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Dolat Capital Report
Canara Bank posted steady quarter with sequentially stable net interest margin at 3.02% (-3 bps), higher other income led by recovery from written off accounts, decline in slippage to 1.3%, and return on asset of 1%. NIM outlook for H2 has been softened to ~2.9%.
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Loan growth was healthy at 4% QoQ (13% YoY), led by agri (up 6% QoQ), retail and small and medium enterprise (up 4% each). Gross non-performing asset decline of 40 basis points QoQ benefitted from lower slippages and higher write-offs.
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We factor in slightly lower NIM over FY24/25E, offset by higher other income and lower slippages.
Rolling over to September-25E, maintain 'Accumulate' with a target price of Rs 410 (one time adjusted book value) against return on asset/return on equity of 0.9%/16% for FY25E.
Canara Bank's limited contingent buffers against expected credit loss transition (estimated at 2- 2.25% of loans) remains a constraint to stronger stance on the stock.
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