In today’s briefing:
- HDFC Bank: Steady Q4FY23 Results | Merger Update – RBI Concessions
- ECM Weekly (23rd Apr 2023) – Rakuten Bank, Merdeka, ZJLD, Mankind, Lalatech, IMotion, Anta, KIT
- Royal Bank of Canada: Initiation of Coverage – Canadian Banking Market Dynamics
- Toronto Dominion Bank: Initiation of Coverage – The Cowen Acquisition & Other Drivers
- Wells Fargo & Co: Initiation of Coverage – Banking Crisis Impact & Recent Developments
HDFC Bank: Steady Q4FY23 Results | Merger Update – RBI Concessions
- HDFC Bank (HDFCB IN) reported a steady and broadly in-line-with-expected Q4FY23 earnings. In particular, its growth in deposits at 8.7% QoQ was commendable.
- Advances also grew at a healthy pace of 6% QoQ. Retail advances grew 5% QoQ, while CRB (Commercial and Rural Banking) grew the most at 9.7% QoQ.
- Aided by low credit costs, HDFCB continues to invest in expanding its geographical and digital distribution to deepen its penetration.
ECM Weekly (23rd Apr 2023) – Rakuten Bank, Merdeka, ZJLD, Mankind, Lalatech, IMotion, Anta, KIT
- Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
- All eyes were on Rakuten Bank (5838 JP) listing this week. It didn’t disappoint, neither did Merdeka Battery Materials.
- Anta Sports Products (2020 HK) pulled off one of the largest placements so far in 2023, despite being net cash.
Royal Bank of Canada: Initiation of Coverage – Canadian Banking Market Dynamics
- This is our first report on the Royal Bank of Canada, one of the top 2 banks in the country.
- This quarter’s performance included significant capital markets revenue, led by excellent Global Markets results, as well as market share improvements in Investment Banking and origination operations across the sector.
- We initiate coverage on the stock of the Royal Bank of Canada with a ‘Buy’ rating.
Toronto Dominion Bank: Initiation of Coverage – The Cowen Acquisition & Other Drivers
- This is our first report on a major Canadian banker, Toronto Dominion Bank.
- In Q1, the bank had a good quarter and delivered an all-around beat.
- We initiate coverage on the stock of the Toronto Dominion Bank with a ‘Buy’ rating.
Wells Fargo & Co: Initiation of Coverage – Banking Crisis Impact & Recent Developments
- This is our first report on one of the American banking major, Wells Fargo.
- The company performed well in the quarter despite operating losses and managed an all-around beat.
- Increasing interest rates fueled a rapid rise in net interest income.
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