Student Fund Banking

The XLRI Student Fund Banking

The XLRI Student Fund

Equity Research Report # 3 July 2014

Sarvesh Singh

[email protected]

2 The XLRI Student Fund

SECTOR OUTLOOK- BANKING

STRONG GOVERNMENT MIGHT ACCELERATE ASSET QUALITY IMPROVEMENT: As BJP achieved majority in just concluded general elections, we are optimistic that the government would take strong steps with regards to asset quality improvement. The key infrastructural issues are likely to be resolved and payment norms would become clear and stringent. NPAs of PSU banks which stand at a level of 3-4% should come down in next few fiscals as a result of drive towards benign asset quality. FINANCIAL INCLUSION AND RURAL BANKING FOCUS: One major change over the past 4-5 years has been the increasing footprint of Indian banks in semi-urban and rural areas. In line with RBI mandate and increasing growth opportunities, private players such as ICICI Bank, Axis Bank and HDFC Bank has current rural and semi-urban footprints of more than 50%. It is notable that ICICI Bank and HDFC Bank had footprint of close to a quarter in 2009. Other private majors such as Yes Bank and IndusInd Bank has this footprint equal to 47% and 40%. So, going deeper into the unbanked areas has become the new theme for private banks and trend is expected to continue in the years to come.

25%

23%22%

30%

ICICI Bank

Metro

Urban

Rural

Semi urban

23%

21%

22%

34%

HDFC Bank

Metro

Urban

Rural

Semi urban

24%

24%24%

28%

Axis Bank

Metro

Urban

Rural

Semi urban

30%

30%

18%

22%

IndusInd Bank

Metro

Urban

Rural

Semi urban

Financial inclusion- percentage of branches in different regions



FOCUS ON DE-RISKING OF BALANCE SHEET: The economy has not been on song for past4-5 years. In a deteriorating macro environment, the private banks have focussed on de-risking their balance sheets by either focussing on retail assets or on better rated corporate. RWA/assets, which was at 82% for Axis Bank in FY08-09, has improved to 75%, while for Yes Bank it has improved from ~80% to 70%. Moreover, RWA to balance sheet stands lowest for Yes Bank among peers at ~70%, followed by HDFC Bank and Axis Bank at 75%. IndusInd Banks RWA to assets has increased steadily since the past two years (from 68% in FY12 to 78% in FY14). ANTI-INFLATION MEASURES MAY TRIGGER RATE CUTS BY RBI: The major criticism of UPA government was high inflation which resulted in less headroom for RBI to cut repo rates. The high repo rates resulted in poor investment climate and lower growths. With BJP garnering the full majority by itself, strong anti-inflation measures are expected. We could expect inflation numbers to fall and rate cut by RBI by year end. Lower inflation combined with improved GDP outlook number would definitely help the banking industry stocks. ASSET QUALITY REMAINS A CONCERN: Bad loans could climb to 7% of total advances by March 2015, the RBI warned in a report in December. This is nearly equal to the size of the budget of Uttar Pradesh. The biggest chunk of the soured debts is with PSU banks, which account for two-third of loans but 80 per cent of NPAs. The RBI plans to take up with the government concrete suggestions on reining in NPAs. These include creation of additional debt recovery tribunals, creating special cadre of officers and a separate bench for speedy disposal of NPA-related cases. Asset quality pressures are high in mid-corporate and SME segments and these segments are more susceptible to decline in industrial GDP growth. Iron & Steel, infrastructure, power and textile sectors are worst hit by NPAs and new government is expected to look into these sectors to bring about structural reforms. .



STATE OWNED ENTERPRISE BANKS REFORMS NEEDED: SOE banks have traditionally been devoid of autonomy vis a vis their private counterpart. On one hand they are excessively regulated by Finance ministry while on the other hand their Board is relatively less empowered. Dr P J Nayak Committee recommendations to allow more autonomy and less fiscal dependence of SOEs bank capital needs. With new strong government, structural reforms are expected to be carried in terms of tenure of chairman and allowing more regulatory functions to RBI. Fiscal Deficit to remain under control: In his maiden budget speech, Finance Minister Arun Jaitley has signalled stronger steps to curb the fiscal deficit in coming years. The government is targeting fiscal deficit of 3.6% for FY16 and 3% for FY17. Lowering down of fiscal deficit will be one key step in improving the macro economic scenario of the country and would result in lowering down of inflation and more headroom to government as well as RBI for reforms.



