Axis Bank, HDFC Bank, ICICI Bank, SBI Gets 'Buy' From DRChoksey After Q3 Results — Here's Why

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Deven Choksey Report

The banking sector reported a mixed quarter, with moderation in margins, elevated credit costs, and soft business momentum.

Net interest margins continued to decline, impacted by the rising cost of deposits and increased competition for funds, as seen across private and public sector banks.

Credit growth moderated across segments, with corporate lending witnessing a sluggish recovery due to a subdued capex cycle and pricing pressures in large-ticket loans.

We remain positive on ICICI Bank and SBI, given their strong ability to navigate macroeconomic challenges. Both banks exhibit healthy business momentum, stable asset quality, and superior return ratios, positioning them well to outperform in a challenging environment.

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