External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

<div><div><div><div><ul><li>Higher EBLR-linkage places the bank favorably: In the current increasing interest rate environment, ICICI Bank seems well placed given that its loan book has 48% linkage to EBLR compared to 22-46% for most other banks under our coverage.</li></ul><div><div><div><div><ul><li>Large Cap banks better placed to transmit systemic rate movements: We had outlined in our note that we see Large Cap banks being better placed in the current rising interest rate cycle given that they are more flexible, nimbler and overall better placed in terms of their ability to transmit systemic rate movements.</li></ul><div><div><div><div><ul><li>Expect well-rounded growth given bank’s strong market share: Overall, we expect system credit growth to be well-rounded. Retail growth is expected to be supported by increasing penetration across sub-segments such as mortgages and unsecured loans.</li></ul></div></div></div></div></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>

Higher EBLR-linkage places the bank favorably: In the current increasing interest rate environment, ICICI Bank seems well placed given that its loan book has 48% linkage to EBLR compared to 22-46% for most other banks under our coverage.Large Cap banks better placed to transmit systemic rate movements: We had outlined in our note that we see Large Cap banks being better placed in the current rising interest rate cycle given that they are more flexible, nimbler and overall better placed in terms of their ability to transmit systemic rate movements.Expect well-rounded growth given bank’s strong market share: Overall, we expect system credit growth to be well-rounded. Retail growth is expected to be supported by increasing penetration across sub-segments such as mortgages and unsecured loans.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.

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund 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.

Thematic (Sector/Industry)

<div><div><div><ul><li>Accelerated rate hike; more in the offing: In its response to a stubborn and elevated inflation print, the RBI has now effected an accelerated cumulative 90bps repo rate hike over the past few weeks.</li><li>Near-total pass-through a surprise; near-term margin-accretive: Unlike earlier up-cycles in the past, the sharp pace of rate normalisation is margin- accretive for banks in the near-term, especially given early-stage monetary transmission.</li></ul></div><div><div><div><ul><li>MCLR transmission to significantly lag EBLR transmission: At a system- wide level, ~20-30% of the aggregate loans are currently anchored to MCLR while 40% of the loans are anchored to EBLR.</li></ul></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>

Accelerated rate hike; more in the offing: In its response to a stubborn and elevated inflation print, the RBI has now effected an accelerated cumulative 90bps repo rate hike over the past few weeks.Near-total pass-through a surprise; near-term margin-accretive: Unlike earlier up-cycles in the past, the sharp pace of rate normalisation is margin- accretive for banks in the near-term, especially given early-stage monetary transmission.MCLR transmission to significantly lag EBLR transmission: At a system- wide level, ~20-30% of the aggregate loans are currently anchored to MCLR while 40% of the loans are anchored to EBLR.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 - Sector Update - New Normal Rate Cycle; Brace for Transmission Effects

<div><div><div><ul><li>ICICI Bank (ICICIBC) delivered yet another strong quarter, with superior all- round balance sheet metrics (growth and asset quality), reflecting in +59% YoY growth in net profit.</li></ul><div><div><ul><li>The bank continued to gain traction on both sides of the balance sheet, with average CASA clocking 45% and YoY loan growth at 17%.</li></ul><div><div><div><ul><li>Net slippages were negative, resulting in negligible credit costs (adjusted for contingent provisions), as the stressed pool (restructured portfolio at 1%, BB &amp; below portfolio at 1.3%) declined 40bps sequentially.</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>

ICICI Bank (ICICIBC) delivered yet another strong quarter, with superior all- round balance sheet metrics (growth and asset quality), reflecting in +59% YoY growth in net profit.The bank continued to gain traction on both sides of the balance sheet, with average CASA clocking 45% and YoY loan growth at 17%.Net slippages were negative, resulting in negligible credit costs (adjusted for contingent provisions), as the stressed pool (restructured portfolio at 1%, BB &amp; below portfolio at 1.3%) declined 40bps sequentially.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 Bank - Pulling Further into the Lead; Happy Trade-Offs Ahead

