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Corporation Bank is slated to announce its 2QFY2011 results. The bank is expected to
post healthy yoy growth of 40.4% in net interest income (NII) to `707cr. Non-interest
income is expected to decline by 18.1% yoy. Provisioning expenses are expected to
increase by 51.7% yoy. Net profit is expected to be subdued at `303cr. We will be closely
watching slippages from the restructured loans of the bank, which stand at `2,811cr,
forming 46.0% of the net worth. At the CMP, the stock is trading at 1.3x FY2012E ABV of
`555. Currently, we have a Neutral rating on the stock.
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