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Prabhudas Lilladher Report
In Q1 FY22, for our coverage universe we expect, 11% YoY net interest income growth with 12% YoY for private banks and 10% for public sector banks, a slower pre provision operating profit growth of 5% YoY with similar trends in private banks and PSBs.
Limited economic activity in Q1 FY22 has kept loan growth subdued at sub 6% and deposit growth continuing to grow at 10% YoY.
A favorable base, low interest rate benefit on net interest income and relatively lower provisioning will lead to sharp earnings improvement ~65% YoY and 8% QoQ.
Collection efficiency, bounce rate and restructuring commentary should be closely watched and outlook ahead will be important.
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