ICICI Direct's research report on Indian Bank
Indian Bank is one of the largest and among the better performing PSU banks in India with a total business of over Rs 10.3 lakh crore • Pan-India presence with strong branch network of 5728 domestic branches • Diversified loan mix with RAM (retail/agri/MSME) forming ~62% to book.
Outlook
We maintain our BUY rating on the stock. Indian Bank is expected to deliver credit growth largely in line with industry and RoA of ~0.9% in FY24E. Thus, we value the bank at ~0.85x FY24E ABV and revise our target price from Rs 250 to Rs 300 per share.
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