Buy Indian Bank; target of Rs 75: Anand Rathi

Anand Rathi is bullish on Indian Bank has recommended buy rating on the stock with a target price of Rs 75 in its research report dated October 26, 2020.

Broker Research

October 28, 2020 / 05:03 PM IST

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Anand Rathi 's research report on Indian Bank

NIM expansion and higher non-interest income led to a strong, 40%, y/y increase in Indian Bank’s Q2 operating profits. With the standstill on NPA recognition, asset quality and PCR improved. Collection efficiency improved exceptionally in Sep.

Outlook

We maintain our positive view on the bank at a TP of Rs75, valuing it at 0.3x P/ABV on its FY22e book.

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