<ul><li>ICICI Bank: ICICI Bank (ICICIBC) delivered yet another strong quarter, with superior all-round balance sheet metrics (growth and asset quality), reflecting in +59% YoY growth in net profit</li><li>The bank continued to gain traction on both sides of the balance sheet, with average CASA clocking 45% and YoY loan growth at 17%</li><li>Net slippages were negative, resulting in negligible credit costs (adjusted for contingent provisions), as the stressed pool (restructured portfolio at 1%, BB &amp; below portfolio at 1.3%) declined 40bps sequentially</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>

ICICI Bank: ICICI Bank (ICICIBC) delivered yet another strong quarter, with superior all-round balance sheet metrics (growth and asset quality), reflecting in +59% YoY growth in net profitThe bank continued to gain traction on both sides of the balance sheet, with average CASA clocking 45% and YoY loan growth at 17%Net slippages were negative, resulting in negligible credit costs (adjusted for contingent provisions), as the stressed pool (restructured portfolio at 1%, BB &amp; below portfolio at 1.3%) declined 40bps sequentiallyContent 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 Bank: Pulling Further into the Lead; Happy Trade-Offs Ahead

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>ICICI Bank (ICICIBC) reported yet another strong performance in Q4FY22 with a 59% YoY earnings growth, driven by 21% YoY growth in PPOP and a sharp decline of 63% YoY in provisions.</li><li>The company’s NII growth was robust at 21% YoY, supported by a healthy loan book growth of 17% YoY and marginal NIM expansion (4% vs 3.96% in Q3FY22).</li><li>We maintain a BUY rating on the stock with a revised target price of Rs 1,000 (SOTP basis core book at 2.8x FY24E ABV and Rs 173 Subsidiary Value), implying an upside of 34% from CMP.</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>

ICICI Bank (ICICIBC) reported yet another strong performance in Q4FY22 with a 59% YoY earnings growth, driven by 21% YoY growth in PPOP and a sharp decline of 63% YoY in provisions.The company’s NII growth was robust at 21% YoY, supported by a healthy loan book growth of 17% YoY and marginal NIM expansion (4% vs 3.96% in Q3FY22).We maintain a BUY rating on the stock with a revised target price of Rs 1,000 (SOTP basis core book at 2.8x FY24E ABV and Rs 173 Subsidiary Value), implying an upside of 34% from CMP.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 Bank Ltd: Outperformance Continues; Maintain BUY

India

ICICI Bank Limited operates a network of banks located throughout India. The Group specializes in retail and corporate banking, in addition to Forex and treasury operations. ICICI Bank also provides a wide variety of investment banking, insurance and financial services to its clients.

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Icici Bank Ltd Spon Adr (IBN US)

ICICI Bank - Best Placed

We reiterate ICICI Bank as our top pick in the banking space given the visibility of 2% ROA by FY24E on the back of 21% CAGR in net profit over...

Nirmal Bang

BFSI - Sector Update - New Normal Rate Cycle; Brace for Transmission Effects

Signalling its serious intent to rein in a galloping inflation, the RBI announced a 50bps repo rate hike in its monetary policy meeting

HDFC Securities

ICICI Bank - Pulling Further into the Lead; Happy Trade-Offs Ahead

ICICI Bank: ICICI Bank (ICICIBC) delivered yet another strong quarter, with superior all-round balance sheet metrics (growth and asset quality),...

HDFC Securities

ICICI Bank: Pulling Further into the Lead; Happy Trade-Offs Ahead

ICICI Bank (ICICIBC) delivered yet another strong quarter, with superior all-round balance sheet metrics (growth and asset quality), reflecting in...

HDFC Securities

ICICI Bank Ltd: Outperformance Continues; Maintain BUY

We maintain a BUY rating on the stock with a revised target price of Rs 1,000 (SOTP basis core book at 2.8x FY24E ABV and Rs 173 Subsidiary Value),...

Axis Direct

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