Weak sequential NII growth; asset quality continues to improve

11 Mar 2024
5 Min read 
  • Repco Home Finance reported weak sequential NII growth and improved asset quality in its 3QFY24 results.
  •  Other income grew 30% YoY, supporting the in-line earnings.
  •  The company aims to grow its loan book to INR200 billion by FY27.
  •  Valuation at 0.8x FY26E P/BV is attractive, but loan growth and asset quality improvement need to be monitored.
  •  FY25E EPS estimate raised by 3% to account for lower credit costs.
  •  Neutral rating maintained with a revised TP of INR490.
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