Answers to your questions:
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Capital adequacy is super high because the bank raised a fair chunk of capital during ipo. Debt/equity was also < 1 at the time of IPO. CAR is reducing quarter on quarter as the company is leveraging and will likely move towards 25% at a 4-5x leverage. Aptus is super profitable with 8% roa and 17%+ roe which result in high internal accruals as a result the decline in car and roe is slow (a great problem to have!) and roe is increasing slowly. In order to speed up this process they have started paying dividends (because the raised too much during ipo, when markets were buoyant).
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No, Balaji is not a relative of Mr. Anandan. He is a very early employee and was brought on board as CFO. Recently promoted to MD, he is super competent.
Disclosure: 25% of portfolio.
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