Indian Banking Sector - Margin Expansion, Lower Credit Costs To Enhance Return Ratios: Systematix
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Systematix Research Report
The Indian banking industry is poised to witness a healthy rise in credit demand from the retail and micro, small and medium enterprise verticals.
We draw comfort from the characteristics of these verticals as they generate higher yields and are much more granular in terms of customer base and geography.
We prefer large private sector banks with a high retail credit composition and initiate coverage on Axis Bank Ltd., ICICI Bank Ltd., Kotak Mahindra Bank Ltd., HDFC Bank Ltd.
We prefer State Bank of India amongst public sector banks as it is the market leader in most retail credit segments and Federal Bank Ltd. amongst mid-sized regional banks as we expect steady growth in its credit book.
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