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ICICI Securities Report
We initiate on Utkarsh Small Finance Bank with 'Buy' and a Target Price of Rupees 70, valuing at 2 times FY25E book value per share.
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We see Utkarsh's deep presence in under-penetrated states, enhanced product offering, proven track record of managing asset quality better than peers (write-offs during covid at 12% versus. 15-20% at other Microfinance institutions players) and its rapidly evolving liability franchise (steady decline in cost of funds) ensuring sustainability of greater then18% return on equity and greater then 25% growth over FY24-26E.
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Utkarsh kicked off its lending journey in the states of Uttar Pradesh and Bihar – collectively, the region is perceived to be the toughest lending market in India. Hence, since inception, it has embarked on a calibrated growth journey emphasising on risk management and portfolio quality.
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