Stockrabit · Analysts
Questions across 19 calls

Kunal Shah

Citi Group

PNB Housing Finance Limited

PNB Housing Finance Limited CC-Apr26.pdf · 2026-04-21
Yes, thanks for taking the question. So firstly, with respect to the yields on the affordable housing side, that seems to be down almost 75 basis points quarter -on-quarter when the disbursements have actually picked up. So, was this maybe what Vinay was also indicating in terms of catching up with the lower incremental yields or there would be more re -pricing and maybe we will continue to operate at this level of yields in the affordable housing, that has come down to as low as 11.35%, so just wanted to check if thats the level which we will operate in Affordable housing?
Sure. So the question was also on affordable products. And when we look in terms of the recoveries which we anticipate getting into FY'27, if you can quantify that you indicated that that will help the overall credit cost, but how much is the recovery we are expecting?
PNB Housing Finance Limited CC-Dec23.pdf · 2024-01-24
The question is on the borrowing side so if we look on the deposit now what would be the strategy with respect to deposit raising given even in the harmonization it was highlighted with respect to the public deposit on there so that’s particularly the question?
So, maybe slight we are marginally higher than the requirement, but still in terms of incremental irrespective of whatever comes out in the final guidelines would there be a change in strategy in terms of b ringing the mix of deposits down we have started to rais e from the bond market as well this time CP's were also raised. So, how are we looking at the overall borrowing profile?

AU Small Finance Bank Limited

AU Small Finance Bank Limited CC-Jan26.pdf · 2026-01-20
So, the first question is on MFI credit cost in particular. So, a sharp drop coming in. And obviously, the overall GNP A and SMA book is further down. So, was there any benefit of recoveries, and it should be managed at this level of 1.3 % odd, or the steady state MFI credit cost should be relatively higher?
Okay, got it. And secondly, with respect to ROA, so we are again at almost like 1.6% odd now. And there are levers available, maybe OPEX, so we could see it coming down. Plus, maybe some cost of deposits advantage can continue. So, how are we looking at the overall ROA trajectory? What are the further levers available in the near term? And on cost of deposits, maybe on the bulk side, how much has actually got repriced? And was that the major benefit in the cost of deposits, or it was to do with savings cut?
AU Small Finance Bank Limited CC-Oct25.pdf · 2025-10-17
So again, just harping on the growth part. So when we say like 2 x, 2.5x of the nominal GDP average, today, if you look at it, like we are closer to like 17% AUM growth. So maybe how quickly can we get towards that? Are we good enough in terms of the asset quality stabilization, NIM stabilization to get it quicker? And second is on the overall on balance sheet. So I think overall AUM growth has been lower. So I believe the reliance on downsell is not so high. But as we get to the growth part, again, we would get to the downselling or maybe the overall on-balance sheet growth will still continue to be higher than the AUM growth. So what would be the stance on the downsell after we reach that 2x, 2.5x GDP growth?
Got it. So sequential momentum will definitely accelerate given the unsecured is now almost done.

HDFC Bank Limited

HDFC Bank Limited CC-Oct25.pdf · 2025-10-18
Hi. So, the first question is particularly with respect to deposit market share. So, obviously, we would tend to maintain a particular market share on the incremental deposits, which seems to have come off. Is it largely to do with the rundown of bulk deposits during the quarter? Now , we see some increase in the proportion of retail deposits as well. But the lower deposit growth this quarter, in particular, maybe just 1.2x the industry average . What could be the reason for that? And should we see the uptick going forward?
Got it. And this increase in contingency provisions, so you indicated that on the recoveries, there was some provisioning release, and that was the reason for contingency , or is there anything to do with maybe the ECL buildup, you already carry a very decent level of contingency provisioning and we are adding over and above that. So, how should we read it? Maybe is it a particular recovery effect, which is getting nullified and that is the reason it's created?
HDFC Bank Limited CC-Dec23.pdf · 2024-01-16
So given that the overall liquidity is tight plus the deposit traction all said and done this quarter has not been very encouraging. So when do w e see in terms of tweaking the rates, given that now at least the repo rates have sustained, would we ever look at raising deposit rates beyond 7.2% just to make sure that we are on our target to get the deposits and at least sustain the growth momentum even on the asset side. So will there be a thought -- no doubt, you have earlier said that we will look at branch expansion that's going pretty slow. Even in terms of like activation of the field force still not that great response. So at what time do we lo ok at tweaking the rates just to ensure the deposit traction is what we were envisaging earlier, yes?
Yes. Okay. And secondly, with respect to tax write -back. So last time when ther e was a write- back, you indicated that maybe it might not repeat and we should see it normalizing towards 25- odd percent. But that benefit is still continuing. So if you can highlight in terms of, is it expected to continue what is actually leading to this kind of -- or maybe a lower tax rate, I would say? Or maybe this is like the investment gains, which have been there. It's on that count if you can just highlight that?

