NDTV Profit's special research section collates quality and in-depth equity and economy research reports from across India's top brokerages, asset managers and research agencies. These reports offer NDTV Profit's subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Yes Securities Report
Ujjivan Small Finance Bank Ltd. delivered a beat of 10% on our profit after tax estimate for the quarter, despite a 4% miss on net interest margin, on the back of 3% QoQ decline in opex (essentially on lower non-employee cost) and better-than-expected credit cost (gross non-performing loan coverage was maintained though).
The moderated loan growth performance (gross loan book up 1% QoQ/18.7% YoY) was underpinned by cautious disbursement/new customer acquisition approach in Micro Banking (GL/IL disbursement down 21-23% QoQ) and transitory impact on affordable housing disbursements (down 39% qoq) due to alignment with RBI's April-end circular.
Ujjivan SFB's deposit growth was healthy (3.3% QoQ/22% YoY) aided by sustained robust traction in Retail TD (substantial wholesale deposits were redeemed in the quarter). Current account and savings account deposits were maintained in absolute terms despite challenging market conditions and no change in SA rate structure.
Click on the attachment to read the full report:
DISCLAIMER
This report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit.
Users have no license to copy, modify, or distribute the content without permission of the Original Owner.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