CAD pressure has eased off providing more headroom to RBI: Indias ballooning CAD in FY13 and early-FY14 along with the US Federal Reserves announcement of tapering of its asset purchase programme in May13 resulted in the INR depreciating to record lows of 68.6 to the USD. The sharp respite on the INR since Aug13 (up ~11.4%) is largely due to measures taken by the new RBI Governor Dr. Raghuram Rajan, which resulted in huge inflows via FCNR (B) deposits (US$ 34bn). However, it has been the sharp decline in trade deficit figures that helped the rupee sustain at appreciated levels, even post the shutdown of the FCNR (B) swap window. Lower CD ratio will result in strong credit growth: In current high inflation scenario, lower Loan deposit ratio base would aid in uptick of CD ratio in coming years. As inflationary pressure is expected to cool off in coming years, our estimate is that credit growth might record 15-20% growth in next couple of years with increase in deposits of banks. Improving CASA ratios for PSU and Private banks, a positive signal for Indian Banking: Indian banking CASA for private banks are increasing gradually over the years at the cost of PSU banks share. However, CASA levels are encouraging for both PSU as well as private banks with most major players recording CASA ratio in the range of 32-45%. Increase in CASA ratio signals increase in Saving accounts and Current account deposits underscoring the growing retail segment of the banks. Higher CASA ratio also provides much needed cushions to banks during poor macro environment. Capitalisation levels a key differentiator among banks: One major concern for Indian banks is the transition to BASEL III norms by 2019. PSU banks with stressed asset quality and lower profitability would require close to Rs 2 trillion of capital expenditure. Recently, Finance ministry and RBI has cautioned banks to get their books clean by practicing tougher measures in recovery of loans. Private banks are in better position due to the cushion provided by their existing higher Capital Adequacy Ratios.



Minimum capital ratios (% of RWAs)

April 1,

2013

March 31,

2014

March 31,

2015

March 31,

2016

March 31,

2017

March 31,

2018

March 31,

2019

Minimum Common Equity Tier 1 (CET1) 4.50 5.00 5.50 5.50 5.50 5.50 5.50

Capital conservation buffer (CCB) - - - 0.63 1.25 1.88 2.50

Minimum CET1+ CCB 4.50 5.00 5.50 6.13 6.75 7.38 8.00

Minimum Tier 1 capital 6.00 6.50 7.00 7.00 7.00 7.00 7.00

Minimum Total Capital* 9.00 9.00 9.00 9.00 9.00 9.00 9.00

Minimum Total Capital +CCB 9.00 9.00 9.00 9.63 10.25 10.88 11.50

TRANSITIONAL ARRANGEMENT-SCHEDULED COMMERCIAL BANKS

Poor Monsoons might hamper the recovery of macro scenario: Things dont look as rosy for the Agriculture sector, after a bumper FY14, amidst expectations of El Nino. Poor monsoons would result in stress in agricultural loans which is the major chunk of loan portfolio of several major banks mandated by Priority sector lending norms by RBI. Growth recovery could be stretched: We remain cautious on Indias prospects over the medium term while growth seems to have bottomed out, recovery could stretch well into FY15 and hence growth is likely to remain below-potential over FY14-FY15. With little scope for significant upside from the Agriculture sector due to higher chances of below-normal rainfall in FY15 (El Nino), weak Manufacturing and an unlikely turnaround in the Services sector due to elevated interest rates, we believe credit growth could fall to low levels of 12-14% in FY15, before bouncing back in FY16.

Date Jul 12, 2014

Market cap INR 1990 bn

52 wk L-H INR 560/861

P/E 23.8 x

ROE (%) 21.3

Shareholding pattern (Mar 31, 2014)

Promoter 22.6 %

Institutions 44.0 %

Others 33.4 %

Company overview One of the premier private bank in India in terms of

India with more than 3300 branches and 11500 ATMs.

HDFC bank is a leading player in retail banking,

wholesale banking, and treasury operations, its

three main business segments.

Its competitive strength lies in providing world

class service to its customers through superior

technology.

HDFC Bank has two subsidiaries, HDB Financial

Services Limited and HDFC Securities Limited.

