CSB Bank Q4 Review: High Fee Lines Offset NIM Pressures; Dolat Capital Maintains 'Buy', Hikes Target Price

CSB Bank stands out for its helathy net interest margin (~4%), improving fee lines (2% of assets) and strong asset quality (partly owing to ~45% gross loss in loan mix). A high share of fixed-rate loans (~62%) will also favor NIM in a declining interest-rate environment. We build in 20% loan CAGR as all segments are driving growth now. Despite elevated opex (3.7% cost/assets in FY25), RoAs remain healthy at ~1.5%. The stock trades at...