Banking Stock Soared 31% In 1-Year, Brokerage Sees Another 31% Upside: Buy

IDBI Capital has recommended investors to buy City Union Bank with a target price of Rs 230 apiece and a potential return of 31%. The banking stock has given 31% return in 1-year and the brokerage sees yet another 31% return. The private bank has a market capitalisation of Rs 13,051 crore. Check key takeaways below:

1. City Union Bank Stock Performance

The current market price of the stock is Rs 176 apiece with an intraday decline of 0.68%. The stock's 52-week high is Rs 204 apiece and 52-week low is Rs 108 apiece, respectively.

2. City Union Bank Return

The banking stock has declined 7% in last 1-month and given 31% return in last 1-year. The stock has fallen 24% in last 3-years. In last 5-years, the shares of the company have soared 9%.

The company for the quarter ended September 30, 2022 declared a standalone total income of 1354 crore, up 2.86%. The net profit after tax was declared at Rs 276 crore in the latest quarter.

3. About City Union Bank

City Union Bank was incorporated on 31st October, 1904 as 'The Kumbakonam Bank'. The bank in the beginning preferred the role of a regional bank and slowly but steadily built for itself a place in the Delta District Thanjavur.

The company set up its first branch at Mannargud on 24th January 1930. After this the company started set up a series of branches at Nagapattinam, Sannanallur, Ayyampet, Tirukattupalli, Tiruvarur, Manapparai, Mayuram and Porayar within a period of 25 years, according to its official website.

Disclaimer

The stock has been picked from the brokerage report of IDBI Capital. Greynium Information Technologies, the Author, and the respective Brokerage House are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to check with certified experts before taking any investment decision.