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Utkarsh Small Finance Bank Can Rally 63% Says ICICI Securities As It Resumes Coverage With 'Buy' Rating
ICICI Securities resumes coverage on Utkarsh SFB with a 'Buy' rating - check target price.
25 Nov 2025, 11:16 AM IST 
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Despite hiccups on MFI portfolio and asset quality, Utkarsh has continued to steadily build its deposit franchise, as is visible in deposit growth of >20% since FY20. (Photo Source: Utkarsh Small Finance Bank website)
Utkarsh, since its inception, has largely focused on lending towards microfinance customers. However, post SFB conversion in FY17, it has strategically focused and realigned its portfolio towards secured products namely micro, small and medium enterprise, micro-loan against property, housing and commercial vehicle/construction equipment loans to leverage distribution.
