Q3FY24 Earnings Review

Institutional Research
India I BFSI
15 February 2024

Banking sector NIFTY 50: 21,840

Keeping a close eye on LDR and credit cost BSE Sensex: 71,823

At the beginning of the 3QFY24, banks encountered two significant challenges: a Stock price performance (%)*
tightening of NIMs due to an increase in CoF, and a high LDR coupled with intense Company Name 1 Mth 3 Mth 6 Mth 1 Yr
competition for deposits. However, amidst these challenges, banks benefited from AU Small Finance (23.5) (19.0) (16.4) (6.9)
robust credit demand and relatively low credit costs. Regarding advances, all banks Equitas (11.4) 4.2 16.9 67.2
(coverage universe) performed satisfactorily, aligning with management growth Ujjivan (8.2) (4.9) 10.8 100.4
projections of 20-25%. Additionally, many banks improved their LDRs on YTD basis, Suryoday (6.4) 0.0 (10.5) 59.8
with Equitas particularly noteworthy for achieving the most significant reduction RBL Bank Ltd (13.3) 3.2 13.5 52.6
(YTD -1100 bps). While most banks managed to maintain NIMs (calc) sequentially, IDFC First Bank Ltd (6.8) (6.4) (8.3) 40.7
barring AU and Ujjivan witnessing NIMs compression. However, Suryoday stood out Source: Bloomberg; *as on 14th Feb 2024
as an exception with NIMs expansion (up 40bps/60bps YoY/QoQ). Also, across our
coverage universe, banks faced pressure on operating expenses, leading to higher CTI Rating and Target prices
ratios, except for Equitas (down 150bps QoQ) and Suryoday (down 380bps QoQ). Company Rating Price* (Rs) TP (Rs)
Furthermore, there was a normalization in the asset quality cycle during this quarter, AUBANK Add 594 764
resulting in a sequential increase in provisioning costs across the board. EQSFB Buy 101 123
Consequently, earnings growth lagged behind PPoP growth for all banks. UJJIVAN Buy 55 64
Operating performance metrics highlight mixed performance SURYODAY Buy 166 252

Our coverage universe experienced robust YoY growth in advances, averaging 26%, IDFC Buy 81 100

(the range of 20% to 35%), aligning with management guidance. Consequently, NII RBL Buy 254 337
Source: Centrum Research Estimates,*as on 14th Feb 2024
growth was strong for the quarter. Additionally, according to management
commentary, the repricing of deposits is mostly completed, and banks anticipate no
significant further increase in the CoF. Banks faced upward pressure on operating Nifty 50 vs Nifty Bank
expenses, leading to higher CTI ratios, except for Equitas (down 150 bps QoQ) and 250
NIFTY 50
Suryoday (down 380 bps QoQ). Furthermore, deposits showed healthy growth, 210
increasing by 30% on average (ranging from 13% to 38%). LDR levels remained elevated 170
at an average of 93%, with marginal increase sequentially. Equitas stood out for its 130
remarkable performance in reducing LDR, with a QoQ and YTD decrease of 300 and Nifty BANK
90
1100 bps, respectively.
50
Asset quality saw deterioration with increase in gross slippages Feb-20 Oct-20 Jun-21 Feb-22 Oct-22 Jun-23 Feb-24

In contrast to recent trends, this quarter saw a return to normalcy in asset quality, Source: Bloomberg
resulting in a sequential increase in credit costs across the board. Gross slippages also
rose sequentially for all banks except IDFCBK. Several factors contributed to this uptick:
firstly, the occurrence of multiple state elections during the quarter; secondly, the loan
waiver movements in Punjab and Haryana, particularly affecting the MFI segment; and
thirdly, flash floods in Tamil Nadu. The most significant negative surprise came from
AUBANK, which experienced higher credit costs (up 70 bps YoY and 25 bps QoQ),
contrary to its historical track record of maintaining pristine asset quality. It's
noteworthy that management commentary across the board has indicated that these
issues are largely resolved, with collection efficiencies back on track. Despite
delivering a reduction in LDR and elevated credit costs, Equitas managed to achieve a
2% QoQ earnings growth and 2% RoA. Similarly, Suryoday demonstrated robust
performance by an impressive 14% QoQ growth in earnings. Notably, bank also
increased its PCR by 400 bps QoQ, and continued investing in CGFMU cover.
RBL and Equitas are our top picks
We continue to maintain our constructive view on SFB space given strong sectoral
tailwinds, better equipped to protect NIMs and interest rate peak in sight. This entails
investing in both a well-managed SFB that is currently trading at reasonable valuation
with potential for a re-rating (EQSFB – 1.5x1HFY26E ABV, which will at least ensure
BFSI

book value compounding), as well as SFB that is undergoing a turnaround process

(Suryoday – 0.8 x 1HFY26E ABV, a comforting factor), which has the potential to deliver
higher returns if its recovery efforts prove successful. In non SFB space we like RBL Shailesh Kanani
Research Analyst, BFSI
given its retailisation of balance sheet (both on asset and liability side) and +91-22-4215 9001
shailesh.kanani@centrum.co.in
undemanding valuations (0.9x P/ABV on 1HFY26) and improving RoAs (1.2% FY26E).

Please see Appendix for analyst certifications and all other important disclosures.
Banking sector 15 February 2024

Exhibit 1: 3QFY24 Quarterly review

NII (Rs mn) PPoP (Rs mn) PAT (Rs mn) YoY change (Calc, bps) QoQ change (Calc, bps)
Company
3QFY24 % YoY % QoQ 3QFY24 % YoY % QoQ 3QFY24 % YoY % QoQ NIMs CTI Credit cost* NIMs CTI Credit cost*
AUBANK 13,249 14.9 6.1 6,571 18.2 1.4 3,752 (4.5) (6.6) (77) 136 77 (16) 165 25
EQSFB 7,851 21.3 2.6 3,603 29.1 9.1 2,020 18.7 1.9 41 ((226) 28 (5) (150) 23
Ujjivan 8,599 23.4 4.4 4,573 17.6 (5.4) 3,001 2.3 (8.4) (120) 276 102 (32) 399 22
Suryoday 2,457 33.9 11.1 1,142 80.5 21.0 572 217.0 13.8 42 (811) (76) 63 (378) 59
Utkarsh 4,823 22.6 9.2 2,562 22.2 7.8 1,161 24.1 1.4 (247) (1) (109) 11 21 (16)
IDFC 42,872 30.5 8.5 15,846 24.1 4.9 7,321 18.7 (2.0) 34 147 22 1 89 25
RBL^ 15,466 21.2 4.8 4,581 33.4 1.6 2,449 8.9 (26.0) 37 (279) (85) 16 152 52
Source: Companies, Centrum Broking; *Annualised figure; ^ For RBL we have excluded that one off effect in credit cost figure

