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.

Equity Bottom-Up

<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>
<p><em>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.</em></p>


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.

<ul><li>The management remains conservative on its growth outlook with the investment cycle yet to gather pace.</li><li>While CUB had earlier guided for a credit growth of 15-18% as it exits FY23, the management expects credit growth to be slightly lower in FY23, before picking up FY24E onwards.</li><li>While the bank continues to carry excess liquidity of Rs 2500-3000 Cr to push credit growth, it does not intend to further widen the credit-deposit growth gap.</li></ul><p><em>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.</em></p>

The management remains conservative on its growth outlook with the investment cycle yet to gather pace.While CUB had earlier guided for a credit growth of 15-18% as it exits FY23, the management expects credit growth to be slightly lower in FY23, before picking up FY24E onwards.While the bank continues to carry excess liquidity of Rs 2500-3000 Cr to push credit growth, it does not intend to further widen the credit-deposit growth gap.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. - Weak Quarter; Conservative Growth Outlook!

<ul><li>City Union Bank’s (CUB) Q1FY23 performance was ahead of our expectations, driven by better non-interest income owing to a positive surprise on the treasury gain and strong recoveries.</li><li>On the operational front, credit growth was 12% YoY, though it remained tepid in comparison to the overall strong credit growth observed amongst its peers.</li><li>Advances growth was driven by MSME (+26% YoY) and Agri loans (+49% YoY).</li></ul><p><em>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.</em></p>

City Union Bank’s (CUB) Q1FY23 performance was ahead of our expectations, driven by better non-interest income owing to a positive surprise on the treasury gain and strong recoveries.On the operational front, credit growth was 12% YoY, though it remained tepid in comparison to the overall strong credit growth observed amongst its peers.Advances growth was driven by MSME (+26% YoY) and Agri loans (+49% 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. - On Track to Achieve RoA of 1.5%; Maintain BUY!

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

<div><div><div><div><ul><li>Guiding for low-to-mid double digit credit growth: Overall loan book increased by 11.6% YoY and 7.1% QoQ.</li></ul></div></div></div></div><div><div><div><div><ul><li>Recoveries remain strong; repayment trends improving: Absolute GNPA declined by Rs0.65bn (down 3.3% QoQ) to Rs19.3bn.</li></ul><div><div><div><div><ul><li>NIM stable QoQ; weak treasury outlook to impact profit: NII growth for 4QFY22 was 16.8% YoY and 2.2% QoQ.</li></ul></div></div></div></div></div></div></div></div><p><em>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.</em></p>

Guiding for low-to-mid double digit credit growth: Overall loan book increased by 11.6% YoY and 7.1% QoQ.Recoveries remain strong; repayment trends improving: Absolute GNPA declined by Rs0.65bn (down 3.3% QoQ) to Rs19.3bn.NIM stable QoQ; weak treasury outlook to impact profit: NII growth for 4QFY22 was 16.8% YoY and 2.2% 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 - Credit Growth +ve; Lower Treasury Gains to Cap ROE

<ul><li>City Union Bank (CUB) earnings traction continues on track with a PAT growth of 15.4%/7.7% YoY/QoQ to Rs 1.9 Bn led by lower provisions and improved asset quality</li><li>Stress is well managed and restructuring is contained at ~5.8% and a lower slippage ratio of ~2.9% (down from 3.2% QoQ)</li><li>We maintain our BUY recommendation with a target price of Rs 200/share (1.9x FY24E ABV).</li></ul><div class="content-highlight"><em>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.</em></div>

City Union Bank (CUB) earnings traction continues on track with a PAT growth of 15.4%/7.7% YoY/QoQ to Rs 1.9 Bn led by lower provisions and improved asset qualityStress is well managed and restructuring is contained at ~5.8% and a lower slippage ratio of ~2.9% (down from 3.2% QoQ)We maintain our BUY recommendation with a target price of Rs 200/share (1.9x FY24E ABV).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: Asset Quality Outlook Stable

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

City Union Bank (CUBK IN)

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

City Union Bank Ltd. - Weak Quarter; Conservative Growth Outlook!

While CUB had earlier guided for a credit growth of 15-18% as it exits FY23, the management expects credit growth to be slightly lower in FY23,...

Axis Direct

City Union Bank Ltd. - On Track to Achieve RoA of 1.5%; Maintain BUY!

City Union Bank’s (CUB) Q1FY23 performance was ahead of our expectations, driven by better non-interest income owing to a positive surprise on the...

Axis Direct

City Union Bank - Credit Growth +ve; Lower Treasury Gains to Cap ROE

City Union Bank (CUB) reported 88% YoY growth in net profit, led by 28% YoY decline in provisions, 17% YoY growth in NII and 40% YoY increase in...

Nirmal Bang

City Union Bank: Asset Quality Outlook Stable

City Union Bank (CUB) earnings traction continues on track with a PAT growth of 15.4%/7.7% YoY/QoQ to Rs 1.9 Bn led by lower provisions and...

Axis Direct

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)