Motilal Oswal Financial Services

Sector Update |

Update | Financials

Sector

10 February 2024

Financials

WALR on fresh loan declines; Pace of TD increase moderates

Month

Dec-22

Jan-23

Feb-23

Mar-23

Apr-23

May-23

Jun-23

Jul-23

Aug-23

Sep-23

Oct-23

Nov-23

Dec-23

PSU Banks

WALR – WALR - WATDR

O/s

Fresh

Loans Loans

8.92

8.22

5.76

8.97

9.07

9.14

9.16

9.18

9.19

9.22

9.24

9.23

9.25

9.28

8.36

8.56

8.67

8.49

8.57

8.50

8.72

8.80

8.63

8.67

8.60

8.51

5.89

6.02

6.15

6.27

6.37

6.46

6.54

6.62

6.75

6.80

6.85

6.88



NIM compression to continue



The weighted average lending rate (WALR) on fresh loans declined 9bp MoM in Dec’23,



Private Banks

WALR WALR - WATDR

- O/s Fresh

Loans Loans

10.48 9.67

5.89

10.54

10.61

10.65

10.72

10.74

10.81

10.65

10.64

10.62

10.59

10.62

9.72

9.87

10.08

9.68

9.87

9.99

10.01

10.16

10.18

10.20

10.23

10.20

6.02

6.10

6.24

6.36

6.44

6.53

6.62

6.67

6.69

6.75

6.76

6.83

Month

Dec-22

Jan-23

Feb-23

Mar-23

Apr-23

May-23

Jun-23

Jul-23

Aug-23

Sep-23

Oct-23

Nov-23

Dec-23

while it has increased 181bp since Apr’22. PSU banks (PSUs) reported a decline of 9bp

MoM, and private banks (PVBs) saw a decline of 3bp MoM. The decline in PSU banks’

WALR for fresh loans can be attributed to the uptick in the corporate segment, which

ideally should reflect lower yields.

Systemic WALR on outstanding loans, however, increased 5bp MoM (114bp increase

since Apr’22). This rise can primarily be attributed to the ongoing MCLR repricing,

especially at PSU banks with a significantly higher proportion of loans linked to MCLR.

The weighted average term deposit cost (WATDR) for the system has increased 4bp

MoM to 6.8% (3bp MoM increase for PSUs & 7bp MoM increase for PVBs). More

importantly, the increase in cost of WATDR has moderated significantly with the

December month witnessing the slowest MoM increase for both PSUs and PVBs over

the past one year.

With intense mobilization efforts and assertive increases in deposit rates, there has

been noticeable momentum in liability growth across banks (except for some select

large PVBs). Systemic deposit growth has thus improved to 12.4% YoY. The gap in

credit-deposit growth has also thus narrowed to ~3% vs. a peak of ~9% in Oct’22.

Credit growth for the system remains robust at 16% YoY and we estimate this to

sustain at a ~13.5% CAGR over FY25-26E. Importantly, the systemic LDR remains at

elevated levels of 79.9% (77.6% adjusted for HDFC merger). Most banks reported

incremental LDR of 80-140% over the past one year, with AU SFB at the lowest at 58.6%

and BOB at the highest with 139.3% in our coverage (HDFCB stands at 195.4% due to

the merger).

With repo rates remaining unchanged since Feb-23, lending rates have remained

broadly stable; however, funding cost has been gradually rising due to the ongoing

liability re-pricing. NIMs for the banking sector have thus been witnessing pressure

barring select banks. We expect NIM compression to continue at a more moderate

pace over the near term with PSUs continuing to show relative resilience. Top picks:

ICICI, IIB & SBI.

WALR on fresh loans decline 9bp MoM in Dec’23 (up 181bp since Apr’22)



WALR on fresh loans declined 9bp MoM in Dec’23, but has increased 181bp since

Apr’22, with PSUs seeing a decline of 9bp (up 174bp since Apr’22). PVBs too saw

a decline of 3bp (up 167bp since Apr’22). For the quarter, it declined 6bp, led by

a 12bp QoQ decline in PSU banks WALR. This indicates the rising competition

among banks to deliver healthy loan growth and a pick-up in corporate loan

growth. The increase over FY23 is a reflection of the rise in the repo rate, which

has cumulatively increased 250bp since Apr’22 to 6.5%.



