External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

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Equity Bottom-Up

Ujjivan Small Finance Bank / Equity Bottom-Up

<ul><li>Secured Businesses to steer healthy credit growth – UJSFB’s management expects credit growth to range between 20-25% in FY25E, with strong growth momentum visible across most segments.</li><li>Hereon, growth will be driven by the non-MFI segments with continued momentum in the Affordable Housing and FIG segment and pick-up in the MSME segment as the bank aims at improving the share of secured businesses to 40% over the next couple of years vs ~30% currently.</li><li>In the MFI portfolio, Individual loans will be a key growth driver largely aided by graduating group loan customers.</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.

Secured Businesses to steer healthy credit growth – UJSFB’s management expects credit growth to range between 20-25% in FY25E, with strong growth momentum visible across most segments.Hereon, growth will be driven by the non-MFI segments with continued momentum in the Affordable Housing and FIG segment and pick-up in the MSME segment as the bank aims at improving the share of secured businesses to 40% over the next couple of years vs ~30% currently.In the MFI portfolio, Individual loans will be a key growth driver largely aided by graduating group loan customers.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.

Ujjivan Small Finance Bank - Growth Not A Challenge

<ul><li>Disbursements grew by 15% YoY and de-grew by 3% QoQ, with flat growth in MFI and a 5% degrowth in the non-MFI segments.</li><li>Advances growth of 27/4% YoY/QoQ was driven by non-MFI loans (+24/7% YoY/QoQ), while MFI loans grew by 28/3% YoY/QoQ.</li><li>The share of MFI loans stood at 71% vs 72% 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.

Disbursements grew by 15% YoY and de-grew by 3% QoQ, with flat growth in MFI and a 5% degrowth in the non-MFI segments.Advances growth of 27/4% YoY/QoQ was driven by non-MFI loans (+24/7% YoY/QoQ), while MFI loans grew by 28/3% YoY/QoQ.The share of MFI loans stood at 71% vs 72% 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.

Ujjivan Small Finance Bank Ltd. - Growth Outlook Strong, Maintain BUY!

<ul><li>Disbursements grew by 18/9% YoY/QoQ, primarily led by non-MFI segments which grew by 37/21% YoY/QoQ.</li><li>MFI disbursements were up 13/5% YoY/QoQ. Strong Advances growth of 27/5% YoY/QoQ was driven by MFI loans (+32/5% YoY/QoQ), Affordable Housing (+32/11% YoY/QoQ) and FIG segment (+39/7% YoY/QoQ), while the MSE segment continued to de-grow</li><li>NII growth was strong by 24/4% YoY, led by strong advances growth, though margins contracted by 40bps QoQ and stood at 8.8%.</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.

Disbursements grew by 18/9% YoY/QoQ, primarily led by non-MFI segments which grew by 37/21% YoY/QoQ.MFI disbursements were up 13/5% YoY/QoQ. Strong Advances growth of 27/5% YoY/QoQ was driven by MFI loans (+32/5% YoY/QoQ), Affordable Housing (+32/11% YoY/QoQ) and FIG segment (+39/7% YoY/QoQ), while the MSE segment continued to de-growNII growth was strong by 24/4% YoY, led by strong advances growth, though margins contracted by 40bps QoQ and stood at 8.8%.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.

Ujjivan Small Finance Bank - Margin Contraction Sharper than Expected

<ul><li>Ujjivan SFB (UJSFB) has a diversified portfolio spread across Microfinance, Affordable Housing, MSME Loans, and FIG Lending.</li><li>The bank primarily caters to low and middle-income individuals and businesses in the metro and urban areas that have limited or no access to formal banking and finance channels.</li><li>UJSFB expects growth in the microfinance (MF) portfolio to remain buoyant, driven by an improved pace of customer addition and contribution from maturing branches</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.

Ujjivan SFB (UJSFB) has a diversified portfolio spread across Microfinance, Affordable Housing, MSME Loans, and FIG Lending.The bank primarily caters to low and middle-income individuals and businesses in the metro and urban areas that have limited or no access to formal banking and finance channels.UJSFB expects growth in the microfinance (MF) portfolio to remain buoyant, driven by an improved pace of customer addition and contribution from maturing branchesContent 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 - Ujjivan Small Finance Bank Ltd.

<ul><li>FY23 was a year characterised by a sharp rebound in the MFI business (the core segment of the bank) and a gradual pick up in the non-microfinance book, which was primarily led by the affordable housing and FIG segment.</li><li>The microfinance portfolio continued to dominate the portfolio mix with a share of 72% vs. 68% in FY22 and clocked a growth of 41% YoY in FY23.</li><li>On the other hand, the growth in the non-microfinance portfolio was slightly muted (on a lower base) at 15% YoY. </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.

FY23 was a year characterised by a sharp rebound in the MFI business (the core segment of the bank) and a gradual pick up in the non-microfinance book, which was primarily led by the affordable housing and FIG segment.The microfinance portfolio continued to dominate the portfolio mix with a share of 72% vs. 68% in FY22 and clocked a growth of 41% YoY in FY23.On the other hand, the growth in the non-microfinance portfolio was slightly muted (on a lower base) at 15% YoY. 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.

Ujjivan Small Finance Bank Ltd. - Core MFI Growth Robust

India

Ujjivan Small Finance Bank Ltd. is a mass-market focused bank in India, primarily serving financially unserved and underserved segments. It offers a comprehensive range of banking products and services, including savings and current accounts, fixed and recurring deposits, and various loans such as microfinance, housing, agriculture, vehicle, and MSME loans. The bank is headquartered in Bengaluru, Karnataka, India, and commenced banking operations on February 1, 2017.

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Ujjivan Small Finance Bank (UJJIVANS IN)

Ujjivan Small Finance Bank - Growth Not A Challenge

UJSFB’s management expects credit growth to range between 20-25% in FY25E, with strong growth momentum visible across most segments.

Axis Direct

Ujjivan Small Finance Bank Ltd. - Growth Outlook Strong, Maintain BUY!

Advances growth of 27/4% YoY/QoQ was driven by non-MFI loans (+24/7% YoY/QoQ), while MFI loans grew by 28/3% YoY/QoQ.The share of MFI loans stood...

Axis Direct

Ujjivan Small Finance Bank - Margin Contraction Sharper than Expected

Disbursements grew by 18/9% YoY/QoQ, primarily led by non-MFI segments which grew by 37/21% YoY/QoQ. MFI disbursements were up 13/5% YoY/QoQ.

Axis Direct

Pick of the Week - Ujjivan Small Finance Bank Ltd.

Ujjivan SFB (UJSFB) has a diversified portfolio spread across Microfinance, Affordable Housing, MSME Loans, and FIG Lending.

Axis Direct

Ujjivan Small Finance Bank Ltd. - Core MFI Growth Robust

FY23 was a year characterised by a sharp rebound in the MFI business (the core segment of the bank) and a gradual pick up in the non-microfinance book

Axis Direct

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