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Angel Broking has come out with Buy recommendation on Indian Overseas Bank. “IOB remains in ‘sweet spot’ with its superior return ratios, consistently high net interest margins, better operating efficiency and higher leverage. Despite a moderate growth in bottomline, recoveries from bad loans will improve asset quality and bottomline as well. Going ahead, with the Government’s holding at 61 per cent, IOB would be an active candidate in the consolida tion process in the PSU banking space. We initiate coverage on IOB with a Buy recommendation and 12-month target price of Rs 150,” according to a report from Angel Broking.

Business Line does not assume responsibility for the recommendations sourced from third party brokerages.

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