Exhibit 2: Valuations Summary

EPS(Rs.) ABVPS (Rs) RoAA (%) RoAE (%)
Company
FY23A FY24E FY25E FY26E FY23A FY24E FY25E FY26E FY23A FY24E FY25E FY25E FY23A FY24E FY25E FY23A
AUBANK 21.4 23.5 28.8 38.1 159.7 179.2 201.4 232.7 1.8 1.6 1.5 1.6 15.5 13.4 14.4 16.4
EQSFB 5.2 7.2 9.2 12.5 43.6 48.9 56.0 66.5 1.9 2.0 2.0 2.1 12.2 14.6 16.2 18.8
UJJIVAN 5.6 6.5 6.7 8.6 21.5 27.0 32.0 39.2 3.9 3.4 2.9 2.8 33.7 28.0 23.3 23.9
SURYODAY 7.3 19.6 26.0 29.8 140.5 160.1 187.2 216.6 0.9 1.9 2.0 1.9 5.0 12.3 14.2 14.1
IDFC 0.2 3.7 4.3 5.6 37.1 42.7 47.0 53.8 1.1 1.1 1.1 1.4 10.1 10.6 11.6 15.5
RBL 15.3 21.1 25.9 38.4 212.7 233.7 255.0 284.0 0.8 1.0 1.0 1.2 7.1 9.0 10.1 13.3

P/E (x) PABV (x) P/BV (x)

Company CMP (Rs) Rating TP (Rs)
FY23A FY24E FY25E FY26E FY23A FY24E FY25E FY26E FY23A FY24E FY25E FY26E
AUBANK 594 Add 764 27.7 25.3 20.6 15.6 3.6 3.2 2.8 2.4 3.7 3.3 2.9 2.6
EQSFB 101 Buy 123 19.5 14.0 11.0 8.1 2.3 2.1 1.8 1.5 2.2 1.9 1.7 1.4
UJJIVAN 55 Buy 64 9.8 8.6 8.2 6.5 2.6 2.1 1.7 1.4 2.6 2.0 1.7 1.4
SURYODAY 166 Buy 252 22.7 8.5 6.4 5.6 1.2 1.0 0.9 0.8 1.1 1.0 0.8 0.7
IDFC 81 Buy 100 21.9 18.8 14.5 9.5 2.2 1.9 1.7 1.5 2.1 1.8 1.6 1.4
RBL 254 Buy 337 15.3 21.1 25.9 38.4 1.2 1.1 1.0 0.9 1.1 1.0 0.9 0.8
Source: Companies, Centrum Broking

Centrum Institutional Research 2

Banking sector 15 February 2024

Exhibit 3: Key financial metrics

NII (Rs. Mn) AUBANK EQSFB Ujjivan Suryoday Utkarsh IDFC RBL
FY18 9,405 8,625 8,630 1,637 2,674 19,725 18,206
FY19 13,426 11,536 11,083 3,388 4,988 32,053 25,414
FY20 19,089 14,972 16,357 4,905 7,282 60,120 38,939
FY21 23,654 17,999 17,304 4,105 8,392 73,830 41,364
FY22 32,341 20,403 17,753 5,845 10,609 97,076 42,966
FY23 44,253 25,447 26,979 7,466 15,290 1,26,372 48,709
FY24E 52,501 31,202 34,142 9,614 NA 1,65,642 61,101
FY25E 66,355 39,350 41,196 12,473 NA 2,07,050 75,188
FY26E 88,439 49,773 52,518 15,099 NA 2,68,732 97,145
FY18-23 CAGR (%) 36% 24% 26% 35% 42% 45% 22%
FY23-26E CAGR (%) 26% 25% 25% 26% NA 29% 26%

Opex (Rs. Mn) AUBANK EQSFB Ujjivan Suryoday Utkarsh IDFC RBL
FY18 7,526 8,811 6,529 1,314 2,356 17,969 15,481
FY19 10,826 10,085 10,034 1,935 3,263 34,913 20,439
FY20 14,179 11,801 13,186 2,721 4,765 57,648 31,031
FY21 16,429 13,294 12,301 3,286 5,451 70,529 30,711
FY22 24,128 17,041 14,964 4,131 7,337 95,967 39,942
FY23 34,403 20,383 18,021 5,065 9,900 1,21,082 51,348
FY24E 43,408 24,277 22,762 7,241 NA 1,61,809 60,297
FY25E 55,310 28,862 28,702 9,097 NA 2,02,715 71,758
FY26E 72,291 35,242 35,866 11,312 NA 2,51,564 86,479
FY18-23 CAGR (%) 36% 18% 23% 31% 33% 46% 27%
FY23-26E CAGR (%) 28% 20% 26% 31% NA 28% 19%

PPOP (Rs. Mn) AUBANK EQSFB Ujjivan Suryoday Utkarsh IDFC RBL
FY18 5,759 2,226 3,216 704 756 12,955 13,413
FY19 7,219 4,280 3,110 2,122 2,305 5,662 19,385
FY20 11,972 5,995 6,393 3,058 3,503 19,697 27,089
FY21 21,435 8,885 8,027 1,583 4,190 25,415 29,400
FY22 18,150 8,737 5,921 2,649 5,119 32,836 26,539
FY23 20,195 11,760 14,850 3,375 8,383 48,821 22,431
FY24E 25,857 13,911 18,945 4,430 NA 63,249 30,843
FY25E 32,482 18,522 21,227 5,941 NA 81,051 39,807
FY26E 42,795 24,776 27,679 6,928 NA 1,15,928 54,277
FY18-23 CAGR (%) 29% 39% 36% 37% 62% 30% 11%
FY23-26E CAGR (%) 28% 28% 23% 27% NA 33% 34%

PAT (Rs. Mn) AUBANK EQSFB Ujjivan Suryoday Utkarsh IDFC RBL
FY18 2,920 338 89 101 (630) 8,799 6,392
FY19 3,810 2,125 2,011 866 939 13,750 8,614
FY20 7,976 2,455 3,520 1,109 1,868 8,166 5,002
FY21 11,862 3,861 102 119 1,118 4,832 5,295
FY22 11,298 2,823 (4,138) (930) 615 1,323 -1,662
FY23 14,279 5,734 10,999 777 4,045 23,708 9,195
FY24E 15,696 8,017 12,653 2,082 NA 30,483 12,663
FY25E 19,245 10,242 13,189 2,762 NA 39,371 15,534
FY26E 25,462 13,946 16,745 3,164 NA 60,145 23,014
FY18-23 CAGR (%) 37% 76% 162% 50% nm 22% 8%
FY23-26E CAGR (%) 21% 34% 15% 60% NA 36% 36%

