IMHO the Management has been extremely conservative in the past. A new management has taken charge in the recent past and they have announced avenues for revenue growth and have also taken action in some of those avenues. For detaills, please refer to their recent Earnings Call. If those measures frcutify, the market may reward the bank with a rerating of the PE. Everything depends on the success of the initiatives annunced. Disclosure: Invested. My views are biased.
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