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Banking sector in four simplified cycles

Letter 113

Banking sector in four simplified cycles

Letter # 113


In today’s ET article, we explain investing in India’s banking sector in four simple cycles – the credit growth cycle, the NIM cycle, the credit cycle and the valuation cycle. We analyse where we stand on each of them today, and what we expect in the near future.


To understand why ICICI and SBI have outperformed HDFCB and KMB over the past three years, and the PSU banking rally.

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Information in this letter is not intended to be, nor should it be construed as investment, tax or legal advice, or an offer to sell, or a solicitation of any offer to make investments with Buoyant Capital. Prospective investors should rely solely on the Disclosure Document filed with SEBI. Any description involving investment examples, statistical analysis or investment strategies is provided for illustration purposes only – and will not apply in all situations and may be changed at the discretion of the principal officer. Certain information has been provided and/or based on third-party sources and although believed to be reliable, has not been independently verified; the investment managers make no express warranty as to its completeness or accuracy, nor can it accept responsibility for errors appearing herein.