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Centrum maintains ‘Buy’ on Ujjivan SFB, target price Rs 65

he lender saw strong 48% growth in net interest income during third quarter.

ETMarkets.com|
Last Updated: Jan 24, 2020, 08.17 AM IST
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Centrum has maintained its ‘Buy’ rating on Ujjivan Small Finance Bank in the long term with a target price of Rs 65. Shares of Ujjivan Small Finance Bank closed at Rs 53.6, up 4.5% on Thursday while the BSE Sensex closed 271.02 points up (+0.66%) at 41,386.40.

Company Financials

For the quarter ended 31-12-2019, the company has reported a standalone interest income of Rs 666.47 crore, up 7.52 % from last quarter interest iIncome of Rs 619.83 crore and up 52.57 % from last year same quarter interest income of Rs 436.82 crore. The bank has reported net profit after tax of Rs 89.66 crore in the latest quarter.

Investment Rationale

The brokerage said Ujjivan’s management quality remains an asset while growth trajectory and asset quality though opex rationalisation remains a key near term factor.The lender saw strong 48% growth in net interest income during third quarter.
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