Effective September 14, 2013, HDFC Bank Ltd has

raised its interest from 62.06% to 89.88%, by acquiring

further 27.82% interest in HDFC Securities Ltd

Trading Multiples

Investment Thesis Net Interest Income grew 16% to Rs 4635 cr driving Net Profit

growth of 25% to Rs 2326cr.

Benign asset quality with Gross NPA of 1% and Net NPA of

0.30% (10bps rise on YoY basis).

Advance and deposits both rose by 22.90% at Rs.

3,49,215 cr and Rs. 2,96,742 mn respectively in Q3 FY14.

HDFC Banks revenue rose in double digits in all the four

segments, treasury, retail, corporate and other banking

business at 26%, 17%, 16% and 26% respectively.

NIMs improved 20 bps on QoQ basis to 4.2% which is one of

the best among private banks.

Strong CASA uptick (26% rise on QoQ basis) with current

CASA ratio of44.8% makes HDFC Bank performance

commendable in stagflation period.

With tier-1 capital of 11.8%, the bank is well-capitalized for

over 20% business growth over FY15-16.

Key Risks

Slower retail growth might hamper the credit growth.

Stagnation in CV and auto loans are the barriers to

overcome.

Higher credit costs might occur due to expected

growth in FY15-16 remaining lower than expected.

This would result in deterioration of asset quality and

rise in NPA.

The high interest rate scenario would lead to gloomy

investment climate if RBI does not go for rate cuts in

next few quarters.

Quarterly Results:

Share Price Movement

Stock performance (%)

1m 6m 12m

Stock (2.2) 20.1 17.5

Nifty (1.2) 17.9 23.6

HDFC Bank CMP Rs. 836

Target

Rs. 870

Rating

Hold

500

550

600

650

700

750

800

850

900

5,000

5,500

6,000

6,500

7,000

7,500

8,000H

D

F

C

B

a

n

k

N

i

f

t

y

Nifty HDFC Bank

YE Mar (Values in Rs Cr) Q4FY13 Q4FY14 % YoY

Net Int Income 4295 4953 15.3%

Non- Interest Income 1804 2001 10.9%

Operating Expenses 3136 3175 1.2%

Provisions 300 286 -4.7%

PBT 2662 3493 31.2%

Tax 772 1167 51.2%

PAT 1889 2327 23.2%

EPS 7.9 9.6 21.5%


Financial Summary CMP Rs. 836

Target

Rs.xxx

Rating

Hold Rs. 870

Income Statement

Ratio Analysis

Balance Sheet

Rs in Cr Mar-11 Mar-12 Mar-13 Mar-14

Interest Earned 20043 28193 35861 42555

Other Income 4585 5992 7133 8298

Interest expended 9425 15106 19695 23445

Payments to/Provisions for Employees 2977 3573 4202 4494

Operating Expenses & Administrative Expenses 2091 2391 2892 3019

Depreciation 509 554 663 689

Other Expenses, Provisions & Contingencies 3669 4893 5538 5994

Provision for Tax 2285 2670 3374 4446

Deferred Tax -345 -276 -270 0

Net Profit 4018 5273 6900 8765

Minority Interest (after tax) 32 30 34 25

Extraordinary Items 0 1 -1 2

Adjusted Net Profit 3993 5246 6870 8741

Mar-11 Mar-12 Mar-13 Mar-14

% of Net Non-Performing Assets to Net Advance 0.2 0.2 0.2 0.3

Capital Adequacy Ratio (%) 15.3 15.7 15.9 15.6

Tier I Capital (%) 11.6 11.0 10.5 11.3

Tier II Capital (%) 3.8 4.7 5.4 5.3

Interest Income % Average Working Fund 8.0 9.6 9.9 9.7

Non Interest Income % Average Working Fund 1.8 2.0 1.9 1.9

Operating Profit % Average Working Fund 3.1 3.2 3.2 3.4

Return on Assets (%) 1.6 1.8 1.9 2.0

Business Per Employee (Rs. Cr) 6.5 6.5 7.5 8.9

Profit Per Employee (Rs. Cr) 0.1 0.1 0.1 0.1

Rs in Cr Mar 11 Mar 12 Mar 13 Mar 14

SOURCES OF FUNDS :

