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. 

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Equity Bottom-Up

Equitas Small Finance Bank  / Equity Bottom-Up

<ul><li>Motilal Oswal's research report on Equitas Small Finance Equitas SFB (EQUITASB) reported a 1QFY25 PAT of ~INR0.3b (-87% YoY), 85% lower than MOFSLe amid higher floating provisions, as the bank reduced its NNPA to &lt;1% and raised PCR to &gt;70%.</li><li>These were done to gain eligibility for a universal banking license.</li><li>PPoP otherwise stood in line.</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.

Motilal Oswal's research report on Equitas Small Finance Equitas SFB (EQUITASB) reported a 1QFY25 PAT of ~INR0.3b (-87% YoY), 85% lower than MOFSLe amid higher floating provisions, as the bank reduced its NNPA to &lt;1% and raised PCR to &gt;70%.These were done to gain eligibility for a universal banking license.PPoP otherwise stood in line.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.

Equitas Small Finance - PPoP in Line; Earnings Miss Due to Higher Floating Provisions

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>Disbursements de-grew sharply by 15/21% YoY/QoQ, owing to degrowth across most segments with growth impacted by general elections, extended heatwaves and business seasonality.</li><li>Advances grew by 18/2% YoY/QoQ, with growth led by SBL (+27/5% YoY/QoQ) and Home Loans (35/4% YoY/QoQ).</li><li>MFI portfolio growth was weak at 6% YoY and de-grew by 5% 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 sharply by 15/21% YoY/QoQ, owing to degrowth across most segments with growth impacted by general elections, extended heatwaves and business seasonality.Advances grew by 18/2% YoY/QoQ, with growth led by SBL (+27/5% YoY/QoQ) and Home Loans (35/4% YoY/QoQ).MFI portfolio growth was weak at 6% YoY and de-grew by 5% 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.

Equitas Small Finance Bank Ltd - Asset Quality Headwinds To Hinder Growth

<ul><li>Motilal Oswal's research report onEquitas Small Finance Bank Equitas SFB (EQUITASB) reported in-line earnings for 4QFY24 at INR2.08b (up 9.3% YoY).</li><li>However, adjusted for one-off items, the bank reported a PAT of INR2.33b.</li><li>AUM growth was steady at 21% YoY/3% QoQ to INR 337b, driven by healthy traction in most segments (barring NBFC and new CV).</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.

Motilal Oswal's research report onEquitas Small Finance Bank Equitas SFB (EQUITASB) reported in-line earnings for 4QFY24 at INR2.08b (up 9.3% YoY).However, adjusted for one-off items, the bank reported a PAT of INR2.33b.AUM growth was steady at 21% YoY/3% QoQ to INR 337b, driven by healthy traction in most segments (barring NBFC and new CV).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.

Equitas Small Finance Bank - Earnings in Line Despite One-Offs; Business Growth Steady

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>Emkay Global Financial's research report onEquitas Small Finance Bank Equitas SFB continues to report subdued credit growth at 20% YoY mainly due to slower growth in the new CV and NBFC segments, which coupled with elevated funding cost has led to further deterioration in NIM by 20bps QoQ to 8.2%.</li><li>However, higher other income led to a 4% beat on PAT at Rs2.1bn/1.9% RoA.</li><li>The bank has made one-off additional provisions (Rs110mn) due to recognition of co-borrower as NPA, and ESOPs (Rs220mn), while reverse retirement provisions are to the tune of Rs80mn, adjusted for which PAT would have been higher at Rs2.3bn/RoA at 2.15%.</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.

Emkay Global Financial's research report onEquitas Small Finance Bank Equitas SFB continues to report subdued credit growth at 20% YoY mainly due to slower growth in the new CV and NBFC segments, which coupled with elevated funding cost has led to further deterioration in NIM by 20bps QoQ to 8.2%.However, higher other income led to a 4% beat on PAT at Rs2.1bn/1.9% RoA.The bank has made one-off additional provisions (Rs110mn) due to recognition of co-borrower as NPA, and ESOPs (Rs220mn), while reverse retirement provisions are to the tune of Rs80mn, adjusted for which PAT would have been higher at Rs2.3bn/RoA at 2.15%.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.

Equitas Small Finance Bank - Asset Quality, Margins Remain an Irritant

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 onEquitas Small Finance Bank Equitas SFB (Equitas) delivered 1.9% RoA in Q4FY24 and 2.0% in FY24 vs. 1.89% in FY23 – largely driven by credit cost normalisation on full year basis.</li><li>However, steady NIM contraction during FY24, due to rising cost of funds resulting from increasing rate cycle and higher proportion of fixed rate assets (~85%) raised concerns over RoA sustainability.</li><li>Nevertheless, we believe NIM has bottomed out at 8.2% and gradual repricing of asset book would help Equitas with a steady NIM trajectory going ahead.</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 onEquitas Small Finance Bank Equitas SFB (Equitas) delivered 1.9% RoA in Q4FY24 and 2.0% in FY24 vs. 1.89% in FY23 – largely driven by credit cost normalisation on full year basis.However, steady NIM contraction during FY24, due to rising cost of funds resulting from increasing rate cycle and higher proportion of fixed rate assets (~85%) raised concerns over RoA sustainability.Nevertheless, we believe NIM has bottomed out at 8.2% and gradual repricing of asset book would help Equitas with a steady NIM trajectory going ahead.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.

Buy Equitas Small Finance Bank; Target of Rs 120

India

Equitas Small Finance Bank Limited operates as a bank. The Bank offers savings accounts, fixed deposits, loans, debit and credit cards, investment, insurance, online services, and other related activities. Equitas Small Finance Bank serves clients in India.

Equitas Small Finance Bank  (EQUITASB IN)

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Equitas Small Finance Bank (EQUITASB IN)

Equitas Small Finance - PPoP in Line; Earnings Miss Due to Higher Floating Provisions

Motilal Oswal's research report on Equitas Small Finance Equitas SFB (EQUITASB) reported a 1QFY25 PAT of ~INR0.3b (-87% YoY), 85% lower than MOFSLe...

Motilal Oswal

Equitas Small Finance Bank Ltd - Asset Quality Headwinds To Hinder Growth

MFI portfolio growth was weak at 6% YoY and de-grew by 5% QoQ. Deposits growth was robust at 35/4% YoY/QoQ, primarily led by growth in TDs (+51/5%...

Axis Direct

Equitas Small Finance Bank - Earnings in Line Despite One-Offs; Business Growth Steady

Motilal Oswal's research report onEquitas Small Finance Bank Equitas SFB (EQUITASB) reported in-line earnings for 4QFY24 at INR2.08b (up 9.3% YoY).

Motilal Oswal

Equitas Small Finance Bank - Asset Quality, Margins Remain an Irritant

The bank has made one-off additional provisions (Rs110mn) due to recognition of co-borrower as NPA, and ESOPs (Rs220mn), while reverse retirement...

Emkay

Buy Equitas Small Finance Bank; Target of Rs 120

ICICI Securities research report onEquitas Small Finance Bank Equitas SFB (Equitas) delivered 1.9% RoA in Q4FY24 and 2.0% in FY24 vs. 1.89% in FY23

ICICI Securities Limited

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