Centrum Institutional Research 3

Banking sector 15 February 2024
Advances (Rs. Mn) AUBANK EQSFB Ujjivan Suryoday Utkarsh IDFC RBL
FY18 1,52,300 77,880 75,600 15,960 32,101 7,30,550 4,02,680
FY19 2,41,650 1,17,050 1,10,490 29,704 47,256 11,04,000 5,43,070
FY20 3,08,720 1,53,670 1,41,530 37,108 62,816 10,70,040 5,80,190
FY21 3,76,880 1,79,248 1,51,400 42,060 84,157 11,71,270 5,86,230
FY22 4,78,310 2,05,972 1,81,602 50,531 1,06,307 12,90,510 6,00,220
FY23 5,91,570 2,78,605 2,40,860 61,150 1,39,571 16,05,990 7,02,100
FY24E 7,64,212 3,51,505 3,18,280 81,982 NA 20,01,259 8,56,274
FY25E 9,87,689 4,50,507 4,13,765 1,06,570 NA 25,25,861 10,53,218
FY26E 12,64,241 5,72,144 5,37,894 1,36,265 NA 31,57,326 13,05,990
FY18-23 CAGR (%) 31% 29% 26% 31% 34% 17% 12%
FY23-26E CAGR (%) 29% 27% 31% 31% NA 25% 23%

Deposits (Rs. Mn) AUBANK EQSFB Ujjivan Suryoday Utkarsh IDFC RBL
FY18 79,233 56,040 37,725 5,398 21,939 4,80,394 4,38,831
FY19 1,94,224 90,067 73,794 8,806 37,914 7,03,536 5,83,576
FY20 2,61,639 1,07,884 1,07,805 10,662 52,352 6,50,789 5,78,120
FY21 3,59,793 1,63,920 1,31,358 15,969 75,076 8,85,362 7,30,546
FY22 5,25,846 1,89,508 1,82,922 15,051 1,00,742 10,55,396 7,90,064
FY23 6,93,650 2,53,806 2,55,377 15,847 1,37,101 14,44,695 8,48,747
FY24E 8,93,920 3,29,063 3,25,607 18,125 NA 19,82,622 10,19,374
FY25E 11,17,295 4,22,219 4,33,488 20,887 NA 26,39,905 12,24,672
FY26E 14,30,137 5,36,218 5,84,667 24,051 NA 34,89,529 14,84,079
FY18-23 CAGR (%) 54% 35% 47% 24% 44% 25% 14%
FY23-26E CAGR (%) 27% 28% 32% 15% NA 34% 20%

EPS (Rs.) AUBANK EQSFB Ujjivan Suryoday Utkarsh IDFC RBL

FY18 10.2 0.3 0.1 1.5 (1.3) 2.8 15.2
FY19 13.0 2.1 1.4 10.6 1.3 8.1 20.2
FY20 26.2 2.3 2.0 12.8 2.5 -3.6 9.8
FY21 38.0 3.4 0.1 1.1 1.3 0.9 8.9
FY22 35.9 2.3 (2.4) (8.8) 0.7 0.2 -2.8
FY23 21.4 5.2 5.6 7.3 4.5 3.7 15.3
FY24E 23.5 7.2 6.5 19.6 NA 4.3 21.1
FY25E 28.8 9.2 6.7 26.0 NA 5.6 25.9
FY26E 38.1 12.5 8.6 29.8 NA 8.5 38.4
FY18-23 CAGR (%) 16% 73% 147% 37% nm 6% 0%
FY23-26E CAGR (%) 21% 34% 15% 60% NA 32% 36%

BVPS (Rs.) AUBANK EQSFB Ujjivan Suryoday Utkarsh IDFC RBL

FY18 79.8 20.3 11.4 80.0 8.8 44.9 159.2
FY19 108.2 22.4 12.6 107.9 10.5 38.1 176.6
FY20 143.9 26.1 18.5 123.1 13.4 32.0 207.7
FY21 201.0 29.8 18.6 150.5 16.1 31.5 211.8
FY22 238.6 33.9 16.2 141.8 17.6 33.9 209.0
FY23 164.6 46.4 21.5 149.3 22.3 39.1 225.6
FY24E 186.8 52.4 27.2 170.7 NA 45.3 245.2
FY25E 214.7 60.6 33.2 196.7 NA 50.9 269.6
FY26E 251.8 72.1 41.0 226.6 NA 59.4 306.5
FY18-23 CAGR (%) 16% 18% 13% 13% 21% (3%) 7%
FY23-26E CAGR (%) 15% 16% 24% 15% NA 15% 11%

Centrum Institutional Research 4

Banking sector 15 February 2024
ROA (%) AUBANK EQSFB Ujjivan Suryoday Utkarsh IDFC RBL
FY18 2.0 0.3 0.1 0.5 -1.4 0.8 1.2
FY19 1.5 1.5 1.7 2.9 1.7 1.0 1.2
FY20 2.1 1.4 2.2 2.4 2.4 0.5 0.6
FY21 2.5 1.8 0.1 0.2 1.0 0.3 0.6
FY22 1.9 1.1 (1.9) (1.3) 0.5 0.1 -0.2
FY23 1.8 1.9 3.9 0.9 2.4 1.1 0.8
FY24E 1.6 2.0 3.4 1.9 NA 1.1 1.0
FY25E 1.5 2.0 2.9 2.0 NA 1.1 1.0
FY26E 1.6 2.1 2.8 1.9 NA 1.4 1.2
FY18-23 bps (25 bps) 155 bps 377 bps 32 bps nm 30 bps (33 bps)
FY23-26E bps (20 bps) 28 bps (108 bps) 105 bps NA 27 bps 37 bps

ROE (%) AUBANK EQSFB Ujjivan Suryoday Utkarsh IDFC RBL

FY18 13.8 1.7 0.6 1.9 (15.3) 6.4 11.6
FY19 14.6 9.9 13.1 12.2 15.8 8.4 12.1
FY20 21.9 9.8 15.3 11.4 20.8 4.9 5.5
FY21 22.6 12.6 0.3 0.9 9.4 2.9 4.6
FY22 16.6 7.4 (15.0) (6.0) 4.2 0.7 -1.3
FY23 15.5 12.2 33.7 5.0 22.6 10.1 7.1
FY24E 13.4 14.6 28.0 12.3 NA 10.6 9.0
FY25E 14.4 16.2 23.3 14.2 NA 11.6 10.1
FY26E 16.4 18.8 23.9 14.1 NA 15.5 13.3
FY18-23 bps 176 bps 1053 bps 3314 bps 308 bps 3799 bps 373 bps (455 bps)
FY23-26E bps 87 bps 663 bps (988 bps) 906 bps NA 534 bps 627 bps

