Axis Securities: Initiating Coverage On Small Finance Banks With A Positive View
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Axis Securities Report
We expand coverage on small finance banks and initiate on Equitas Small Finance Bank Ltd. and Ujjivan Small Finance Bank Ltd. with a positive view.
Both the banks are well positioned to gain from the small finance bank transition process, with most of the transitional risks now abated.
The transition has paved the way for both the banks to diversify their portfolio thus providing ample growth opportunities and improve their liability mix.
We expect the banks to have first movers advantage given the early commencement of business, as both banks have a more diversified product suite as compared to most other SFBs.
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