Whalesbook
ICICI Securities has initiated coverage on Utkarsh Small Finance Bank with a 'BUY' rating and a target price of INR 26. The brokerage anticipates 25% credit growth and an RoE of around 15% over the next 2-3 years, driven by a strategic shift to secured loans. While near-term credit costs may be impacted by high MFI GNPLs, stress is showing signs of subsiding.