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Systematix Research Report
We expect private banks to outperform public sector banks in terms of balance-sheet growth and margin expansion in Q3 FY22. A gradual rise in G-Sec yields would not have represented capital gains in fixed-income papers for banks (particularly PSBs), but it could support banks on the establishment cost front due to lower estimated terminal benefit expense.
We build in a higher net delinquency rate (sequentially) due to negligible/much lower credit restructuring and normalised non performing asset recoveries. We expect our banking coverage universe to report 12%/8%/6% YoY growth in average working funds/net interest income/pre-provision operating profit, respectively.
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