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.

External broker reports(aggregated public sources)

Indian Banks: Adding Canara and UBI to the Buy List, Dropping Bandhan and PNB

Canara Bank (CBK IN) Vs. Punjab National Bank (PNB IN): Positive Outcome as Pair Reverts to Mean

Indian Banks: Stick with Baroda and UBI on the Buy List, Downgrading Canara

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.

Equity Bottom-Up

<ul><li>Near-term pressure on margins to continue; Confident of holding to ~3% for FY26: BoB’s margins disappointed as it declined sharply by 8bps QoQ owing to the impact of the repo-rate cuts reflecting on the yields, lower margins in the international business (-13bps QoQ; with international business forming ~16% mix in overall business) and a slight inch-up in CoF.</li><li>The management remains fairly confident of maintaining NIMs at ~3% in FY26, supported by (i) reduction in cost of bulk deposits, which are already down by 30-40bps, (ii) deposit rate cuts reflecting (15-20bps on TDs) in CoF from end-Q2FY26/Q3FY26 onwards and (iii) likelihood of growth improving given favourable liquidity conditions.</li><li>That said, NIMs will continue to remain under pressure in Q1FY26 as the impact of EBLR-linked loan book repricing downwards would weigh on yields, while the benefit of the rate cut on deposits would accrue with a lag. </li></ul><p><em>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.</em></p>

Near-term pressure on margins to continue; Confident of holding to ~3% for FY26: BoB’s margins disappointed as it declined sharply by 8bps QoQ owing to the impact of the repo-rate cuts reflecting on the yields, lower margins in the international business (-13bps QoQ; with international business forming ~16% mix in overall business) and a slight inch-up in CoF.The management remains fairly confident of maintaining NIMs at ~3% in FY26, supported by (i) reduction in cost of bulk deposits, which are already down by 30-40bps, (ii) deposit rate cuts reflecting (15-20bps on TDs) in CoF from end-Q2FY26/Q3FY26 onwards and (iii) likelihood of growth improving given favourable liquidity conditions.That said, NIMs will continue to remain under pressure in Q1FY26 as the impact of EBLR-linked loan book repricing downwards would weigh on yields, while the benefit of the rate cut on deposits would accrue with a lag. 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.

Bank of Baroda - Weak Quarter; Maintain BUY on Reasonable Valuations!

Bank Of Baroda

Bank of Baroda - Weak Quarter; Maintain BUY on Reasonable Valuations!