ICICI Direct has given Buy recommendation for City Union Bank with a target price of Rs. 215 in its research report issued on Aug 19, 2022

ICICI Direct’s research report on City Union Bank

City Union Bank is an old private sector bank with focus on MSME and agri loans that form 61% of overall advances. Strong presence in south India with 644 out of total 727 branches • Total 99% of bank’s advances are secured in nature.

Outlook

We maintain our BUY rating on the stock. We value City Union Bank at ~2x FY24E ABV and revise our target price from Rs 200 to Rs 215 per share.

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