WALR on outstanding loans nevertheless increased 5bp MoM (up 114bp since

Apr’22) to 9.86%, with PSUs experiencing a 5bp MoM increase and PVBs

remaining flat. This can be attributable to the MCLR repricing in the PSUs. The

one-year MCLR rate for PVBs increased 25-50bp YoY, with Federal seeing the

highest rise at 50bp, while PSU banks too seeing an MCLR expansion of 25-50bp.

Nitin Aggarwal - Research Analyst

(Nitin.Aggarwal@MotilalOswal.com)

Research Analyst: Dixit Sankharva

(Dixit.sankharva@motilaloswal.com) |

Disha Singhal

(Disha Singhal@MotilalOswal.com)

Investors are advised to refer through important disclosures made at the last page of the Research Report.

Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.

Sector Update | Financials

WATDR rises 4bp MoM in Dec’23; 180bp increase since Apr’22



WATDR rose 4bp MoM and 180bp since Apr’22 to 6.83%. The increase was

largely driven by PVBs, up 7bp MoM, while PSUs saw a 3bp MoM increase, as

PSUs are better placed in terms of CD ratio vs private banks. More importantly,

the increase in the cost of WATDR has moderated significantly with the

December month witnessing the slowest MoM increase for both PSUs and PVBs

over the past one year.

Due to a more restricted liquidity environment and growing competition for

attracting additional deposits, there has been an increase in deposit costs for

the majority of banks in recent quarters.

We believe that despite the ongoing importance of deposit mobilization for

sustaining loan growth, banks will focus on achieving a well-balanced

combination of LCR, CASA, and retail deposits.

With intense mobilization efforts and assertive increases in deposit rates, there

has been noticeable momentum in liability growth across banks (except for

some select large PVBs). Systemic deposit growth has thus improved to 12%

YoY. The gap in credit-deposit growth has also thus narrowed to ~3% vs. the

peak of ~9% in Oct’22.

Due to the recent rise in short-term TD rates by PSUs, select mid-sized PVBs

have taken a proactive approach to elevate their SA rates. Remarkably, these SA

rates exceed even the TD rates offered by larger PVBs. Amidst the heightened

competition for liabilities, several banks have chosen to strategically shift either

toward bulk TDs or to redirect their funding emphasis toward higher Certificate

of Deposits (CDs).

Nevertheless, this strategy incurs higher costs compared to the traditional retail

term deposits. The LCR has decreased for most banks, and there appears to be

limited flexibility for banks, with the exception of PSUs to utilize additional

liquidity in order to sustain healthy margins.

Gap between Credit and Deposit growth continues to narrow



Credit-deposit ratio remains elevated; incremental CD ratio under watch



Credit growth for the system remains robust at 16% YoY, and we estimate this

to sustain at a ~13.5% CAGR over FY25-26E.

Importantly, the systemic LDR remains at elevated levels of 79.9% (77.6%

adjusted for HDFC merger) with most banks reporting an increase.

Incremental LDR for banks under our coverage stood at 80-140% over the past

one year, with AU SFB at the lowest at 58.6%, and BOB at the highest with

139.3% in our coverage (HDFCB stands at 195.4% due to the merger).

Among large banks, notable increases in the CD ratio have been observed, with

HDFCB (195.4% increase mainly due to merger, while the outstanding CD would

have been 89% otherwise), followed by BoB with an increase of around 8%,

IndusInd with about 7%, and Axis with approximately 7% from FY22 levels.

LCR ratio however remains at a comfortable level with most of the large PVBs

being in the range of 110-127%. This indicates limited headroom for deploying

further excess liquidity.

10 February 2024

Sector Update | Financials

Margin compression to continue – albeit at a moderate pace



With repo rates being unchanged since Feb-23, lending rates have remained

broadly stable; however, funding cost has been gradually rising due to the

ongoing liability re-pricing.

NIMs for the banking sector have thus been witnessing pressure, barring select

banks. We expect NIM compression to continue at a more moderate pace over

the near term with PSUs continuing to show relative resilience as they benefit

from a gradual re-pricing of the MCLR-linked portfolio (MCLR-linked loans at 35-

65%; see Exhibit 8 for details). Consequently, aggregate NII growth for

PVBs/PSUs is likely to moderate to average 17%/7% YoY by 4QFY24E vs.

29%/28% YoY in 4QFY23.

