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ICICI Securities Report
Q3 FY21 earnings for banking sector will be a true performance test on several counts - extent of stress recognition, downward net interest margin trajectory, normalisation of origination and collection and cost efficiency will differentiate players.
Key to watch out -
1. Financiers suggesting month-on-month improvement in collection efficiency and very low single digit restructuring - number print should echo this affirmative stance;
2. we expect stress recognition through actual slippages of 4-7%;
3. provisioning build-up (both on restructured and incremental stress) estimated at 2-4%;
4. interest income reversal and lower credit-deposit ratio will drag NIMs by approximately 15-20 basis points.
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