This article was written by

Follow

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Operator

Good morning, everyone, and welcome to today’s PVH Fourth Quarter 2025 and Full Year Earnings Conference Call. [Operator Instructions] Please note this call may be recorded [Operator Instructions] — it is now my pleasure to turn today’s program over to Sheryl Freeman, Senior Vice President of Investor Relations.

Sheryl Freeman
Vice President of Investor Relations

Thank you, operator. Good morning, everyone, and welcome to the PVH Corp. Fourth Quarter and Full Year 2025 Earnings Conference Call. Leading the call today will be Stefan Larsson, Chief Executive Officer; and Melissa Stone, Interim Chief Financial Officer and Executive Vice President, Global Financial Planning and Analysis. This webcast and conference call is being recorded on behalf of PVH and consists of copyrighted material.

It may not be recorded, rebroadcast or otherwise transmitted without PVH’s written permission. Your participation constitutes your consent to having anything you say appear on any transcript or replay of this call. The information to be discussed includes forward-looking statements that reflect PVH’s view as of March 31, 2026, of future events and financial performance. These statements are subject to risks and uncertainties indicated in the company’s SEC filings and the safe harbor statement included in the press release that is the subject of this call.

These include

Aditya Shah, Founder, Hercules Advisors told ET Now, “Systemic loan growth is about 10%–15%, deposits about 10%. HDFC Bank has grown loans at 12%–13% and deposits at 14%—exactly as management planned. Stock reaction may be muted due to AT1 bond and chairman issues, but business numbers are strong.”

On deposit trends, Shah added, “Deposit growth has been strong since the merger. Even if markets stay tough, some money may return to deposits. The main concern is loans and NIM, which take time to recover.”

Smaller lenders and microfinance are also showing signs of recovery. Shah noted, “The micro-lending cycle has bottomed out. Banks like RBL, Suryoday, and Ujjivan are reporting good loan growth. The war may slow lending briefly, but the cycle had turned before that.”

Public sector banks continue to perform steadily. Shah said, “PSU banks will do well for the next one or two years. SBI is best placed. HDFC Bank offers potential if it resolves internal issues and improves NIM.”

Live Events

IDFC First Bank showed mixed results. “Growth may moderate short-term due to a fraud booking, but long-term the franchise is well placed,” Shah explained.
On NBFCs, he highlighted, “Bajaj Finance saw deposits decline this quarter, though 20% loan growth is fine. We’ll monitor management’s response.” For investment picks, Shah advised, “Top PSU pick: SBI. Contrarian pick: HDFC Bank—valuations are low, and growth potential remains. ICICI Bank is also on a growth cycle for the next three to five years.”

Bottom Line
India’s banks are at an inflection point—growth is returning, and asset quality is stabilizing. However, margins, deposits, and global risks remain challenges. Investors should balance opportunity with caution.

Since 2018 the high street lender has shut more than 800 branches in the UK

Barclays is reportedly planning to return to the high street by opening new branches and bringing back “bank managers”. Vim Maru, chief executive officer at Barclays UK, told the Times he does not want customers to get “stuck in some chatbot” when they need help.

Since 2018, more than 800 Barclays branches have closed – leaving 206 still open around the UK, according to the company’s latest annual report. Mr Maru joined Barclays in 2023, and took over running the UK arm of the bank in 2024.

He said that one of his “early decisions” was to pause the closures and plans to expand again.

In an interview with the paper, Mr Maru said: “What we’re trying to do is something that allows us to differentiate in front of our customers.

“Of course we’re going to be great in digital – but we’re going to be there for you when you need some help and support. You’re not going to be stuck in some chatbot trying to get out of the loop and trying to speak to someone.”

The chief executive does not accept that branches were closed too quickly, but has noted that many customers still “value physical presence”.

“The branch manager or bank manager is back. Most customers come in and they want to talk to the bank manager from time to time,” said Mr Maru.

The decision to move back towards traditional banking comes as previously digital-only banks, such as Revolut, have started moving into the current account market in the UK.

In a statement to the Press Association, Mr Maru said: “Even in a digital world, many customers still value physical presence and the ability to talk to our colleagues when they need support.

“In response to changes to where people work, live and shop over the last few years, we have relocated some of our branches and extended branch opening hours, adding 33,500 hours of in-branch availability per year.

“We are now looking to enhance and invest in our branch footprint alongside our contact centres and app as we continue to meet the changing preferences of our customers.”

MONTECITO, California — The Duchess of Sussex offered fans a rare, intimate look at family life Monday, posting a series of short videos on Instagram showing Prince Archie and Princess Lilibet celebrating Easter at the family’s Montecito home.

Meghan Markle, 44, shared the clips with the simple caption “Happy Easter!” accompanied by an egg emoji. The footage captures the children, ages 6 and 4, enjoying classic holiday traditions in their sprawling backyard garden: darting across the grass with Easter baskets, an egg hunt, Lilibet wearing playful bunny ears while carrying a plush rabbit, and Archie decorating eggs. One segment shows Meghan herself searching for eggs near the family’s chicken coop, nicknamed Archie’s Chick Inn.

The post provides one of the most extended recent glimpses into the private world of Prince Harry and Meghan’s young family since they stepped back from senior royal duties and relocated to California in 2020. The couple has been protective of their children’s privacy, rarely sharing images or videos, making Monday’s Easter posts stand out.

