External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

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>ICICI Securities research report onDCB Bank Driven by strong loan growth (up 5% QoQ), NIM uptick (up 14bps QoQ) and contained credit costs (driven by negligible net slippages), DCB Bank (DCB) reported higher-than-expected Q4FY24 PAT of INR 1.56bn with RoA of 1.02%.</li><li>We believe DCB will likely continue delivering strongly on loan and deposits growth, at ~16–17% CAGR, for FY24–26E.</li><li>After three quarters of moderation, yields/NIM have improved QoQ, though appears in-part driven by seasonality.</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.

ICICI Securities research report onDCB Bank Driven by strong loan growth (up 5% QoQ), NIM uptick (up 14bps QoQ) and contained credit costs (driven by negligible net slippages), DCB Bank (DCB) reported higher-than-expected Q4FY24 PAT of INR 1.56bn with RoA of 1.02%.We believe DCB will likely continue delivering strongly on loan and deposits growth, at ~16–17% CAGR, for FY24–26E.After three quarters of moderation, yields/NIM have improved QoQ, though appears in-part driven by seasonality.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.

DCB Bank- Strong Quarter with Robust Business Growth and >1.0% RoA

External broker reports(aggregated public sources), Axis Direct

Axis Direct

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.

<ul><li>Operational Highlights: Disbursements grew by 3/21% YoY/QoQ. Advances growth was healthy at 19/5% YoY/QoQ.</li><li>Deposits growth was equally healthy at 20/5% YoY/QoQ. CASA and TDs grew by 4/5% QoQ respectively.</li><li>CASA Ratio remained steady at 26% QoQ. C-D Ratio stood at 82.9% vs 83.4/82.7% YoY/QoQ.NII grew by 7/4% YoY/QoQ owing to better credit growth and margin improvement of 14bps QoQ (vs our expectation of ~5-8bps contraction). </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.

Operational Highlights: Disbursements grew by 3/21% YoY/QoQ. Advances growth was healthy at 19/5% YoY/QoQ.Deposits growth was equally healthy at 20/5% YoY/QoQ. CASA and TDs grew by 4/5% QoQ respectively.CASA Ratio remained steady at 26% QoQ. C-D Ratio stood at 82.9% vs 83.4/82.7% YoY/QoQ.NII grew by 7/4% YoY/QoQ owing to better credit growth and margin improvement of 14bps QoQ (vs our expectation of ~5-8bps contraction). 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.

DCB Bank Ltd. - Margins Surprise Positively; RoAs Likely to Be Capped at 1% till FY26E!

<ul><li>Operational Highlights: DCB’s disbursements de-grew by 6/5% YoY/QoQ.Advances growth continued to remain healthy at 18/4% YoY/QoQ.</li><li>NII growth was lower at6% YoY/flat QoQ owing to NIM compression of 21bps, much sharper than our expectations.</li><li>While the management guides to maintain NIMs at 365-375bps, DCB is likely to report lower NIMs in FY24. </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.

Operational Highlights: DCB’s disbursements de-grew by 6/5% YoY/QoQ.Advances growth continued to remain healthy at 18/4% YoY/QoQ.NII growth was lower at6% YoY/flat QoQ owing to NIM compression of 21bps, much sharper than our expectations.While the management guides to maintain NIMs at 365-375bps, DCB is likely to report lower NIMs in FY24. 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.

DCB Bank Ltd - Another Couple of Quarters of Margin Compression!

<ul><li>DCB’s disbursements remained flat YoY and grew by 8% QoQ.In H1FY24, disbursement growth was sluggish as growth in the bank’s TReDS portfolio (loweryielding) slowed down as the competition, especially from PSBs, was higher.</li><li>However, excluding this portfolio, disbursement growth was healthy. Advances growth continued to remain strong at 19/5% YoY/QoQ.</li><li>NII growth was lower at 16/1% YoY/QoQ owing to NIM compression of 14bps, which was largely inline with our expectations.</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.

DCB’s disbursements remained flat YoY and grew by 8% QoQ.In H1FY24, disbursement growth was sluggish as growth in the bank’s TReDS portfolio (loweryielding) slowed down as the competition, especially from PSBs, was higher.However, excluding this portfolio, disbursement growth was healthy. Advances growth continued to remain strong at 19/5% YoY/QoQ.NII growth was lower at 16/1% YoY/QoQ owing to NIM compression of 14bps, which was largely inline with our expectations.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.

DCB Bank Ltd. - Growth Momentum Sustains; Margin Pressures Persist!

<ul>
<li>DCB Bank (DCB) is a retail-focused bank that offers a diversified suite of products, primarily catering to self-employed borrowers (80-90% of the customer base).</li>
<li>The bank’s portfolio is spread across segments such as Mortgage (mainly LAP), SME/MSME loans, Agri, and Inclusive Banking, Gold loans, CV Loans, and Corporate loans.</li>
<li>DCB has a pan-India network of 436 branches with ~56% of the branches in metro and urban cities.</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.


DCB Bank (DCB) is a retail-focused bank that offers a diversified suite of products, primarily catering to self-employed borrowers (80-90% of the customer base).
The bank’s portfolio is spread across segments such as Mortgage (mainly LAP), SME/MSME loans, Agri, and Inclusive Banking, Gold loans, CV Loans, and Corporate loans.
DCB has a pan-India network of 436 branches with ~56% of the branches in metro and urban cities.

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.

Pick of the Week - DCB Bank Ltd. - 7 August 2023

India

DCB Bank Limited is a full service commercial bank. The Bank offers consumer banking, commercial banking, and treasury operations.

DCB Bank Ltd (DCBB IN)

DCB Bank- Strong Quarter with Robust Business Growth and >1.0% RoA

ICICI Securities research report onDCB Bank Driven by strong loan growth (up 5% QoQ), NIM uptick (up 14bps QoQ) and contained credit costs (driven...

ICICI Securities Limited

DCB Bank Ltd. - Margins Surprise Positively; RoAs Likely to Be Capped at 1% till FY26E!

Operational Highlights: Disbursements grew by 3/21% YoY/QoQ. Advances growth was healthy at 19/5% YoY/QoQ. Deposits growth was equally healthy at...

Axis Direct

DCB Bank Ltd - Another Couple of Quarters of Margin Compression!

Operational Highlights: DCB’s disbursements de-grew by 6/5% YoY/QoQ.Advances growth continued to remain healthy at 18/4% YoY/QoQ.

Axis Direct

DCB Bank Ltd. - Growth Momentum Sustains; Margin Pressures Persist!

NII growth was lower at 16/1% YoY/QoQ owing to NIM compression of 14bps, which was largely inline with our expectations.

Axis Direct

Pick of the Week - DCB Bank Ltd. - 7 August 2023

DCB Bank (DCB) is a retail-focused bank that offers a diversified suite of products, primarily catering to self-employed borrowers (80-90% of the...

Axis Direct