External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund 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>Federal Bank: Federal Bank (FB) reported its highest-ever quarterly earnings, largely on the back of strong loan growth (+20% YoY), margin expansion (+19bps QoQ), sustained fee traction and lower credit costs (38bps annualised)</li><li>FB benefitted from a timing difference in asset/deposit repricing, offsetting higher employee opex (provision for wage revision) and higher provisions for security receipts as per the RBI circular</li><li>FB is confident of leveraging its differentiated FinTech ecosystem partnerships to clock market share gains in high-yield segments and driving further business productivity on both sides of the balance sheet</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.

Federal Bank: Federal Bank (FB) reported its highest-ever quarterly earnings, largely on the back of strong loan growth (+20% YoY), margin expansion (+19bps QoQ), sustained fee traction and lower credit costs (38bps annualised)FB benefitted from a timing difference in asset/deposit repricing, offsetting higher employee opex (provision for wage revision) and higher provisions for security receipts as per the RBI circularFB is confident of leveraging its differentiated FinTech ecosystem partnerships to clock market share gains in high-yield segments and driving further business productivity on both sides of the balance sheetContent 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.

Federal Bank - Closing in on True Franchise Potential

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.

<div><ul><li>Credit growth expected to remain buoyant – The bank’s expectations of doubling the share of high-yielding assets (CV, Credit Cards, and MFI), albeit on a lower base along with core segments sustaining their growth momentum should support robust credit growth of ~19% CAGR over FY23-25E.</li><li>Asset Quality continues to improve – Asset quality trends continue to remain encouraging aided by lower slippages and strong recoveries.</li><li>We expect further improvement in asset quality metrics thereby keeping credit costs steady at ~60bps over the medium term.</li></ul></div>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.

Credit growth expected to remain buoyant – The bank’s expectations of doubling the share of high-yielding assets (CV, Credit Cards, and MFI), albeit on a lower base along with core segments sustaining their growth momentum should support robust credit growth of ~19% CAGR over FY23-25E.Asset Quality continues to improve – Asset quality trends continue to remain encouraging aided by lower slippages and strong recoveries.We expect further improvement in asset quality metrics thereby keeping credit costs steady at ~60bps over the medium term.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.

Federal Bank - Stellar Quarter; RoA Expansion on Track!

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and 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.

<ul><li>FB reported a strong quarter with a PAT of INR7b (up 53% YoY and 17% beat), aided by NIM expansion and higher 'other income' even as the bank prudently increased the PCR to ~69%.</li><li>Margin improved 8bp QoQ to 3.3%. Gross advances grew 19.4% YoY, led by a broad-based pickup across all business segments.</li><li>Corporate grew the fastest at 21% YoY, followed by SME/ Retail/Agri at 20%/18%/18%, respectively.</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.

FB reported a strong quarter with a PAT of INR7b (up 53% YoY and 17% beat), aided by NIM expansion and higher 'other income' even as the bank prudently increased the PCR to ~69%.Margin improved 8bp QoQ to 3.3%. Gross advances grew 19.4% YoY, led by a broad-based pickup across all business segments.Corporate grew the fastest at 21% YoY, followed by SME/ Retail/Agri at 20%/18%/18%, respectively.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.

Federal Bank - Robust Performance; RoA Progression on a Fast Track

<ul><li>Federal Bank (FB) reported a stellar performance in Q2FY23 with a beat across all parameters.</li><li>The highlight of the quarter has been the multi-year high RoA of 1.2%, which was led by healthy NIMs of 3.3% (multi-quarter high) and modest Opex growth with the C-I Ratio improving to sub-50%.</li><li>The management remains confident in delivering an FY23 exit RoA of 1.25% vs. its earlier guidance of 1.15%, driven by lower slippages, benign credit costs, and a well-managed cost structure.</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.

Federal Bank (FB) reported a stellar performance in Q2FY23 with a beat across all parameters.The highlight of the quarter has been the multi-year high RoA of 1.2%, which was led by healthy NIMs of 3.3% (multi-quarter high) and modest Opex growth with the C-I Ratio improving to sub-50%.The management remains confident in delivering an FY23 exit RoA of 1.25% vs. its earlier guidance of 1.15%, driven by lower slippages, benign credit costs, and a well-managed cost structure.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.

Federal Bank Ltd. - Robust Quarter, RoA Expansion Levers in Place!

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

<ul>
<li>Net interest income growth is exceptional, driven by major LDR expansion</li>
<li>One must not only focus on NIM, although with this bank, there is also expansion</li>
<li>Credit cost reductions are not a feature here, rather non-interest income supported ROA</li>
</ul>


Net interest income growth is exceptional, driven by major LDR expansion
One must not only focus on NIM, although with this bank, there is also expansion
Credit cost reductions are not a feature here, rather non-interest income supported ROA


India

Federal Bank is a major Indian private sector commercial bank offering a comprehensive suite of banking and financial services, including retail banking, wholesale banking, and treasury operations. It provides products such as savings and current accounts, loans, credit and debit cards, insurance, and wealth management. The bank is headquartered in Aluva, Kochi, Kerala, India, and was founded on April 23, 1931.

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Federal Bank (FB IN)

Federal Bank - Closing in on True Franchise Potential

FB benefitted from a timing difference in asset/deposit repricing, offsetting higher employee opex (provision for wage revision) and higher...

HDFC Securities

Federal Bank - Stellar Quarter; RoA Expansion on Track!

Asset Quality continues to improve – Asset quality trends continue to remain encouraging aided by lower slippages and strong recoveries.

Axis Direct

Federal Bank - Robust Performance; RoA Progression on a Fast Track

FB reported a strong quarter with a PAT of INR7b (up 53% YoY and 17% beat), aided by NIM expansion and higher 'other income' even as the bank...

Motilal Oswal

Federal Bank Ltd. - Robust Quarter, RoA Expansion Levers in Place!

The management remains confident in delivering an FY23 exit RoA of 1.25% vs. its earlier guidance of 1.15%, driven by lower slippages, benign...

Axis Direct

Federal Bank - Power of LDR

Strong net interest income growth driven the LDR expansion mostly, and only partly by better NIM. Non-interest income another key driver, rather...

Daniel Tabbush

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