Allahabad Bank Positive surprises on all fronts :Emkay,

Please Share:: India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��

Allahabad Bank

Positive surprises on all fronts

ACCUMULATE

CMP: Rs161                                        Target Price: Rs200

---

n     ALBK results well ahead of estimates with NII at Rs13.2bn. Net profit at Rs4.9bn further aided by lower tax rate of 9%

n     The NII grew by 36%yoy to Rs13.2n driven by 28bps expansion in NIM’s, albeit advance growth remain moderate at just 16.6%yoy

n     Key highlight for the quarter was- significantly lower slippages at just Rs5.2bn. Mgmt guided for slippage to fall back to normal levels

n     Positively surprised by the substantial improvement in NIMs and lower slippage numbers. Maintain ACCUMUALTE rating with TP of Rs200