2025年5月19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 PAN 2.0 project. PAN services accounted for 61% of Protean's business in 1HFY25, and ithad a 64% mkt share in cumulative PAN issuances. Mgmt sees limited impact on ongoingPAN processing & issuance services under the existing mandate with the ITD.(May 19,Moneycontrol)Please see important disclosure information on pages 9 - 14 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Credit, deposit and investment trendsExhibit 5 - Bank credit growth stood at 10% YoY on 2-May-25.4%8%12%16%20%Dec-21Mar-22Jun-22Sep-224%8%12%16%20%May-22Aug-22Nov-22Feb-23Source: RBI, JefferiesExhibit 7 - Bank deposit growth stood at 10% YoY on 2-May-25.4%8%12%16%Dec-21Mar-22Jun-22Sep-224%8%12%16%May-22Aug-22Nov-22Feb-23Source: RBI, JefferiesExhibit 9 - Credit/deposits ratio stable at ~79% levels.60%65%70%75%80%85%Dec-21Mar-22Jun-22Sep-2260%65%70%75%80%85%May-22Aug-22Nov-22Feb-23Source: RBI, JefferiesExhibit 11 - Investment/deposits ratio stable at ~29% levels.25%27%29%31%33%May-22Aug-22Nov-22Feb-23Source: RBI, JefferiesPlease see important disclosure information on pages 9 - 14 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Dec-22Mar-23Jun-23Sep-23Dec-23Mar-24Credit growth (% YoY)May-23Aug-23Nov-23Feb-24May-24Credit growth (% YoY)Dec-22Mar-23Jun-23Sep-23Dec-23Mar-24Deposit growth (% YoY)May-23Aug-23Nov-23Feb-24May-24Deposit growth (% YoY)Dec-22Mar-23Jun-23Sep-23Dec-23Credit/Deposits (%)May-23Aug-23Nov-23Feb-24May-24Credit/Deposits (%)May-23Aug-23Nov-23Feb-24May-24Investments/Deposits (%) Source: RBI, Jefferies; Aug-24 onwards includes merged nosMay-25Exhibit 8 - Trend in aggregate deposits.100120140160180200220240Dec-21Apr-22Aug-22Dec-22Apr-23Aug-23Aggregate Deposits (Rstn)100120140160180200220240May-22Sep-22Jan-23May-23Sep-23Jan-24Aggregate Deposits (Rstn)Source: RBI, Jefferies; Aug-24 onwards includes merged nosDec-24May-25Exhibit 10 - Trend in aggregate investments.01530456075Dec-21Apr-22Aug-22Dec-22Apr-23Aug-23Aggregate Investments (Rstn)01530456075May-22Sep-22Jan-23May-23Sep-23Jan-24Aggregate Investments (Rstn)Source: RBI, Jefferies; Aug-24 onwards includes merged nosMay-25 Exhibit 12 - Valuation matrix: Lenders.PriceMkt Cap(Rs)(US$bn)Private banksHDFC Bank1,935ICICI Bank1,454Axis Bank1,209Kotak Bank2,108IndusInd Bank780IDFC First Bank69Bandhan Bank170PSU banksSBI792BOB237PNB99NBFCsBajaj Finance9,167LIC HF621Shriram Finance666Piramal Ent.1,105CIFC1,619MMFS267Aptus327Can Fin754Home First1,167SBI Cards912AB Capital218IIFL Finance414Muthoot Finance2,105Manappuram Finance229LendersSource: Company data, Jefferies estimatesExhibit 13 - Valuation matrix: Insurers.PriceHDFC Life751ICICI Pru Life616Max Fin. Serv1,355SBI Life1,773PriceICICI Lombard GI1,850Go Digit GI300Star Health & Allied451Life InsurersGeneral InsurersSource: Company data, Jefferies estimatesExhibit 14 - Valuation matrix: AMCs.PriceMkt CapADTO(US$bn)(US$m)HDFC AMC4,73712NAM7285.4AMCsSource: Company data, Jefferies estimatesExhibit 15 - Valuation matrix: Fintechs.Price(Rs)PB Fintech1,756Paytm852FintechsSource: Company data, Jefferies estimatesExhibit 16 - Valuation matrix: Exchange.BSEExchangeSource: Company data, Jefferies estimatesExhibit 17 - Valuation matrix: Wealth managers.PriceMkt Cap(US$bn)360 ONE1,001Nuvama6,707WMsSource: Company data, Jefferies estimatesPlease see important disclosure information on pages 9 - 14 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 Infosystems480KFin Technologies1,066Other financialsSource: Company data, Jefferies estimatesUnless specified, no company has commented on the press reports.Recently published notesPOLICYBZ IN- 4QFY25 Results: Profitability ImprovingLICHF IN- NIM Pressure Ahead; Reasonable Valuations; Downgrade to HoldMUTH 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 o