By: Latha Venkatesh
Macquarie Capital's Suresh Ganapathy expects banks to outperform NBFCs as higher interest rates improve margins and earnings over the next two years. He forecasts 18-20% earnings growth for banks in FY28, remains positive on ICICI Bank, Kotak Mahindra Bank and SBI, and says insurance valuations have turned attractive despite near-term challenges. What sectors and stocks does Macquarie see leading the next phase of financial sector growth?