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

<ul><li>DCB Bank (DCBB) reported 22.6% YoY growth in PAT to INR1.55b (15% beat) due to higher other income.</li><li>NII grew 7% YoY to INR5.1b (in line, up 2.5% QoQ).</li><li>NIM moderated 12bp QoQ to 3.27%, adversely affected by extension of some of the one-offs that occurred in 1QFY25 (including replacement of penal interest with penal charges).</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.

DCB Bank (DCBB) reported 22.6% YoY growth in PAT to INR1.55b (15% beat) due to higher other income.NII grew 7% YoY to INR5.1b (in line, up 2.5% QoQ).NIM moderated 12bp QoQ to 3.27%, adversely affected by extension of some of the one-offs that occurred in 1QFY25 (including replacement of penal interest with penal charges).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.

DCB Bank - Healthy Performance; Other Income Gaining Traction

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>Multiple levers to ensure margin improvement: DCB’s NIMs contracted sharply owing to (i) one-offs owing to regulatory change which continued into Q2FY25, (ii) reclassification of penal interest as penal charges, (iii) conscious growth slowdown in the high-yielding microfinance book (~16% mix) owing to elevated sectoral stress and (iv) pursuing opportunistic lending in lower-yielding lending.</li><li>The management does not expect the one-off to repeat in H2FY25.</li><li>Additionally, DCB is eyeing to improve the average ticket size in its overdraft proposition alongside improving the share of better-yielding LAP loans which should provide support to lending yields. </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.

Multiple levers to ensure margin improvement: DCB’s NIMs contracted sharply owing to (i) one-offs owing to regulatory change which continued into Q2FY25, (ii) reclassification of penal interest as penal charges, (iii) conscious growth slowdown in the high-yielding microfinance book (~16% mix) owing to elevated sectoral stress and (iv) pursuing opportunistic lending in lower-yielding lending.The management does not expect the one-off to repeat in H2FY25.Additionally, DCB is eyeing to improve the average ticket size in its overdraft proposition alongside improving the share of better-yielding LAP loans which should provide support to lending yields. 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.

DCB Bank Ltd. - NIMs Bottom-Out; Pushing for Sustainable RoA of 1% from FY26!

<ul><li>Disbursements de-grew by 2/21% YoY/QoQ. Advances growth was healthy at 19/3% YoY/QoQ (Mortgages +21% YoY, AIB +29% YoY, Gold loans +9% YoY while Corporate growth was muted at +1% YoY).</li><li>Deposits growth was equally healthy at 20/5% YoY/QoQ. TDs growth was stronger at 6% QoQ vs. CASA deposit growth of 2% QoQ.</li><li>CASA Ratio contracted to 25.4% vs. 26% QoQ. C-D Ratio stood at 81.6% vs. 82.9% 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.

Disbursements de-grew by 2/21% YoY/QoQ. Advances growth was healthy at 19/3% YoY/QoQ (Mortgages +21% YoY, AIB +29% YoY, Gold loans +9% YoY while Corporate growth was muted at +1% YoY).Deposits growth was equally healthy at 20/5% YoY/QoQ. TDs growth was stronger at 6% QoQ vs. CASA deposit growth of 2% QoQ.CASA Ratio contracted to 25.4% vs. 26% QoQ. C-D Ratio stood at 81.6% vs. 82.9% 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.

DCB Bank Ltd.  - NIMs Impacted By One-Offs; RoAs Likely to Be Capped at 1% till FY26E!

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

ICICI Securities Limited

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.

<ul><li>ICICI Securities research report onDCB Bank Driven by strong loan growth (up 5% QoQ), NIM uptick (up 14bps QoQ) and contained credit costs (driven by negligible net slippages), DCB Bank (DCB) reported higher-than-expected Q4FY24 PAT of INR 1.56bn with RoA of 1.02%.</li><li>We believe DCB will likely continue delivering strongly on loan and deposits growth, at ~16–17% CAGR, for FY24–26E.</li><li>After three quarters of moderation, yields/NIM have improved QoQ, though appears in-part driven by seasonality.</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.

ICICI Securities research report onDCB Bank Driven by strong loan growth (up 5% QoQ), NIM uptick (up 14bps QoQ) and contained credit costs (driven by negligible net slippages), DCB Bank (DCB) reported higher-than-expected Q4FY24 PAT of INR 1.56bn with RoA of 1.02%.We believe DCB will likely continue delivering strongly on loan and deposits growth, at ~16–17% CAGR, for FY24–26E.After three quarters of moderation, yields/NIM have improved QoQ, though appears in-part driven by seasonality.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.

DCB Bank- Strong Quarter with Robust Business Growth and >1.0% RoA

<ul><li>Operational Highlights: Disbursements grew by 3/21% YoY/QoQ. Advances growth was healthy at 19/5% YoY/QoQ.</li><li>Deposits growth was equally healthy at 20/5% YoY/QoQ. CASA and TDs grew by 4/5% QoQ respectively.</li><li>CASA Ratio remained steady at 26% QoQ. C-D Ratio stood at 82.9% vs 83.4/82.7% YoY/QoQ.NII grew by 7/4% YoY/QoQ owing to better credit growth and margin improvement of 14bps QoQ (vs our expectation of ~5-8bps contraction). </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.

Operational Highlights: Disbursements grew by 3/21% YoY/QoQ. Advances growth was healthy at 19/5% YoY/QoQ.Deposits growth was equally healthy at 20/5% YoY/QoQ. CASA and TDs grew by 4/5% QoQ respectively.CASA Ratio remained steady at 26% QoQ. C-D Ratio stood at 82.9% vs 83.4/82.7% YoY/QoQ.NII grew by 7/4% YoY/QoQ owing to better credit growth and margin improvement of 14bps QoQ (vs our expectation of ~5-8bps contraction). 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.

DCB Bank Ltd. - Margins Surprise Positively; RoAs Likely to Be Capped at 1% till FY26E!

India

DCB Bank Limited is a full service commercial bank. The Bank offers consumer banking, commercial banking, and treasury operations.

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DCB Bank Ltd (DCBB IN)

DCB Bank - Healthy Performance; Other Income Gaining Traction

DCB Bank (DCBB) reported 22.6% YoY growth in PAT to INR1.55b (15% beat) due to higher other income. NII grew 7% YoY to INR5.1b (in line, up 2.5% QoQ).

Motilal Oswal

DCB Bank Ltd. - NIMs Bottom-Out; Pushing for Sustainable RoA of 1% from FY26!

Additionally, DCB is eyeing to improve the average ticket size in its overdraft proposition alongside improving the share of better-yielding LAP...

Axis Direct

DCB Bank Ltd. - NIMs Impacted By One-Offs; RoAs Likely to Be Capped at 1% till FY26E!

Disbursements de-grew by 2/21% YoY/QoQ. Advances growth was healthy at 19/3% YoY/QoQ (Mortgages +21% YoY, AIB +29% YoY, Gold loans +9% YoY while...

Axis Direct

DCB Bank- Strong Quarter with Robust Business Growth and >1.0% RoA

ICICI Securities research report onDCB Bank Driven by strong loan growth (up 5% QoQ), NIM uptick (up 14bps QoQ) and contained credit costs (driven...

ICICI Securities Limited

DCB Bank Ltd. - Margins Surprise Positively; RoAs Likely to Be Capped at 1% till FY26E!

Operational Highlights: Disbursements grew by 3/21% YoY/QoQ. Advances growth was healthy at 19/5% YoY/QoQ. Deposits growth was equally healthy at...

Axis Direct

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