Capital 465 469 476 480

Reserves Total 25118 29741 36167 43687

Equity Application Money 3 0 0 0

Minority Interest 122 184 221 152

Deposits 208287 246540 296092 367080

Borrowings 14650 26334 39497 49597

Other Liabilities & Provisions 29393 37848 35328 42684

TOTAL LIABILITIES 248645 303268 372452 460995

APPLICATION OF FUNDS :

Cash & Balances with RBI 25101 14992 14631 25357

Balances with Banks & money at Call 4737 6184 12900 14556

Investments 70277 96795 110960 119571

Advances 160831 198838 247245 315419

Fixed Assets 2201 2378 2773 3026

Other Assets 14892 21931 19271 25749

TOTAL ASSETS 278039 341117 407781 503679

Date Jul 12, 2014


52 wk L-H INR 759/1590

P/E 14.9 x

RoE (%) 14.1


Promoter -

Institutions 63.3 %

Others 36.7 %

Company overview Largest Private sector bank and second largest bank in

India in terms of assets and market capitalization.

Bank has more than 3500 branches and 11,000 ATMs.

One of the big four banks- others being SBI,PNB and

Bank of Baroda.

The Banks is the first Indian Bank listed on New York

Stock Exchange.

The Bank and their subsidiaries offers a wide range of

banking and financial services including commercial

banking, retail banking, project and corporate finance,

working capital finance, insurance, venture capital and

private equity, investment banking, broking and

treasury products and services.

Trading Multiples

Investment Thesis Healthy operating performance with robust NII growth

of 14.5% YoY to Rs. 4357 cr with a loan book growth of

16.7%.

PAT growth of 15.1% to Rs 2652 cr owing to strong

non interest income growth of 34% to Rs 2976cr.

Fresh Loan impairment equal to 4.68% of advances in

Q4FY14 resulting in stable Net NPA of 82bps

compared to 81bps in Q3FY14.

Average core CASA has also remained healthy at

39.4% during FY14 as compared to 38.0% in FY13

which led to decline in funding costs from 6.43% in

FY13 to 6.21% in FY14.

Despite of slowdown in growth, ICICI has maintained

better NIM number of 3.35% compared to its 3%

levels in past years.

Key Risks

High NPA levels will be a major reason of concern for

ICICI in future with current GNPA of 3.2% as one of the

highest among private sector banks.

ICICI will need the highest capitalization fund for

implementation of BASEL III norms compared to peer

banks. This might lead to dilution of share price.

High inflation and low growth scenario would lead to

high interest rate scenario which would hamper the

loan growth of the bank.

Quarterly Result



1m 6m 12m

Stock (5.9) 27.0 26.7

Nifty (1.2) 17.9 23.6

ICICI Bank CMP Rs. 1459

Target

Rs. 1510

Rating

Hold

500

700

900

1,100

1,300

1,500

1,700

5,000

5,500

6,000

6,500

7,000

7,500

8,000I

C

I

C

I

B

a

n

k

N

i

f

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Nifty ICICI Bank





Provisions 460 713 55.0%

PBT 3144 3639 15.7%

Tax 840 1087 29.4%

PAT 2304 2652 15.1%

EPS 20.0 23.0 15.0%



Target

Rs.xxx

Rating

Hold Rs. 1510

Income Statement

Ratio Analysis

Balance Sheet


SOURCES OF FUNDS :

Capital 1152 1153 1154 1155

Reserves Total 54150 60121 67604 75268


Deposits 259106 281950 314771 359513

Borrowings 125839 161297 172888 183542


Policy Holders Fund 64482 66229 68911 74927





Investments 209653 239864 255667 267609

Advances 256019 292125 329974 387342

Fixed Assets 5490 5432 5473 5507

Other Assets 23677 41147 34813 41061

TOTAL ASSETS 534224 619725 675298 749777


INCOME :

Interest Earned 30081 37995 44885 49479

Other Income 31513 28663 29320 30085







Deferred Tax -444 172 110 289

Net Profit 6318 7938 10130 11677

Minority Interest (after tax) 225 295 526 636

Extraordinary Items 21 -3 25 97


Equity Dividend (%) 140 165 200 230




Tier I Capital (%) 11.8 11.1 11.5 12.8

Tier II Capital (%) 5.9 5.2 5.4 4.9




Return on Assets (%) 1.4 1.5 1.7 1.8



Date Jul 12, 2014


52 wk L-H INR 764/1990

P/E 11.6 x

RoE (%) 17.6


Promoter 27.36%

Institutions 58.54 %

Others 14.10 %

Company overview Third largest private bank in India in terms of loans

and advances.

