Nirmal Bang is bullish on DCB Bank has recommended buy rating on the stock with a target price of Rs 220 in its research report dated April 20, 2017.
Nirmal Bang's report on DCB Bank
DCB Bank reported another healthy quarter witnessing growth both on Balance sheet and profitability. As on Q4FY17 advances stood at Rs. 15,818 Cr vs Rs. 12,921 Cr in Q4FY16 a growth of 22.4% YoY. NII grew at Rs. 220.3 Cr in Q4FY17 vs Rs. 168.7 Cr in Q4FY16 (+30.6%) and Rs. 209.5 Cr in Q3FY17 (+5.1%).
BV and 19.7x/14.9x FY18E/FY19E EPS respectively. We maintain BUY on the stock for a revised target price of Rs 220(2.3x of FY19E Adj. BV) indicating an upside of 25% from current levels.
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