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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Thematic (Sector/Industry)

<ul><li>Healthy AUM growth: The NBFCs under our coverage reported healthy AUM growth led by strong demand across segments.</li><li>Owing to seasonal weakness, disbursements for most financiers (ex-Vehicle financiers) moderated on a QoQ basis.</li><li>Management commentary on growth momentum sustaining is reassuring.</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>

Healthy AUM growth: The NBFCs under our coverage reported healthy AUM growth led by strong demand across segments.Owing to seasonal weakness, disbursements for most financiers (ex-Vehicle financiers) moderated on a QoQ basis.Management commentary on growth momentum sustaining is reassuring.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.

Top Sector Ideas - Banking, Financial Services and Insurance (BFSI)

Equity Bottom-Up

<ul><li>Given Q1 is a seasonally soft quarter, HDFCB’s advances growth was flat QoQ (+1% QoQ).</li><li>Credit growth was driven by the Retail (+18%/4% YoY/QoQ) and the CRB (29%/3% YoY/QoQ) segment, while the corporate book de-grew by 1% QoQ.</li><li>As a merged entity, HDFCB’s advances grew by ~16% 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>

Given Q1 is a seasonally soft quarter, HDFCB’s advances growth was flat QoQ (+1% QoQ).Credit growth was driven by the Retail (+18%/4% YoY/QoQ) and the CRB (29%/3% YoY/QoQ) segment, while the corporate book de-grew by 1% QoQ.As a merged entity, HDFCB’s advances grew by ~16% 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.

HDFC Bank Ltd. - Inline Quarter; All Eyes on Post-Mergers Performance!

<ul><li>Relaxation in Priority Sector Lending (PSL)Compliance – RBI’s relaxation in terms of PSL compliance to HDFCB with only 1/3rd of HDFC’s O/S book to be considered in the 1st year of the merger, is a key positive.</li><li>This implies that at the effective date of merger, even though the ANBC would increase, the bank would have 12 months to comply with the PSL requirements on the added ANBC.</li><li>Assuming the merger concludes in Sep’23 (Q2FY24, management had indicated completion in Q2FY24 by Jul’23), the PSL requirement on HDFC’s ANBC will be effective from Q2FY25E.</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>

Relaxation in Priority Sector Lending (PSL)Compliance – RBI’s relaxation in terms of PSL compliance to HDFCB with only 1/3rd of HDFC’s O/S book to be considered in the 1st year of the merger, is a key positive.This implies that at the effective date of merger, even though the ANBC would increase, the bank would have 12 months to comply with the PSL requirements on the added ANBC.Assuming the merger concludes in Sep’23 (Q2FY24, management had indicated completion in Q2FY24 by Jul’23), the PSL requirement on HDFC’s ANBC will be effective from Q2FY25E.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.

HDFC Bank - RBI’s Clarifications Ease Merger Roadblocks!

<ul><li>Advances growth of 17/6% YoY/QoQ was driven by Retail (+19/5% YoY/QoQ) and CRB (+30/9% YoY/QoQ).</li><li>Retail advances growth was driven by Personal Loans (+23/4% YoY/QoQ), Gold Loans (+30/8% YoY/QoQ), and Home loans (+23/5% YoY/QoQ).</li><li>NII grew by 24/2% YoY/QoQ, and NIMs (reported) remained stable QoQ at ~4.1% and improved by ~20bps 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>

Advances growth of 17/6% YoY/QoQ was driven by Retail (+19/5% YoY/QoQ) and CRB (+30/9% YoY/QoQ).Retail advances growth was driven by Personal Loans (+23/4% YoY/QoQ), Gold Loans (+30/8% YoY/QoQ), and Home loans (+23/5% YoY/QoQ).NII grew by 24/2% YoY/QoQ, and NIMs (reported) remained stable QoQ at ~4.1% and improved by ~20bps 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.

HDFC Bank Ltd. - Elevated Opex Hurts PPOP; Aggressive Branch Expansion to Continue!

<div><div><div><div><ul><li>We expect the banks under our coverage to mirror the strong systemic credit growth, thereby delivering a robust ~17% YoY credit growth in Q4FY23.</li><li>On a segmental basis at a systemic level, consumer durables/personal loans/credit card outstanding have shown a robust growth of 39/21/30% YoY respectively.</li><li>Banks that have so far reported their provisional numbers for the quarter have witnessed a pick-up deposit growth, led by TD growth outpacing CASA deposit growth. </li></ul></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>

We expect the banks under our coverage to mirror the strong systemic credit growth, thereby delivering a robust ~17% YoY credit growth in Q4FY23.On a segmental basis at a systemic level, consumer durables/personal loans/credit card outstanding have shown a robust growth of 39/21/30% YoY respectively.Banks that have so far reported their provisional numbers for the quarter have witnessed a pick-up deposit growth, led by TD growth outpacing CASA deposit growth. 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.

Bfsi Q4fy23 Result Preview – yet Another Strong Quarter!

India

HDFC Bank Ltd. offers a wide range of services to the global corporate sector. The Bank provides corporate banking and custodial services and is active in the treasury and capital markets. HDFC also markets project advisory services and capital market products such as Global Deposit Receipts, Euro currency loans, and Euro currency bonds.

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HDFC Bank (HDFCB IN)

Top Sector Ideas - Banking, Financial Services and Insurance (BFSI)

The NBFCs under our coverage reported healthy AUM growth led by strong demand across segments .Owing to seasonal weakness, disbursements for most...

Axis Direct

HDFC Bank Ltd. - Inline Quarter; All Eyes on Post-Mergers Performance!

Credit growth was driven by the Retail (+18%/4% YoY/QoQ) and the CRB (29%/3% YoY/QoQ) segment, while the corporate book de-grew by 1% QoQ.

Axis Direct

HDFC Bank - RBI’s Clarifications Ease Merger Roadblocks!

RBI’s relaxation in terms of PSL compliance to HDFCB with only 1/3rd of HDFC’s O/S book to be considered in the 1st year of the merger, is a key...

Axis Direct

HDFC Bank Ltd. - Elevated Opex Hurts PPOP; Aggressive Branch Expansion to Continue!

Retail advances growth was driven by Personal Loans (+23/4% YoY/QoQ), Gold Loans (+30/8% YoY/QoQ), and Home loans (+23/5% YoY/QoQ).

Axis Direct

Bfsi Q4fy23 Result Preview – yet Another Strong Quarter!

We expect the banks under our coverage to mirror the strong systemic credit growth, thereby delivering a robust ~17% YoY credit growth in Q4FY23.

Axis Direct

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