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Nirmal Bang Report
Brokerage firm Nirmal Bang continues to believe that South Indian Bank has rebuilt, repositioned, and is now ready to scale. The earnings profile is transitioning from turnaroundled profitability to structurally sustainable returns.
The brokerage believes resilient margins, healthy loan growth, benign credit costs, positive operating jaws, and a gradual recovery in fee income should support a sustainable RoA of ~1.2%.
As markets digest continued strategic continuity and confidence builds around the durability of the transformed franchise and its ability to consistently deliver superior returns, Nirmal Bang believes the stock is well positioned for a valuation rerating.
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Nirmal Bang maintain Buy on South Indian Bank with an unchanged target price of Rs 62, implying 1.05 times Jun-28E book value.
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