• Maintain Overweight; hike target price to Rs 1,000 from Rs 725
• FY24 print shows that the growth and ROE gap to private banks has closed out
• Expect a similar dynamic to sustain this year as well
• Positioning is enviable with a growth pick up in corporate loans, low pressure on opex, and a favorable asset quality environment
• Despite potentially lower recovery income in FY25, we think the bank can continue to print 1%+ ROA
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