Source: Company, Kotak Securities - Private Client Research

Size: px
Start display at page:

Download "Source: Company, Kotak Securities - Private Client Research"

Transcription

1 COMPANY UPDATE Saday Sinha AXIS BANK PRICE: RS.498 RECOMMENDATION: BUY TARGET PRICE: RS.560 FY16E P/E: 14.8X, P/ABV: 2.5X We recently met with the management of Axis Bank. We are turning more positive on Axis bank on account of improving macros as well as steps being taken to the govt to resolve various bottlenecks associated with the infrastructure segment where it has large exposure. We continue to like Axis bank with favorable ALM, superior liability franchise and diversified feebased income. It has consistently delivered superior NIM primarily on back of funding cost advantage underpinned by robust CASA mobilization. Although headline NPLs (GNPA: 1.34% in Q2FY15) have been holding well contrary to street expectations, high exposure to non-operational power portfolio remains a potential risk, in our view. Nonetheless, fresh impairments (slippages + restructuring) did see some uptick, it came well within the management's guidance range. We expect earnings to grow 13.1% CAGR during FY14-16E along with healthy return ratios (RoE: 17-18%, RoA: 1.7%). At CMP, stock trades reasonable at 2.5x its FY16E ABV and hence, we retain BUY rating on the stock with revised TP of Rs.560 (2.8x FY16E ABV) as against Rs.446 (2.5x FY16E ABV). Liability franchise one of the best in the industry; retail banking segment has been key drivers of its growth strategy Axis bank has built a robust liability franchise, displayed in its CASA mobilization. Its CASA mix (40-46% during FY06-14) has been one of the highest in the industry on back of its three-pronged strategy: Strategy of expanding its network to hinterland, where competition is relatively lower. Better customer segmentation strategy, which helps in developing customized products. Focus on transactional banking products which help in getting higher floats from the customers along with generating consistent fee-based income. Trend in CASA mix (%) Improvement in the liability franchise has helped Axis bank over the years to reduce its funding costs. Even though the banking system was witnessing migration from CASA deposits, Axis bank's average CASA share remained robust at 44.5% (Q2FY15) while CASA share on daily average basis improved from 39% in Q2FY14 to 40% in Q2FY15. Apart from low cost CASA deposits, improvement in the retail TDs has helped the bank in containing its cost of funds. Kotak Securities Limited has two independent equity research groups: Institutional Equities and Private Client Group. This report has been prepared by the Private Client Group. The views and opinions expressed in this document may or may not match or may be contrary with the views, estimates, rating, target price of the Institutional Equities Research Group of Kotak Securities Limited. Kotak Securities - Private Client Research Please see the disclaimer on the last page For Private Circulation 2

2 The bank's balance sheet has continued to grow at moderate pace during last 4 quarters (12-13% YoY) while loan book grew at relatively faster pace (17-20% YoY) during the same period. However, retail segment continued to witness robust growth (excluding the impact of lending against FCNR deposits) and now accounts 38% (Q2FY15) of net advances. Management has been guiding that this would trend northwards and is likely to touch 40-45% in next 4-5 years. Break-up of advances FY10 FY11 FY12 FY13 FY14 Q2FY14* Q2FY15* Large & Mid Corporate 50.3% 53.3% 53.6% 49.9% 44.4% 48.4% 45.5% SME Advances 17.5% 15.0% 14.0% 15.2% 15.4% 16.3% 15.6% Agriculture 12.2% 12.2% 10.2% 7.5% 7.8% Retail 20.0% 19.5% 22.1% 27.4% 32.4% 35.3% 38.9%^, * indicates reclassification of loan book, ^ indicates retail book including FCNR linked advances In retail segment, bank has been focusing on both housing as well as auto loans. However, our interaction with the management suggests that the share of higher yielding unsecured portfolio is likely to rise marginally but is likely to remain below 20% of loan book, in near future. We are of the view that competition has been intensifying in retail space during last couple of quarters. We are of the view that although NIM of Axis bank has held-up well in recent quarters, competitive pressure in retail segment could put pressure on its margins, going forward. Reported NIM much above the guidance, recent 10bps cut in base rate to show results in H2FY15. Axis bank has also been consistently beating the NIM guidance over last several quarters. Reported NIM came at 3.97% in Q2FY15, much above the management guidance of ~3.50%, largely aided by improvement in asset yields during Q2FY15 while cost of funds remained stable QoQ. Improvement in the yield on advances has come on the back of change in asset mix (higher unsecured retail portfolio) as well as improvement in LDR (~650bps YoY). Cost of funds has been contained as a part of conscious strategy of mobilizing retail TD along with shedding high cost bulk deposit (down from 30.6% in Q2FY14 to 21.1% in Q2FY15). Trends in NIM (%) Kotak Securities - Private Client Research Please see the disclaimer on the last page For Private Circulation 3

