ICICI Direct's research report on CSB Bank
CSB Bank is a south based private sector bank with Kerala contributing ~50% of the total business. Changed strategy in various aspects of lending has led to transformation and improved performance in the past few years. Gold, SME are key lending segments comprising 36%, 13%, respectively, of book Liability franchise is healthy with loyal customer base of ~17 lakh
Outlook
We retain our BUY rating on the stock We value CSB Bank at ~2.6x FY23E ABV and keep our target price unchanged at Rs 380.
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