Stockrabit · Analysts
Questions across 5 calls

Suresh Ganapathy

Macquarie Capital

City Union Bank Limited

City Union Bank Limited CC-Apr26.pdf · 2026-04-27
Yes, hi. Thank you and congratulations, Dr. Kamakodi, for a very eventful stint at City Union Bank for the past 15 years , and best wishes for all your future endeavours, sir. It's been a pleasure knowing you and interacting with you. My question is to Mr. Vijay Anandh, the new CEO. Sir, what made you decide to join this bank? I mean, you've been with RBL for a long period of time. You have worked in ICICI and other inst itutions. How do you see City Union Bank's culture here, how is it different from other organizations? Because you are, of course, stepping into big shoes now. So, we just wanted to know your perspective and your take having spent now almost couple of years with the bank.
It's a busy results season, sir, so I'm not sure whether I can make it. But yes, for whatever it is, I mean we just thought it'd be great to take his perspective and yes, to see. I mean, family and everybody is relocated to Kumbakonam, how is he handling those dynamics? Because these things are also at times important from fitting to the organization perspective, right, moving from Mumbai to Kumbakonam.

HDFC Bank Limited

HDFC Bank Limited CC-Dec24.pdf · 2025-01-22
There are 2 questions. One is on the HDB Financials credit costs having gone up quite sharply Q-o-Q from 1.8% to 2.5%. Can you just give us some color what has contributed to this rise, both whether it is secured, unsecured? So just a little bit color on that. And the second thing is on merger synergies itself, right? So, the merger happened on July 1 of last year. If I were to take a snapshot of that point in time, your margins were at 3.4% and cost ratio was 40, 40.5. 18 months down the line, the numbers are still the same. So, nothing has changed with respect to margins or opex. Now when can we start seeing some of these numbers happening? Because it's 18 months already into the merger. When can we see the margins improve, the cost ratios coming down? Any color on that would be great. Not exactly I'm asking for the immediate guidance, but it's 18 months into the merger, so we thought we should see something on these 2 ratios.
Thank you so much.
HDFC Bank Limited CC-Jun24.pdf · 2024-07-20
I have two questions. One is on the PSL itself. I mean, if I were to look at the annual report… Classification - Public
Okay. Sure. So if I'm looking at the last year's RIDF bonds and PSLC that you had bought, it's gone up 25%, right? I mean this is remember when your base is INR16 trillion, and it shoots up to INR24 trillion because of the last year's high base. Now are you confident that you can meet some of these obligations, especially the shortfall in the SMF and still protect your margins because it is getting a bit tougher now going ahead? So that's my first question. And the second question is on cost itself. Now seeing 3 or 4 quarters into the merger, cost has been broadly very range bound at 40% to 41%. I remember, Sashi, you giving a target, I know this was pre-target – pre, those days when you used to give target that longer term, you want to take it down to 30%. Are you very confident that you are well on that path considering there are so many pulls and pressures now in the system? I'll stop there.

Life Insurance Corporation Of India

Life Insurance Corporation Of India CC-Jun24.pdf · 2024-08-09
So I had a question on your, again, margins. So what do you -- I mean, the fact that we are giving increased benefit pay-outs to the customer and it's a strategic decision that we have taken, perhaps that's what is causing a reduction in both PAR and non-PAR margins that you're talking about. And also, we are looking at the surrender value regulation. So how do you look at the full year margins? You were around 16% to 17% for FY '24. I know there is a complex product mix aspect also. Would that also be -- considering that do you think you can maintain margins on a full year basis? And also c arrying on Avinash's question on the equity book allocated. I mean, you're saying that the gu aranteed products and non-PAR has a higher, what we call, government securities. But when I l ook in the part of your IPO document, you have allocated a massive INR 5 trillion to your non-PAR book equity at the time of IPO out of INR 9.8 trillion. So I think right now, out of INR 14 trillion, it looks like eve n almost 50%, 60% of the book would be allocated to non-PAR if I look at your IPO document on an outstanding basis. Can you please provide a clarity on that?
And just one final question on your strategy. I know it's a bit complicated, but the point here is you are bringing down your PAR margin – PAR as well as non-PAR margins, more so on the non-PAR margins. I was looking 1Q FY '23 was 72%, 1Q '24 is 43.3% and 1Q '25 is 39.8%. So you've consistently brought down the margins by a massive 30 percentage points over the course of last two years just to push up the non-PAR growth. So, I mean, how long can this continue? I mean the point here i s you really want to prioritize growth over margin? How do you strike the right balance, especi ally when you are also going to see a regulatory change because it looks like growth is coming at the expense of margins.