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South Indian Bank Q1FY12 Result Update; Balance sheet growth drives profit; Accumulate; Target: Rs30
n SIB’s Q1FY12 results inline with expectations with NII of Rs2.1bn and net profit of Rs825mn
n The NII grew by 22.5% to Rs2.1bn led by strong 8.1%qoq growth in advances, albeit NIM’s contracted by 42bps qoq to 2.4% higher than expected
n The asset quality remained stable with GNPA and NNPA at 1.1% and 0.3%. The provision cover also remained higher at 72.7%
n We remain positive with 30% CAGR in PAT over FY11-13E, robust Tier I and clean asset quality. Maintain ACCUMULATE with TP of Rs30. High gold loan portfolio a key risk
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