Cost/income (%) AUBANK EQSFB Ujjivan Suryoday Utkarsh IDFC RBL

FY18 56.7 79.8 67.0 65.1 75.7 58.1 53.6
FY19 60.0 70.2 76.3 47.7 58.6 86.0 51.3
FY20 54.2 66.3 67.3 47.1 57.6 74.5 53.4
FY21 43.4 59.9 60.5 67.5 56.5 73.5 51.1
FY22 57.1 66.1 71.6 60.9 58.9 74.5 60.1
FY23 63.0 63.4 54.8 60.0 54.1 71.3 69.6
FY24E 62.7 63.6 54.6 62.0 NA 71.9 66.2
FY25E 63.0 60.9 57.5 60.5 NA 71.4 64.3
FY26E 62.8 58.7 56.4 62.0 NA 68.5 61.4
FY18-23 bps 636 bps (1642 bps) (1217 bps) (510 bps) (2156 bps) (1316 bps) (1602 bps)
FY23-26E bps (20 bps) (469 bps) 162 bps 200 bps NA (281 bps) (816 bps)

Cost/assets (%) AUBANK EQSFB Ujjivan Suryoday Utkarsh IDFC RBL

FY18 5.3 7.8 7.3 7.0 6.5 1.5 2.8
FY19 4.2 6.9 8.6 6.5 6.1 2.4 2.9
FY20 3.8 6.7 8.2 6.0 6.1 3.6 3.7
FY21 3.5 6.0 6.3 5.4 5.1 4.5 3.2
FY22 4.0 6.6 6.8 5.5 5.4 5.4 3.9
FY23 4.3 6.6 6.3 5.6 5.8 5.6 4.6
FY24E 4.3 6.0 6.2 6.6 NA 6.0 4.7
FY25E 4.4 5.6 6.2 6.7 NA 5.9 4.6
FY26E 4.5 5.4 6.0 6.8 NA 5.7 4.5
FY18-23 bps (94 bps) ((123 bps) (96 bps) (136 bps) (75 bps) 412 bps 183 bps
FY23-26E bps 20 bps (120 bps) (36 bps) 121 bps NA (9 bps) (12 bps)
Source: Company, Centrum Broking; Utkarsh is not under coverage hence estimates are unavailable

Centrum Institutional Research 5

Banking sector 15 February 2024

Exhibit 4: Key metrics comparison of SFBs

AUBANK EQSFB Ujjivan Suryoday Utkarsh
Key metrics (Rs. Mn)
Q2FY24 Q3FY24 Q2FY24 Q3FY24 Q2FY24 Q3FY24 Q2FY24 Q3FY24 Q2FY24 Q3FY24
Gross Loans 6,50,290 6,76,240 3,12,290 3,27,760 2,65,740 2,77,910 69,210 76,000 1,48,920 1,64,070

State wise break up as per AUM

Karnataka 1% 1% 11% 12% 13% 13% 6% 6% -
West Bengal - - 12% 12% -
Tamilnadu 50% 50% 15% 14% 26% 26% -
Maharashtra 14% 14% 14% 14% 9% 9% 29% 29% 4% 4%
Uttar pradesh 2% 2% 1% 1% 7% 7% 29% 29%
Haryana 6% 6% 2% 2% 5% 6% - -
Gujarat 11% 11% 5% 5% 8% 8% 12% 12% - -
Bihar - - 7% 7% 42% 42%
Assam - - 1% 1% - -
Rajasthan 34% 33% 4% 4% 4% 4% - -
Jharkhand - - - 2% 2% 8% 8%
Punjab 6% 6% 2% 2% 3% 3% - -
Orissa - - 3% 2% 13% 12% 5% 6%
Kerela - - 2% 2% - -
New delhi 5% 5% 1% 1% 4% 4% - -
MP 16% 16% 3% 3% 2% 2% 7% 7% 4% 4%
Tripura - - - 1% 1% - -
Uttarakhand - - - 1% 1% - -
Pondicherry - 1% 0% 1% 1% - -
Chhatisgarh 3% 3% 1% 1% 0% 0% - -
Meghalaya - - - - 0% 0% - -
Chandigarh - - - - 0% 0% - -
Goa - - - - 0% 0% - -
Himachal Pradesh 1% 1% - - 0% 0% - -
Andhra Pradesh 2% 2% 0% 0% 7% 8% - -
Telangana 2% 3% 0% 0% - -
Others 2% 2% - 1% 0% 0% 8% 7%

Deposit Profile Q2FY24 Q3FY24 Q2FY24 Q3FY24 Q2FY24 Q3FY24 Q2FY24 Q3FY24 Q2FY24 Q3FY24
Total Deposits 7,57,429 8,01,200 3,08,395 3,23,850 2,91,390 2,96,690 63,884 64,841 1,39,650 1,51,110
of which Retail TD 33% 35% 41% 42% 41% 43% 62% 64% 46% 48%
Bulk TD 32% 32% 26% 26% 34% 31% 22% 17% 34% 32%
CASA ratio 34% 33% 31% 33% 24% 25% 16% 19% 20% 20%
LDR ratio 85% 83% 93% 90% 83% 86% 105% 111% 100.8% 99%
Cost of Funds (%) 7.0% 7.4% 8.3% 8.5% 8.3% 8.3% 7.5% 7.5% 7.9% 8.0%

Asset quality (%)

GNPA 1.9% 2.0% 2.3% 2.4% 2.4% 2.2% 2.9% 3.1% 2.8% 3.0%
NNPA 0.6% 0.7% 0.9% 1.1% 0.1% 0.2% 1.5% 1.4% 0.2% 0.2%
PCR 69% 66% 58% 56% 96% 93% 51% 55% 94.6% 93.8%
Credit Cost 0.8% 1.0% 0.9% 1.2% 0.8% 1.0% 1.7% 2.3% 2.7% 2.6%

Distribution
Avg. banking outlets 1,011 1,032 922 932 645 664 601 622 809 837
Employee 28,500 28,900 21,862 21,679 21,040 21,796 6,989 7,368 16,364 16,316
Employee/per branch 28.2 28.0 23.7 23.3 32.6 32.9 11.6 11.9 20.2 19.5

Cost Structure
Staff cost(per employee) 0.2 0.2 0.2 0.2 0.1 0.2 0.1 0.1 0.1 0.1
Opex per branch 5.1 5.7 2.9 2.8 4.0 4.1 1.6 1.5 1.6 1.5

Productivity
Gross loan per employee 22.7 23.9 15.3 15.7 14.1 14.4 10.9 11.3 9.8 10.6
Deposits per employee 26.5 28.3 15.1 15.5 15.5 15.4 10.0 9.6 9.2 9.7
Source: Company, Centrum Broking

