SBI Cards, Motilal Oswal Financial Services Q4 Reviews: HDFC Securities

BQ Blue’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 BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..HDFC Securities Institutional Equities.SBI Cards and Payment Services Ltd. - SBI Cards reported earnings 17% above our estimates due to lower-than expected provisioning (3.3% net credit costs) as the stress pool continued to subside (gross stage-II/III at 8.5%/2.2%). The business momentum continued to gain traction in terms of CIF (up 17% YoY), unit spends (up 32% YoY) and unit receivables (up 7% YoY) driving higher fee income (up 28% YoY). However, net interest margins remained under pressure at 13% (200 basis points below pre-Covid-19 levels) with a sub-optimal share of revolving loans at 25% (Q4 FY20: 40%). Motilal Oswal Financial Services Ltd. - Motilal Oswal Financial Services printed pure broking revenue (including net interest income on the margin trading facility book) in line with the estimate, driving capital markets adjusted profit after tax to Rs 1.5 billion (down 11% QoQ). The asset management company (excluding-wealth management) adjusted profit after tax beat was driven by strong traction from India Business Excellence Fund-IV in the private equity business; however, the portfolio management business continues to face redemptions..Click on the attachment to read the full report:.DISCLAIMERThis report is authored by an external party. BloombergQuint 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 BloombergQuint..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

SBI Cards, Motilal Oswal Financial Services Q4 Reviews: HDFC Securities

SBI Cards, Motilal Oswal Financial Services Q4 Reviews: HDFC Securities

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