Visit http://indiaer.blogspot.com/ for complete details South Indian Bank |
Flawless performance |
ACCUMULATE
CMP: Rs28 Target Price: Rs30
n SIB reported strong 39.4% growth in NII at Rs2.0bn and 57.4% yoy growth in PAT at Rs770mn, ahead of our expectations
n The growth was driven by 36% growth in advances and 35bps qoq expansion in NIMs
n The gross NPAs remained stable at Rs2.3bn. Slippages controlled at Rs260mn, 0.6% of advances. Provision cover stood strong at 71%.
n Valuations reasonable at 1.6x FY12E ABV. However, leaves ~10% upside to our target price of Rs30 Downgrade from BUY to ACCUMULATE
No comments:
Post a Comment