Buy City Union Bank; target of Rs 199: HDFC Securities

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HDFC Securities' research report on City Union Bank

CUBK’s earnings were significantly ahead of estimates, despite higher-thanexpected provisions, led by better-than-expected operating performance. Like most banks, CUBK saw a surge in collection efficiency, despite a high proportion of SME loans. Further, the bank continued to provide for the impact of COVID-19 prudently. CUBK remains our preferred pick amongst the mid-tier banks, given its healthy capital position, strong PPOP profile, and conservative management.

Outlook

Maintain BUY with a target price of Rs 199.

For all recommendations report, click here

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