Visit http://indiaer.blogspot.com/ for complete details Allahabad Bank (Buy)
Particulars Rs.
CMP 251.50
Target Price 275.00
Upside (%) 9.34
52 Week H/L 254.95/111.05
Market Cap (Cr) 11,234
On the back of hefty growth in advances and expansion in
NIM, Allahabad bank posted stellar results for the Q2 F11 with
60.7% yoy surge in the Net Interest income to Rs 9.69 billion.
Bank witnessed sharp 37.1% yoy (8.4% qoq) rise in advances
to Rs 820.9 billion largely due to better performance in SME
and corporate sector. NIM of the bank also expanded by 73
bps yoy (16 bps qoq) to 3.3% as credit deposit ratio swelled
by close to 370 bps yoy to 72.2%. Although bank’s advances
grew sharply, its CASA ratio expanded 48 bps qoq to 34.7%.
The capital adequacy ratio of the bank was comfortable at
13.5% with tier I CAR of 8.4%. Bank has added 48 new
branches during the quarter and 78 during the half year taking
the total no of braches to 2,364.
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