External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

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

AU Small Finance Bank Limited / Equity Bottom-Up

<ul><li>AU Small Finance Bank (AUBANK) reported 3QFY25 PAT of INR5.3b (8% beat), led by controlled opex, though provisioning expenses were high.</li><li>NII grew 2.4% QoQ to INR20.2b (in line), while NIMs declined by 23bp QoQ on higher proportion of investments book, adverse loan mix and higher CoF.</li><li>PPoP grew 6.5% QoQ to INR12.1b (8% beat) as opex was 8% lower vs.</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.

AU Small Finance Bank (AUBANK) reported 3QFY25 PAT of INR5.3b (8% beat), led by controlled opex, though provisioning expenses were high.NII grew 2.4% QoQ to INR20.2b (in line), while NIMs declined by 23bp QoQ on higher proportion of investments book, adverse loan mix and higher CoF.PPoP grew 6.5% QoQ to INR12.1b (8% beat) as opex was 8% lower vs.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.

AU Small Finance Bank - Cost Control Drives Earnings Beat; Asset Quality Deteriorates Slightly

External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

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>AU SFB logged a muted performance with a 5% miss on PAT at Rs5.3bn/RoA at 1.5%, mainly on lower other income and elevated provisions owing to ongoing stress in unsecured loans (MFI, Cards, PL) and seasonality impact on the agri and wheels book.</li><li>The management indicated that 20% of the MFI portfolio (MFI book is 7% of overall loans) will be impacted by the MFIN 2.0 guidelines, and thus expects higher slippages/credit cost in Q4.</li><li>The bank has taken corrective measures in the Card business, but stress could remain elevated in 4Q.</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.

AU SFB logged a muted performance with a 5% miss on PAT at Rs5.3bn/RoA at 1.5%, mainly on lower other income and elevated provisions owing to ongoing stress in unsecured loans (MFI, Cards, PL) and seasonality impact on the agri and wheels book.The management indicated that 20% of the MFI portfolio (MFI book is 7% of overall loans) will be impacted by the MFIN 2.0 guidelines, and thus expects higher slippages/credit cost in Q4.The bank has taken corrective measures in the Card business, but stress could remain elevated in 4Q.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.

AU Small Finance Bank - Stress to Persist in near Term, but Eyes Glued on 1.6% RoA

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.

<ul><li>Near-term asset quality challenges persist; Stability likely from Q2FY26: AUSFB’s asset quality deterioration was primarily owing to elevated slippages mainly from the unsecured portfolio (microfinance, credit cards and PL) and the impact of seasonality in the wheels and agribusiness.</li><li>In the credit card portfolio, slippages remain elevated due to lapses in digital underwriting without adequate guards.</li><li>However, the bank has taken corrective measures by (i) Reducing credit lines, (ii) Undertaking a detailed evaluation of the existing customer base and taking appropriate pre-emptive actions on potentially delinquent customers, (iii) Blocking certain misused categories of merchants, and (iv) Strengthening daily transaction monitoring to identify and restrict misusing customers and merchants.</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.

Near-term asset quality challenges persist; Stability likely from Q2FY26: AUSFB’s asset quality deterioration was primarily owing to elevated slippages mainly from the unsecured portfolio (microfinance, credit cards and PL) and the impact of seasonality in the wheels and agribusiness.In the credit card portfolio, slippages remain elevated due to lapses in digital underwriting without adequate guards.However, the bank has taken corrective measures by (i) Reducing credit lines, (ii) Undertaking a detailed evaluation of the existing customer base and taking appropriate pre-emptive actions on potentially delinquent customers, (iii) Blocking certain misused categories of merchants, and (iv) Strengthening daily transaction monitoring to identify and restrict misusing customers and merchants.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.

AU Small Finance Bank Ltd - Operationally Healthy, Asset Quality Deteriorates!

<ul><li>Near-term Asset Quality Challenges; Credit costs to remain elevated in H2FY25: AUSFB’s asset quality deterioration was primarily owing to elevated slippages from both the secured (~33% contribution to slippages) and unsecured portfolio.</li><li>The bank has taken multiple steps to restrict the flow of slippages by restricting lending exposure, ramping up collection efforts alongside making underwriting norms more stringent.</li><li>Despite this, the management expects stress in the unsecured portfolios to remain elevated in H2FY25, keeping credit costs higher. </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.

Near-term Asset Quality Challenges; Credit costs to remain elevated in H2FY25: AUSFB’s asset quality deterioration was primarily owing to elevated slippages from both the secured (~33% contribution to slippages) and unsecured portfolio.The bank has taken multiple steps to restrict the flow of slippages by restricting lending exposure, ramping up collection efforts alongside making underwriting norms more stringent.Despite this, the management expects stress in the unsecured portfolios to remain elevated in H2FY25, keeping credit costs higher. 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.

AU Small Finance Bank Ltd. - Operationally Strong Quarter, Asset Quality Pain to Hurt in Near-Term!

<ul><li>AU Small Finance Bank (AUBANK) is well-positioned for strong growth, demonstrating a steady improvement in operating profitability as it capitalizes on the synergies resulting from the merger.</li><li>A high-yielding loan book following the merger and broader product offerings, especially in the South, will facilitate profitable growth in the coming years.</li><li>The bank’s recent application for a Universal Bank license is expected to streamline regulatory requirements, improve brand positioning, and foster growth by enhancing customer acquisition and deposit productivity.</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.

AU Small Finance Bank (AUBANK) is well-positioned for strong growth, demonstrating a steady improvement in operating profitability as it capitalizes on the synergies resulting from the merger.A high-yielding loan book following the merger and broader product offerings, especially in the South, will facilitate profitable growth in the coming years.The bank’s recent application for a Universal Bank license is expected to streamline regulatory requirements, improve brand positioning, and foster growth by enhancing customer acquisition and deposit productivity.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.

AU Small Finance Bank - On a Long Growth Runway!

India

AU Small Finance Bank Limited operates as a commercial bank. The Bank offers financial products and services such as savings and current accounts, term deposits, debit cards, insurance, government banking, retail loans, and microfinance lending. AU Small Finance Bank serves customers in India.

AU Small Finance Bank Limited (AUBANK IN)

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AU Small Finance Bank Limited (AUBANK IN)

AU Small Finance Bank - Cost Control Drives Earnings Beat; Asset Quality Deteriorates Slightly

AU Small Finance Bank (AUBANK) reported 3QFY25 PAT of INR5.3b (8% beat), led by controlled opex, though provisioning expenses were high.

Motilal Oswal

AU Small Finance Bank - Stress to Persist in near Term, but Eyes Glued on 1.6% RoA

U SFB logged a muted performance with a 5% miss on PAT at Rs5.3bn/RoA at 1.5%, mainly on lower other income and elevated provisions owing to...

Emkay

AU Small Finance Bank Ltd - Operationally Healthy, Asset Quality Deteriorates!

AUSFB’s asset quality deterioration was primarily owing to elevated slippages mainly from the unsecured portfolio (microfinance, credit cards and PL)

Axis Direct

AU Small Finance Bank Ltd. - Operationally Strong Quarter, Asset Quality Pain to Hurt in Near-Term!

AUSFB’s asset quality deterioration was primarily owing to elevated slippages from both the secured (~33% contribution to slippages) and unsecured...

Axis Direct

AU Small Finance Bank - On a Long Growth Runway!

AU Small Finance Bank (AUBANK) is well-positioned for strong growth, demonstrating a steady improvement in operating profitability as it...

Motilal Oswal

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