Mumbai, Jan. 27 -- Despite the near-term concerns, the foreign broker has maintained a 'Buy' rating on the stock with a target price of Rs 530, implying an upside of about 26% from the price cited in its January 25 report. The broker said that bank's standalone profit for December quarter, excluding one-off costs, rose 6% year-on-year and was ahead of estimates, while loan growth of 16% and deposit growth of 15% were higher than peers including HDFC Bank and ICICI Bank. However, the brokerage added that net interest income growth of 5% lagged peers due to weaker margin performance, leading it to describe the quarter as "on par with peers."

Further, the another foreign broker has retained a 'Neutral' rating on the counter and raised its t...