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. 

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Equity Bottom-Up

<ul><li>Asset Quality Continues to Strengthen; Credit Cost Outlook Improves Further: IDFCFB delivered another quarter of broad-based improvement in asset quality metrics, especially with MFI stress having normalised and X-bucket CE holding up well.</li><li>Slippage trends improved, led by significantly lower MFI fresh stress accretion.</li><li>Excluding the MFI slippages (YoY, where impact was more pronounced), gross slippages declined by 14% YoY, highlighting that asset quality trends remain healthy even outside the stressed MFI segment. </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.

Asset Quality Continues to Strengthen; Credit Cost Outlook Improves Further: IDFCFB delivered another quarter of broad-based improvement in asset quality metrics, especially with MFI stress having normalised and X-bucket CE holding up well.Slippage trends improved, led by significantly lower MFI fresh stress accretion.Excluding the MFI slippages (YoY, where impact was more pronounced), gross slippages declined by 14% YoY, highlighting that asset quality trends remain healthy even outside the stressed MFI segment. 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 - Steady Recovery Underway

<ul><li>NIMs Disappoint in Q1; Improvement to be a Multi-Quarter Journey: HDFCB’s margins disappointed and contracted more sharply than expected by 12bps QoQ to stand at 3.26%.</li><li>However, the management indicated that the NIM trajectory should not be viewed on a quarterly basis given the seasonality.</li><li>Over the medium term, HDFCB remains constructive on its margin trajectory, though improvement would be gradual. </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.

NIMs Disappoint in Q1; Improvement to be a Multi-Quarter Journey: HDFCB’s margins disappointed and contracted more sharply than expected by 12bps QoQ to stand at 3.26%.However, the management indicated that the NIM trajectory should not be viewed on a quarterly basis given the seasonality.Over the medium term, HDFCB remains constructive on its margin trajectory, though improvement would be gradual. 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.

HDFC Bank Ltd - Clarity on MD CEO Re-Appointment and NIM Improvement Key for Re-Rating

<ul><li>Deposit Growth Temporarily Impacted; Recovery Underway: In Q4, IDFCFB’s deposit growth was flat QoQ, impacted by a combination of SA rate rationalisation, tight systemic liquidity, seasonal outflows, and a one-off incident at the Haryana branch.</li><li>Encouragingly, early trends in Apr’26 indicate a revival in deposit accretion momentum, supported by sustained customer acquisition, thereby suggesting a return to normalised growth in the near term.</li><li>Management remains confident of returning to ~5% QoQ growth from Q1 onwards.</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.

Deposit Growth Temporarily Impacted; Recovery Underway: In Q4, IDFCFB’s deposit growth was flat QoQ, impacted by a combination of SA rate rationalisation, tight systemic liquidity, seasonal outflows, and a one-off incident at the Haryana branch.Encouragingly, early trends in Apr’26 indicate a revival in deposit accretion momentum, supported by sustained customer acquisition, thereby suggesting a return to normalised growth in the near term.Management remains confident of returning to ~5% QoQ growth from Q1 onwards.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 - Steady Recovery Underway; Operating Leverage to Drive RoA Improvement

<ul><li>IDFCFB reported fraud at its Chandigarh branch when the discrepancy came to light following a request from a department of the Government of Haryana seeking closure of its account at the bank’s Chandigarh branch and transfer of the balance to another bank.</li><li>During the reconciliation process, IDFCFB identified a mismatch between the balance recorded in its books and the amount claimed.</li><li>Following this incident, IDFCFB has been de-empanelled for the government business by the Government of Haryana with immediate effect.</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.

IDFCFB reported fraud at its Chandigarh branch when the discrepancy came to light following a request from a department of the Government of Haryana seeking closure of its account at the bank’s Chandigarh branch and transfer of the balance to another bank.During the reconciliation process, IDFCFB identified a mismatch between the balance recorded in its books and the amount claimed.Following this incident, IDFCFB has been de-empanelled for the government business by the Government of Haryana with immediate effect.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.  - Fraud Incident to Weigh on Near-Term Profitability...

<ul><li>Credit Costs to Decline Led by MFI Recovery: IDFCFB’s credit costs tapered QoQ, led by improvement in MFI slippages from Rs 249 Cr in Q2 to Rs 153 Cr in Q3.</li><li>The bank also utilised provisions to the tune of Rs 75 Cr to account for the lower MFI stress during the quarter.</li><li>The MFI portfolio asset metrics are showing signs of recovery with CE nearing pre-downcycle levels. </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.

Credit Costs to Decline Led by MFI Recovery: IDFCFB’s credit costs tapered QoQ, led by improvement in MFI slippages from Rs 249 Cr in Q2 to Rs 153 Cr in Q3.The bank also utilised provisions to the tune of Rs 75 Cr to account for the lower MFI stress during the quarter.The MFI portfolio asset metrics are showing signs of recovery with CE nearing pre-downcycle levels. 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.  - Lower Credit Costs + Improving Opex Ratios = 1.2% RoA by FY28E

India

IDFC First Bank is an Indian private sector universal bank offering a comprehensive suite of products and services across retail, MSME, rural, startups, corporate banking, cash management, credit cards, and wealth management. The bank provides savings and current accounts, fixed deposits, various loans, and investment solutions. It is headquartered in Mumbai, Maharashtra, India, and was founded in October 2015.

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IDFC First Bank (IDFCFB IN)

IDFC First Bank Ltd - Steady Recovery Underway

IDFCFB delivered another quarter of broad-based improvement in asset quality metrics, especially with MFI stress having normalised and X-bucket CE...

Axis Direct

HDFC Bank Ltd - Clarity on MD CEO Re-Appointment and NIM Improvement Key for Re-Rating

NIMs Disappoint in Q1; Improvement to be a Multi-Quarter Journey: HDFCB’s margins disappointed and contracted more sharply than expected by 12bps...

Axis Direct

IDFC First Bank Ltd - Steady Recovery Underway; Operating Leverage to Drive RoA Improvement

In Q4, IDFCFB’s deposit growth was flat QoQ, impacted by a combination of SA rate rationalisation, tight systemic liquidity, seasonal outflows, and...

Axis Direct

IDFC First Bank Ltd. - Fraud Incident to Weigh on Near-Term Profitability...

IDFCFB reported fraud at its Chandigarh branch when the discrepancy came to light following a request from a department of the Government of...

Axis Direct

IDFC First Bank Ltd. - Lower Credit Costs + Improving Opex Ratios = 1.2% RoA by FY28E

Credit Costs to Decline Led by MFI Recovery: IDFCFB’s credit costs tapered QoQ, led by improvement in MFI slippages from Rs 249 Cr in Q2 to Rs 153...

Axis Direct

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