Centrum Institutional Research 6

Banking sector 15 February 2024

Exhibit 5: Income statement analysis - SFBs

Q3FY24 9MFY24
Particulars (RS. Mn) AUBANK EQSFB Ujjivan Suryoday Utkarsh ESAF AUBANK EQSFB Ujjivan Suryoday Utkarsh ESAF
Total Fund Based Income 27,358 14,288 14,706 4,107 8,060 9,744 77,252 40,418 41,487 11,440 22,828 28,164
100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

Interest / Discount on advances 21,232 12,745 12,835 3,591 7,364 8,784 61,990 36,415 36,268 9,986 20,637 25,534
77.6% 89.2% 87.3% 87.4% 91.4% 90.1% 80.2% 90.1% 87.4% 87.3% 90.4% 90.7%
Income on Investments 4,144 1,485 1,807 486 536 940 11,626 3,832 5,026 1,379 1,520 2,592
15.1% 10.4% 12.3% 11.8% 6.6% 9.6% 15.0% 9.5% 12.1% 12.1% 6.7% 9.2%
Interest on bal with RBI and other banks 163 58 34 30 159 20 513 170 77 75 670 38
0.6% 0.4% 0.2% 0.7% 2.0% 0.2% 0.7% 0.4% 0.2% 0.7% 2.9% 0.1%
Others 1,819 - 31 - - - 3,122 - 116 - - -
6.6% - 0.2% - - - 4.0% - 0.3% - -
Other Income 4,497 1,850 1,848 519 827 1,200 11,903 4,960 5,506 1,547 2,797 2,920
16.4% 12.9% 12.6% 12.6% 10.3% 12.3% 15.4% 12.3% 13.3% 13.5% 12.3% 10.4%
Total Interest Expense 14,109 6,437 6,107 1,650 3,237 3,774 39,052 17,479 16,727 4,526 9,369 10,375
51.6% 45.0% 41.5% 40.2% 40.2% 38.7% 50.6% 43.2% 40.3% 39.6% 41.0% 36.8%
Net Interest Income 13,249 7,851 8,599 2,457 4,823 5,970 38,201 22,939 24,759 6,915 13,459 17,790
48.4% 55.0% 58.5% 59.8% 59.8% 61.3% 49.4% 56.8% 59.7% 60.4% 59.0% 63.2%
Employee Cost 5,287 3,460 3,140 933 1,797 893 15,478 10,055 8,559 2,523 5,265 2,583
19.3% 24.2% 21.4% 22.7% 22.3% 9.2% 20.0% 24.9% 20.6% 22.1% 23.1% 9.2%
Other administrative Exps 5,887 2,638 2,734 902 1,291 3,400 16,117 7,817 7,721 2,682 3,840 9,347
21.5% 18.5% 18.6% 22.0% 16.0% 34.9% 20.9% 19.3% 18.6% 23.4% 16.8% 33.2%
Total Operating Expenses 11,175 6,098 5,874 1,834 3,088 4,293 31,595 17,873 16,280 5,206 9,105 11,929
40.8% 42.7% 39.9% 44.7% 38.3% 44.1% 40.9% 44.2% 39.2% 45.5% 39.9% 42.4%
Profit before Tax and Provisions 6,571 3,603 4,573 1,142 2,562 2,877 18,508 10,026 13,985 3,256 7,151 8,780
24.0% 25.2% 31.1% 27.8% 31.8% 29.5% 24.0% 24.8% 33.7% 28.5% 31.3% 31.2%
Provisions and contingencies 1,589 844 629 379 1,041 1,378 3,062 2,076 1,359 1,182 2,640 3,661
5.8% 5.9% 4.3% 9.2% 12.9% 14.1% 4.0% 5.1% 3.3% 10.3% 11.6% 13.0%
Execptional item - - - - - - - - - - - -
- - - - - - - - - - - -
PBT 4,981 2,759 3,944 763 1,520 1,498 15,446 7,950 12,626 2,074 4,510 5,119
18.2% 19.3% 26.8% 18.6% 18.9% 15.4% 20.0% 19.7% 30.4% 18.1% 19.8% 18.2%
Income Tax 1,229 739 943 191 360 377 3,806 2,036 3,107 523 1,131 1,297
4.5% 5.2% 6.4% 4.6% 4.5% 3.9% 4.9% 5.0% 7.5% 4.6% 5.0% 4.6%
PAT 3,752 2,020 3,001 572 1,161 1,121 11,640 5,913 9,519 1,551 3,380 3,822
13.7% 14.1% 20.4% 13.9% 14.4% 11.5% 15.1% 14.6% 22.9% 13.6% 14.8% 13.6%
Source: Company, Centrum Broking *Ratios are as a % of total fund-based income

Centrum Institutional Research 7

Banking sector 15 February 2024

Exhibit 6: Income statement analysis – Mid sized banks

Q3FY24 9MFY24
Particulars (Rs. Mn)
IDFC RBL Indusind Bandhan Federal IDFC RBL Indusind Bandhan Federal
Total Fund Based Income 78,795 31,915 1,15,723 46,654 57,301 2,21,046 90,546 3,35,497 1,36,803 1,62,099
100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

