Mumbai, Dec. 16 -- According to the report, the bank's management now expects net interest margins to bottom out in the fourth quarter or early in the first quarter, later than the earlier guidance of a third-quarter trough.

Management expects a shallow, C-shaped recovery in margins. Net interest margins are seen moving towards 3.8% over the next 15 to 18 months.

The report said optimisation of the fee-to-assets ratio remains constrained in the near term due to the current business mix and market conditions.

The brokerage reiterated a Neutral stance on the stock and maintained a target price of Rs 1,285.

On asset quality, management said stress in the credit card portfolio is easing. The personal loan book has largely stabilised. No f...