2025年5月15日印度金融日报

Prakhar Sharma * | Equity Analyst91 22 4224 6129 | prakhar.sharma@jefferies.comVinayak Agarwal * | Equity Associate+91 22 4224 6178 | vagarwal2@jefferies.com Credit, deposit and investment trendsExhibit 5 - Bank credit growth stood at 10% YoY on 18-Apr-25.4%8%12%16%20%Dec-21Mar-22Jun-22Sep-224%8%12%16%20%Apr-22Jul-22Oct-22Jan-23Source: RBI, JefferiesExhibit 7 - Bank deposit growth stood at 10% YoY on 18-Apr-25.4%8%12%16%Dec-21Mar-22Jun-22Sep-224%8%12%16%Apr-22Jul-22Oct-22Jan-23Source: RBI, JefferiesExhibit 9 - Credit/deposits ratio stable at ~80% levels.60%65%70%75%80%85%Dec-21Mar-22Jun-22Sep-2260%65%70%75%80%85%Apr-22Jul-22Oct-22Jan-23Source: RBI, JefferiesExhibit 11 - Investment/deposits ratio stable at ~29% levels.25%27%29%31%33%Apr-22Jul-22Oct-22Jan-23Source: RBI, JefferiesPlease see important disclosure information on pages 8 - 13 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Dec-22Mar-23Jun-23Sep-23Dec-23Mar-24Credit growth (% YoY)Apr-23Jul-23Oct-23Jan-24Apr-24Credit growth (% YoY)Dec-22Mar-23Jun-23Sep-23Dec-23Mar-24Deposit growth (% YoY)Apr-23Jul-23Oct-23Jan-24Apr-24Deposit growth (% YoY)Dec-22Mar-23Jun-23Sep-23Dec-23Credit/Deposits (%)Apr-23Jul-23Oct-23Jan-24Apr-24Credit/Deposits (%)Apr-23Jul-23Oct-23Jan-24Apr-24Investments/Deposits (%) Source: RBI, Jefferies; Aug-24 onwards includes merged nosExhibit 8 - Trend in aggregate deposits.100120140160180200220240Dec-21Apr-22Aug-22Dec-22Apr-23Aug-23Aggregate Deposits (Rstn)100120140160180200220240Apr-22Aug-22Dec-22Apr-23Aug-23Dec-23Aggregate Deposits (Rstn)Source: RBI, Jefferies; Aug-24 onwards includes merged nosDec-24Apr-25Exhibit 10 - Trend in aggregate investments.01530456075Dec-21Apr-22Aug-22Dec-22Apr-23Aug-23Aggregate Investments (Rstn)01530456075Apr-22Aug-22Dec-22Apr-23Aug-23Dec-23Aggregate Investments (Rstn)Source: RBI, Jefferies; Aug-24 onwards includes merged nos Exhibit 12 - Valuation matrix: Lenders.PriceMkt Cap(Rs)(US$bn)Private banksHDFC Bank1,911ICICI Bank1,426Axis Bank1,196Kotak Bank2,092IndusInd Bank781IDFC First Bank69Bandhan Bank167PSU banksSBI801BOB234PNB98NBFCsBajaj Finance9,081LIC HF617Shriram Finance652Piramal Ent.1,073CIFC1,597MMFS260Aptus322Can Fin741Home First1,188SBI Cards901AB Capital218IIFL Finance413Muthoot Finance2,260Manappuram Finance233LendersSource: Company data, Jefferies estimatesExhibit 13 - Valuation matrix: Insurers.PriceHDFC Life742ICICI Pru Life608Max Fin. Serv1,338SBI Life1,755PriceICICI Lombard GI1,851Go Digit GI297Star Health & Allied404Life InsurersGeneral InsurersSource: Company data, Jefferies estimatesExhibit 14 - Valuation matrix: AMCs.PriceMkt CapADTO(US$bn)(US$m)HDFC AMC4,56911NAM7025.2AMCsSource: Company data, Jefferies estimatesExhibit 15 - Valuation matrix: Fintechs.Price(Rs)PB Fintech1,755Paytm851FintechsSource: Company data, Jefferies estimatesExhibit 16 - Valuation matrix: Exchange.BSEExchangeSource: Company data, Jefferies estimatesExhibit 17 - Valuation matrix: Wealth managers.PriceMkt Cap(US$bn)360 ONE988Nuvama6,748WMsSource: Company data, Jefferies estimatesPlease see important disclosure information on pages 8 - 13 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. 4.62.8 Exhibit 18 - Valuation matrix: Other financials.Price(Rs)CMS Infosystems469KFin Technologies1,051Other financialsSource: Company data, Jefferies estimatesUnless specified, no company has commented on the press reports.Recently published notesMUTH IN- 4QFY25 Results: Another Strong QuarterMAXF IN- 4QFY25: Good Performance Despite Challenges; Stays Among Top PicksABCAP IN- 4QFY25 Results: NBFC Profit Tad Ahead; Healthy NLF TrendsLI Prem Apr-25: Growth Soft on High Base When Ulips Were Strong; Axis-Max LeadsIIFL IN- 4QFY25 Results: Earnings to Recover From FY25 TroughMGFL IN- MGFL 4QFY25: Disappointing Quarter; New CEO AnnouncedMF Apr-25: Higher SIPs Reflect More Op. DaysGI Apr-25: Healthy Growth; PSUs Upping Ante In Motor InsuranceMMFS IN- MMFS Announces Capital Raise Through Rights IssuePNB IN- 4QFY25: Core Results In LineBOB IN- 4QFY25: Weaker NIMs & Credit Quality Drag Performance; Stay on HoldAPTUS IN- 4QFY25 Results: In-Line Quarter; Growth Moderates; Spreads to Improve SlightlyPIEL IN- 4QFY25 Results: Core Profits Disappoint; RoA Improvement To Be GradualBSE IN- 4QFY25 Results: Strong End to the YearPAYTM IN- 4QFY25 Results: Slightly Ahead of ExpectationsIndia BFSI Monthly - April 2025SBIN IN- 4QFY25: Core Trends SteadyKMB IN- 4QFY25: Steady Qtr; Healthy Growth AheadHOMEFIRS IN- 4QFY25 Results: Another Steady Quarter; Healthy Growth OutlookBANDHAN IN- 4QFY25: A Weak Qtr; See Improvement from 2HFY26STARHEAL IN- 4QFY25 Results: Weak Core Amidst Industry HeadwindsKFINTECH IN- 4QFY25: Healthy Growth; Int'l Business Ramp-up Is KeyBAF IN- 4QFY25: Strong Qtr on Growth & Quality; New CEO Resets Targets A Tad LowerIIB IN- Assessing Franchise Value Amidst Management ChurnNAM IN- 4QFY25: Steady Business Momentu