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Dena Bank
Dena Bank is slated to declare its 2QFY2012 results. The bank is expected to post
a decline of 3.7% yoy in its net interest income to `448cr. However, other income
is expected to increase by 9.2% yoy. Pre-provision profit is expected to decline by
6.8% yoy to `303cr. The bank has only switched over accounts worth `50lakhs
and above to system-based NPA recognition. The remaining transformation had to
be completed by September 2011, the effect of which is expected to show in
2QFY2012 results. Hence, we expect provisioning expenses to rise sharply by
113.0% yoy to `155cr. Consequently, we expect net profit to decline substantially
by 37.6% yoy to `100cr. At the CMP, the stock is trading at 0.6x FY2013E ABV.
We maintain our Neutral recommendation on the stock.
United Bank
United Bank is scheduled to announce its 2QFY2012 results. The bank is expected
to post net interest income growth of 8.2% yoy to `570cr. Non-interest income is
expected to decline by 19.8% yoy to `122cr. Operating expenses are expected to
rise by 10.2% yoy (up 10.8% sequentially) to `356cr. Pre-provision profit is
expected to decrease by 5.5% yoy to `335cr. The bank has already switched over
all its accounts to system-based NPA recognition and, hence, we expect a
sequential 18.3% decline (down 18.3% yoy) in provisioning expenses to `178cr.
Net profit is expected to increase marginally by 0.2% yoy (down 17.0% qoq) to
`110cr. At the CMP, the stock is trading at valuations of 0.6x FY2013E ABV. We
recommend an Accumulate rating on the stock with a target price of `82.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Dena Bank
Dena Bank is slated to declare its 2QFY2012 results. The bank is expected to post
a decline of 3.7% yoy in its net interest income to `448cr. However, other income
is expected to increase by 9.2% yoy. Pre-provision profit is expected to decline by
6.8% yoy to `303cr. The bank has only switched over accounts worth `50lakhs
and above to system-based NPA recognition. The remaining transformation had to
be completed by September 2011, the effect of which is expected to show in
2QFY2012 results. Hence, we expect provisioning expenses to rise sharply by
113.0% yoy to `155cr. Consequently, we expect net profit to decline substantially
by 37.6% yoy to `100cr. At the CMP, the stock is trading at 0.6x FY2013E ABV.
We maintain our Neutral recommendation on the stock.
United Bank
United Bank is scheduled to announce its 2QFY2012 results. The bank is expected
to post net interest income growth of 8.2% yoy to `570cr. Non-interest income is
expected to decline by 19.8% yoy to `122cr. Operating expenses are expected to
rise by 10.2% yoy (up 10.8% sequentially) to `356cr. Pre-provision profit is
expected to decrease by 5.5% yoy to `335cr. The bank has already switched over
all its accounts to system-based NPA recognition and, hence, we expect a
sequential 18.3% decline (down 18.3% yoy) in provisioning expenses to `178cr.
Net profit is expected to increase marginally by 0.2% yoy (down 17.0% qoq) to
`110cr. At the CMP, the stock is trading at valuations of 0.6x FY2013E ABV. We
recommend an Accumulate rating on the stock with a target price of `82.
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