Indian Bank is a mid-sized PSU bank with close to 2687 branches. In four years until FY15, credit traction has been strong at 19% CAGR, way ahead of the industry, growing at 17.4% CAGR. However, owing to a slowdown in corporate credit demand, advances remained flattish in FY16-17. As on FY17, loans were at | 127699 crore, which are well diversified into corporate at 45% of domestic book and retail at ~55%. Going ahead, we FY19E expect a pick-up in credit growth. Therefore, we expect credit CAGR of...