MAGDALENA STOKLOSA MORGAN STANLEY
The growth story underpins a return on equity driven re-rating of TCS shares. TCS’s earnings per share growth is likely to be one of the strongest across global emerging market banks but stricter consumer finance regulations continue to pose key revenue risk, in our view.
DAVID NANGLE RENAISSANCE CAPITAL
It’s good to see the bottom line meeting expectations in a first set of post-IPO numbers. Credit growth is well on track to meet full year targets while not compromising the cost of risk, which is actually running ahead of expectations, and is welcomed.