Financial Data and Key Metrics Changes - Core operating profit increased by 6% year-on-year and 2.5% quarter-on-quarter to INR 175.13 billion [2] - Profit before tax, excluding treasury, was INR 149.57 billion, down from INR 152.89 billion in Q3 of the previous year [3] - Profit after tax decreased to INR 113.18 billion from INR 117.92 billion in Q3 of last year [3] - Average deposits grew by 8.7% year-on-year and 1.8% sequentially [3] - Total provisions during the quarter were INR 25.56 billion, including an additional standard asset provision of INR 12.83 billion [3][6] Business Line Data and Key Metrics Changes - Domestic loan portfolio grew by 11.5% year-on-year and 4% sequentially [4] - Retail loan portfolio grew by 7.2% year-on-year and 1.9% sequentially, with the rural portfolio growing by 4.9% year-on-year [4] - Business banking portfolio grew by 22.8% year-on-year and 4.7% sequentially [4] - Corporate portfolio grew by 5.6% year-on-year and 6.5% sequentially [4] - Credit card portfolio declined by 3.5% year-on-year and 6.7% sequentially [8] Market Data and Key Metrics Changes - Average LCR for the quarter was about 126% [3][6] - Net NPA ratio improved to 0.37% from 0.39% in the previous quarter [4] - Provisioning coverage ratio on non-performing loans was 75.4% [5] Company Strategy and Development Direction - The strategic focus remains on growing profit before tax through a customer-centric approach and enhancing delivery capabilities [2] - The bank aims to maintain a strong balance sheet, prudent provisioning, and healthy capital levels while delivering sustainable returns to shareholders [6] Management's Comments on Operating Environment and Future Outlook - Management sees many opportunities for risk-calibrated, profitable growth and aims to grow market shares across key segments [6] - The bank is focused on bringing the agricultural priority sector credit portfolio into conformity with regulatory expectations [7] - Management expects net interest margins to remain range-bound, with some deposit repricing still possible [27] Other Important Information - The bank's operating expenses increased by 13.2% year-on-year, influenced by new labor code provisions [16] - Dividend income from subsidiaries was INR 6.81 billion, compared to INR 5.09 billion in Q3 of last year [15] Q&A Session Summary Question: What is the size of the portfolio on which standard asset provisions were made? - The underlying portfolio is between INR 200-250 billion, and the bank will work to bring it into conformity with regulatory expectations [26] Question: How do you view margins from here on? - Margins are expected to remain steady, with some deposit repricing and the impact of repo rate cuts [27] Question: Is there any additional PSL cost due to the declassification of agri loans? - The cost of PSL compliance has been increasing, but no specific additional costs are expected at this time [33] Question: What is the outlook for credit card growth? - The decline in the credit card portfolio is seen as a one-off, and growth is expected to improve moving forward [35] Question: How is the bank managing operating expenses? - The bank aims to maximize profit before provisions and does not expect costs to rise at the same pace as before [50]

Financial Data and Key Metrics Changes - Core operating profit increased by 6% year-on-year and 2.5% quarter-on-quarter to INR 175.13 billion [2][3] - Profit before tax, excluding treasury, was INR 149.57 billion, down from INR 152.89 billion in Q3 of the previous year [3][17] - Profit after tax decreased to INR 113.18 billion from INR 117.92 billion year-on-year [3][17] - Average deposits grew by 8.7% year-on-year and 1.8% sequentially [3] - Total provisions during the quarter were INR 25.56 billion, including an additional standard asset provision of INR 12.83 billion [3][16] Business Line Data and Key Metrics Changes - Domestic loan portfolio grew by 11.5% year-on-year and 4% sequentially [4] - Retail loan portfolio increased by 7.2% year-on-year and 1.9% sequentially [4] - Business banking portfolio grew by 22.8% year-on-year and 4.7% sequentially [4] - The credit card portfolio declined by 3.5% year-on-year and 6.7% sequentially [8] Market Data and Key Metrics Changes - Average current and savings account deposits grew by 8.9% year-on-year and 1.5% sequentially [3] - The net NPA ratio improved to 0.37% from 0.39% quarter-on-quarter [4] - The capital position remained strong with a CET1 ratio of 16.46% and total capital adequacy ratio of 17.34% [5] Company Strategy and Development Direction - The strategic focus is on growing profit before tax through a customer-centric approach and enhancing delivery capabilities [2] - The bank aims to maintain a strong balance sheet, prudent provisioning, and healthy levels of capital while delivering sustainable returns [5] Management's Comments on Operating Environment and Future Outlook - Management sees many opportunities for risk-calibrated, profitable growth and aims to grow market shares across key segments [5] - The bank is focused on bringing the agricultural priority sector credit portfolio into conformity with regulatory expectations [6][7] Other Important Information - The bank's operating expenses increased by 13.2% year-on-year, influenced by new labor code provisions [16] - Non-interest income, excluding treasury, grew by 12.4% year-on-year [15] Q&A Session Summary Question: What is the size of the portfolio on which standard asset provisions were made? - The underlying portfolio is estimated to be between INR 200-250 billion, and the bank will work to bring it into conformity with regulatory expectations [25] Question: How do you view your margins from here on? - Margins are expected to remain range-bound, with some deposit repricing still left to help hold up margins [26] Question: Is there any additional PSL cost due to the declassification of agri loans? - The cost of PSL compliance has been increasing, but no specific additional costs are being called out at this time [32] Question: What is the outlook for growth in business banking? - Business banking growth is expected to continue, with a year-on-year growth of 22% in the current quarter [53] Question: What is the current LCR? - The LCR for the quarter is reported at 126% [84] Question: How should stakeholders interpret the two-year extension for the CEO? - The board decided on a two-year appointment, which is almost three years until the end of the renewed term [70]

