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Anand Rathi Report
Better operating performance and moderating provisions led to Indian Bank Ltd.'s strong profitability, with return on asset up 13 basis points QoQ to 1.33%. Headline asset quality and provision coverage ratio improved.
Ahead, we expect slippages to be modest. With stress from the legacy book recognised, the focus now shifts to profitability. We expect the bank to deliver a sustainable ~1.1%+ RoA in the medium term.
We retain our positive view, at a higher 12-month target price of Rs 685, 1.1 times price/adjusted book value on its FY27E book.
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