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ICICI Securitie’s research report on City Union Bank
Despite broadly stable 1.5% RoA over the last 7 quarters, CUBK’s stock has underperformed peers due to concerns about subdued loan growth / NIM performance in arguably one of the best NIM cycle in recent times. Over the past couple of quarters, the bank seems to have addressed legacy issues impacting loan growth (better internal control, run-down of KCC gold loan, etc.) and has overhauled its IT systems (new LOS running in-parallel with the support of BCG and…
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