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. 

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External broker reports(aggregated public sources)

Equity Bottom-Up

<p>City Union Bank (CUB) Q1FY22 performance was largely stable with asset quality in check. Stress was wellmanaged in a tough environment with restructuring at ~5.5% and slippage ratio of ~5%. Strong CASA growth of 22% resulted in the Cost of Funds declining by 6bps QoQ (4.09%),aiding NIM expansion by 14bps(3.86%).Loan growth was muted at 5% YoY. PPOP growth was aided by improved NII, and cost controls, up 8%/35% YoY/QoQ. G/NNPA rose by 48bps/52bps QoQ to 5.6%/3.5%.PCR is healthy at ~63%. Credit costs stood at ~1.7% in Q1FY22 vs ~2% in Q4FY21. PAT was up 12%/56% YoY/QoQ to Rs 1.7 Bn.</p><p>We maintain our BUY recommendation with a target price of Rs 195/share (2.2x FY23E ABV).</p><div class="content-highlight"><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></div>

City Union Bank (CUB) Q1FY22 performance was largely stable with asset quality in check. Stress was wellmanaged in a tough environment with restructuring at ~5.5% and slippage ratio of ~5%. Strong CASA growth of 22% resulted in the Cost of Funds declining by 6bps QoQ (4.09%),aiding NIM expansion by 14bps(3.86%).Loan growth was muted at 5% YoY. PPOP growth was aided by improved NII, and cost controls, up 8%/35% YoY/QoQ. G/NNPA rose by 48bps/52bps QoQ to 5.6%/3.5%.PCR is healthy at ~63%. Credit costs stood at ~1.7% in Q1FY22 vs ~2% in Q4FY21. PAT was up 12%/56% YoY/QoQ to Rs 1.7 Bn.We maintain our BUY recommendation with a target price of Rs 195/share (2.2x FY23E ABV).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.

City Union Bank: Stable Performance; Asset Quality In Check