BFSI Q4 Earnings Review - Eye On Credit Growth; Life Insurance Strong; AMCs Turning The Corner: Nirmal Bang
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Nirmal Bang Report
Banks under our coverage reported operating profit growth of 10.2% YoY in Q4 FY21 (up 2.5% QoQ), lower than the 13-16% YoY growth reported in the previous two quarters.
Housing finance companies continued to remain on a stronger footing given the favorable sector tailwinds.
Gold loan portfolio growth between Muthoot Finance Ltd. and Manappuram Finance Ltd. saw divergent trends, driven by underlying volume (tonnage, customers).
Life insurance companies reported aggregate annual premium equivalent growth of 37% YoY. Non-par savings products delivered strong growth.
Asset management companies under our coverage reported quarterly average assets under management growth of 13.1% YoY and 6.9% QoQ.
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