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>The management continues to eye the scale-up of its gross advances to Rs 1 Lc Cr by FY26E, implying a CAGR growth of ~18% over FY24-26E.</li><li>We expect Retail, Agri to drive growth, registering a comfortable growth of 15%+ as the management engages new sales force deployment and partnering with other agencies/NBFCs.</li><li>C-D Ratio stood at ~73% and the management targets to take the C-D Ratio to 80% in the coming quarters. We factor-in advances growth of ~16% CAGR over FY24-26E.</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 management continues to eye the scale-up of its gross advances to Rs 1 Lc Cr by FY26E, implying a CAGR growth of ~18% over FY24-26E.We expect Retail, Agri to drive growth, registering a comfortable growth of 15%+ as the management engages new sales force deployment and partnering with other agencies/NBFCs.C-D Ratio stood at ~73% and the management targets to take the C-D Ratio to 80% in the coming quarters. We factor-in advances growth of ~16% CAGR over FY24-26E.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.

Karnataka Bank Ltd. - Stable Quarter; Capital Cushion to Aid Loan Growth

<ul><li>Margins are expected to remain under pressure until healthy growth in deposits resumes.</li><li>The bank is focusing on cross-selling and data analytics to grow its non-interest income.</li><li>Furthermore, the management remains confident of bringing down the C/I ratio to a sub-50% level. </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.

Margins are expected to remain under pressure until healthy growth in deposits resumes.The bank is focusing on cross-selling and data analytics to grow its non-interest income.Furthermore, the management remains confident of bringing down the C/I ratio to a sub-50% level. 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.

Karnataka Bank - Fundamental Changes Underway; Signs of Stress in Restructured Book

<ul><li>The bank’s advances grew by 10%/6% YoY/QoQ to Rs 66,936 Cr.</li><li>NIM remained flat YoY and declined by 10bps QoQ to 3.6%, and Q1FY23 having a higher base resulted in marginal growth in NII by 2.5% YoY to Rs 822 Cr.</li><li>Non-interest income reported a decline of 23% sequentially due to lower fee income and treasury movements. </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 bank’s advances grew by 10%/6% YoY/QoQ to Rs 66,936 Cr.NIM remained flat YoY and declined by 10bps QoQ to 3.6%, and Q1FY23 having a higher base resulted in marginal growth in NII by 2.5% YoY to Rs 822 Cr.Non-interest income reported a decline of 23% sequentially due to lower fee income and treasury movements. 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.

Karnataka Bank - Asset Quality Improvement with Marginal Decline in Margins

<ul><li>With potential hiring expected for expansion plans, we believe, the C-I ratio would inch up to 49-50% in the near term.</li><li>Thus, with Opex expected to uptick, PPOP would remain under pressure.</li><li>Slippages are expected to remain at current levels and NPA is to report at 1.2% for 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.

With potential hiring expected for expansion plans, we believe, the C-I ratio would inch up to 49-50% in the near term.Thus, with Opex expected to uptick, PPOP would remain under pressure.Slippages are expected to remain at current levels and NPA is to report at 1.2% for 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.

Karnataka Bank - Advances Growth to Pick Up; Asset Quality Improved

<ul><li>The bank’s advances grew 6.1% YoY to Rs 61,302 Cr.</li><li>Aided by steady growth in advances and NIM expansion by 62/6 bps YoY/QoQ to 3.87%, NII grew by 31/3% YoY/QoQ to Rs 860 Cr.</li><li>Non-interest income reported robust growth of 53.8/93.3% 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.

The bank’s advances grew 6.1% YoY to Rs 61,302 Cr.Aided by steady growth in advances and NIM expansion by 62/6 bps YoY/QoQ to 3.87%, NII grew by 31/3% YoY/QoQ to Rs 860 Cr.Non-interest income reported robust growth of 53.8/93.3% 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.

Karnataka Bank - Strong Quarter; ROA at 1.2% Looks Sustainable

India

Karnataka Bank Ltd is a full-service bank. The Bank accepts deposits, makes loans and provides other services for the public.

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Karnataka Bank (KBL IN)

Karnataka Bank Ltd. - Stable Quarter; Capital Cushion to Aid Loan Growth

The management continues to eye the scale-up of its gross advances to Rs 1 Lc Cr by FY26E, implying a CAGR growth of ~18% over FY24-26E.

Axis Direct

Karnataka Bank - Fundamental Changes Underway; Signs of Stress in Restructured Book

Margins are expected to remain under pressure until healthy growth in deposits resumes. The bank is focusing on cross-selling and data analytics to...

Axis Direct

Karnataka Bank - Asset Quality Improvement with Marginal Decline in Margins

NIM remained flat YoY and declined by 10bps QoQ to 3.6%, and Q1FY23 having a higher base resulted in marginal growth in NII by 2.5% YoY to Rs 822 Cr.

Axis Direct

Karnataka Bank - Advances Growth to Pick Up; Asset Quality Improved

With potential hiring expected for expansion plans, we believe, the C-I ratio would inch up to 49-50% in the near term. Thus, with Opex expected to...

Axis Direct

Karnataka Bank - Strong Quarter; ROA at 1.2% Looks Sustainable

The bank’s advances grew 6.1% YoY to Rs 61,302 Cr. Aided by steady growth in advances and NIM expansion by 62/6 bps YoY/QoQ to 3.87%, NII grew by...

Axis Direct

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