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. 

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Equity Bottom-Up

<ul><li>Growth revival likely from FY25E onwards – While the implementation of digital lending processes has resulted in CUB holding back from growth, the management is confident of commencing its growth journey as the processes are near completion by mid-Jun’24.</li><li>This process revamping is also being extended towards the secured retail businesses such as Housing, LAP, and Micro-LAP and is expected to be completed by the end of Q1FY25 and will give a fillip to the bank’s credit growth.</li><li>Though the management has refrained from giving any growth guidance for FY25, it indicated Q1FY25 to be strong in terms of growth compared to Q1 historically, despite being a seasonally weak quarter. </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.

Growth revival likely from FY25E onwards – While the implementation of digital lending processes has resulted in CUB holding back from growth, the management is confident of commencing its growth journey as the processes are near completion by mid-Jun’24.This process revamping is also being extended towards the secured retail businesses such as Housing, LAP, and Micro-LAP and is expected to be completed by the end of Q1FY25 and will give a fillip to the bank’s credit growth.Though the management has refrained from giving any growth guidance for FY25, it indicated Q1FY25 to be strong in terms of growth compared to Q1 historically, despite being a seasonally weak quarter. 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.

City Union Bank Ltd. - Muted Quarter; Recovery Expected From FY25E Onwards!

<ul><li>CUB reported a disappointing set of numbers. Advances growth was slower than expected at 2/1% YoY/QoQ and continued to lag industry/peer growth.</li><li>Deposits were flat QoQ and grew by 5% YoY. NII de-grew by 7/4% YoY/QoQ with NIMs contracting by 24bps QoQ and slower growth.</li><li>NIMs stood at 3.5% vs. 3.88/3.74% YoY/QoQ. Non-interest income grew by 6% QoQ, while de-grew by 14% YoY. </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.

CUB reported a disappointing set of numbers. Advances growth was slower than expected at 2/1% YoY/QoQ and continued to lag industry/peer growth.Deposits were flat QoQ and grew by 5% YoY. NII de-grew by 7/4% YoY/QoQ with NIMs contracting by 24bps QoQ and slower growth.NIMs stood at 3.5% vs. 3.88/3.74% YoY/QoQ. Non-interest income grew by 6% QoQ, while de-grew by 14% YoY. 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.

City Union Bank Ltd - Yet Another Muted Quarter; Growth Recovery Delayed!

<ul><li>CUB reported a mixed set of numbers. Credit growth continues to lag industry and peer growth and stood at 2/3% YoY/QoQ. NII de-grew by 5% YoY and improved by 3% QoQ.</li><li>NIMs remained steady at 3.7%, flat QoQ. Opex growth was driven by higher employee costs owing to the roll-out of annual increments during the quarter.</li><li>Challenges on NII growth, lower treasury income and higher Opex hurt PPOP, which de-grew by 15/7% 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.

CUB reported a mixed set of numbers. Credit growth continues to lag industry and peer growth and stood at 2/3% YoY/QoQ. NII de-grew by 5% YoY and improved by 3% QoQ.NIMs remained steady at 3.7%, flat QoQ. Opex growth was driven by higher employee costs owing to the roll-out of annual increments during the quarter.Challenges on NII growth, lower treasury income and higher Opex hurt PPOP, which de-grew by 15/7% YoY/QoQ. 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.

City Union Bank - FY24 Guidance Maintained Despite a Sluggish H1FY24!

<ul><li>CUB reported yet another weak quarter with slower than industry/peers loan growth at 4% YoY.</li><li>The weakness in credit growth during the quarter can be attributed to the seasonal weakness generally witnessed in Q1, along with CUB witnessing a slowdown in the cash credit utilization which is currently at ~70-72% vs. historical avg. of 75-80%.</li><li>NII growth was largely flat YoY/QoQ, with margins remaining stable QoQ. Lower non-interest income and higher C-I Ratio (up 221bps YoY) dented PPOP which de-grew by 7% YoY and was flat 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.

CUB reported yet another weak quarter with slower than industry/peers loan growth at 4% YoY.The weakness in credit growth during the quarter can be attributed to the seasonal weakness generally witnessed in Q1, along with CUB witnessing a slowdown in the cash credit utilization which is currently at ~70-72% vs. historical avg. of 75-80%.NII growth was largely flat YoY/QoQ, with margins remaining stable QoQ. Lower non-interest income and higher C-I Ratio (up 221bps YoY) dented PPOP which de-grew by 7% YoY and was flat QoQ. 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.

City Union Bank Ltd - Another Weak Quarter

<ul>
<li>CUB reported yet another weak quarter with slower than industry/peers loan growth and sharp NIM contraction.</li>
<li>NII grew by 3% YoY, while it de-grew by 7% QoQ owing to a 36/23bps contraction in NIMs, primarily owing to a sharp increase in CoF (+35 bps QoQ).</li>
<li>Lower non- interest income and inch-up in Opex resulted in PPOP de-growing by 5/16% 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.


CUB reported yet another weak quarter with slower than industry/peers loan growth and sharp NIM contraction.
NII grew by 3% YoY, while it de-grew by 7% QoQ owing to a 36/23bps contraction in NIMs, primarily owing to a sharp increase in CoF (+35 bps QoQ).
Lower non- interest income and inch-up in Opex resulted in PPOP de-growing by 5/16% YoY/QoQ

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.

India

City Union Bank Limited is an Indian private sector bank that offers a comprehensive range of banking and financial services, including personal, corporate, and NRI banking, as well as digital services and loans. The bank serves a diverse clientele, focusing on the MSME sector, retail traders, and agriculturalists. Headquartered in Kumbakonam, Tamil Nadu, India, the bank was founded on October 31, 1904.

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City Union Bank (CUBK IN)

City Union Bank Ltd. - Muted Quarter; Recovery Expected From FY25E Onwards!

While the implementation of digital lending processes has resulted in CUB holding back from growth, the management is confident of commencing its...

Axis Direct

City Union Bank Ltd - Yet Another Muted Quarter; Growth Recovery Delayed!

CUB reported a disappointing set of numbers. Advances growth was slower than expected at 2/1% YoY/QoQ and continued to lag industry/peer growth.

Axis Direct

City Union Bank - FY24 Guidance Maintained Despite a Sluggish H1FY24!

CUB reported a mixed set of numbers. Credit growth continues to lag industry and peer growth and stood at 2/3% YoY/QoQ. NII de-grew by 5% YoY and...

Axis Direct

City Union Bank Ltd - Another Weak Quarter

The weakness in credit growth during the quarter can be attributed to the seasonal weakness generally witnessed in Q1, along with CUB witnessing a...

Axis Direct

City Union Bank Ltd. - Weak Quarter

Confident of Delivering RoA of 1.5% Despite Multiple Headwinds!. CUB reported yet another weak quarter with slower than industry/peers loan growth...

Axis Direct

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