As on 31-Mar-2014, the Bank had a network of 2402

branches and extension counters and 12922 ATMs.

Axis Bank was incorporated in the year 1993 with the

name UTI Bank Ltd.

The Bank operates in four segments, namely treasury,

retail banking, corporate/ wholesale banking and

other banking business.

The Bank has five wholly-owned subsidiaries namely

Axis Securities and Sales Ltd, Axis Private Equity Ltd,

Axis Trustee Services Ltd, Axis Asset Management

Company Ltd and Axis Mutual Fund Trustee Ltd.

Trading Multiples

Investment Thesis Aided by health 19% growth in NII, Q4FY14 earnings

stood at Rs 1842 cr, an upside of 18.5% YoY.

Stress addition of Rs 1416 cr within the guidance of Rs

1500 cr by the bank. GNPA of bank steady at 1-1.2% in

past many years. Provision coverage ratio of 78% is

impressive.

Advances growth was slightly above estimate at 16.8%

YoY to | 230667 crore. Loan growth CAGR has been

whopping 34% in past 8 years, well above the industry

average of 19%.

CASA ratio improved 240 bps QoQ to 45% driven by

SA balances.

NIMs improved 18 bps QoQ to 3.89%. NIM is expected

to remain above 3.5% over FY14-16E.

Contingent liabilities have lagged balance sheet

growth for last 3 years.

Key Risks Poor health of Indian economy is detrimental for

growth of banks and a lot depends on recovery in

coming years.

Banks are relying a lot on interest rate cut by RBI by

this year end. No rate cut this year would result in

poor projections.

High exposure to non operational power projects

possess a potential risk for Axis Bank in future. Only

one-third of power portfolios of bank are operational

at this stage.

Quarterly Result



1m 6m 12m

Stock 1.6 56.7 41.1

Nifty (1.2) 17.9 23.6

Axis Bank CMP Rs. 1965

Target

Rs. 2024

Rating

Buy

500

700

900

1,100

1,300

1,500

1,700

1,900

2,100

5,000

5,500

6,000

6,500

7,000

7,500

8,000

Jul-

13

Au

g-1

3

Sep

-13

Oct

-13

No

v-1

3

De

c-1

3

Jan

-14

Feb

-14

Ma

r-1

4

Ap

r-1

4

Ma

y-1

4

Jun

-14

A

x

i

s

B

a

n

k

N

i

f

t

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Nifty Axis Bank





Provisions 595 505 -15.1%

PBT 2204 2742 24.4%

Tax 649 900 38.7%

PAT 1555 1842 18.5%

EPS 34 39 13.4%



Target

Rs.xxx

Rating

Hold Rs. 2024

Income Statement

Ratio Analysis

Balance Sheet


Gross Non-Performing Assets (Rs. Cr) 1599 1806 2393 3146

Net Non Performing Assets (Rs. Cr) 410 473 704 1025


Capital Adequacy Ratio (%) 12.7 13.7 17 17

Tier I Capital (%) 9.4 9.5 12.2 12.6

Tier II Capital (%) 3.2 4.2 4.8 4.9




Return on Assets (%) 1.7 1.7 1.7 1.8




SOURCES OF FUNDS :

Capital 411 413 468 470

Reserves Total 18484 22269 32690 37926


Deposits 189166 219988 252149 280541

Borrowings 26268 34072 44105 52739






Investments 71788 92921 113378 113093

Advances 142408 169760 196990 232382

Fixed Assets 2293 2284 2387 2447

Other Assets 4702 6540 7328 9890

TOTAL ASSETS 242599 285440 340584 386394


Interest Earned 15155 21995 27202 30736

Other Income 4671 5487 6833 7766







Deferred Tax -205 -211 -350 -363


Equity Dividend (%) 140 160 180 200

Date Jul 12, 2014


52 wk L-H INR 318/587

P/E 18.2x

RoE (%) 17.3

Shareholding pattern (Jul 12, 2014)

Promoter 15.2%

Institutions 52.1 %

Others 32.7 %

Company overview IndusInd Bank is one of the leading banks among the

new generation Indian Banks.

