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. 

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Equity Bottom-Up

Fedbank Financial Services / Equity Bottom-Up

<ul><li>Q2FY25 for Fedbank Financial Services (Fedfina) has been eventful with: 1) a change in top management; 2) RBI circular dated 4 Oct’24 (link) stressing upon carryout lending activities of similar products (except housing finance) under one entity [product overlap (Gold loans &amp; LAP) between Federal Bank and Fedfina]; and 3) its second consecutive quarter of elevated credit cost.</li><li>While some of these are transient, they do pose a risk on near-term profitability, especially given the ongoing stress in the sector.</li><li>So far, Fedfina has remained insulated from system stress in unsecured loans, evident in GNPL of &lt;1% for last eight quarters.</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.

Q2FY25 for Fedbank Financial Services (Fedfina) has been eventful with: 1) a change in top management; 2) RBI circular dated 4 Oct’24 (link) stressing upon carryout lending activities of similar products (except housing finance) under one entity [product overlap (Gold loans &amp; LAP) between Federal Bank and Fedfina]; and 3) its second consecutive quarter of elevated credit cost.While some of these are transient, they do pose a risk on near-term profitability, especially given the ongoing stress in the sector.So far, Fedfina has remained insulated from system stress in unsecured loans, evident in GNPL of &lt;1% for last eight quarters.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.

Fedbank Financial Services - Second Consecutive Quarter of Elevated Credit Cost

<ul><li>ICICI Securities research report onFedbank Financial Services Fedbank Financial services (Fedfina) delivered strong Q4FY24 financial performance as reflected in 14% QoQ AUM growth, with core NII growing 6% QoQ and credit cost moderating to 0.6% vs 0.9% QoQ.</li><li>Change in accounting policy on income recognition of DA portfolio to net basis vs gross basis earlier and lower assigned AUM in Q4FY24 temporarily impacted the top line.</li><li>The same resulted in negative income of INR 180mn (unwinding of DA income recognised in previous quarter) vs INR 165mn DA income in Q3FY24. Outlook As a result, net revenue fell 3% 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.

ICICI Securities research report onFedbank Financial Services Fedbank Financial services (Fedfina) delivered strong Q4FY24 financial performance as reflected in 14% QoQ AUM growth, with core NII growing 6% QoQ and credit cost moderating to 0.6% vs 0.9% QoQ.Change in accounting policy on income recognition of DA portfolio to net basis vs gross basis earlier and lower assigned AUM in Q4FY24 temporarily impacted the top line.The same resulted in negative income of INR 180mn (unwinding of DA income recognised in previous quarter) vs INR 165mn DA income in Q3FY24. Outlook As a result, net revenue fell 3% 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.

Fedbank Financial Services - Expect AUM Growth to Remain at 25%

India

Fedbank Financial Services Limited provides consumer and commercial financial services. The Company offers loans for home, auto, car, gold, and personal purposes, as well as mortgage services. Fedbank Financial Services serves customers in India.

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Fedbank Financial Services (0702066D IN)

Fedbank Financial Services - Second Consecutive Quarter of Elevated Credit Cost

While some of these are transient, they do pose a risk on near-term profitability, especially given the ongoing stress in the sector.

ICICI Securities Limited

Fedbank Financial Services - Expect AUM Growth to Remain at 25%

Change in accounting policy on income recognition of DA portfolio to net basis vs gross basis earlier and lower assigned AUM in Q4FY24 temporarily...

ICICI Securities Limited

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