Mahindra & Mahindra Financial Services Limited

Mahindra & Mahindra Financial Services Limited CC-Jun25.pdf · 2025-07-22
Yes. Thanks for taking the questions. So, firstly, maybe sorry, coming back on the margin part and yields, in particular. Can understand that incremental disbursements towards sector is leading to increase in yields. But if you can indicate in terms of the rate actions, which you would have taken across the product categories, with this 100 basis points of repo rate cut, just to gauge in terms of whether there could be pressure on yields because I think cost of borrowing benefit is flowing in only gradually for us, yes?
Okay. And secondly, with respect to credit cost, so I think that sector has done relatively well with respect to the volatility in 1Q and given the tough operating conditions still managed well. But generally, let's say, 2Q also last year, we saw sharp rise in GS2, GS3 and despite maintaining the coverage, we saw a much higher credit cost in Q2 compared to that of 1st Quarter. Any early indicators with respect to delinquency trends given the tough macro? Are you expecting that maybe there could be further catch up on GS2, GS3 in Q2 or maybe we are confident of still managing it at less than 10-odd percent? And any credit cost guidance that you would want to give given where we are in the 1st Quarter?
Mahindra & Mahindra Financial Services Limited CC-Sep24.pdf · 2024-10-22
Thanks for taking the question. So firstly on the margin side. So if we look at it on the margins, you indicated that there have been some increase in the lending rate, but so - - but when we look at it last time you indicated that maybe there is some shift which is happening with respect to the prime customers and that almost seems to have been done and that negative impact would be lower. So are we equally confident that maybe that might not have the impact on the margins?
Sure. And secondly, what you have been indicating in terms of bringing about the consistency and to lower the quarterly volatility as such. But again, in Q2, we have not really seen that with respect to maybe the additions to the slippage as well as the overall credit cost. So that consistency somehow with the change in the customer mix is also to an extent not visible. So how should we go -- no doubt you indicated it is largely because of tractors, but how should we -- because that volatility continues to be towards the second half. And secondly, related to that, so is it like we have not reviewed the ECL model this time and hence, there is no change in the coverage ratios, or the only thing is maybe the kind of customers or the sourcing quality which you indicated last time that seems to have deteriorated and that's the reason it's like almost stable this quarter?

SBFC Finance Limited

SBFC Finance Limited CC-Mar25.pdf · 2025-04-28
So firstly, with respect to the overall ECL provisioning and particularly on Stage 1, so that has got reduced by almost like 20 -odd basis points. While we have seen the coverage increasing both for Stage 3 as well as Stage 2, so not very sure in terms of what is leading to change. Obviously, you als o indicated that the environment is uncertain, then this would be on a back pull, but still do we plan to increase the coverage or something? And what could be the reason for this decline?
Okay. And management overlay, what would be that number today, if there is any? Yes.

The Federal Bank Limited

The Federal Bank Limited CC-Dec24.pdf · 2025-01-28
Yeah, thanks for taking the question. First on cost, so you indicated we have been taking measures in terms of at least reducing the wholesale, improving the LCR. But the impact is still there in terms of the cost of deposits that's when we look at it slightly, maybe that's going up. So, just want to get the sense in terms of why that benefit is not reflected in terms of th e cost. And second, you mentioned the LCR when I was looking, the LCR disclosure that seems like LCR is still 118. You indicated the LCR at 133. So, was that like NSFR which you are referring to?
Also, CA we saw the decline which is again creating some pressure on cost of deposits. So, is it more to do with maybe as we indicated some declining more than three crores plus when you look at it in terms of the concentration and anything with current and what initiatives we would be taking to manage the current account deposits?
The Federal Bank Limited CC-Dec23.pdf · 2024-01-16
Yes, hi. Thanks for taking the question. Yes. So firstly, Shyam after long, we are seeing that the cost of deposits are almost like 30, 40 bps premium, we are at 7.5% Otherwise, we have been neck-to-neck with some of the leading banks earlier. But still in terms of the traction, maybe if you can highlight how the traction has been? And would there be need to further increase it given the intensity from other banks as well to go beyond 7.5% as you want to maintain like still 18%, 20% kind of a deposit growth?
Okay. No, but the only thing was maybe earlier, given that we are now at 7.5, even in this bucket of 1 to 3 odd years maybe generally, we used to be...

