Anand Rathi's research report on Karur Vysya Bank
A strong operating performance along with modest credit costs kept Karur Vysya Bank’s profitability strong, with 1.7% RoA (down 6bps q/q). Overall asset quality was stable. Key positives were: 1) strong growth in the commercial and retail segments, 2) lower slippages, 3) NIM persisting above 4.1% and 4) a strong balance sheet. With credit growth likely in high-teens and modest credit costs, earnings are expected to be strong.
Outlook
We retain our Buy rating, with a higher 12-mth TP of Rs259, 1.5x P/ABV on the FY26e book.
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