New Research Reports

SBI Life reported an impressive performance for Q4FY25/FY25 with VNB margin at 30.5%/27.8%, respectively, clocking in 7.2% VNB growth for FY25.

We maintain our BUY recommendation on the stock

Moderate APE growth of 2% YoY in Q4FY25, 9% YoY in FY25; while VNB margins expand ~200bps YoY in Q4

Axis Bank reported Q4FY25 results slightly below our estimates in terms of advances growth (marginal miss by 0.5%), mainly due to slow growth in the retail advances. However, deposits reported an improvement with a growth of 7% QoQ (1.2% above our estimates).

to opex drag since 24 branches and 939 employees were added in Q4FY25. AuM is guided to grow by 20% in FY26 (vs +18% in FY25). We are factoring an 18% CAGR in AuM over FY25-27E owing to likely increase in competition due to falling interest rates and a higher base. Company expects NIM to improve in FY26 (FY25 5.94%) led by lower competition from banks/HFCs and (2) focus on...

Axis Bank (AXSB) reported 4QFY25 net profit of INR71.2b (flat YoY, up 13% QoQ, in line). NII grew 6% YoY/2% QoQ to INR138.1b (in line). NIMs expanded 4bp QoQ to 3.97%.

Q4FY25 earnings were a mixed bag. Net interest income (NII), at Rs. 13,811 crore (in line), grew by ~6% y-o-y/2%q-o-q. NIMs marginally improved by 4 bps q-o-q to 3.97% led by better asset quality and income tax refund.

SBI Cards (SBICARD) reported a 5% miss on PAT, which stood at INR5.3b in 4QFY25. The share of the revolver mix was flat at 24% and management expects the revolver mix to have a downward bias toward 23%. NIMs improved to 11.2%.

Can Fin Homes (CANF)’s 4QFY25 PAT grew ~12% YoY to ~INR2.3b (in line). FY25 PAT grew ~14% YoY to INR8.6b. 4Q NII grew ~6% YoY to ~INR3.5b (in line). Fees and other income stood at ~INR168m (PY: INR159m).