Buy Canara Bank; target of Rs 160: Prabhudas Lilladher
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓Prabhudas Lilladher issued a buy rating for Canara Bank with a target price of Rs 160.
- ✓The bank showed a strong quarter with healthy loan growth and better margins.
- ✓Experts expect festive demand to help retail credit.
Story at a Glance
- Category
- BUSINESS
- Reported By
- MoneyControl
- Reading Speed
- 1 Minute(s)
- Market Focus
- India Economy
Prabhudas Lilladher's research report on Canara Bank CBK delivered a strong quarter with an all-round beat as core PPoP was 13.3% higher, led by better NII (superior NIM), fees and opex. Loan growth was healthy at 6.5% QoQ; excluding FCNR(B) related loans too, domestic credit growth was strong at ~5% QoQ mainly aided by corporate/agri. NIM may sustain at current level supported by (1) rise in corporate/agri loan yields (2) upcoming festive season that could spur demand for retail credit (3) low LDR at ~80% and (4) EBLR repricing.
For FY27/28E we raise NIM by 7/6bps and core PAT by avg.
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