Buy CSB Bank; target of Rs 270: ICICI Direct

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ICICI Direct's research report on CSB Bank

CSB Bank is a south based private sector bank with Kerala contributing ~47% of total business. Changed strategy in various aspects of lending has led to transformation and improved performance in the past few years. Gold, SME key lending segments comprising 39%, 15%, respectively, of book • Liability franchise is healthy with loyal customer base of ~21 lakh.

Outlook

We retain our BUY rating on the stock. We value CSB Bank at ~1.4x FY24E ABV with a revised target price of Rs 270 vs. Rs 320 earlier.

For all recommendations report, click here

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