Interest / Discount on advances 67,475 25,988 96,945 40,829 45,976 1,89,164 72,984 2,79,105 1,18,769 1,29,926
85.6% 81.4% 83.8% 87.5% 80.2% 85.6% 80.6% 83.2% 86.8% 80.2%
Income on Investments 10,354 5,015 15,892 4,923 9,502 29,447 15,207 45,491 15,392 26,591
13.1% 15.7% 13.7% 10.6% 16.6% 13.3% 16.8% 13.6% 11.3% 16.4%
Interest on bal with RBI and other banks 208 409 2,360 181 793 715 1,036 8,686 554 2,405
0.3% 1.3% 2.0% 0.4% 1.4% 0.3% 1.1% 2.6% 0.4% 1.5%
Others 759 503 526 721 1,030 1,721 1,320 2,214 2,087 3,177
1.0% 1.6% 0.5% 1.5% 1.8% 0.8% 1.5% 0.7% 1.5% 2.0%
Other Income 15,166 7,774 23,959 5,452 8,626 42,897 21,841 68,876 14,705 23,254
19.2% 24.4% 20.7% 11.7% 15.1% 19.4% 24.1% 20.5% 10.7% 14.3%
Total Interest Expense 35,924 16,449 62,766 21,401 36,067 1,01,203 46,110 1,83,102 62,209 1,01,115
45.6% 51.5% 54.2% 45.9% 62.9% 45.8% 50.9% 54.6% 45.5% 62.4%
Net Interest Income 42,872 15,466 52,956 25,254 21,234 1,19,843 44,437 1,52,395 74,593 60,984
54.4% 48.5% 45.8% 54.1% 37.1% 54.2% 49.1% 45.4% 54.5% 37.6%
Employee Cost 14,046 4,888 13,907 8,987 6,932 41,150 13,785 39,637 25,727 19,362
17.8% 15.3% 12.0% 19.3% 12.1% 18.6% 15.2% 11.8% 18.8% 11.9%
Other administrative Exps 28,146 10,575 22,585 5,165 8,554 75,909 30,219 63,809 15,562 24,234
35.7% 33.1% 19.5% 11.1% 14.9% 34.3% 33.4% 19.0% 11.4% 15.0%
Total Operating Expenses 42,192 15,462 36,492 14,152 15,486 1,17,059 44,003 1,03,446 41,289 43,596
53.5% 48.4% 31.5% 30.3% 27.0% 53.0% 48.6% 30.8% 30.2% 26.9%
Profit before Tax and Provisions 15,846 7,777 40,423 16,553 14,373 45,681 22,275 1,17,825 48,010 40,641
20.1% 24.4% 34.9% 35.5% 25.1% 20.7% 24.6% 35.1% 35.1% 25.1%
Provisions and contingencies 6,548 4,581 9,693 6,840 912 16,593 13,647 29,346 19,222 2,907
8.3% 14.4% 8.4% 14.7% 1.6% 7.5% 15.1% 8.7% 14.1% 1.8%
Exceptional item - - - - - - - - - -
- - - - - - - - - -
PBT 9,297 3,196 30,731 9,713 13,461 29,088 8,628 88,479 28,788 37,734
11.8 10.0% 26.6% 20.8% 23.5% 13.2% 9.5% 26.4% 21.0% 23.3%
Income Tax 1,977 747 7,717 2,386 3,394 6,983 (327) 22,200 7,038 9,591
2.5 2.3% 6.7% 5.1% 5.9% 3.2% (0.4%) 6.6% 5.1% 5.9%
PAT 7,321 2,449 23,014 7,327 10,067 22,105 8,955 66,279 21,749 28,143
9.3 7.7% 19.9% 15.7% 17.6% 10.0% 9.9% 19.8% 15.9% 17.4%
Source: Company, Centrum Broking *Ratios are as a % of total fund-based income

Centrum Institutional Research 8

Banking sector 15 February 2024

Exhibit 7: Key Fundamentals – SFBs

Q3FY24 9MFY24
Particulars (Rs. Mn)
AU EQSFB Ujjivan Suryoday Utkarsh ESAF AU EQSFB Ujjivan Suryoday Utkarsh ESAF
CASA Ratio (%) 33.0 32.7 25.5 18.5 20.0 18.9 33.0 32.7 25.5 18.5 20.0 18.9
Deposits 8,01,200 3,23,850 2,96,690 64,841 1,51,110 1,88,600 8,01,200 3,23,850 2,96,690 64,841 1,51,110 1,88,600
Growth YoY (%) 31.1 38.4 27.9 25.5 17.6 40.6 31.1 38.4 27.9 25.5 17.6 40.6
Gross Advances 6,76,240 3,27,760 2,77,910 76,000 1,64,070 1,71,530 6,76,240 3,27,760 2,77,910 76,000 1,64,070 1,71,530
Growth YoY (%) 20.0 31.6 26.9 40.5 30.8 36.7 20.0 31.6 26.9 40.5 30.8 36.7
Net Advances 6,67,400 2,92,100 2,56,200 71,786 1,49,860 1,68,080 6,67,400 2,92,100 2,56,200 71,786 1,49,860 1,68,080
Growth YoY (%) 38.6 25.5 31.2 34.8 0.2 NA 47.4 25.5 31.2 34.8 0.2 NA
LDR (%) 83.3 90.2 86.4 110.7 99.2 89.1 83.3 90.2 86.4 110.7 99.2 89.1
Net Interest Margin (%) 5.5 8.4 8.8 9.8 9.7 10.9 5.6 8.6 8.9 9.7 9.3 11.0
Gross NPA 13,397 7,503 5,707 2,230 4,644 7,132 13,397 7,503 5,707 2,230 4,644 7,132
Net NPA 4,562 3,303 428 1,020 289 3,683 4,562 3,303 428 1,020 289 3,683
% of Gross NPAs 2.0 2.4 2.2 2.9 3.0 4.2 2.0 2.4 2.2 2.9 3.0 4.2
% of Net NPAs 0.7 1.1 0.2 1.4 0.2 2.2 0.7 1.1 0.2 1.4 0.2 2.2
PCR (%) 66.0 56.0 92.5 54.3 93.8 48.4 66.0 56.0 92.5 54.3 93.8 48.4
CRAR (%) 21.5 20.2 24.4 27.8 23.2 21.0 21.5 20.2 24.4 27.8 23.2 21.0
Return on Assets (%) 1.5 2.0 3.1 2.1 2.2 2.3 1.6 2.0 3.5 2.0 2.3 2.3
Interest Earned on
12.5 17.6 19.3 20.2 20.5 21.1 13.4 17.4 19.0 20.2 18.5 21.1
Advances %
Cost of fund (%) 6.9 7.4 7.5 7.5 7.9 7.3 6.7 7.2 7.37* 7.3 7.6 7.2
Cost To Income Ratio(%) 63.0 62.9 56.2 61.6 54.7 57.6 63.0 64.1 53.8 61.5 56.0 56.6
Total Banking outlets 1,049 963 729.0 672 880 731 1,049 963 729 672 880 731
Source: Company, Centrum Broking

