Silver Point

Thomas J. Monaco

Independent Insight Provider

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

Equity Bottom-Up

* Capital Hole Has Been Dug: Punjab National Bank (PNB.IN) is in desperate need of a INR 550 bn capital infusion post the Nirav Modi fraud; this amounts to 134% of stated equity, in our view.* No Credible Plan in Place: Despite knowing of this fraud for several months, PNB nor the government would appear to have any form of credible bailout plan in place. On top of the interest reversals associated from this fraud, we find that the bank is seeing additional pressures on funding costs while…

* Capital Hole Has Been Dug: Punjab National Bank (PNB.IN) is in desperate need of a INR 550 bn capital infusion post the Nirav Modi fraud; this amounts to 134% of stated equity, in our view.* No Credible Plan in Place: Despite knowing of this fraud for several months, PNB nor the government would appear to have any form of credible bailout plan in place. On top of the interest reversals associated from this fraud, we find that the bank is seeing additional pressures on funding costs while…

Punjab National Bank – That Sinking Feeling

Specialist in Indian Banking and Economic Research

Hemindra Hazari

In the sordid saga of Chanda Kochhar’s conflict of interest, the conduct of the independent directors of ICICI Bank, including its chairman, M.K. Sharma has come under a very dark cloud. But what has come under an even darker cloud is the absence of two directors from the recent ICICI board meeting held to announce the results. The missing two were the government nominee-director and the chairman of Life Insurance Corporation of India (LIC), who represents the interests of LIC’s policy-holders on the ICICI board. Having remained mum or gone along during the CEO’s long reign of error, their decision now to stay away fails to serve either the interests of the bank or the interests they represent.

In the sordid saga of Chanda Kochhar’s conflict of interest, the conduct of the independent directors of ICICI Bank, including its chairman, M.K. Sharma has come under a very dark cloud. But what has come under an even darker cloud is the absence of two directors from the recent ICICI board meeting held to announce the results. The missing two were the government nominee-director and the chairman of Life Insurance Corporation of India (LIC), who represents the interests of LIC’s policy-holders on the ICICI board. Having remained mum or gone along during the CEO’s long reign of error, their decision now to stay away fails to serve either the interests of the bank or the interests they represent.

ICICI Bank Nominee Directors: Absent Without Valid Reason

Senior investment analyst

Pallavi Deshpande

<a href="https://www.smartkarma.com/entities/547" target="_blank" data-smartkarma-citation="entities:547:1">ICICI Bank Ltd (ICICIBC IN)</a> Q4FY18 results were in line with consensus expectations. We believe management was on the defensive during the analyst call given the conflict of interest allegations against its CEO. Management prepared remarks for the call were more focussed on the bank's achievements in building out a strong liability franchise over the last 3 years than the results.<h2>NIM and fee performance better-than-expected</h2>NIM grew14 bps QoQ in the domestic book, which was better-than-peers (…

ICICI Bank Ltd (ICICIBC IN) Q4FY18 results were in line with consensus expectations. We believe management was on the defensive during the analyst call given the conflict of interest allegations against its CEO. Management prepared remarks for the call were more focussed on the bank's achievements in building out a strong liability franchise over the last 3 years than the results.NIM and fee performance better-than-expectedNIM grew14 bps QoQ in the domestic book, which was better-than-peers (…

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

Thematic (Sector/Industry)

The question is somewhat rhetorical. Perhaps the customer experience will be better at private banks than government banks, in India. The story may be similar for capital levels and non-performing loans (NPLs). But the figures are not completely one-sided. We believe that the long-held view that India’s private banks are so incredibly superior to India’s government banks begins to fall flat when we examine the pace of NPL formation. This applies not only to new NPLs from worsening credit…

The question is somewhat rhetorical. Perhaps the customer experience will be better at private banks than government banks, in India. The story may be similar for capital levels and non-performing loans (NPLs). But the figures are not completely one-sided. We believe that the long-held view that India’s private banks are so incredibly superior to India’s government banks begins to fall flat when we examine the pace of NPL formation. This applies not only to new NPLs from worsening credit…

India Banks – Are Private Banks Really Better than Government Banks?

* Not a Pretty Girl: ICICI Bank's (ICICIBANK.IN/IBN.US) [ICICI] stated NPLs amount to 10.6%; reserve cover is too light by INR 325 bn; and complying with regulatory capital standards will be a challenge. NIMs and growth will be a challenge on a go forward basis as well.* Awful FYE 4Q18 Results: Excluding the INR 26.9 bn net gain associated with a stake sale in ICICI Securities (ISEC.IN) and other losses, ICICI’s core operating result would have been staunchly negative at INR 12.7 bn – an…

* Not a Pretty Girl: ICICI Bank's (ICICIBANK.IN/IBN.US) [ICICI] stated NPLs amount to 10.6%; reserve cover is too light by INR 325 bn; and complying with regulatory capital standards will be a challenge. NIMs and growth will be a challenge on a go forward basis as well.* Awful FYE 4Q18 Results: Excluding the INR 26.9 bn net gain associated with a stake sale in ICICI Securities (ISEC.IN) and other losses, ICICI’s core operating result would have been staunchly negative at INR 12.7 bn – an…

India

ICICI Bank Limited operates as a bank. The Bank offers saving accounts, loans, debit, credit cards, insurance, investments, mortgages, and online banking services. ICICI Bank serves customers worldwide.

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ICICI Bank Ltd (ICICIBC IN)

Punjab National Bank – That Sinking Feeling

* Capital Hole Has Been Dug: Punjab National Bank (PNB.IN) is in desperate need of a INR 550 bn capital infusion post the Nirav Modi fraud; this...

Thomas J. Monaco

ICICI Bank Nominee Directors: Absent Without Valid Reason

In the sordid saga of Chanda Kochhar’s conflict of interest, the conduct of the independent directors of ICICI Bank, including its chairman, M.K....

Hemindra Hazari

ICICI Bank: Baptised by RBI

ICICI Bank Ltd (ICICIBC IN) Q4FY18 results were in line with consensus expectations. We believe management was on the defensive during the analyst...

Pallavi Deshpande

India Banks – Are Private Banks Really Better than Government Banks?

The question is somewhat rhetorical. Perhaps the customer experience will be better at private banks than government banks, in India. The story may...

Daniel Tabbush

ICICI Bank – Taking the Lipstick Off

* Not a Pretty Girl: ICICI Bank's (ICICIBANK.IN/IBN.US) [ICICI] stated NPLs amount to 10.6%; reserve cover is too light by INR 325 bn; and...

Thomas J. Monaco

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