External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Equity Bottom-Up

Ujjivan Small Finance Bank  / Equity Bottom-Up

<ul><li>Ujjivan Small Finance Bank (UJJIVAN) hosted its Analyst Meet and cut its loan growth and credit cost guidance, primarily from the emerging headwinds in select pockets of its core MFI business (70% of loan book)</li><li>The bank continues to look to diversify its loan book by increasing its secured mix, largely through affordable housing and scale-up of new business such as 2W, micro-LAP, and gold loans</li><li>UJJIVAN revised its FY25 loan growth guidance to 20% (from earlier range of 20-25%), and its credit cost estimates upwards to ~1.7% (from earlier guidance of ~1.4%)</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.

Ujjivan Small Finance Bank (UJJIVAN) hosted its Analyst Meet and cut its loan growth and credit cost guidance, primarily from the emerging headwinds in select pockets of its core MFI business (70% of loan book)The bank continues to look to diversify its loan book by increasing its secured mix, largely through affordable housing and scale-up of new business such as 2W, micro-LAP, and gold loansUJJIVAN revised its FY25 loan growth guidance to 20% (from earlier range of 20-25%), and its credit cost estimates upwards to ~1.7% (from earlier guidance of ~1.4%)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.

Ujjivan Small Finance Bank: Profit Warning in Core MFI Business. Maintain BUY

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>Secured Businesses to steer healthy credit growth – UJSFB’s management expects credit growth to range between 20-25% in FY25E, with strong growth momentum visible across most segments.</li><li>Hereon, growth will be driven by the non-MFI segments with continued momentum in the Affordable Housing and FIG segment and pick-up in the MSME segment as the bank aims at improving the share of secured businesses to 40% over the next couple of years vs ~30% currently.</li><li>In the MFI portfolio, Individual loans will be a key growth driver largely aided by graduating group loan customers.</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.

Secured Businesses to steer healthy credit growth – UJSFB’s management expects credit growth to range between 20-25% in FY25E, with strong growth momentum visible across most segments.Hereon, growth will be driven by the non-MFI segments with continued momentum in the Affordable Housing and FIG segment and pick-up in the MSME segment as the bank aims at improving the share of secured businesses to 40% over the next couple of years vs ~30% currently.In the MFI portfolio, Individual loans will be a key growth driver largely aided by graduating group loan customers.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.

Ujjivan Small Finance Bank - Growth Not A Challenge

<ul><li>Disbursements grew by 15% YoY and de-grew by 3% QoQ, with flat growth in MFI and a 5% degrowth in the non-MFI segments.</li><li>Advances growth of 27/4% YoY/QoQ was driven by non-MFI loans (+24/7% YoY/QoQ), while MFI loans grew by 28/3% YoY/QoQ.</li><li>The share of MFI loans stood at 71% vs 72% 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 grew by 15% YoY and de-grew by 3% QoQ, with flat growth in MFI and a 5% degrowth in the non-MFI segments.Advances growth of 27/4% YoY/QoQ was driven by non-MFI loans (+24/7% YoY/QoQ), while MFI loans grew by 28/3% YoY/QoQ.The share of MFI loans stood at 71% vs 72% 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.

Ujjivan Small Finance Bank Ltd. - Growth Outlook Strong, Maintain BUY!

<ul><li>Disbursements grew by 18/9% YoY/QoQ, primarily led by non-MFI segments which grew by 37/21% YoY/QoQ.</li><li>MFI disbursements were up 13/5% YoY/QoQ. Strong Advances growth of 27/5% YoY/QoQ was driven by MFI loans (+32/5% YoY/QoQ), Affordable Housing (+32/11% YoY/QoQ) and FIG segment (+39/7% YoY/QoQ), while the MSE segment continued to de-grow</li><li>NII growth was strong by 24/4% YoY, led by strong advances growth, though margins contracted by 40bps QoQ and stood at 8.8%.</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 grew by 18/9% YoY/QoQ, primarily led by non-MFI segments which grew by 37/21% YoY/QoQ.MFI disbursements were up 13/5% YoY/QoQ. Strong Advances growth of 27/5% YoY/QoQ was driven by MFI loans (+32/5% YoY/QoQ), Affordable Housing (+32/11% YoY/QoQ) and FIG segment (+39/7% YoY/QoQ), while the MSE segment continued to de-growNII growth was strong by 24/4% YoY, led by strong advances growth, though margins contracted by 40bps QoQ and stood at 8.8%.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.

Ujjivan Small Finance Bank - Margin Contraction Sharper than Expected

<ul><li>Ujjivan SFB (UJSFB) has a diversified portfolio spread across Microfinance, Affordable Housing, MSME Loans, and FIG Lending.</li><li>The bank primarily caters to low and middle-income individuals and businesses in the metro and urban areas that have limited or no access to formal banking and finance channels.</li><li>UJSFB expects growth in the microfinance (MF) portfolio to remain buoyant, driven by an improved pace of customer addition and contribution from maturing branches</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.

Ujjivan SFB (UJSFB) has a diversified portfolio spread across Microfinance, Affordable Housing, MSME Loans, and FIG Lending.The bank primarily caters to low and middle-income individuals and businesses in the metro and urban areas that have limited or no access to formal banking and finance channels.UJSFB expects growth in the microfinance (MF) portfolio to remain buoyant, driven by an improved pace of customer addition and contribution from maturing branchesContent 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.

Pick of the Week - Ujjivan Small Finance Bank Ltd.

India

Ujjivan Small Finance Bank Limited operates as a bank. The Company offers various types of financial services such as saving account, deposits, loans, and insurance solutions. Ujjivan Small Finance Bank serves customers in India.

Ujjivan Small Finance Bank  (UJJIVANS IN)

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Ujjivan Small Finance Bank (UJJIVANS IN)

Ujjivan Small Finance Bank: Profit Warning in Core MFI Business. Maintain BUY

Ujjivan Small Finance Bank (UJJIVAN) hosted its Analyst Meet and cut its loan growth and credit cost guidance, primarily from the emerging...

HDFC Securities

Ujjivan Small Finance Bank - Growth Not A Challenge

UJSFB’s management expects credit growth to range between 20-25% in FY25E, with strong growth momentum visible across most segments.

Axis Direct

Ujjivan Small Finance Bank Ltd. - Growth Outlook Strong, Maintain BUY!

Advances growth of 27/4% YoY/QoQ was driven by non-MFI loans (+24/7% YoY/QoQ), while MFI loans grew by 28/3% YoY/QoQ.The share of MFI loans stood...

Axis Direct

Ujjivan Small Finance Bank - Margin Contraction Sharper than Expected

Disbursements grew by 18/9% YoY/QoQ, primarily led by non-MFI segments which grew by 37/21% YoY/QoQ. MFI disbursements were up 13/5% YoY/QoQ.

Axis Direct

Pick of the Week - Ujjivan Small Finance Bank Ltd.

Ujjivan SFB (UJSFB) has a diversified portfolio spread across Microfinance, Affordable Housing, MSME Loans, and FIG Lending.

Axis Direct

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