Exhibit 8: Key Fundamentals – Mid sized banks

Q3FY24 9MFY24
Particulars (Rs. Mn)
IDFC RBL Indusind Bandhan Federal IDFC RBL Indusind Bandhan Federal
CASA Ratio 46.8 33.8 38.0 36.1 30.6 46.8 33.8 38.0 36.1 30.6
Deposits 18,25,490 9,26,830 36,87,930 11,74,200 23,95,910 18,25,490 9,26,830 36,87,930 11,74,200 23,95,910
Growth YoY (%) 37.2 13.4 13.4 14.8 19.0 37.2 13.4 13.4 14.8 19.0
Gross Advances 18,94,750 7,99,490 32,70,570 11,59,400 20,69,310 18,94,750 7,99,490 32,70,570 11,59,400 20,69,310
Growth YoY (%) 24.5 19.9 20 19 16 24.5 19.9 19.9 18.6 15.7
Net Advances 18,55,030 7,99,490 32,70,570 11,01,800 19,91,850 18,55,030 7,99,490 32,70,570 11,01,800 19,91,850
Growth YoY (%) 26.1 19.9 19.9 19.6 18.4 26.1 19.9 19.9 19.6 18.4
LDR (%) 101.6 86.3 88.7 93.8 83.1 101.6 86.3 88.7 93.8 83.1
Net Interest Margin (%) 6.4 5.5 4.3 7.2 3.2 6.4 5.5 4.3* 7.2* 3.2*
Gross NPA 37,750 25,511 63,771 81,355 46,288 37,750 25,511 63,771 81,355 46,288
Net NPA 12,500 6,356 18,752 24,396 12,844 12,500 6,356 18,752 24,396 12,844
% of Gross NPAs 2.0 3.1 1.9 7.0 2.3 2.0 3.1 1.9 7.0 2.3
% of Net NPAs 0.7 0.8 0.6 2.2 0.6 0.7 0.8 0.6 2.2 0.6
PCR (%) 66.9 75.1 70.6 70.0 72.3 66.9 75.1 70.6 70.0 72.3
CRAR (%) 16.7 16.4 17.9 17.9 15.0 16.7 16.4 17.9 17.9 15.0
Return on Assets (%) 1.2 1.0 1.9 1.9 1.4 1.2 1.0 1.9 1.9 1.4*
Interest Earned on Advances % 16.2** 14.0 12.5 13.4 9.4 16.1 14.0 12.3* 13.3* 9.3*
Cost of fund (%) 6.9 6.5 5.5 6.6 5.8 6.7 6.3 5.4* 6.5* 5.6*
Cost To Income Ratio (%) 72.8 66.5 47.4 46.1 51.9 72.8 66.4 46.8 46.2 51.8
Branches 897 538 2,728 1,647 1,418 897 538 2,728 1,647 1,418
Source: Company, Centrum Broking,*Simple average of last 3 quarter, ** Calculated

Centrum Institutional Research 9

Banking sector 15 February 2024

Exhibit 9: Movement of NPA

Gross NPA – 3QFY24 Net NPA – 3QFY24
Opening Addition (Annualised Closing Gross NPA Net NPA Ratio
(Rs. Mn) Reduction Write-off Closing Balance
Balance slippage ratio) Balance Ratio (%)
AUBANK 12,447 4,030 (2.5%) 3,080* 13,397 1.98% 4,562 0.68%
EQSFB 6,605 3,122 (4.0%) 1,725 500 7,502 2.38% 3,303 1.06%
Ujjivan 5,860 1,310 (2.0%) 530 930 5,710 2.18% 428 0.17%
Suryoday 1,977 660 (3.8%) 180 230 2,227 2.93% 1,020 1.42%
Utkarsh 4,030 1,360 (3.7%) 260 490 4640 3.04% 289 0.19%
RBL 24,400 6,660 (3.5%) 2,000 3,560 25,500 3.12% 6,356 0.80%
IDFC 37,480 14,220 (3.1%) 5,720 8,230 37,750 2.04% 12,500 0.68%
Source: Company, Centrum Broking,*Including Written-off.

Exhibit 10: Gross Advances and LDR chart trend (%) Exhibit 11: Deposit Growth (YoY, %)
Gross Advances Growth Avg. LDR Trend (RHS) AUBANK EQSFB Ujjivan
Suryoday IDFC RBL
98.8
98.3

93.1
95.8

60
95.6
97.4

92.3
96.7

30 100
50
25 98
40
20 96
15 94 30
10 92 20
27.3
17.0

26.9

27.7

24.0

25.6

27.3

26.3

5 90 10
0 88 0
2QFY24

1QFY24
4QFY22

1QFY23

2QFY23

3QFY23

4QFY23

1QFY24

3QFY24

4QFY22

1QFY23

2QFY23

3QFY23

4QFY23

2QFY24

3QFY24
Source: Centrum Broking, Company Note: Utkarsh has been excluded from calculating Source: Centrum Broking, Company Data
the average of listed companies.

Exhibit 12: LDR tread

3QFY23 4QFY23 1QFY24 2QFY24 3QFY24
140

120

100

80
116.4
113.4

110.7

110.6

108.4
108.0

60
105.2

105.1

102.2
101.6

101.6
99.5

99.3
93.3
91.0

90.7

90.2

86.4

86.3
85.4
85.1
84.7
84.2

84.1

83.5
83.4
83.3

83.2

82.7
81.5
40

20

0
AUBANK EQSFB Ujjivan Suryoday IDFC RBL
Source: Company Data, Centrum Broking

Exhibit 13: NIMs (%) Exhibit 14: Quarterly PAT performance (Rs Mn)
AUBANK EQSFB Ujjivan AUBANK EQSFB Ujjivan
Suryoday IDFC RBL Suryoday IDFC RBL
15 10000

8000
10
6000

4000
5
2000

0
0
4QFY22 1QFY23 2QFY23 3QFY23 4QFY23 1QFY24 2QFY24 3QFY24 -2000 4QFY221QFY232QFY233QFY234QFY231QFY242QFY243QFY24
Source: Centrum Broking, Company Data Source: Centrum Broking, Company Data

Centrum Institutional Research 10

Banking sector 15 February 2024

Exhibit 15: GNPA declining trend (%) Exhibit 16: NNPA remain below historical levels (%)
AUBANK EQSFB Ujjivan AUBANK EQSFB Ujjivan
Suryoday IDFC RBL Suryoday IDFC RBL
15 8

6
10

4
5
2

0 0
4QFY22 1QFY23 2QFY23 3QFY23 4QFY23 1QFY24 2QFY24 3QFY24 4QFY22 1QFY23 2QFY23 3QFY23 4QFY23 1QFY24 2QFY24 3QFY24

Source: Centrum Broking, Company Data Source: Centrum Broking, Company Data

Exhibit 17: Slippage ratio

3QFY23 4QFY23 1QFY24 2QFY24 3QFY24

11.1
12

10

5.8
5.0

4.1
4.0

3.9
3.8
3.6

3.5
3.5

3.3
3.2

3.2

3.2
3.2
3.1
3.1
3.1

3.0
2.8
4
2.5
2.2
2.1

2.1

2.0
1.8
1.8

1.7
1.4

2
0.3

0
AUBANK EQSFB Ujjivan Suryoday IDFC RBL
Source: Company Data, Centrum Broking

Exhibit 18: RoA for the sector remains attractive (%) Exhibit 19: RoAE impressive run continues
AUBANK EQSFB Ujjivan AUBANK EQSFB Ujjivan
Suryoday IDFC RBL Suryoday IDFC RBL
6 50
40
4
30
2 20
0 10
0
-2
-10
-4 -20
4QFY22

1QFY23

2QFY23

3QFY23

4QFY23

1QFY24

2QFY24

3QFY24

4QFY22

1QFY23

2QFY23

3QFY23

4QFY23

1QFY24

2QFY24

3QFY24

Source: Centrum Broking, Company Data Source: Centrum Broking, Company Data

Centrum Institutional Research 11

Banking sector 15 February 2024

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The opinions and projections expressed herein are entirely those of the author and are given as part of the normal research activity of Centrum Broking and
are given as of this date and are subject to change without notice. Any opinion estimate or projection herein constitutes a view as of the date of this report
and there can be no assurance that future results or events will be consistent with any such opinions, estimate or projection.

