Results season started with a bang with T major Infosys dipping things for the stock markets and after the ADAG Consent agreeemenbt much misunderstood by the press, we also have L&T Finance struggling to formulate its outlook for a Banking Licence while postponing its $333 million IPO. Though pencil results from AXis Bank are out and outperformance has been maintained, it does notlook like an earth shaking quarter for the indian banking fraternity, used as we are to 30% + y-o-y and 10% Q-oQ growth. Most of our earlier analysis remains valid , noe of it ever intended to be only a quarterly results update. But we'll still strive to make time to cover the growth leaders and any new laggards. 

On the calendar, new banks and a lot of finance companies that do not need to be banks esp as they are IFCs deigned by RBI for better lending norms, a lot of new wood in leaders finally clearing the air for a rosy future and smaller banks like Indusind which had a fun 2010 and a wonderful December quarter with profits doubling to $33 million from less than $20 million in the year ago quarter. Axis reported a topline of $866mn about to join the $1bln a quarter club, with $245 mln in Fee based income and $400 mln in Net Interest Income albeit CASA remained an abysmal 36% overall

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