Indian Accounting Research Analyst, Trudence Capital Advisors

Nitin Mangal

Indian Accounting Research Analyst

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

<ul>
<li>
<a href="https://www.smartkarma.com/entities/indusind-bank-ltd" target="_blank" data-smartkarma-citation="entities:1558:1" rel="noopener">Indusind Bank (IIB IN)</a> 's shares saw a sharp fall of 7% on Monday.</li>
<li>The fact that RBI shortened the tenure of MD &amp; CEO to two years baffled the market. </li>
<li>Shortening of tenures by the RBI have been seen earlier also for BFSIs. The move does not explicitly indicate any fundamental deficiency, hence investors should not be too worried.</li>
</ul>



Indusind Bank (IIB IN) 's shares saw a sharp fall of 7% on Monday.
The fact that RBI shortened the tenure of MD &amp; CEO to two years baffled the market. 
Shortening of tenures by the RBI have been seen earlier also for BFSIs. The move does not explicitly indicate any fundamental deficiency, hence investors should not be too worried.


IndusInd Bank- RBI's Decision May Not Be a Red Flag

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory 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

<ul><li>CSB Bank is a south based private sector bank with Kerala contributing ~30% of total advances.</li><li>Changed strategy in various aspects of lending have led to transformation and improved performance in the past few years.</li><li>Gold, SME key lending segments comprising ~44%, ~13%, respectively, of book </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>

CSB Bank is a south based private sector bank with Kerala contributing ~30% of total advances.Changed strategy in various aspects of lending have led to transformation and improved performance in the past few years.Gold, SME key lending segments comprising ~44%, ~13%, respectively, of book 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.

CSB Bank - Treasury Losses Mar PAT; Outlook Remains Healthy…

External broker reports(aggregated public sources), Edelweiss Broking Limited

Edelweiss

Edelweiss Broking Limited

Edelweiss Broking Limited is an Indian Financial services company based in Mumbai, India. The company is a subsidiary of Edelweiss Group. 

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>CSB Bank (CSB)’s Q3FY22 results were broadly in line with expectations on the operating fronts and balance sheet growth was consistent with management guidance</li><li>Provision write-back due to healthy recovery and moderate slippage led to 179% YoY and 25% QoQ jump in net profit to INR148cr.</li><li>Advances grew 11% YoY and 3% QoQ to INR15,610cr in line with forecasts</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>

CSB Bank (CSB)’s Q3FY22 results were broadly in line with expectations on the operating fronts and balance sheet growth was consistent with management guidanceProvision write-back due to healthy recovery and moderate slippage led to 179% YoY and 25% QoQ jump in net profit to INR148cr.Advances grew 11% YoY and 3% QoQ to INR15,610cr in line with forecastsContent 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.

<ul><li>CSB Bank is a south based private sector bank with Kerala contributing ~50% of the total business</li><li>Changed strategy in various aspects of lending has led to transformation and improved performance in the past few years</li><li>Target Price and Valuation: We value CSB Bank at ~1.7x FY24E ABV and keep unchanged our target price at Rs 320.</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>

CSB Bank is a south based private sector bank with Kerala contributing ~50% of the total businessChanged strategy in various aspects of lending has led to transformation and improved performance in the past few yearsTarget Price and Valuation: We value CSB Bank at ~1.7x FY24E ABV and keep unchanged our target price at Rs 320.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.

<ul><li>The appointment of Mr. C V R Rajendran as MD and CEO in December 2016 set the tone for the transformation of the Bank</li><li>A slew of measures undertaken by the bank, coupled with capital infusion by new promoters, has strengthened its balance sheet</li><li>Demonetisation and imposition of GST, along with a general decline in the economic environment led to weakness in the bank’s asset quality</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>

The appointment of Mr. C V R Rajendran as MD and CEO in December 2016 set the tone for the transformation of the BankA slew of measures undertaken by the bank, coupled with capital infusion by new promoters, has strengthened its balance sheetDemonetisation and imposition of GST, along with a general decline in the economic environment led to weakness in the bank’s asset qualityContent 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.

India

CSB Bank Limited operates as a bank. The Bank offers current and savings accounts, loans, insurance, cards, money transfer, currency exchange, and other related services. CSB Bank serves customers in India.

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CSB Bank Ltd (CSBBANK IN)

IndusInd Bank- RBI's Decision May Not Be a Red Flag

Shortening of tenures by the RBI have been common for BFSIs. The move does not explicitly indicate any fundamental deficiency which is why...

Nitin Mangal

CSB Bank - Treasury Losses Mar PAT; Outlook Remains Healthy…

Changed strategy in various aspects of lending have led to transformation and improved performance in the past few years.

ICICI Securities Limited

CSB Bank Ltd: A Transformational Journey

CSB Bank (CSB)’s Q3FY22 results were broadly in line with expectations on the operating fronts and balance sheet growth was consistent with...

Edelweiss

CSB Bank: On Steady Recovery Path

Strong liabilities franchise, adequate capitalisation and healthy provision buffer to aid business growth as well as earnings trajectory BUY with a...

ICICI Securities Limited

CSB Bank Ltd: A Transformational Journey

The appointment of Mr. C V R Rajendran as MD and CEO in December 2016 set the tone for the transformation of the Bank A slew of measures...

Edelweiss

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