Centrum Institutional Research 12

Banking sector 15 February 2024
This document has not been prepared by or in conjunction with or on behalf of or at the instigation of, or by arrangement with the company or any of its
directors or any other person. Information in this document must not be relied upon as having been authorized or approved by the company or its directors
or any other person. Any opinions and projections contained herein are entirely those of the authors. None of the company or its directors or any other
person accepts any liability whatsoever for any loss arising from any use of this document or its contents or otherwise arising in connection therewith.
Centrum and its affiliates have not managed or co-managed a public offering for the subject company in the preceding twelve months. Centrum and affiliates
have not received compensation from the companies mentioned in the report during the period preceding twelve months from the date of this report for
service in respect of public offerings, corporate finance, debt restructuring, investment banking or other advisory services in a merger/acquisition or some
other sort of specific transaction.
As per the declarations given by him, Mr. Shailesh Kanani, research analyst and and/or any of his family members do not serve as an officer, director or any
way connected to the company/companies mentioned in this report. Further, as declared by him, he has not received any compensation from the above
companies in the preceding twelve months. He does not hold any shares by him or through his relatives or in case if holds the shares then will not to do any
transactions in the said scrip for 30 days from the date of release such report. Our entire research professionals are our employees and are paid a salary.
They do not have any other material conflict of interest of the research analyst or member of which the research analyst knows of has reason to know at the
time of publication of the research report or at the time of the public appearance.
While we would endeavour to update the information herein on a reasonable basis, Centrum, its associated companies, their directors and employees are
under no obligation to update or keep the information current. Also, there may be regulatory, compliance or other reasons that may prevent Centrum from
doing so. Non-rated securities indicate that rating on a particular security has been suspended temporarily and such suspension is in compliance with
applicable regulations and/or Centrum policies, in circumstances where Centrum is acting in an advisory capacity to this company, or any certain other
circumstances. This report is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any
locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would
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Specifically, this document does not constitute an offer to or solicitation to any U.S. person for the purchase or sale of any financial instrument or as an
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transaction. No part of this document may be distributed in Canada or used by private customers in United Kingdom. The information contained herein is
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Derivatives Segments” as prescribed by Securities and Exchange Board of India before investing in Indian Securities Market.

Ratings definitions
Our ratings denote the following 12-month forecast returns:
Buy – The stock is expected to return above 15%.
Add – The stock is expected to return 5-15%.
Reduce – The stock is expected to deliver -5-+5% returns.
Sell – The stock is expected to deliver <-5% returns.
AUBANK EQUITASB Ujjivan
960 120 80

100 60
760
80
560 40
60
360 20
40

160 20 0
Feb-21 Aug-21 Feb-22 Aug-22 Feb-23 Aug-23 Feb-24 Feb-21 Aug-21 Feb-22 Aug-22 Feb-23 Aug-23 Feb-24 Feb-21 Aug-21 Feb-22 Aug-22 Feb-23 Aug-23 Feb-24

AU Small Finance Bank Ltd Equitas Small Finance Bank Ltd Ujjivan Small Finance Bank Ltd
Suryoday RBL Bank Ltd IDFC First Bank Ltd
250 350 120
300
200
250 80
150 200
40
100 150
100
50 0
50 Feb-21 Aug-21 Feb-22 Aug-22 Feb-23 Aug-23 Feb-24
Feb-22 Jun-22 Oct-22 Feb-23 Jun-23 Oct-23 Feb-24
Feb-21 Aug-21 Feb-22 Aug-22 Feb-23 Aug-23 Feb-24
Suryoday Small Finance Bank Ltd RBL Bank Ltd IDFC First Bank Ltd
Source: Bloomberg

Centrum Institutional Research 13

Banking sector 15 February 2024

Disclosure of Interest Statement

Centrum Broking Limited (hereinafter referred to as “CBL”) is a registered member of NSE (Cash, F&O and Currency Derivatives
Business activities of Centrum Broking
1 Segments), MCX-SX (Currency Derivatives Segment) and BSE (Cash segment), Depository Participant of CDSL and a SEBI registered
Limited (CBL)
Portfolio Manager.

2 Details of Disciplinary History of CBL CBL has not been debarred/ suspended by SEBI or any other regulatory authority from accessing /dealing in securities market.

3 Registration status of CBL: CBL is registered with SEBI as a Research Analyst (SEBI Registration No. INH000001469)
AUBANK EQUITASB Ujjivan Suryoday RBL IDFC First

4 Whether Research analyst’s or relatives’ have any financial interest in the subject company and nature No No No No No No
of such financial interest
5 Whether Research analyst or relatives have actual / beneficial ownership of 1% or more in securities of
the subject company at the end of the month immediately preceding the date of publication of the No No No No No No
document.
6 Whether the research analyst or his relatives has any other material conflict of interest No No No No No No

7 Whether research analyst has received any compensation from the subject company in the past 12 No No No No No No
months and nature of products / services for which such compensation is received
8 Whether the Research Analyst has received any compensation or any other benefits from the subject No No No No No No
company or third party in connection with the research report
9 Whether Research Analysts has served as an officer, directoror employee of the subject company No No No No No No

10 Whether the Research Analyst has been engaged in market making activity of the subject company. No No No No No No

Whether it or its associates have managed or co-managed public offering of securities for the subject No No No No No No
11
company in the past twelve months;
Whether it or its associates have received any compensation for investment banking or merchant banking No No No No No No
12
or brokerage services from the subject company in the past twelve months;
Whether it or its associates have received any compensation for products or services other than
13 investment banking or merchant banking or brokerage services from the subject company in the past No No No No No No
twelve months;

Member (NSE and BSE). Member MSEI (Inactive)

Single SEBI Regn No.: IN-DP-537-2020
Depository Participant (DP)
CDSL DP ID: 120 – 12200
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PORTFOLIO MANAGER
SEBI REGN NO.: INP000004383
Research Analyst
SEBI Registration No. INH000001469
Mutual Fund Distributor
AMFI REGN No. ARN- 147569
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Investor Grievance Email ID: investor.grievances@centrum.co.in
Compliance Officer Details:
Ajay S Bendkhale
(022) 4215 9000/9023; Email ID: compliance@centrum.co.in

Centrum Broking Ltd. (CIN :U67120MH1994PLC078125)

Registered and Corporate Office:
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Tel.: - +91 22 4215 9000

Centrum Institutional Research 14