We only make minor modifications in this update, and end up revising our FY25-FY27 estimates lower by 1-2%. NDA is well positioned to tackle rough waters, and we still see its earnings as somewhat less exposed to volatility than most peers. The deposit hedge and the judgement buffer provide downside protection, while the bank also seems to have good cost control that adds some flexibility there. A strong capital generation also continues to support a solid running yield of ~10-11% p.a., while th ....