Additionally, certain mid-sized banks have aggressively increased SA rates and

offered attractive TD sweep products, which will keep cost of funds elevated

over the next few quarters.

We remain watchful on margins in FY25 as a potential shift in the interest rate

cycle could directly influence lending yields. Banks with a higher proportion of

fixed loan books, such as AU and IIB, are expected to fare better and may report

NIM expansion over 2HFY25.

Although there has been some recent moderation in bond yields, following the

interim budget, funding pressure persists for the banking sector. Thus, banks

with a higher mix of retail deposits are better positioned to navigate the current

tight liquidity environment.

Top picks:

ICICI, IIB & SBI.

Exhibit 2: WALR on fresh loans: Declined for PSUs compared

to marginal increase for Private Banks

11.6

10.2

8.8

7.4

6.0

8.51, 3m

chg: -12bp

PSU Banks

Pvt Banks

10.20, 3m

chg: 2bp

Banks with a higher mix of retail deposits and fixed rate loans well placed



Exhibit 1: WALR on outstanding loans: Marginal increase for

PSU banks compared to flattish trend for Private Banks

12.0

11.0

10.0

9.0

8.0

PSU Banks

Pvt Banks

10.62

3m chg: 0bp

9.23

3m chg: +5bp

Exhibit 3: Repo rate unchanged at 6.5% since Feb’23

7.8

6.6

5.4

4.2

3.0

Repo Rate (%)

6.5

10 February 2024

Sector Update | Financials

Exhibit 4: MCLR for large banks rose 155-200bp from Apr-22 to Jan-24, while the repo rate

increased 250bp during the same period

Axis

10.0

9.0

ICICIB

HDFCB

SBI

Repo Rate (RHS)

6.60

5.20

3.80

2.40

1.00

HDFCB has seen the

sharpest rise (200bp) in

MCLR from Apr-22 to Jan-24

8.0

7.0

6.0

Exhibit 5: One-year MCLR rate for PVBs up 35-50bp YoY, while the increase in PSBs has been more controlled at 25-50bp YoY

Kotak

IIB

RBL

Federal

BOB

CBK

INBK

PNB

UNBK

SBI

Jan

7.35

8.65

7.90

7.40

7.35

7.30

7.35

7.20

7.00

Apr

7.25

8.60

8.40

7.90

7.40

7.35

7.30

7.35

7.20

7.00

2021

Jul

7.25

8.55

8.40

8.00

7.35

7.30

7.20

7.00

Oct

7.20

8.45

8.15

8.10

7.30

7.25

7.35

7.25

7.00

Jan

7.25

8.45

8.35

8.10

7.30

7.25

7.30

7.25

7.00

2022

Apr

Jul

7.40 8.05

8.55 9.10

8.60 9.15

8.00 8.30

7.35 7.65

7.25 7.50

7.30 7.55

7.25 7.55

7.10 7.50

Oct

8.45

9.55

9.70

8.70

7.95

7.90

7.85

7.75

7.90

7.95

Jan

8.95

9.95

9.20

8.50

8.35

8.30

8.40

Apr

9.10

10.20

9.30

8.60

8.65

8.60

8.50

8.65

8.50

2023

Jul

9.25

10.25

10.10

9.45

8.65

8.60

8.65

8.55

Oct

9.35

10.30

10.20

9.50

8.70

8.65

8.70

8.55

2024

Jan

9.45

10.35

10.30

9.70

8.80

8.70

8.80

8.65

YoY Change

(in %)

0.50

0.40

0.35

0.50

0.30

0.45

0.50

0.40

0.25

Source: RBI, MOFSL

Exhibit 6: CASA ratio continues to moderate for most banks

CASA Ratio (%)

Exhibit 7: Decline in CASA ratio for banks since FY22

% change in CASA ratio since FY22

Source: MOFSL, Company

N’ote: Decline in HDFCB is attributed partly to merger

Source: MOFSL, Company

10 February 2024

Sector Update | Financials

Exhibit 8: PSUs have a sizeable mix of MCLR-linked loans as of 3QFY24 (%)

Loans mix

(%)