According to the bank, its name is derived from the

rich and vivid Indus Valley Civilisation.

IndusInd Bank Ltd was incorporated in the year 1994

and was promoted by Mr Srichand P Hinduja, a leading

Non-Resident Indian businessman and head of the

Hinduja Group.

Mr. Romesh Sobti has joined the bank as Managing

Director & CEO

Trading Multiples

Investment Thesis PAT grew 29.8% in Q4FY14 to Rs 396 cr aide by strong

fee income growth.

GNPA stood at 1.1% while Net NPA remained at 0.3%

which is one of the best in the industry. With

slowdown in CV segment bottomed out, loan quality

should improve in coming years.

Driven by 28 bps drop in cost of funds, NIM improved

by 10bps to 3.75%.Bank is targeting NIM of 4% in next

2-3 years.

Fee income grew by 28% resulting in 24% growth in

advances. CASA ratio continues to rise with current

levels at 32.5% led by 41% growth in SA YoY.

Cost to core income continue to trend lower to 48.6%

v/s 50.6% in FY13 led by strong traction in core

income.

Key Risks High reliance on Forex income might hinder the

profitability in unfavorable scenarios.

Promoter holding of ~15% higher than norms set by

RBI and bank is required to reduced its promoter

holding in upcoming years.

High loan growth might lead to rising NPAs in the

future if economy continues to experience low growth

rate and high inflation.

Low CASA ratio compared to other top players might

risk the bank to poor investment climate more than

other big players.

Quarterly Result



1m 6m 12m

Stock (0.1) 28.9 5.9

Nifty (1.2) 17.9 23.6

IndusInd Bank CMP Rs. 540

Target

Rs. 565

Rating

Hold

0

100

200

300

400

500

600

700

5,000

5,500

6,000

6,500

7,000

7,500

8,000

I

I

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N

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Nifty IndusInd Bank





Provisions 82 121 47.6%

PBT 462 599 29.7%

Tax 154 203 31.8%

PAT 307 396 29.0%

EPS 5.9 7.5 27.1%



Target

Rs.xxx

Rating

Hold Rs. 565

Income Statement

Ratio Analysis

Balance Sheet


Gross Non-Performing Assets (Rs. Cr) 266 347 458 621

Net Non Performing Assets (Rs. Cr) 73 95 137 184



Tier I Capital (%) 11.1 11.2 13.8 12.7

Tier II Capital (%) 3.3 4.3 1.6 1.1




Return on Assets (%) 1.5 1.6 1.6 1.8



Year Mar 11 Mar 12 Mar 13 Mar 14

SOURCES OF FUNDS :

Capital 466 468 523 526

Reserves Total 3576 4263 7097 8506

Equity Application Money 8 11 11 11

Deposits 34365 42362 54117 60502

Borrowings 5525 8682 9460 14762






Investments 13551 14572 19654 21563

Advances 26166 35064 44321 55102

Fixed Assets 596 657 756 1016

Other Assets 1353 1840 1845 2739

TOTAL ASSETS 45691 57672 73425 87190


Interest Earned 3589 5359 6983 8254

Other Income 714 1012 1363 1891






Deferred Tax -25 -14 -8 -22

Reported Net Profit 577 803 1061 1408

Extraordinary Items -2 0 5 0


Equity Dividend % 20 22 30 35


Disclaimer

CAR - Capital Adequacy Ratio

NPA Non Performing Assets

CASA Current Account Saving Account

NIM Net Interest Margin

CD Ratio Loan to deposit ratio

RWA Risk Weighted Assets

Rating key

1 year return greater than 10% -Buy

1 year return between (5%) and 10% -Hold

1 year return less than (5%) - Sell

General disclaimer:

This report has been prepared by The XLRI Student Fund and is meant for sole use by the recipient and not for circulation. The document at best represents the opinion of The XLRI Student Fund. The information and opinions contained herein have been compiled or arrived at, based upon information obtained in good faith from sources believed to be reliable. Such information has not been independently verified and no guaranty, representation of warranty, express or implied, is made as to its accuracy, completeness or correctness. All such information and opinions are subject to change without notice. This document is for information purposes only. Descriptions of any company or companies or their securities mentioned herein are not intended to be complete and this document is not, and should not be construed as an offer or solicitation of an offer, to buy or sell any securities or other financial instruments.

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