3 Going forward, we expect NIM to trend downward, as there is limited scope to further increase LDR from current levels. We believe mobilizing deposits would be the key to fund its future loan growth. Recently, bank has also cut the base rate by 10bps which could impact YoA by 6-7bps as 85% of domestic book is linked with the base rate. Nonetheless, we also take cognizance of its favorable ALM profile, where 47% of deposits have less than one year maturity, while 17% of advances would be re-priced within one year (as per FY14 disclosure). We believe this would support margins in the falling interest rate environment as larger amount of deposits as compared to advances would come for re-pricing at lower interest rates. We are modeling NIM to come at 3.8%/3.7% during FY15E/16E as compared to 3.81% witnessed during FY14 (3.93% in H1FY15), after factoring in amplified competitive intensity capping the asset yield. Fee Income has been healthy contributor to total revenue stream; focus on operating efficiency continues For Axis bank, contribution of fee-based income to total income has been consistently in the range of 35-37%, healthy in our view. Its fee income remains well diversified with 32% coming from retail banking, 30% from corporate banking and balance contributed by treasury, BB, SME and agri segments. Contribution to Net Revenue FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15E FY16E NII 59% 56% 56% 59% 60% 60% 62% 63% 63% Fee Income 35% 38% 34% 35% 37% 35% 36% 32% 33% Trading Profit 5% 4% 8% 3% 1% 4% 2% 3% 2% Other non-interest Income 1% 1% 2% 3% 2% 2% 1% 2% 2% Total net Revenue 100% 100% 100% 100% 100% 100% 100% 100% 100% Breakup of Fee Income 1Q2013 2Q2013 3Q2013 4Q2013 1Q2014 2Q2014 3Q2014 4Q2014 1Q2015 2Q2015 Total Fee Income Large & Mid corporate Treasury & DCM Agri & SME Banking Business Banking Capital Markets Retail Banking Composition of Net revenue (peer comparison) FY14 (%) Axis Bank HDFC Bank ICICI Bank NII 62% 70% 61% Fee Income 36% 27% 30% Trading Profit 2% 0% 2% Other non-interest Income 1% 3% 7% Total Income 100% 100% 100% Kotak Securities - Private Client Research Please see the disclaimer on the last page For Private Circulation 4

4 Despite rapid expansion in its branch network, it has managed its operating efficiency well. Its cost / Income ratio improved from 52.9% in FY05 to 40.8% in FY14 and ~42% in H1FY15. Bank has continued to focus on business re-engineering to reduce transaction costs besides ensuring smoothness in operations and enhancing its productivity. The moderate rise in opex was largely due to growth in bank's network and other infrastructures while salary paid to employees fell 2.8% YoY in FY14. We are modeling C/I ratio to come at ~42% levels in next two years (FY15/ 16E). Cost / Income ratio (%) Although headline NPLs suggest comfort, high exposure to nonoperational power portfolio remains a potential risk, in our view. Asset quality has been holding well contrary to street expectations - gross and net NPAs stand at 1.34% and 0.44%, respectively, at the end of Q2FY15. During FY14, fresh impairments (Rs.56.9 bn; slippages + restructuring) remained well within the management's guidance range (Rs.60 bn). Even during Q2FY15, incremental stress build-up (slippages + restructuring) came at Rs bn, well within the management's guidance range (Rs.65 bn for the FY15). Trend in Asset Quality NPA (Rs. Bn) Q2FY13 Q3FY13 Q4FY13 Q1FY14 Q2FY14 Q3FY14 Q4FY14 Q1FY15 Q2FY15 Gross NPA % of Gross Advances Net NPA % of Net Advances Provision Coverage Ratio (%) 80.0% 81.0% 79.0% 80.0% 80.0% 78.0% 78.0% 77.0% 78.0% Trend in addition to impaired assets Rs. Bn Q12013 Q22013 Q32013 Q42013 Q12014 Q22014 Q32014 Q42014 Q12015 Q22015 Restructuring as a % of loan book 1.48% 0.76% 0.87% 1.86% 1.39% 2.09% 1.36% 2.26% 0.83% 0.99% Slippage Slippage Ratio (%) 1.07% 1.48% 1.27% 0.90% 1.38% 1.26% 1.20% 0.61% 1.09% 1.58% Addition to impaired assets (%) 2.55% 2.24% 2.14% 2.76% 2.78% 3.35% 2.56% 2.88% 1.92% 2.57% Kotak Securities - Private Client Research Please see the disclaimer on the last page For Private Circulation 5