In the clips, Archie, with his recognizable red hair, runs energetically through the yard. Lilibet appears in bunny ears, toddling along with a stuffed bunny. The children are seen from various angles, including some from behind, as they hunt for hidden eggs amid the lush Montecito landscape. Other moments include family activities like feeding chickens, evoking a relaxed, sun-filled California spring day.

Royal watchers noted the timing coincides with Easter observances by the broader British royal family, including a service at St. George’s Chapel in Windsor attended by King Charles III and other senior royals. The contrast between the formal Windsor gathering and the informal California backyard celebration highlighted the divergent paths taken by the two branches of the family.

Meghan’s Instagram account, which she uses to promote her lifestyle brand As Ever and share personal moments, has featured the children sparingly in recent months. Earlier posts included cameos by Archie and Lilibet in behind-the-scenes videos for As Ever collaborations, such as flower arranging and product shoots at home. In one March video, the children playfully interrupted their mother’s work, with Lilibet whispering to Meghan and Archie dashing into frame, prompting the caption “Mama’s little helpers.”

The Duchess has also shared other family snippets, including Archie skiing with his father in early April, captioned “My boys. Quick learner, Archie! So proud ❤️.” Those clips showed Harry and his son gliding down slopes, underscoring the family’s active outdoor lifestyle.

Monday’s Easter videos arrive as the Sussexes continue building lives centered on philanthropy, media projects and family in their Montecito estate. The nine-bedroom, 16-bathroom property, purchased for $14.65 million in 2020, includes extensive grounds that have become the backdrop for many of the rare shared moments.

Prince Archie Harrison Mountbatten-Windsor was born in London in May 2019. Princess Lilibet Diana Mountbatten-Windsor followed in June 2021 in Santa Barbara, California. Both children hold the titles of prince and princess, granted after King Charles ascended the throne in 2022, though the family primarily uses them in formal contexts.

The couple has spoken in interviews about striving for a normal childhood for their children, away from the intense scrutiny of royal life in Britain. Harry, in particular, has cited privacy and safety concerns as reasons for the family’s low public profile regarding the children.

Fans and royal commentators reacted quickly to the Easter posts. Many praised the sweet, unscripted nature of the clips, with comments highlighting the children’s energy and the joyful family atmosphere. Supporters viewed it as a warm holiday gesture from the Duchess. Others noted the ongoing debate around the Sussexes’ approach to sharing family images, with some critics arguing the videos still protect the children’s faces from clear, prolonged exposure.

The posts also come amid continued public interest in the couple’s relationship with the British royal family. Harry and Meghan have maintained some distance since their 2021 Oprah interview and the 2023 release of Harry’s memoir “Spare,” though occasional olive branches, such as Harry’s brief visits to Britain, have occurred.

Meghan has focused on entrepreneurial ventures in recent years. Her lifestyle brand As Ever, launched with products ranging from jams and teas to home goods, has expanded through collaborations. The brand’s emphasis on home, garden and family-friendly living aligns with the aesthetic of Monday’s Easter videos.

Earlier in the week, Meghan was spotted shopping locally in Montecito for Easter items, including traditional baskets and throwback toys like Magic Rabbit playing cards and Sea Monkeys, according to onlookers. The choices reflected a preference for simple, creative play over high-tech gifts, consistent with the couple’s stated desire for a grounded upbringing.

The Easter sharing fits a pattern of occasional, carefully curated glimpses the Sussexes provide. Previous rare videos have shown carefree days, such as grocery list-making with Lilibet or zoo visits with Archie. These moments humanize the family for their global audience while maintaining boundaries.

Royal experts suggest such posts serve multiple purposes: connecting with supporters, promoting Meghan’s brand initiatives and reinforcing the narrative of a happy, settled life in California. At the same time, the selective nature of the shares — often showing activities from behind or in motion — continues to spark discussion about privacy versus public engagement.

As Easter Monday unfolded, the British royals marked the holiday with traditional church services and family gatherings at Windsor. King Charles, who has been undergoing treatment for cancer, appeared publicly in recent days, sending a message of continuity within the institution.

The Sussexes, by contrast, embraced a more casual observance. Sources close to the couple described the day as filled with egg hunts, outdoor play and quality family time, with Harry actively participating alongside Meghan and the children.

The videos quickly garnered significant engagement on Instagram, with thousands of likes and comments within hours. Hashtags related to the post trended among royal watchers, mixing admiration for the family’s apparent joy with speculation about future public appearances.

Meghan and Harry’s decision to step back as working royals in 2020 stemmed from what they described as overwhelming media pressure and lack of support. Since then, they have pursued independent projects, including Netflix deals, Spotify podcasts and Harry’s Invictus Games work, while raising their family.

Lilibet celebrated her fourth birthday last June with limited public fanfare, while Archie turned six in May 2025. The family has marked milestones privately, occasionally sharing photos taken by Harry or Meghan themselves.

Monday’s post underscores the couple’s commitment to a California lifestyle centered on nature, animals and simple traditions. The chicken coop, garden activities and backyard play reflect an emphasis on hands-on experiences for the children.

As the children grow, questions persist about their future exposure to public life and potential royal roles. For now, the Sussexes appear focused on shielding them while allowing occasional, controlled peeks for well-wishers.

The Easter videos represent a light, festive moment amid ongoing global interest in the couple. They offer reassurance to fans that Archie and Lilibet are thriving in their sun-drenched California home, engaged in the timeless joys of childhood.

Whether more family content will follow remains uncertain, but Monday’s share provided a welcome dose of seasonal warmth from the Duchess of Sussex and her young family.