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Analysis

Analytical  commentary published by Hemindra Hazari.

EXECUTIVE SUMMARY. At a time when many private sector banks such as HDFC Bank, ICICI Bank, Axis Bank, Indusind Bank and Yes Bank have increased their deferred tax asset (DTA) in 2HFY2020 as compared with 1HFY2020, thereby inflating their net profits in the period, it is heartening...
EXECUTIVE SUMMARY. To address the woeful state of corporate governance in India’s banking sector, especially in the much fancied and widely covered private sector (in which foreign institutional investors are heavily invested), the Reserve Bank of India (RBI) released a discussion paper on ‘Governance in Commercial Banks...
EXECUTIVE SUMMARY. In Ian Fleming’s iconic James Bond movie franchise, the dapper 007 manages to get away, however precarious the situation. Similarly, in Yes Bank, one Additional Tier 1 Capital (AT1) perpetual bond issued under Basel III classification has escaped from being written down. In the wide...
EXECUTIVE SUMMARY. HDFC Bank, India’s largest bank by market capitalisation appears to be the first off the block in demanding resignations from permanent staff at its non-bank finance company (NBFC) subsidiary, HDB Financial Services (HDB FS). While times are indeed difficult, stakeholders in the bank should note...
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EXECUTIVE SUMMARY. In the quarter ended March 31, 2020 HDFC AMC was dethroned as the market leader by SBI Mutual Fund, based on quarterly average assets under management (AUM). But worse may be in store in its lucrative actively managed equity-oriented AUM, as its large equity schemes...
EXECUTIVE SUMMARY. In the case of all the three prominent private sector banks (HDFC Bank, Indusind Bank and Axis Bank) that have declared 4QFY2020 results, sell-side analysts and the business media have chosen to ignore the role of deferred tax assets (DTA) in inflating 2HFY2020 net profits....
The author acknowledges the contribution of Aspects of India’s Economy (RUPE) for this article EXECUTIVE SUMMARY. There was a sharp rise in corporate India’s external commercial borrowings (ECB) during the past financial year. Outstanding ECBs for December 2019 rose $ 29 bn y-o-y, to...
EXECUTIVE SUMMARY. At a time when the economic environment is very volatile, and HDFC Bank’s share price has seen an unexpected slump, comes news of another bizarre corporate governance episode. Once more this paints a sorry picture of the board of India’s number 1 bank by market...
EXECUTIVE SUMMARY. The sharp fall in index heavyweights as a result of foreign equity outflows resulted in panic amongst investors. Prominent sell-side firms arranged many conference calls with blue-chip and market favourite banks like HDFC Bank in March 2020. Unfortunately, apart from informing the stock exchanges, neither...