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

Motilal Oswal

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

IDFC First Bank Limited / Equity Bottom-Up

<ul><li>IDFC First Bank (IDFCFB) reported a 1QFY25 PAT of INR6.8b (-11% YoY, in line) dragged down by elevated provisions.</li><li>NII grew 25% YoY to INR46.9b (in line), while margin contracted 13bp QoQ to 6.22%.</li><li>Opex grew 21% YoY to INR44.3b (5% better than MOFSLe).</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.

IDFC First Bank (IDFCFB) reported a 1QFY25 PAT of INR6.8b (-11% YoY, in line) dragged down by elevated provisions.NII grew 25% YoY to INR46.9b (in line), while margin contracted 13bp QoQ to 6.22%.Opex grew 21% YoY to INR44.3b (5% better than MOFSLe).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.

IDFC First Bank - Elevated Credit Cost Drags Down Earnings

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 Performance: Advances growth was healthy at 21/4% YoY/QoQ, led by retail assets (+47/4% YoY/QoQ).</li><li>The growth in corporate and infrastructure lending was muted at 5/3% and -29/1% YoY/QoQ respectively.</li><li>Retail asset growth was driven by Housing (+22/10% YoY/QoQ), Wheels (33/5% YoY/QoQ), Consumer Loans (+35/5% YoY/QoQ) and Credit Cards (+53/7% YoY/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.

Operational Performance: Advances growth was healthy at 21/4% YoY/QoQ, led by retail assets (+47/4% YoY/QoQ).The growth in corporate and infrastructure lending was muted at 5/3% and -29/1% YoY/QoQ respectively.Retail asset growth was driven by Housing (+22/10% YoY/QoQ), Wheels (33/5% YoY/QoQ), Consumer Loans (+35/5% YoY/QoQ) and Credit Cards (+53/7% 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.

IDFC First Bank Ltd.  - RoA Improvement to 1.4% by FY27E In Sight, Maintain BUY!

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>Credit metrics continue to improve, with NPLs down to INR404bn in 1Q25 from INR458bn YoY and from INR407bn QoQ</li>
<li>Net loan growth continues to rise by about INR1tr each quarter, with net loans at INR9,465bn in 1Q25 up from INR8,554bn YoY and INR9,318bn QoQ</li>
<li>There are pressures on costs and margins, so the story is not all perfect, with NIM pressure potentially to reverse as LDR expands</li>
</ul>


Credit metrics continue to improve, with NPLs down to INR404bn in 1Q25 from INR458bn YoY and from INR407bn QoQ
Net loan growth continues to rise by about INR1tr each quarter, with net loans at INR9,465bn in 1Q25 up from INR8,554bn YoY and INR9,318bn QoQ
There are pressures on costs and margins, so the story is not all perfect, with NIM pressure potentially to reverse as LDR expands


Canara Bank - Bad Debt Charges Down in the Quarter, Net Loan Growth Nearly INR1tr YoY in 1Q25

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Thematic (Sector/Industry)

<ul>
<li>Reliance Retail Ventures will launch Shein in India, four years after its ban</li>
<li>Indian Railways plans 10,000 non-AC coaches by 2025-26 to alleviate overcrowding issues</li>
<li>The coal sector achieved a notable 10.2% growth in May, leading key infrastructure industries</li>
</ul>


Reliance Retail Ventures will launch Shein in India, four years after its ban
Indian Railways plans 10,000 non-AC coaches by 2025-26 to alleviate overcrowding issues
The coal sector achieved a notable 10.2% growth in May, leading key infrastructure industries


#25 India Insight: LIC Stake in IDFC, INOX Wind Soars 13%, Reliance Retail to Launch Shein IPO

<ul><li>The erstwhile IDFC Bank started its operation in Oct’15 as a bank after its demerger from IDFC Ltd.</li><li>In its efforts to diversify the portfolio from infrastructure, IDFC Bank announced merger with a NBFC - Capital First in 2018, paving way for a new entity IDFC First Bank (IDFCFB)m.</li><li>Currently, the bank operates out of 944 branches and 1164 ATMs across the country. </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.

The erstwhile IDFC Bank started its operation in Oct’15 as a bank after its demerger from IDFC Ltd.In its efforts to diversify the portfolio from infrastructure, IDFC Bank announced merger with a NBFC - Capital First in 2018, paving way for a new entity IDFC First Bank (IDFCFB)m.Currently, the bank operates out of 944 branches and 1164 ATMs across the country. 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: IDFC First Bank Ltd. - 01 JULY 2024

India

IDFC First Bank Limited provides a full range of commercial banking services for retail and institutional customers. The Bank offers fixed deposits, debit cards, savings account, cash management, and other services. IDFC Bank serves its customers in India.

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IDFC First Bank Limited (IDFCFB IN)

IDFC First Bank - Elevated Credit Cost Drags Down Earnings

IDFC First Bank (IDFCFB) reported a 1QFY25 PAT of INR6.8b (-11% YoY, in line) dragged down by elevated provisions. NII grew 25% YoY to INR46.9b (in...

Motilal Oswal

IDFC First Bank Ltd. - RoA Improvement to 1.4% by FY27E In Sight, Maintain BUY!

Operational Performance: Advances growth was healthy at 21/4% YoY/QoQ, led by retail assets (+47/4% YoY/QoQ). The growth in corporate and...

Axis Direct

Canara Bank - Bad Debt Charges Down in the Quarter, Net Loan Growth Nearly INR1tr YoY in 1Q25

Canara Bank continues to see improvements in credit metrics. Less focus on MSMEs and more on retail can support this. LDR contract QoQ may reverse...

Daniel Tabbush

#25 India Insight: LIC Stake in IDFC, INOX Wind Soars 13%, Reliance Retail to Launch Shein IPO

Reliance Retail Ventures to bring back Shein in India, Indian Railways to add 10,000 non-AC coaches, coal sector sees 10.2% growth in May.

Sudarshan Bhandari

Pick of the Week: IDFC First Bank Ltd. - 01 JULY 2024

The Bank has launched and scaled up several products across all segments, like retail, commercial and wholesale banking, rural products as well as...

Axis Direct

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IDFC First Bank - Elevated Credit Cost Drags Down Earnings

IDFC First Bank (IDFCFB) reported a 1QFY25 PAT of INR6.8b (-11% YoY, in line) dragged down by elevated provisions. NII grew 25% YoY to INR46.9b (in...

Motilal Oswal

IDFC First Bank Ltd. - RoA Improvement to 1.4% by FY27E In Sight, Maintain BUY!

Operational Performance: Advances growth was healthy at 21/4% YoY/QoQ, led by retail assets (+47/4% YoY/QoQ). The growth in corporate and...

Axis Direct

Canara Bank - Bad Debt Charges Down in the Quarter, Net Loan Growth Nearly INR1tr YoY in 1Q25

Canara Bank continues to see improvements in credit metrics. Less focus on MSMEs and more on retail can support this. LDR contract QoQ may reverse...

Daniel Tabbush

#25 India Insight: LIC Stake in IDFC, INOX Wind Soars 13%, Reliance Retail to Launch Shein IPO

​Reliance Retail Ventures to bring back Shein in India, Indian Railways to add 10,000 non-AC coaches, coal sector sees 10.2% growth in May.

Sudarshan Bhandari

Pick of the Week: IDFC First Bank Ltd. - 01 JULY 2024

The Bank has launched and scaled up several products across all segments, like retail, commercial and wholesale banking, rural products as well as...

Axis Direct

Reliance Retail Ventures to bring back Shein in India, Indian Railways to add 10,000 non-AC coaches, coal sector sees 10.2% growth in May.