CMP Rs511, Target Rs575, Upside 12.6%
± Robust loan growth at 9.5% qoq; corporate segment witness significant traction
± Deposit growth was muted; CASA decline by significant 360bps qoq
± Resilient NIM performance; improvement in YoA offset higher CoD
± Asset quality remains sanguine; bank made floating provisions of Rs2.5bn. Capital adequacy and RoA continues to be strong
± ‘Safe Haven’ in deteriorating sector dynamics; upgrade target price to Rs575 and retain BUY
