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Banks and Financials
We see 6.8% YoY growth in profit for the financial sector with private banks
reporting much higher earnings growth than PSU banks
Credit growth will moderate for most banks and margins will contract QoQ,
but margins may expand on YoY basis. SBI likely to see QOQ margin
expansion due to recent hike in lending rates, more than peers
Lower credit disbursements in 1QFY11 would imply lower fee growth for the
sector. Fee growth would moderate for axis due to loss of market share in
debt syndication
Asset quality pressures should moderate from 4QFY11 levels, but banks
will also need to make additional provision for restructured loans
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