Group 1 - The article does not provide any relevant content regarding company or industry insights [1]

Core Viewpoint - Investors in the Banks - Foreign sector may find Toronto-Dominion Bank (TD) and ICICI Bank Limited (IBN) as potential investment options, with a closer examination needed to determine which stock is more appealing to value investors [1] Group 1: Zacks Rank and Earnings Estimates - Toronto-Dominion Bank currently holds a Zacks Rank of 2 (Buy), indicating a more favorable earnings estimate revision trend compared to ICICI Bank Limited, which has a Zacks Rank of 3 (Hold) [3] - The Zacks Rank is a strategy that focuses on companies with positive earnings estimate revisions, suggesting a more optimistic analyst outlook for TD [2] Group 2: Valuation Metrics - Value investors utilize various valuation metrics to assess whether a company is undervalued, including the P/E ratio, P/S ratio, earnings yield, and cash flow per share [4] - Toronto-Dominion Bank has a forward P/E ratio of 14.72, while ICICI Bank Limited has a higher forward P/E of 18.74 [5] - TD's PEG ratio is 1.32, which is comparable to IBN's PEG ratio of 1.39, indicating similar expected earnings growth rates [5] - TD's P/B ratio stands at 1.92, significantly lower than IBN's P/B ratio of 2.65, suggesting that TD may be more attractively valued [6] - These metrics contribute to TD's Value grade of B and IBN's Value grade of C, reinforcing the notion that TD is the more favorable option for value investors at this time [6]

Core Insights - Xeriant, Inc. is focused on discovering, developing, and commercializing transformative technologies, particularly in eco-friendly advanced materials [1][5] - The company has engaged IBN to enhance its corporate communications strategy and increase investor awareness [1][4] Company Overview - Xeriant operates as a strategic holding company, providing diversified exposure to next-generation aerospace and advanced materials technologies while pursuing sustainability-focused innovations [2] - The company builds its portfolio through disciplined partnerships, targeted acquisitions, and internal development initiatives [2] Product Offerings - Xeriant's advanced materials program includes the DUREVER™ brand, featuring NEXBOARD™, a patent-pending composite panel made from recycled plastic and fiber waste [3][6] - NEXBOARD™ is designed as a high-performance alternative to conventional building products, offering enhanced fire resistance and is currently undergoing testing and certification [3] Partnership with IBN - IBN will leverage its extensive investor-focused distribution network, which includes over 5,000 syndication outlets and various media channels, to promote Xeriant [4][5] - IBN has over 20 years of experience and a large audience, positioning it to effectively reach investors and the general public on behalf of Xeriant [5]

Core Viewpoint - Banks are reverting to physical verification processes for account openings to combat identity theft and mule accounts, marking a significant shift from their previous digital-first strategies [1][2][14]. Group 1: Industry Trends - Many banks are now requiring physical inspections and branch or home visits by relationship managers for clients wishing to open accounts online [1][14]. - This shift represents a U-turn for banks that had been digitizing services and streamlining procedures [2][14]. - The Reserve Bank of India (RBI) has imposed fines on banks for not adhering to strict KYC protocols, prompting tighter onboarding processes [9][12]. Group 2: Company Responses - ICICI Bank has halted its insta-account opening service, now only allowing salary accounts to be created digitally, while other accounts require an assisted process [3][15]. - HDFC Bank continues to onboard customers digitally but is investing in enhancing the security and robustness of its digital onboarding process [4][7][15]. - Banks are now instructed to open accounts only for customers within their locality, with provisions for those outside a specified radius [6][15]. Group 3: Fraud Prevention Measures - The increase in mule accounts has led to a tightening of online account onboarding services, with banks facing challenges in fully digitizing the process due to fraud risks [9][12][14]. - Instances of digital accounts being blocked due to high-volume transactions have been reported, necessitating customers to visit branches for resolution [10][11][15]. - Banks are increasingly requesting income documents from customers to verify they are not involved in fraudulent activities [11][15].

