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ICICI Securities Report
The new appointment is very much on expected lines; Reserve Bank of India has approved the appointment of Mr. Sashidhar Jagdishan as Managing Director and Chief Executive Officer taking over the charge from Mr. Aditya Puri with effect from October 27, 2020, for a period of three years.
Mr. Jagdishan was strategically positioned as the preferred choice and this is what street was factoring in. His appointment would lend certainty to the stability of business as usual.
On operating metrics retail loan yields have risen by 30 basis points to 11.4% - more led by growth in high-yielding segment, thereby improving retail net interest margins (NIMs).
Wholesale yields have been stable at 8.5% and wholesale NIMs sustained the past averages of 1.9%. The fee income in retail hovered around approximately 2.2% (of loans) and wholesale was stable at 0.4%; however non-interest income (ex of fee income) had an incremental delta of Rs10 billion in wholesale segment.
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