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 Visibility Healthy; Momentum to Sustain: CUB’s growth engine has started to fire with credit growth at a multi-quarter high (+21/6% YoY/QoQ in Q3), and the management is confident of the momentum to continue, supported by healthy growth visibility in the MSME and Gold segment and a gradual ramp-up of the retail secured segment.</li><li>Given robust growth delivery in 9M and strong visibility in its core segments, the management has revised its credit growth guidance to mid-to-high teens for FY26.</li><li>The gold loan portfolio (~30% mix) continues its strong growth trajectory. </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 Visibility Healthy; Momentum to Sustain: CUB’s growth engine has started to fire with credit growth at a multi-quarter high (+21/6% YoY/QoQ in Q3), and the management is confident of the momentum to continue, supported by healthy growth visibility in the MSME and Gold segment and a gradual ramp-up of the retail secured segment.Given robust growth delivery in 9M and strong visibility in its core segments, the management has revised its credit growth guidance to mid-to-high teens for FY26.The gold loan portfolio (~30% mix) continues its strong growth trajectory. 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 - Strong Quarter; Growth Engine Up and Running

Thematic (Sector/Industry)

<ul><li>Banks (incl. SFBs) fared better across parameters in a seasonally weak Q1, with the key highlight of the quarter being robust credit growth momentum across the board and strong asset quality performance.</li><li>Credit growth accelerated to ~18/3% YoY/QoQ, largely driven by Corporate, SME, and select Retail Segments, with banks seeing a revival in unsecured segment growth as asset quality concerns normalised.</li><li>The Small/Mid banks outperformed their larger peers with growth robust at 27/4% and 20/4% YoY/QoQ respectively, closely followed by PSBs (+18/2% YoY) and larger private (pvt.) banks (+17/4% YoY/QoQ) under our coverage. </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.

Banks (incl. SFBs) fared better across parameters in a seasonally weak Q1, with the key highlight of the quarter being robust credit growth momentum across the board and strong asset quality performance.Credit growth accelerated to ~18/3% YoY/QoQ, largely driven by Corporate, SME, and select Retail Segments, with banks seeing a revival in unsecured segment growth as asset quality concerns normalised.The Small/Mid banks outperformed their larger peers with growth robust at 27/4% and 20/4% YoY/QoQ respectively, closely followed by PSBs (+18/2% YoY) and larger private (pvt.) banks (+17/4% YoY/QoQ) under our coverage. 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.

High Conviction Ideas:Banking, Financial Services & Insurance

<ul><li>Growth Visibility Healthy: CUB’s growth engine has started to fire, with credit growth at a decadal high (+18/7% YoY/QoQ in Q2), and the management is confident of the momentum to continue, supported by healthy growth visibility in the MSME and Gold segment, and a gradual ramp-up of the retail segment.</li><li>Despite robust growth delivery in H1FY26, significantly above industry growth, the management has reiterated its guidance of maintaining credit growth 2- 3% over industry growth, which we believe is conservative.</li><li>However, the bank is not averse to accelerating the pace of growth without compromising on asset quality. </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 Visibility Healthy: CUB’s growth engine has started to fire, with credit growth at a decadal high (+18/7% YoY/QoQ in Q2), and the management is confident of the momentum to continue, supported by healthy growth visibility in the MSME and Gold segment, and a gradual ramp-up of the retail segment.Despite robust growth delivery in H1FY26, significantly above industry growth, the management has reiterated its guidance of maintaining credit growth 2- 3% over industry growth, which we believe is conservative.However, the bank is not averse to accelerating the pace of growth without compromising on asset quality. 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. - Strong Quarter; Consistent RoA Delivery of Over 1.5% to Continue!

<ul><li>Stock investment endeavours to deliver consistent outperformance in the long term by making a diversified investment of ‘Winners’.</li><li>Axis Intellect (AI) Score based Investment Approach for Stock Selection applies unique approach to deliver alpha by applying equal exposure to ‘Core’ and ‘Satellite’ factors.</li><li>What are ‘Core’ Factors’: Low Volatility, Value, Growth, Quality, Momentum (Equal weighted 50% exposure) What are ‘Satellite’ Factors: Factors that have historically done well in the predicted regime modelling (Remaining 50% exposure)</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.

Stock investment endeavours to deliver consistent outperformance in the long term by making a diversified investment of ‘Winners’.Axis Intellect (AI) Score based Investment Approach for Stock Selection applies unique approach to deliver alpha by applying equal exposure to ‘Core’ and ‘Satellite’ factors.What are ‘Core’ Factors’: Low Volatility, Value, Growth, Quality, Momentum (Equal weighted 50% exposure) What are ‘Satellite’ Factors: Factors that have historically done well in the predicted regime modelling (Remaining 50% exposure)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.

<ul><li>Banks (incl. SFBs) credit growth was marginally in line with our estimates, delivering an 15/5% YoY/QoQ growth in Q4, with a recovery in corporate demand for most larger banks, along with steady demand in the retail segment (particularly LAP, Auto and Gold) and a gradual pick-up in the unsecured segments (improved disbursement momentum driving sequential advances growth).</li><li>While our coverage universe PSU banks (+16/5% YoY/QoQ) continued to deliver strong credit growth, the larger private banks (+13/4% YoY/QoQ) witnessed growth revival during the quarter.</li><li>SFBs delivered strong growth (+25/8% YoY/QoQ) as unsecured segments, particularly MFI, resumed growth, while secured segments growth remained buoyant. </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.

Banks (incl. SFBs) credit growth was marginally in line with our estimates, delivering an 15/5% YoY/QoQ growth in Q4, with a recovery in corporate demand for most larger banks, along with steady demand in the retail segment (particularly LAP, Auto and Gold) and a gradual pick-up in the unsecured segments (improved disbursement momentum driving sequential advances growth).While our coverage universe PSU banks (+16/5% YoY/QoQ) continued to deliver strong credit growth, the larger private banks (+13/4% YoY/QoQ) witnessed growth revival during the quarter.SFBs delivered strong growth (+25/8% YoY/QoQ) as unsecured segments, particularly MFI, resumed growth, while secured segments growth remained buoyant. 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.

Top Conviction Ideas - “Banks, Financial Services and Insurance (BFSI)”

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 - Strong Quarter; Growth Engine Up and Running

Growth Visibility Healthy; Momentum to Sustain: CUB’s growth engine has started to fire with credit growth at a multi-quarter high (+21/6% YoY/QoQ...

Axis Direct

High Conviction Ideas:Banking, Financial Services & Insurance

Banks (incl. SFBs) fared better across parameters in a seasonally weak Q1, with the key highlight of the quarter being robust credit growth...

Axis Direct

City Union Bank Ltd. - Strong Quarter; Consistent RoA Delivery of Over 1.5% to Continue!

Growth Visibility Healthy: CUB’s growth engine has started to fire, with credit growth at a decadal high (+18/7% YoY/QoQ in Q2), and the management...

Axis Direct

Axis Intellect - Aggressive

Stock investment endeavours to deliver consistent outperformance in the long term by making a diversified investment of ‘Winners’.

Axis Direct

Top Conviction Ideas - “Banks, Financial Services and Insurance (BFSI)”

While our coverage universe PSU banks (+16/5% YoY/QoQ) continued to deliver strong credit growth, the larger private banks (+13/4% YoY/QoQ)...

Axis Direct

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