ICICI Securities raises South Indian Bank target to Rs 63 after Q2 results
ICICI Securities rates South Indian Bank a buy and lifts its target price from Rs 45 to Rs 63 after a strong second-quarter report.
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what happened
ICICI Securities upgraded its view on South Indian Bank to buy and raised its target price from Rs 45 to Rs 63. According to the research note, the bank closed the second quarter strongly: loan growth is now ahead of the system, net interest margin rose by more than 50 basis points year on year, and return on assets edged up to 1.12%.
Management guides for loan growth of 15–16% year on year, and higher in gold and MSME lending, with a positive bias on margins. The brokerage says it will keep monitoring the execution of new MD and CEO Mahesh Pai.
why it matters
The higher target rests on improving return on assets and a target multiple of about 1.15x book value. For investors in Indian banks, the report signals better asset quality and a margin tailwind from the rate cycle. Source: ICICI Securities research report, as published by Moneycontrol.
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sources
- Buy South Indian Bank; target of Rs 63: ICICI Securities — moneycontrol.com, 19 October 2026 at 09:53 UTC
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