External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

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External broker reports(aggregated public sources)

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

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.

Equity Bottom-Up

Fedbank Financial Services / Equity Bottom-Up

<ul><li>Q2FY25 for Fedbank Financial Services (Fedfina) has been eventful with: 1) a change in top management; 2) RBI circular dated 4 Oct’24 (link) stressing upon carryout lending activities of similar products (except housing finance) under one entity [product overlap (Gold loans &amp; LAP) between Federal Bank and Fedfina]; and 3) its second consecutive quarter of elevated credit cost.</li><li>While some of these are transient, they do pose a risk on near-term profitability, especially given the ongoing stress in the sector.</li><li>So far, Fedfina has remained insulated from system stress in unsecured loans, evident in GNPL of &lt;1% for last eight quarters.</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>

Q2FY25 for Fedbank Financial Services (Fedfina) has been eventful with: 1) a change in top management; 2) RBI circular dated 4 Oct’24 (link) stressing upon carryout lending activities of similar products (except housing finance) under one entity [product overlap (Gold loans &amp; LAP) between Federal Bank and Fedfina]; and 3) its second consecutive quarter of elevated credit cost.While some of these are transient, they do pose a risk on near-term profitability, especially given the ongoing stress in the sector.So far, Fedfina has remained insulated from system stress in unsecured loans, evident in GNPL of &lt;1% for last eight quarters.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.

Fedbank Financial Services - Second Consecutive Quarter of Elevated Credit Cost