Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

PNC Financial Services Group / Equity Bottom-Up

<ul><li>The PNC Financial Services Group reported a robust second quarter, highlighting their strategic focus on growth and customer acquisition.</li><li>The company reported net income of $1.6 billion, or $3.85 per diluted share, marking a positive performance driven by strong management and strategic expansion efforts.</li><li>Loan growth was a notable highlight, with a 2% increase attributed to a surge in commercial loan growth, backed by significant new production not seen in the past 10 quarters.</li></ul>

The PNC Financial Services Group reported a robust second quarter, highlighting their strategic focus on growth and customer acquisition.The company reported net income of $1.6 billion, or $3.85 per diluted share, marking a positive performance driven by strong management and strategic expansion efforts.Loan growth was a notable highlight, with a 2% increase attributed to a surge in commercial loan growth, backed by significant new production not seen in the past 10 quarters.

PNC Financial: Inside the Tech & AI Upgrades That Are Changing The Face Of Its Banking Practices!

<ul><li>The PNC Financial Services Group reported solid first-quarter results for 2025, showcasing resilient performance amidst a volatile economic environment characterized by tariff uncertainties.</li><li>The bank achieved net income of $1.5 billion, translating to $3.51 per share, and marked a robust retention of its strong credit quality.</li><li>Despite industry-wide challenges in loan growth, PNC reported a 3% increase in commercial and industrial (C&I) loans, attributing to noteworthy new commitments and higher line utilization rates.</li></ul>

The PNC Financial Services Group reported solid first-quarter results for 2025, showcasing resilient performance amidst a volatile economic environment characterized by tariff uncertainties.The bank achieved net income of $1.5 billion, translating to $3.51 per share, and marked a robust retention of its strong credit quality.Despite industry-wide challenges in loan growth, PNC reported a 3% increase in commercial and industrial (C&I) loans, attributing to noteworthy new commitments and higher line utilization rates.

PNC Financial Services Group: An Insight Into Its Loan Stability

<ul><li>PNC Financial Services Group, a major financial institution in the U.S., reported solid financial performance for Q4 2024 and for the entire fiscal year.</li><li>The company generated a net income of $1.6 billion for the fourth quarter, bringing the annual total to $6 billion, or $13.74 per share.</li><li>During the year, PNC benefited from fixed asset repricing, which substantially boosted its net interest income despite the lower demand for loans.</li></ul>

PNC Financial Services Group, a major financial institution in the U.S., reported solid financial performance for Q4 2024 and for the entire fiscal year.The company generated a net income of $1.6 billion for the fourth quarter, bringing the annual total to $6 billion, or $13.74 per share.During the year, PNC benefited from fixed asset repricing, which substantially boosted its net interest income despite the lower demand for loans.

PNC Financial Services Group: An Insight Into Its Asset Management & Fee Models & Other Major Drivers

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.

Thematic (Sector/Industry)

<ul>
<li>There is good HFD out from the Fed on weekly balance sheets and commercial paper outstanding, suggesting continued underlying strength</li>
<li>CP outstanding for non-financials is rising at rate of 19% YoY in most recent week, which is relatively strong growth for short duration working capital</li>
<li>Weekly loan growth data is 5.09% YoY for week of 5 November, one of highest growth rates in recent weeks, with LDR expansion accelerating</li>
</ul>


There is good HFD out from the Fed on weekly balance sheets and commercial paper outstanding, suggesting continued underlying strength
CP outstanding for non-financials is rising at rate of 19% YoY in most recent week, which is relatively strong growth for short duration working capital
Weekly loan growth data is 5.09% YoY for week of 5 November, one of highest growth rates in recent weeks, with LDR expansion accelerating


US Banks - CP at +19% YoY, LDR Expansion Accelerates, Weekly Loans +5% YoY

<ul>
<li>Fed quarterly data on net charge-off rates (NCO) and delinquency rates, does not suggest any major concerns</li>
<li>The data is partly backwards looking, and does not include Tricolor, First Brands, but still, data appears benign</li>
<li>Growth in NCO and delinquencies since FY20-FY22 is skewed due to coming off of forbearance, lower rates, can help total figures in coming quarters</li>
</ul>


Fed quarterly data on net charge-off rates (NCO) and delinquency rates, does not suggest any major concerns
The data is partly backwards looking, and does not include Tricolor, First Brands, but still, data appears benign
Growth in NCO and delinquencies since FY20-FY22 is skewed due to coming off of forbearance, lower rates, can help total figures in coming quarters


US Banks - Quarterly NCO Rate in 2Q25 -4.7% QoQ, Delinquency Rates -1.9% QoQ

United States

PNC Financial Services Group, Inc. is a diversified financial services organization.  The Company provides regional banking, wholesale banking, and asset management services nationally and in the Company's primary regional markets.

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PNC Financial Services Group (PNC US)

PNC Financial: Inside the Tech & AI Upgrades That Are Changing The Face Of Its Banking Practices!

The PNC Financial Services Group reported a robust second quarter, highlighting their strategic focus on growth and customer acquisition. The...

Baptista Research

PNC Financial Services Group: An Insight Into Its Loan Stability

The PNC Financial Services Group reported solid first-quarter results for 2025, showcasing resilient performance amidst a volatile economic...

Baptista Research

PNC Financial Services Group: An Insight Into Its Asset Management & Fee Models & Other Major Drivers

PNC Financial Services Group, a major financial institution in the U.S., reported solid financial performance for Q4 2024 and for the entire...

Baptista Research

US Banks - CP at +19% YoY, LDR Expansion Accelerates, Weekly Loans +5% YoY

High frequency data from Fed on commercial paper and balance sheets is positive. Loans are accelerating to 5% YoY and CP is at 19% YoY, with LDR...

Daniel Tabbush

US Banks - Quarterly NCO Rate in 2Q25 -4.7% QoQ, Delinquency Rates -1.9% QoQ

Fed quarterly data on NCO and delinquencies, does not suggest any systemic malaise in credit markets. Will be interesting to see how data changes...

Daniel Tabbush

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