AXSB

HDFCB*

ICICIBC

KMB

FB#

BOB*

CBK

INBK

PNB

UNBK#

SBIN

MCLR

Repo

linked

Other EBLR linked

Total floating loans

*As on FY23, # 2QFY24 Source: MOFSL, Company

Exhibit 9: WATDR for PSUs stood at 6.88%. The same for

Private banks was higher at 6.83%

7.5

6.8

6.0

5.3

4.5

PSU Banks

Pvt Banks

6.88

6.83

Exhibit 10: WATDR for both private and PSUs is higher than

repo rate

2.85

1.90

0.95

0.00

-0.95

0.38

0.33

PSU Banks WATDR over repo

Pvt Banks WATDR over repo

Source: MOFSL, RBI

Exhibit 11: SA rates offered by various banks

AU, IDFCB, RBK, DCB, and

IIB offer much higher

interest rates in certain

buckets than other larger

banks

(%)

AXSB

HDFCB

ICICIBC

KMB

IIB

RBK

IDFCFB

BANDHAN

AUBANK

BOB

PNB

SBIN

DCBB

SA Rate

3.0%/3.5% (>INR5m)

3.5%/4.0% (>INR5m)

3.5% to 6.75% (max rate for deposits between INR2.5m to 50m)

4.25% to 7.5% (max rate for deposits between INR2.5m to 20m)

3%-7% (max rate for deposits between INR0.5m-500m)

3.0% to 8.05% (max rate for deposits above 2.5b)

3.5% to 7.25% (max rate for deposits between INR10m to 50m)

2.75%/3%(>INR500m)/3.05%(>INR2b)/3.35%(>INR5b)

2.7%/2.75%(>INR1m)/3.0%(>INR1b)

2.7%/3%(>INR100m)

1.75% to 8.0% (max rate for deposits between INR1m to 20m)

Source: MOFSL, Company

10 February 2024

Sector Update | Financials

Exhibit 12: Peak term deposit rates across different buckets for major banks

Top four Private banks offer

lower FD rates vs. other

players

(%)

HDFCB

AXSB

ICICIBC

KMB

IIB

RBK

IDFCFB

BANDHAN

AUBANK

SBIN

BOB

PNB

7-14

days

3.0

2.75

3.5

3.0

3.75

3.5

4.25

3.5

0-3

months

4.5

3.5

4.6

4.5

4.25

4.75

5.5

4.5

3-9

months

5.75

6.0

6.1

6.05

5.75

4.5

6.75

6.0

6.15

6.0

9-15

months

6.6

6.7

7.2

7.5

7.25

7.75

6.8

6.85

7.25

15-36

months

7.15

7.1

7.15

7.25

7.5

7.25

7.5

7.0

7.25

7.0

Source: MOFSL, Company

Exhibit 13: Deposit growth improved to 12.4% YoY, while credit growth sustains at ~16%

YoY

24%

18%

12%

Loan growth (%)

Deposit growth (%)

16.0%

12.4%

Credit growth adjusted for HDFC merger, Source: MOFSL, RBI

Exhibit 14: Gap between loan and deposit growth has moderated over the past one year

The differential between

credit and deposit growth

increases marginally

20%

13%

-3%

-10%

Differential in Credit and Deposits growth (%)

3.6%

Source: MOFSL, RBI

10 February 2024

Sector Update | Financials

Exhibit 15: CD ratio is gradually inching up across banks;

PSUs have a lower CD ratio vs. private peers (3QFY24)

CD Ratio (%)

Exhibit 16: LCR ratio stands at a comfortable level, but most

of the large PVBs are now in the range of 110-127%

LCR Ratio (%)

Source: MOFSL, Company

*As on 2QFY24, Data as per LCR disclosure, Source: MOFSL,Company

Exhibit 17: CD ratio increased for most banks since FY22 –

the increase is more for PSBs than Private Banks

Change in CD ratio since FY22(%)

Exhibit 18: Change in LCR ratio since FY22 – most of the

banks have deployed excess liquidity on the balance sheet

Change in LCR ratio% since FY22

Source: MOFSL, Company

*As on 2QFY24, Data as per LCR disclosure, Source: MOFSL,Company

Exhibit 19: Most of the PSU Banks have witnessed increase in incremental CD ratio above

100%

Incremental CD Ratio - 1 year

HDFCB CD ratio stands higher due to merger, Source: MOFSL, Company

10 February 2024

Sector Update | Financials

Exhibit 20: Retail deposits as per LCR across banks

Retail Deposits Mix as per LCR (%)

