Themes for 2025_ Year of Easing

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 India | Banks Themes for 2025: Year of Easing 2025 may be a Year of Easing for Indian Banks as RBI's effort to manage risks have narrowed gap in loan/deposit growth, slowed unsecured loans & even GDP growth. Loan growth to slow to 11-13% that drives some EPS cuts. Rates may fall by 50bps & see easier/ stable norms. Asset quality cycle may be shallower & ease for big banks in FY26. Vals are attractive as EPSg gap vs mkt is narrower. We like ICICI, Axis, HDFCB, SBI; Upg KMB to Buy ...