IDFC First Bank Limited

Home First Finance Company India Limited

Home First Finance Company India Limited CC-Sep24.pdf · 2024-10-25
First question with respect to the geography, particularly Karnataka, it seems to be doing quite well, both with respect to sequential as well as the year -on-year growth. Any thing specific to read into this? Is it the overall segment led by the network expansion? Or there is something else because that growth seems to be quite high? Both Karnataka & UP, While I think UP is anyways because of the presence, but Karnataka in particular.
Okay. And second, with respect to fee income, not sure if you indicated but slightly higher fee income during the quarter. So, is there any element of one-off out there?

Shriram Finance Limited

Cholamandalam Investment and Finance Company Limited

Cholamandalam Investment and Finance Company Limited CC-Mar24.pdf · 2024-05-02
So, firstly on yield side, if we purely look at it in terms of the interest income trend and at the AUM, then it seems there is some maybe the moderation out there in Q4. Last quarter, you indicated that we should see some benefit as marginal book yield is higher, marginal yields are higher than the book yield and we should see some repricing benefit. If you can just help, maybe how should we look at the yield trends?
No, from overall perspective if you look at it , because interest income, that number is broadly overall. And so that’s where it is.

RBL Bank Limited

RBL Bank Limited CC-Mar24.pdf · 2024-04-27
Yes. So firstly, on write -offs, any change in the policy seems to be very aggressive write -offs. And I think on account of debt even on the credit cost side, it's even existing for the provisioning, contingency provisioning. It still seems to be upwards of 190-odd basis points, yes?
Okay. But if I broadly understand maybe what you also indicated in terms of the guidance that the credit cost will broadly be near 2% range, so is it like maybe compared to 1.5% to 2% which we have been highlighting this quarter also it has settled slightl y higher? And maybe it might not get towards closer to 1.5%, but remain nearer 2% kind of a range even in the near term or medium term?

Aptus Value Housing Finance India Limited

Aptus Value Housing Finance India Limited CC-Dec23.pdf · 2024-02-02
Sir, firstly, on the credit st aff, so that has come off , so is there any restructuring or something which has happened on a quarter-on-quarter basis?
And secondly on cost/assets, so again you touch based in terms of it being lower, but eventually how we look at it because we are seeing many of the HFCs investing quite aggressively and still from our side in terms of the cost to assets that has been contained quite well. So, do we see that we will have to be in an investment mode quite aggressively to manage this 28 -30% kind of growth trajectory or maybe it can continue at the current levels?

Aavas Financiers Limited

Aavas Financiers Limited CC-Dec23.pdf · 2024-02-02
So firstly with respect to this entire Omni channel experience and eMitra so if you can just highlight no doubt you mentioned like it is more in terms of changing the appro ach and the way in which we approach the customers but eventually maybe earlier we used to be more like focused on direct sourcing and where could we see the proportion of maybe eMitra in terms of the sourcing going up over the medium term?
Yes but just in terms of if we have to look at it even in Rajasthan today if see the Mitra what could be the proportion so would this be as high as maybe one fourth, one third of the overall sourcing per RM so maybe if he maybe sourcing or maybe finding the leads for four to five files could one or two be from eMitra and would that be the kind of proportion which will eventually happen and would the payout be also like 30 to 40 odd bps which is there for the other players?

LIC Housing Finance Limited

LIC Housing Finance Limited CC-Sep23.pdf · 2023-11-02
Yes. So sorry to take forward that question. So in terms of the recovery or actual improvement in Stage 3 that seems to be like around about 200 or maybe stage -- plus Stage 3 is that amount. Last time, you highlighted that we will see unwinding of another part of stress, which was there due to disruption. So is there more left for Q3 and we should see the further improvement both in terms of Stage 2 and Stage 3. And similarly, with write -off, is it largely done? Or we will see more write -offs coming into Q3 and Q4 as well?
Okay. But that quantum would be hardly like INR100-odd crores, not fully extent of like...