*As on 1QFY24, Data as per LCR disclosure, Source: MOFSL, Company

Exhibit 21: Yields and cost ratios for key banks - 3QFY24

3QFY24

AXSB*

9.5

HDFCB**

11.0

ICICIBC

8.7

IDFCFB**

14.2

IIB

9.8

KMB**

10.2

RBK***

12.4

AUBANK*** 13.2

YoF

YoY (bp) QoQ (bp) 3QFY24

74.3

-2.3

10.6

176.3

23.7

11.5

64.0

7.0

9.8

52.1

38.6

16.3

76.0

6.0

12.5

95.9

-12.6

11.0

193.4

46.7

14.0

-20.0

-10.0

13.9

YoA

YoY (bp) QoQ (bp) 3QFY24

97.8

11.6

5.4

176.6

9.3

6.9

66.0

-2.0

5.0

103.9

40.3

6.9

70.0

15.0

5.5

85.3

18.5

5.2

122.0

-3.0

6.5

-92.4

-39.4

6.9

CoF

YoY (bp) QoQ (bp) 3QFY24

101.0

18.0

6.7

688.1

208.1

101.0

18.0

4.7

57.6

18.8

74.0

6.0

6.4

141.2

13.7

90.0

12.0

6.3

93.0

20.0

CoD

YoY (bp) QoQ (bp)

134.3

17.9

107.0

19.0

97.0

9.0

84.0

10.0

* YoF and YoA is calculated

** All ratios are calculated *** YoF is calculated

Source: MOFSL, Company

Exhibit 22: NIMs progression over the past two years

NIM (%)

AXSB

HDFCB

ICICIBC

IDFCFB

IIB

KMB

BoB

CBK

PNB

SBIN

UNBK

INBK

AU SFB

RBK

BANDHAN

DCBB

4Q22

3.49

4.00

6.27

4.20

4.78

3.16

3.08

2.93

2.76

3.12

2.75

2.87

6.30

5.04

8.70

3.93

1Q23

3.60

4.00

4.01

5.89

4.21

4.92

3.22

3.02

2.78

2.79

3.02

3.00

3.10

5.90

5.04

8.00

3.61

2Q23

3.96

4.10

4.31

5.98

4.24

5.15

3.30

3.33

2.86

3.00

3.32

3.15

3.20

6.20

5.02

7.00

3.88

3Q23

4.26

4.10

4.65

6.36

4.27

5.47

3.49

3.37

3.05

3.16

3.50

3.21

3.74

6.20

5.27

6.50

4.02

4Q23

4.22

4.10

4.90

6.41

4.28

5.75

3.31

3.53

3.07

3.24

3.60

2.98

3.59

6.10

5.62

7.30

4.18

1Q24

4.10

4.78

6.33

4.29

5.57

3.15

3.27

3.05

3.08

3.33

3.13

3.61

5.72

5.53

7.30

3.83

2Q24

3Q24

4.11

4.01

3.40

4.53

4.43

6.32

6.42

4.29

5.22

3.16

3.19

3.07

3.10

3.00

3.03

3.11

3.15

3.29

3.22

3.18

3.08

3.52

3.49

5.50

5.54

5.52

7.20

3.69

3.48

Source: MOFSL, Company

10 February 2024

Sector Update | Financials

Exhibit 23: NII growth for PVBs and PSBs is expected to moderate in 4QFY24 vs 4QFY23

and 3QFY24; however, it is expected to stay healthy in FY25E

NII growth (YoY)

HDFCB

IDFCFB

IIB

AUBANK

UNBK

RBK

AXSB

BANDHAN

CBK

INBK

DCBB

KMB

ICICIBC

PNB

SBIN

BoB

4QFY23

23.7

34.7

25.2

17.2

29.5

21.9

19.9

33.1

-2.7

23.0

29.5

27.7

35.0

40.2

30.0

29.5

33.8

3QFY24

23.9

30.5

8.5

17.8

14.9

6.3

21.1

9.4

24.0

9.5

5.7

6.3

15.9

13.4

12.1

4.6

2.6

4QFY24E

29.3

23.0

15.9

15.7

14.7

15.3

18.9

9.5

13.4

11.6

9.5

1.6

8.8

8.7

10.4

4.9

-1.2

FY24E

26.3

29.8

14.9

17.3

17.8

11.8

21.2

15.6

11.4

16.4

15.1

11.5

19.4

19.8

16.6

10.9

7.1

FY25E

21.3

21.0

22.0

18.3

29.3

8.4

17.4

12.8

18.1

8.6

8.1

15.1

13.3

13.6

7.3

11.9

12.8

FY26E

19.7

20.9

17.4

17.6

25.3

11.7

18.6

16.3

17.1

12.7

11.3

18.9

17.2

16.6

8.9

14.4

14.2

Source: MOFSL, Company



Margin compression to continue – albeit at a moderate pace:

With repo rates

remaining unchanged since Feb-23, lending rates have remained broadly stable;

however, funding cost has been gradually rising due to the ongoing liability re-

pricing. NIMs for the banking sector have thus been witnessing pressure barring

select banks. We expect NIM compression to continue at a more moderate pace

over the near term with PSUs continuing to show relative resilience as they

benefit from a gradual re-pricing of the MCLR-linked portfolio. Additionally,

certain mid-sized banks have aggressively increased SA rates and offered

attractive TD sweep products, which will keep cost of funds elevated over the

next few quarters.

Banks with a higher mix of retail deposits and fixed rate loans well placed:

remain watchful on margins in FY25 as a potential shift in the interest rate cycle

could directly influence lending yields. Banks with a higher proportion of fixed

loan books, such as AU and IIB, are expected to fare better and may report NIM

expansion over 2HFY25. Although there has been some recent moderation in

bond yields, following the interim budget, funding pressure persists for the

banking sector. Thus, banks with a higher mix of retail deposits are better

positioned to navigate the current tight liquidity environment.

Top picks: ICICI,

IIB & SBI.

Investment in securities market are subject to market risks. Read all the related documents carefully before investing

10 February 2024

Sector Update | Financials

NOTES

10 February 2024

Sector Update | Financials

Explanation of Investment Rating

Investment Rating

BUY

SELL

NEUTRAL

UNDER REVIEW

NOT RATED

Expected return (over 12-month)

>=15%

< - 10%

< - 10 % to 15%

Rating may undergo a change

We have forward looking estimates for the stock but we refrain from assigning recommendation

*In case the recommendation given by the Research Analyst is inconsistent with the investment rating legend for a continuous period of 30 days, the Research Analyst shall within following 30 days take

appropriate measures to make the recommendation consistent with the investment rating legend.

Disclosures:

The following Disclosures are being made in compliance with the SEBI Research Analyst Regulations 2014 (herein after referred to as the Regulations).

Motilal Oswal Financial Services Ltd. (MOFSL) is a SEBI Registered Research Analyst having registration no. INH000000412. MOFSL, the Research Entity (RE) as defined in the Regulations, is engaged in

the business of providing Stock broking services, Depository participant services & distribution of various financial products. MOFSL is a listed public company, the details in respect of which are available on

www.motilaloswal.com.

MOFSL (erstwhile Motilal Oswal Securities Limited - MOSL) is registered with the Securities & Exchange Board of India (SEBI) and is a registered Trading Member with National Stock

Exchange of India Ltd. (NSE) and Bombay Stock Exchange Limited (BSE), Multi Commodity Exchange of India Limited (MCX) and National Commodity & Derivatives Exchange Limited (NCDEX) for its stock

broking activities & is Depository participant with Central Depository Services Limited (CDSL) National Securities Depository Limited (NSDL),NERL, COMRIS and CCRL and is member of Association of

Mutual Funds of India (AMFI) for distribution of financial products and Insurance Regulatory & Development Authority of India (IRDA) as Corporate Agent for insurance products. Details of associate entities of

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Details of pending Enquiry Proceedings of Motilal Oswal Financial Services Limited are available on the website at

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MOFSL

and its associate company(ies), their directors and Research Analyst and their relatives may have any other potential conflict of interests at the time of publication of the research report or at the time of public

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•

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•

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•

Research Analyst may have served as director/officer/employee in the subject company.

•

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Companies where there is interest

Analyst ownership of the stock

A graph of daily closing prices of securities is available at

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10 February 2024

Sector Update | Financials

For U.S.

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Registration details of group entities.: Motilal Oswal Financial Services Ltd. (MOFSL): INZ000158836 (BSE/NSE/MCX/NCDEX); CDSL and NSDL: IN-DP-16-2015; Research Analyst: INH000000412 . AMFI:

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10 February 2024