5 Its outstanding restructured book is relatively comfortable at Rs.66.9 bn (2.76% of net advances) as per the new classification. Although risk of asset impairment remains elevated due to its high exposure to infrastructure and other stressed sectors, its share has seen gradual decline over the years. In its power portfolio, only ~50% of assets are operational in nature while rest will see DCCO (Date of Commencement of Commercial Operations) during next two years. We believe healthy provision coverage ratio at ~78% (including prudential write-offs) at the end of Q2FY15 provides some comfort, in our view. Exposure to Stressed Segments (Funded) - (%) (%) FY10 FY11 FY12 FY13 FY14 Q1FY15 Q2FY15 Infrastructure Construction Power Generation & Distribution Metals & Metal Products Engineering & Electronics Financial Companies Trade Food Processing Real Estate Shipping, Transportation & Logistics Telecom Petroleum & Petroleum Products Chemicals Total Exposure to 10 sectors We recommend BUY on Axis Bank with a price target of Rs.560 Valuations & recommendation At CMP, stock trades reasonable at 14.8x its FY16E earnings and 2.5x its FY16E ABV. We have tweaked the earnings estimate for FY15/16E and now expect earnings to grow 13.1% CAGR during FY14-16E along with healthy return ratios (RoE: 17-18%, RoA: 1.7%). We are retaining BUY rating on the stock with revised TP of Rs.560 (Rs.446 earlier; 2.8x its FY16E adjusted book value). We are assigning higher multiple (2.8x vs. 2.5x) on improving macros as well as steps being taken to the govt to resolve various bottlenecks associated with the infrastructure segment where it has large exposure. Rolling 1-year forward P/ABV band Kotak Securities - Private Client Research Please see the disclaimer on the last page For Private Circulation 6

6 Rolling 1-year forward P/E band Key data Rs. bn E 2015E 2016E Interest income Interest expense Net interest income Growth (%) Other income Gross profit Net profit Growth (%) Gross NPA (%) Net NPA (%) Net interest margin (%) CAR (%) RoE (%) RoA (%) Dividend per share (Rs) EPS (Rs) Adjusted BVPS (Rs) P/E (x) P/ABV (x) Kotak Securities - Private Client Research Please see the disclaimer on the last page For Private Circulation 7

AXIS BANK PRICE: RS.581 TARGET PRICE: RS.685 FY17E P/E: 13.7X, P/ABV: 2.5X

AXIS BANK PRICE: RS.581 TARGET PRICE: RS.685 FY17E P/E: 13.7X, P/ABV: 2.5X RESULT UPDATE Saday Sinha saday.sinha@kotak.com +91 22 6621 6312 AXIS BANK PRICE: RS.581 RECOMMENDATION: BUY TARGET PRICE: RS.685 FY17E P/E: 13.7X, P/ABV: 2.5X Q1FY16 results: Marginal uptick in fresh

More information

(Rs bn) < 1 Yr Share 1 Yr - 3Yr Share 3Yr - 5Yr Share > 5 Yr Share Total

(Rs bn) < 1 Yr Share 1 Yr - 3Yr Share 3Yr - 5Yr Share > 5 Yr Share Total ANNUAL REPORT UPDATE Saday Sinha saday.sinha@kotak.com +91 22 6621 6312 AXIS BANK PRICE: RS.1883 RECOMMENDATION: BUY TARGET PRICE: RS.2080 FY16E P/E: 11.5X, P/ABV: 1.9X Axis bank has favorable ALM with

