In today’s briefing:
- Bank Mandiri (BMRI IJ) – Brimming with Convenience and Returns
- Siam Commercial Bank (SCB TB) – Traversing Generations
- Bandhan Bank | The Road Ahead
- Sporting Crypto – Sorare Announce £30m Per-Year Blockbuster Premier League Deal
Bank Mandiri (BMRI IJ) – Brimming with Convenience and Returns
- Bank Mandiri (BMRI IJ) finished the year with a strong showing of loan growth across the board driven by corporate and commercial loans but micro was also a feature.
- Both the bank’s consumer app under Livin’ and its digital corporate platform under Kopra continue to help drive CASA growth and transactions plus the bank is opening “smart” branches.
- Bank Mandiri (BMRI IJ) is optimistic about the outlook for loan growth and NIMs in 2023, with its digital initiatives continuing to gain traction and drive growth. Valuations are attractive.
Siam Commercial Bank (SCB TB) – Traversing Generations
- Siam Commercial Bank (SCB TB) booked a solid set of 4Q2022 results, with the first NIM expansion in two years and record high net interest income.
- The bank also provided details of its mothership strategy, which has now come to fruition, with the restructuring process now complete with its increasingly strong digital credentials becoming clearer.
- Siam Commercial Bank remains attractive on valuations and probably deserves to trade at a premium to peers given its digital credentials but more data may be required to get there.
Bandhan Bank | The Road Ahead
- Bandhan Bank Ltd (BANDHAN IN) reported weak earnings with a flat (-2%) Net Interest Income growth and a +91 YoY growth in provisions.
- Additional slippage continues to come primarily from the EEB portfolio. The overall advances recorded is 14% YoY growth driven by the Retail segment, including housing and MSME.
- Improvement in customer behaviour in terms of regularizing accounts is a critical component that needs to be verified and checked for the bank to move ahead.
Sporting Crypto – Sorare Announce £30m Per-Year Blockbuster Premier League Deal
- At long last — after months of rumours — Sorare and the English Premier League (EPL) have finally announced their exclusive multi-year deal thought to be worth £30m per year.
- For Sorare, this was the final piece to the puzzle. That final big deal in Soccer that they wanted to get over the line.
- Just over 4 years from inception, they now have deals in place with almost every top flight club and league in the world.
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