Anand Rathi's research report on Indian Bank
Higher opex and credit cost led to muted profitability for Indian bank, with the RoA at 0.6%. Slippages were elevated; however, higher writeoffs led to improved GNPAs. We expect slippages to moderate substantially ahead as most of the stress has already been recognized. Besides, we expect the bank to gain market share from its peer banks.
Outlook
We retain our positive view on it at a TP of Rs185, valuing it at 0.5x P/ABV on its FY24e book.
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