Buy CSB Bank; target of Rs 275: ICICI Direct

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26 Aug, 2025 12:21

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CSB Bank is a south based private sector bank with Kerala contributing ~30% of total advances. Changed strategy in various aspects of lending have led to transformation and improved performance in the past few years. Gold, SME key lending segments comprising ~44%, ~13%, respectively, of book • Liability franchise is healthy with loyal customer base of ~21 lakh.

We retain our BUY rating on the stock. CSB bank is expected to deliver a credit growth higher than industry with RoA of 1.5%+. Thus, we value CSB Bank at ~1.4x FY24E ABV with a revised target price of Rs 275 vs. Rs 250 earlier.

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