Ujjivan put its investor presentation out recently. The growth in IL and MGL is impressive, however the NIMs are down. Now I do understand that the cost of funds is increasing, people are locking in term deposits at higher rates, etc. However to what grade will the NIMs and the RoA get affected by the managements focus on these new, secured products? Ujjivan aims at achieving a higher %of secure loans. Do you think that this might be the start of a phase where the BVPS is increasing but the risk premium keeps decreasing? (Sorry if the question is too trivial, I am very new to the MFI space)
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