EXECUTIVE SUMMARY. The integrity of audits in private sector banks and non-bank financial companies (including housing finance) has received a major boost, while large global and domestic audit firms have been dealt a body blow by the Reserve Bank of India’s new guidelines for the appointment of statutory auditors...
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 are reporting...
EXECUTIVE SUMMARY. The argument made at the time of opening up the life insurance sector and allowing the private sector was that doing so would increase life insurance penetration (life premium/GDP) and thereby increase long term savings, which would flow into infrastructure investments (which are inherently long-term). But despite...
EXECUTIVE SUMMARY. On February 27, 2020 the Reserve Bank of India
finally approved Sumant Kathpalia as the CEO who will succeed Romesh Sobti when
the latter retires on March 23, 2020. Kathpalia, who has a background in
consumer finance and wealth management, will be taking charge of a bank which
is facing stiff...
EXECUTIVE SUMMARY. On June 14, 2019, Tech Mahindra joined the ranks of Tata Global Beverages, Ambuja Cement and Dr Reddy’s in appointing Shikha Sharma as an independent director. Private equity firm KKR had also appointed Sharma as an adviser for their alternative investments. The irony of publicly-owned and listed...
EXECUTIVE SUMMARY. ICICI Bank posted strong results for 4QFY2021 with standalone net profits up 260% yoy, but 11% down qoq to Rs 44 bn. While the analyst consensus and the capital market may view the results as a positive, investors need to monitor the bank’s focus on mortgages, which...
EXECUTIVE SUMMARY. No doubt the stock market has de-rated banking behemoth, State Bank of India (SBI), since its 4QFY19 results, on account of its corporate stressed exposures. Yet we should not overlook a positive feature: the bank’s concerted effort to reduce its net deferred tax assets (DTA) from FY2019,...
EXECUTIVE SUMMARY. In a shocking development at HDFC Bank reported by Reuters, the bank selected Egon Zehnder, the global executive search firm, to shortlist external candidates to succeed Aditya Puri. The six-member internal search committee set up in November has been unable to reach a consensus to select a...