Core Insights - Emerging-market (EM) economies are projected to grow at 4.2% in 2025, significantly outpacing the 1.6% growth expected for advanced economies according to the IMF [1] - EM economies now account for 50.6% of global GDP in 2025 and 66.5% of global GDP growth over the past decade [2] - Emerging-market equities are trading at a 35% discount compared to developed-market equities, the largest discount in 15 years, indicating potential for valuation re-rating [3] Sector Analysis - Easing monetary policies in developing nations are fostering healthier financing conditions, leading to double-digit year-over-year bank credit growth in countries like India, the Philippines, and Vietnam [5] - Global supply-chain diversification is boosting manufacturing activity in EMs, with India attracting $19.04 billion in manufacturing FDI and mobile phone exports reaching $20.5 billion in 2024 [6] Company Highlights - **ICICI Bank**: Focused on enhancing digital banking services, with significant growth in its mobile banking app and strong loan demand across key EM regions. Expected earnings growth of 13.9% for fiscal 2027 [7][9] - **Taiwan Semiconductor (TSMC)**: Dominates the semiconductor foundry space with advanced production capabilities, expected to report earnings growth of 20.2% in 2026 [10][11] - **MercadoLibre**: A leader in e-commerce and digital banking in Latin America, showing 39% revenue growth and 41% total payment volume expansion in Q3 2025, with expected earnings growth of 50.3% in 2026 [12][13]

Core Viewpoint - Investors are evaluating Toronto-Dominion Bank (TD) and ICICI Bank Limited (IBN) for potential undervalued stock opportunities, with TD currently appearing as the superior value option based on various valuation metrics [1][7]. Valuation Metrics - TD has a forward P/E ratio of 13.73, while IBN has a forward P/E of 18.92, indicating that TD may be undervalued compared to IBN [5]. - The PEG ratio for TD is 1.23, compared to IBN's PEG ratio of 1.40, suggesting that TD offers better value when considering expected earnings growth [5]. - TD's P/B ratio stands at 1.79, while IBN's P/B ratio is 2.68, further supporting the notion that TD is more attractively priced relative to its book value [6]. Earnings Outlook - Both TD and IBN hold a Zacks Rank of 2 (Buy), reflecting positive earnings estimate revisions and an improving earnings outlook for both companies [3].

Core Insights - Zacks Premium offers various tools to enhance investor confidence and market engagement, including daily updates, research reports, and stock screens [1][2] Zacks Style Scores - Zacks Style Scores provide a rating system for stocks based on value, growth, and momentum characteristics, aiding investors in selecting securities likely to outperform the market [2][3] - Stocks are rated from A to F, with A indicating the highest potential for outperformance [3] Value Score - The Value Score focuses on identifying undervalued stocks using financial ratios such as P/E, PEG, and Price/Sales, helping value investors find attractive investment opportunities [3] Growth Score - The Growth Score emphasizes a company's financial health and future growth potential, analyzing projected and historical earnings, sales, and cash flow [4] Momentum Score - The Momentum Score is designed for traders looking to capitalize on price trends, utilizing factors like recent price changes and earnings estimate revisions to identify high-momentum stocks [5] VGM Score - The VGM Score combines the Value, Growth, and Momentum Scores, providing a comprehensive rating that highlights stocks with the best overall potential [6] Zacks Rank - The Zacks Rank is a proprietary model that uses earnings estimate revisions to simplify portfolio building, with 1 (Strong Buy) stocks achieving an average annual return of +23.93% since 1988, significantly outperforming the S&P 500 [7][8] - Investors are encouraged to select stocks with a Zacks Rank of 1 or 2 and Style Scores of A or B for optimal success [9][10] Company Spotlight: ICICI Bank Limited - ICICI Bank Limited, based in Mumbai, India, is rated 2 (Buy) on the Zacks Rank and has a VGM Score of B, indicating strong potential [11] - The bank is particularly appealing to growth investors, with a Growth Style Score of B and a forecasted year-over-year earnings growth of 3.2% for the current fiscal year [12] - Recent upward revisions in earnings estimates and an average earnings surprise of +8.8% further enhance ICICI Bank's attractiveness to investors [12]

Core Insights - The latest episode of The Stock2Me Podcast features Newton Golf Company Inc., highlighting its innovative approach in the golf equipment industry [2][3] - Newton Golf has experienced significant growth, reporting triple-digit growth in Q3, driven by product innovation and effective marketing strategies [3][4] Company Overview - Newton Golf, named after Sir Isaac Newton, focuses on integrating physics into golf equipment design, aiming to disrupt a mature market [3][7] - The company has rebranded from Sacks Parente to reflect its commitment to innovation and the application of Newtonian principles in its products [7] Product Innovation - The introduction of the Fast Motion Shaft, which is 10 grams lighter than previous models, exemplifies Newton Golf's focus on product innovation [4] - The company positions itself as a technology leader in golf, emphasizing the benefits of its products for both professional and amateur golfers [4] Marketing Strategy - Newton Golf's marketing strategy includes advertising on platforms like Google and Meta, which has led to improved conversion rates and a return on ad spend exceeding $4 for every dollar spent [5] - The company is experiencing a "flywheel effect" in its marketing campaigns, indicating increasing effectiveness as the brand grows [5] Mission and Vision - Newton Golf aims to empower golfers with scientifically advanced tools that enhance performance, stability, and accuracy [7] - The company's mission is to maximize golfers' consistency and accuracy through precision-engineered equipment [7]