External broker reports(aggregated public sources), Sharekhan

Sharekhan

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External broker reports(aggregated public sources)

Equity Bottom-Up

AU Small Finance Bank Limited / Equity Bottom-Up

AU Small Finance Bank Limited (AUBANK IN)

<ul><li>Sharekhan's research report onAU Small Finance Bank Most importantly, the management was confident on the asset quality trends across its business verticals and laid down the road map for the merged entity over the next three years.</li><li>Credit cost across business verticals are converging to pre-COVID levels.</li><li>In the credit cards business, the effect of recalibration in underwriting is visible in early delinquency data for newer origination RoA/RoE to improve gradually over the next 3 years for the merged entity.</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>

Sharekhan's research report onAU Small Finance Bank Most importantly, the management was confident on the asset quality trends across its business verticals and laid down the road map for the merged entity over the next three years.Credit cost across business verticals are converging to pre-COVID levels.In the credit cards business, the effect of recalibration in underwriting is visible in early delinquency data for newer origination RoA/RoE to improve gradually over the next 3 years for the merged entity.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.

AU Small Finance Bank - All Eyes on Integration in near Term