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. 

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Equity Bottom-Up

<ul><li>City Union Bank’s (CUB) Q1FY23 performance was ahead of our expectations, driven by better non-interest income owing to a positive surprise on the treasury gain and strong recoveries.</li><li>On the operational front, credit growth was 12% YoY, though it remained tepid in comparison to the overall strong credit growth observed amongst its peers.</li><li>Advances growth was driven by MSME (+26% YoY) and Agri loans (+49% YoY).</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>

City Union Bank’s (CUB) Q1FY23 performance was ahead of our expectations, driven by better non-interest income owing to a positive surprise on the treasury gain and strong recoveries.On the operational front, credit growth was 12% YoY, though it remained tepid in comparison to the overall strong credit growth observed amongst its peers.Advances growth was driven by MSME (+26% YoY) and Agri loans (+49% 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.

City Union Bank Ltd. - On Track to Achieve RoA of 1.5%; Maintain BUY!

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

Thematic (Sector/Industry)

<div><ul><li>Treasury losses to dent earnings: While we expect NII growth to be strong (up 16.9% YoY for coverage banks), treasury losses could be a major drag on operating profit growth.</li><li><p>Systemic credit growth, provisional updates indicate optimism: As per RBI’s latest data, systemic credit growth rate is 12% YoY (June’22).</p></li><li><p><span style="font-size: var(--content-font-size);">Large cap banks showing stronger traction than peers; housing doing well: We expect large cap coverage banks to continue to report higher growth (20.7% YoY) vis-à-vis mid/small-cap peers (16.9% YoY) and PSBs (15.5% YoY).</span></p></li></ul></div><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>

Treasury losses to dent earnings: While we expect NII growth to be strong (up 16.9% YoY for coverage banks), treasury losses could be a major drag on operating profit growth.Systemic credit growth, provisional updates indicate optimism: As per RBI’s latest data, systemic credit growth rate is 12% YoY (June’22).Large cap banks showing stronger traction than peers; housing doing well: We expect large cap coverage banks to continue to report higher growth (20.7% YoY) vis-à-vis mid/small-cap peers (16.9% YoY) and PSBs (15.5% 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.

Banking & Financials Sector - Weak Treasury to Dent Earnings

<div><div><div><div><ul><li>Guiding for low-to-mid double digit credit growth: Overall loan book increased by 11.6% YoY and 7.1% QoQ.</li></ul></div></div></div></div><div><div><div><div><ul><li>Recoveries remain strong; repayment trends improving: Absolute GNPA declined by Rs0.65bn (down 3.3% QoQ) to Rs19.3bn.</li></ul><div><div><div><div><ul><li>NIM stable QoQ; weak treasury outlook to impact profit: NII growth for 4QFY22 was 16.8% YoY and 2.2% QoQ.</li></ul></div></div></div></div></div></div></div></div><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>

Guiding for low-to-mid double digit credit growth: Overall loan book increased by 11.6% YoY and 7.1% QoQ.Recoveries remain strong; repayment trends improving: Absolute GNPA declined by Rs0.65bn (down 3.3% QoQ) to Rs19.3bn.NIM stable QoQ; weak treasury outlook to impact profit: NII growth for 4QFY22 was 16.8% YoY and 2.2% 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.

City Union Bank - Credit Growth +ve; Lower Treasury Gains to Cap ROE

<ul>
<li>Credit growth picking up; lower provisions to drive earnings We expect strong earnings performance from banks in 4QFY22, driven by: (1) improving credit growth (systemic growth 8.5% YoY) (2) stable margins and (3) lower credit costs.</li>
<li>Data suggests upturn in credit growth across segments (Retail and Corporate).</li>
<li>Within the Retail segment, Housing has continued to show sustained traction while unsecured credit has been improving sequentially.</li>
<li>Large private banks are expected to grow at a highe...(continued).</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>


Credit growth picking up; lower provisions to drive earnings We expect strong earnings performance from banks in 4QFY22, driven by: (1) improving credit growth (systemic growth 8.5% YoY) (2) stable margins and (3) lower credit costs.
Data suggests upturn in credit growth across segments (Retail and Corporate).
Within the Retail segment, Housing has continued to show sustained traction while unsecured credit has been improving sequentially.
Large private banks are expected to grow at a highe...(continued).

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.

Banking & Financials Sector: Credit Growth Picking Up; Lower Provisions to Drive Earnings

<ul><li>City Union Bank (CUB) earnings traction continues on track with a PAT growth of 15.4%/7.7% YoY/QoQ to Rs 1.9 Bn led by lower provisions and improved asset quality</li><li>Stress is well managed and restructuring is contained at ~5.8% and a lower slippage ratio of ~2.9% (down from 3.2% QoQ)</li><li>We maintain our BUY recommendation with a target price of Rs 200/share (1.9x FY24E ABV).</li></ul><div class="content-highlight"><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></div>

City Union Bank (CUB) earnings traction continues on track with a PAT growth of 15.4%/7.7% YoY/QoQ to Rs 1.9 Bn led by lower provisions and improved asset qualityStress is well managed and restructuring is contained at ~5.8% and a lower slippage ratio of ~2.9% (down from 3.2% QoQ)We maintain our BUY recommendation with a target price of Rs 200/share (1.9x FY24E ABV).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.

City Union Bank: Asset Quality Outlook Stable

India

City Union Bank Ltd. is a full service bank. The Bank offers a wide range of banking and financial services across India, including both domestic and International banking services.

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City Union Bank (CUBK IN)

City Union Bank Ltd. - On Track to Achieve RoA of 1.5%; Maintain BUY!

City Union Bank’s (CUB) Q1FY23 performance was ahead of our expectations, driven by better non-interest income owing to a positive surprise on the...

Axis Direct

Banking & Financials Sector - Weak Treasury to Dent Earnings

We expect banks to report weak earnings due to treasury losses. We expect operating earnings of coverage banks to decline by 6.5% YoY and 11.2% QoQ...

Nirmal Bang

City Union Bank - Credit Growth +ve; Lower Treasury Gains to Cap ROE

City Union Bank (CUB) reported 88% YoY growth in net profit, led by 28% YoY decline in provisions, 17% YoY growth in NII and 40% YoY increase in...

Nirmal Bang

Banking & Financials Sector: Credit Growth Picking Up; Lower Provisions to Drive Earnings

Credit growth picking up; lower provisions to drive earnings We expect strong earnings performance from banks in 4QFY22, driven by: (1) improving...

Nirmal Bang

City Union Bank: Asset Quality Outlook Stable

City Union Bank (CUB) earnings traction continues on track with a PAT growth of 15.4%/7.7% YoY/QoQ to Rs 1.9 Bn led by lower provisions and...

Axis Direct

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