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Anand Rathi Report
Stable margins, higher non-interest income and lower opex led to a ~23% QoQ increase in core operating profits for South Indian Bank Ltd.
Overall asset quality improved. With stress from the legacy book expected to run down in a few quarters, the focus now shifts to profitability. We expect the bank to deliver a sustainable 1% RoA in the medium term.
We retain our Buy rating, with a 12-mth target price of Rs 38 (earlier Rs 37), at 0.8 times price/adjusted book value on the FY27e book.
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