System on...

Pankaj Sharma

More Losses at India State Banks

The Reserve Bank of India (RBI) recapitalization plan is fundamentally flawed. It is not large enough. It does not address processes, systems. It...

Daniel Tabbush

Fast Growing Banks, Amidst Slowing Growth: India

India’s economy continues to slow. Yet, many of India’s banks are expanding credit aggressively. The risk is that new debtors are not expecting a...

Daniel Tabbush

India's 7th Rate Cut, HDFC's Defiant Loan Growth

India has cut interest rates again. The successive multiple rate cuts suggest to us that all is not well in the India economy. There will be...

Daniel Tabbush

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