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Last Updated : May 15, 2019 05:09 PM IST | Source: Moneycontrol.com

Buy Indian Bank; target of Rs 300: ICICI Direct

ICICI Direct is bullish on Indian Bank has recommended buy rating on the stock with a target price of Rs 300 in its research report dated May 15, 2019.

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ICICI Direct's research report on Indian Bank


Indian Bank reported a stable operational performance at Rs 1245 crore, on the back of steady growth in NII at ~8% YoY to ~Rs 1763 crore & higher other income at ~Rs 570 crore, up ~16% YoY. However, elevated provision at Rs 1121 crore, led by divergences dented earnings. The bank reported a loss of ~Rs 190 crore. Growth in advances remained healthy at 15.8% YoY to Rs 1.88 lakh crore. It was broad based across segments including corporate as well as retail and MSME. Deposit accretion remained healthy with CASA ratio at ~35.4%. High traction in term & saving deposits led to growth in liabilities while CA mobilisation remained muted.


Outlook


The bank is relatively better placed in terms of balance sheet strength, capital & earning potential. Hence, we maintain our target at Rs 300, assigning multiple of ~1x FY21E ABV. We maintain our BUY recommendation.


For all recommendations report, click here


Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

First Published on May 15, 2019 05:09 pm
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