Moneycontrol
Apr 20, 2017 04:46 PM IST | Source: Moneycontrol.com

Buy DCB Bank; target of Rs 197: HDFC Securities

HDFC Securities is bullish on DCB Bank has recommended buy rating on the stock with a target price of Rs 197 in its research report dated April 18, 2017.

Buy DCB Bank; target of Rs 197: HDFC Securities

HDFC Securities' report on DCB Bank

Yet again, DCB Bank (DCBB) performed well across parameters, with broad-based loan growth (+22%), a stable and superior NIM (4%), healthy fee growth (+12% QoQ), controlled opex (+3% QoQ) and improving efficiencies (core C-I down 270bps QoQ).

Outlook

With healthy business momentum and asset quality under control, DCB’s recent run-up is sustainable. We remain BUYers of DCB’s multi-year growth story with a revised TP of Rs 197 (2.25x Mar-19E ABV of Rs 87.6).

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