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. 

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>Advances grew by 15/1% YoY/QoQ, marginally lower than our expectations.</li><li>Deposits grew by 8% YoY and flat QoQ. CASA deposits 3% YoY and -1% QoQ. CASA Ratio stood at 39.1% vs 41.2/39.5% YoY/QoQ.</li><li>Overall C-D Ratio stood at 76.5% vs 71.4/75.3% 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.

Advances grew by 15/1% YoY/QoQ, marginally lower than our expectations.Deposits grew by 8% YoY and flat QoQ. CASA deposits 3% YoY and -1% QoQ. CASA Ratio stood at 39.1% vs 41.2/39.5% YoY/QoQ.Overall C-D Ratio stood at 76.5% vs 71.4/75.3% 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.

State Bank of India - Steady Quarter, No Road-Blocks in RoA Delivery of 1.1%!

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund 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.

<ul><li>State Bank of India’s (SBIN) FY24 annual report offers incremental insights on its sector leadership across asset classes, key catalysts driving its superior asset quality, competitive edge in sourcing, improving digital stack (YONO), an unparalleled lean distribution model, and a potent combination of cross-sell focus and competencies</li><li>While asset quality continued to stay benign, we argue that SBIN needs to further build its provision buffer (PCR at 75%), given a low margin of safety on account of higher mix of ageing GNPAs</li><li>While SBIN has been able to improve its capital buffer via internal accruals, the bank needs to evaluate fundraising alternatives in the medium-term to meet its growth guidance (~13-15% for FY25)</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.

State Bank of India’s (SBIN) FY24 annual report offers incremental insights on its sector leadership across asset classes, key catalysts driving its superior asset quality, competitive edge in sourcing, improving digital stack (YONO), an unparalleled lean distribution model, and a potent combination of cross-sell focus and competenciesWhile asset quality continued to stay benign, we argue that SBIN needs to further build its provision buffer (PCR at 75%), given a low margin of safety on account of higher mix of ageing GNPAsWhile SBIN has been able to improve its capital buffer via internal accruals, the bank needs to evaluate fundraising alternatives in the medium-term to meet its growth guidance (~13-15% for FY25)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.

State Bank of India - Sustained Sector Leadership in a Benign Environment

<ul><li>With growth prospects remaining intact and the management confident to grow AUM at 13- 15% and deposits at 12-13%, we model in advances growth of 13.8% over FY24-26E.</li><li>Opex costs come under control due to actual gratuity being lower than provided for, leading to lower employee expenses.</li><li>Further, with consistent improvement in asset quality, we believe credit costs will remain under control. </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 growth prospects remaining intact and the management confident to grow AUM at 13- 15% and deposits at 12-13%, we model in advances growth of 13.8% over FY24-26E.Opex costs come under control due to actual gratuity being lower than provided for, leading to lower employee expenses.Further, with consistent improvement in asset quality, we believe credit costs will remain under control. 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.

State Bank of India - Strong Quarter; No Major Impact of RBI PF Circular Likely!

<ul><li>With growth prospects remaining intact and the management confident to grow AUM at 14-15% and deposits at 12-13%, we model in advances growth of 13.5%+ over FY24-26E.</li><li>Further, the management is confident of maintaining domestic margins at current levels going forwad.</li><li>However, margins may be impacted by 2-3bps due to an increase in cost of funds. Opex is expected to remain elevated due to provision for wage revision. </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 growth prospects remaining intact and the management confident to grow AUM at 14-15% and deposits at 12-13%, we model in advances growth of 13.5%+ over FY24-26E.Further, the management is confident of maintaining domestic margins at current levels going forwad.However, margins may be impacted by 2-3bps due to an increase in cost of funds. Opex is expected to remain elevated due to provision for wage revision. 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.

State Bank of India - Loan Growth Momentum Intact, Pension Blip Impacts PAT

<ul><li>Gross advances reported a robust growth of 12.4/3.3% YoY/QoQ.</li><li>The healthy growth in the loan book was driven by retail book growth of ~15.7/3.3%YoY/QoQ (unsecured retail Xpress credit grew 18/5% YoY/QoQ), Agri loan growth of ~15% YoY, and SME book growth of 23% YoY.</li><li>Margins declined by 12bps YoY due to an increase in cost of funds. </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.

Gross advances reported a robust growth of 12.4/3.3% YoY/QoQ.The healthy growth in the loan book was driven by retail book growth of ~15.7/3.3%YoY/QoQ (unsecured retail Xpress credit grew 18/5% YoY/QoQ), Agri loan growth of ~15% YoY, and SME book growth of 23% YoY.Margins declined by 12bps YoY due to an increase in cost of funds. 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.

State Bank of India - Stable Margins Bolstered with Asset Quality Improvement

India

State Bank of India provides a wide range of banking and financial services to corporate, institutional, commercial, agricultural, industrial and individual customers throughout India.  The Bank also provides international banking to its Indian customers and has operations in other countries.

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State Bank Of India (SBIN IN)

State Bank of India - Steady Quarter, No Road-Blocks in RoA Delivery of 1.1%!

Advances grew by 15/1% YoY/QoQ, marginally lower than our expectations. Deposits grew by 8% YoY and flat QoQ. CASA deposits 3% YoY and -1% QoQ

Axis Direct

State Bank of India - Sustained Sector Leadership in a Benign Environment

While SBIN has been able to improve its capital buffer via internal accruals, the bank needs to evaluate fundraising alternatives in the medium...

HDFC Securities

State Bank of India - Strong Quarter; No Major Impact of RBI PF Circular Likely!

With growth prospects remaining intact and the management confident to grow AUM at 13- 15% and deposits at 12-13%, we model in advances growth of...

Axis Direct

State Bank of India - Loan Growth Momentum Intact, Pension Blip Impacts PAT

With growth prospects remaining intact and the management confident to grow AUM at 14-15% and deposits at 12-13%, we model in advances growth of...

Axis Direct

State Bank of India - Stable Margins Bolstered with Asset Quality Improvement

The healthy growth in the loan book was driven by retail book growth of ~15.7/3.3%YoY/QoQ (unsecured retail Xpress credit grew 18/5% YoY/QoQ), Agri...

Axis Direct

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