Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Credit

<ul><li>Citizens Financial Group reported its second quarter 2025 results, showcasing several financial highlights and strategic initiatives that reflect its current operational state and future outlook.</li><li>The company experienced a 3.3% increase in net interest income (NII) quarter-over-quarter, mainly driven by a net interest margin (NIM) expansion of 5 basis points to 2.95%.</li><li>There was also notable fee income growth of 10% linked quarter, paced by wealth management, card, and mortgage operations.</li></ul>

Citizens Financial Group reported its second quarter 2025 results, showcasing several financial highlights and strategic initiatives that reflect its current operational state and future outlook.The company experienced a 3.3% increase in net interest income (NII) quarter-over-quarter, mainly driven by a net interest margin (NIM) expansion of 5 basis points to 2.95%.There was also notable fee income growth of 10% linked quarter, paced by wealth management, card, and mortgage operations.

Citizens Financial Group: Strategic Approach to Competitive Market Forces to Maintain Profitability Without Compromising On Credit Quality!

Equity Bottom-Up

<ul><li>Citizens Financial Group's first-quarter 2025 results reflect a mixed performance amidst a challenging macroeconomic environment.</li><li>The company's financial outcomes aligned broadly with internal expectations, highlighting areas of stability alongside external challenges impacting growth.</li><li>On the positive side, the bank achieved net interest margin (NIM) expansion, rising by three basis points to 2.90%, which along with core loan growth of 1%, signals some operational strength.</li></ul>

Citizens Financial Group's first-quarter 2025 results reflect a mixed performance amidst a challenging macroeconomic environment.The company's financial outcomes aligned broadly with internal expectations, highlighting areas of stability alongside external challenges impacting growth.On the positive side, the bank achieved net interest margin (NIM) expansion, rising by three basis points to 2.90%, which along with core loan growth of 1%, signals some operational strength.

Citizens Financial Group: Tackling Interest Rate Volatility & Geopolitical Uncertainty But Is There Scope For Long Term Optimism?

<ul><li>Citizens Financial Group concluded the year with a strong fourth quarter, driven by sequential revenue growth, net interest margin (NIM) expansion, and favorable credit trends.</li><li>During the fourth quarter, Citizens reported a 10 basis point increase in NIM, which fueled a 3% growth in net interest income (NII).</li><li>Operating leverage improved positively by roughly 0.5%, displaying a balance between revenue growth and expense management.</li></ul>

Citizens Financial Group concluded the year with a strong fourth quarter, driven by sequential revenue growth, net interest margin (NIM) expansion, and favorable credit trends.During the fourth quarter, Citizens reported a 10 basis point increase in NIM, which fueled a 3% growth in net interest income (NII).Operating leverage improved positively by roughly 0.5%, displaying a balance between revenue growth and expense management.

Citizens Financial Group Upping Their Game With Game-Changing Deposit Franchise Power! - Major Drivers

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)

<ul>
<li>New high frequency data from the Fed in its weekly H8 series for US banks, shows loan growth at 5.22% YoY in week 12 November</li>
<li>There has not been a higher rate in a long time, since mid FY23 where the data is distorted from a low base effect in FY22</li>
<li>Steepening slope of weekly loan growth together with no real rise in loan loss allowance, gives a strong view of US credit metrics, demand</li>
</ul>


New high frequency data from the Fed in its weekly H8 series for US banks, shows loan growth at 5.22% YoY in week 12 November
There has not been a higher rate in a long time, since mid FY23 where the data is distorted from a low base effect in FY22
Steepening slope of weekly loan growth together with no real rise in loan loss allowance, gives a strong view of US credit metrics, demand


US Banks - New HFD Shows Loans Accelerating Further at 5.22% YoY, Highest Pace in 2 Years

<ul>
<li>The comment by <a href="https://www.smartkarma.com/entities/jpmorgan-chase-co" target="_blank" data-smartkarma-citation="entities:277:1" rel="noopener">JPMorgan Chase &amp; Co (JPM US)</a> about its two bad loans suggesting there will be more, something like 'cockroaches' coming out from nowhere. </li>
<li>The weekly data from H8 filings at the Fed have been showing lower LLR for many weeks, suggesting a better credit environment not worsening - whatever the animal.</li>
<li>The reality is that most banks that have announced in the US are showing lower credit costs, lower NPLs or benign growth in bad loans. </li>
</ul>


The comment by JPMorgan Chase &amp; Co (JPM US) about its two bad loans suggesting there will be more, something like 'cockroaches' coming out from nowhere. 
The weekly data from H8 filings at the Fed have been showing lower LLR for many weeks, suggesting a better credit environment not worsening - whatever the animal.
The reality is that most banks that have announced in the US are showing lower credit costs, lower NPLs or benign growth in bad loans. 


US Banks - Cockroaches? Weekly LLR Only 0.32% YoY. Comment Appears to Be In Contrast to Data

United States

Citizens Financial Group Inc. provides a full range of commercial banking services for retail and Institutional customers. The Bank offers consumer loans, commercial loans, mortgage loans, deposit products, internet banking, and trust services.

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Citizens Financial (CFG US)

Citizens Financial Group: Strategic Approach to Competitive Market Forces to Maintain Profitability Without Compromising On Credit Quality!

Citizens Financial Group reported its second quarter 2025 results, showcasing several financial highlights and strategic initiatives that reflect...

Baptista Research

Citizens Financial Group: Tackling Interest Rate Volatility & Geopolitical Uncertainty But Is There Scope For Long Term Optimism?

Citizens Financial Group's first-quarter 2025 results reflect a mixed performance amidst a challenging macroeconomic environment. The company's...

Baptista Research

Citizens Financial Group Upping Their Game With Game-Changing Deposit Franchise Power! - Major Drivers

Citizens Financial Group concluded the year with a strong fourth quarter, driven by sequential revenue growth, net interest margin (NIM)...

Baptista Research

US Banks - New HFD Shows Loans Accelerating Further at 5.22% YoY, Highest Pace in 2 Years

New weekly data from the Fed shows loans accelerating for US banks and with loan loss reserves still stable, suggesting strong credit market, overall.

Daniel Tabbush

US Banks - Cockroaches? Weekly LLR Only 0.32% YoY. Comment Appears to Be In Contrast to Data

Comment from JPM seems to be in contrast to US bank data, where there are no major or systemic signs of credit deterioration, rather it is the...

Daniel Tabbush

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