More information

AXIS BANK PRICE: RS.1422 TARGET PRICE: RS.1535 FY14E P/E: 10.0X, P/ABV: 1.9X

AXIS BANK PRICE: RS.1422 TARGET PRICE: RS.1535 FY14E P/E: 10.0X, P/ABV: 1.9X RESULT UPDATE Saday Sinha saday.sinha@kotak.com +91 22 6621 6312 AXIS BANK PRICE: RS.1422 RECOMMENDATION: ACCUMULATE TARGET PRICE: RS.1535 FY14E P/E: 10.0X, P/ABV: 1.9X Q3FY13 results: Earnings marginally

More information

ICICI BANK PRICE: RS.277 TARGET PRICE: RS.400 FY17E P/E: 11.2X, P/ABV: 1.7X. Q2FY16 results: Earnings in line; slippages remained elevated

ICICI BANK PRICE: RS.277 TARGET PRICE: RS.400 FY17E P/E: 11.2X, P/ABV: 1.7X. Q2FY16 results: Earnings in line; slippages remained elevated RESULT UPDATE Saday Sinha saday.sinha@kotak.com +91 22 6621 6312 ICICI BANK PRICE: RS.277 RECOMMENDATION: BUY TARGET PRICE: RS.400 FY17E P/E: 11.2X, P/ABV: 1.7X Q2FY16 results: Earnings in line; slippages

More information

Trend in deposit maturity profile

Trend in deposit maturity profile COMPANY UPDATE Saday Sinha saday.sinha@kotak.com +91 22 6621 6312 ICICI BANK PRICE: RS.1571 RECOMMENDATION: BUY TARGET PRICE: RS.1821 FY16E P/E: 13.5X, P/ABV: 2.1X ICICI bank has continued to demonstrate

More information

ICICI BANK PRICE: RS.315 TARGET PRICE: RS.400 FY17E P/E: 12.3X, P/ABV: 1.8X

ICICI BANK PRICE: RS.315 TARGET PRICE: RS.400 FY17E P/E: 12.3X, P/ABV: 1.8X COMPANY UPDATE Saday Sinha saday.sinha@kotak.com +91 22 6621 6312 ICICI BANK PRICE: RS.315 RECOMMENDATION: BUY TARGET PRICE: RS.400 FY17E P/E: 12.3X, P/ABV: 1.8X ICICI bank is well positioned to ride the

More information

AXIS BANK PRICE: RS.854

AXIS BANK PRICE: RS.854 MANAGEMENT MEET UPDATE Saday Sinha saday.sinha@kotak.com +91 22 6621 6312 AXIS BANK PRICE: RS.854 RECOMMENDATION: BUY TARGET PRICE: RS.1230 FY13E P/E: 7.5x, P/ABV: 1.4X Trend in Advances (Rs bn) Key takeaways:

More information

Axis Bank Ltd. For private circulation only. Volume No.. III Issue No October 08, 2018

Axis Bank Ltd. For private circulation only. Volume No.. III Issue No October 08, 2018 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Volume No.. III Issue No. 188. Axis Bank Ltd. October 08, 2018 BSE Code: 532215 NSE Code: AXISBANK Reuters Code:

More information

Axis Bank. CMP: INR1,119 TP: INR1,330 Buy

Axis Bank. CMP: INR1,119 TP: INR1,330 Buy BSE SENSEX S&P CNX 18,714 5,687 Bloomberg AXSB IN Equity Shares (m) 413.2 52-Week Range (INR) 1,309/785 1,6,12 Rel.Perf.(%) 9/-16/-8 M.Cap. (INR b) 462.4 M.Cap. (USD b) 8.7 16 October 2012 2QFY13 Results

More information

HDFC Bank Ltd. BUY. Investment Rationale. July 2, Volume No.. 1 Issue No. 28

HDFC Bank Ltd. BUY. Investment Rationale. July 2, Volume No.. 1 Issue No. 28 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15. Volume No.. 1 Issue No. 28 HDFC Bank Ltd. July 2, 2015 BSE Code: 500180 NSE Code: HDFCBANK Reuters Code: HDBK.BO

More information

DCB Bank Ltd. 1 P a g e

DCB Bank Ltd. 1 P a g e 4 Recommendation HOLD Another strong quarter CMP (16/04/2015) Rs. 120 Target Price Rs. 140 Sector Stock Details Banking BSE Code 532772 NSE Code Bloomberg Code DCB DEVB IN Market Cap (Rs cr) 3383 Free

More information

Recommendation BUY Snapshot CMP (01/08/2011) Rs. 85 Target Rs. 129

Recommendation BUY Snapshot CMP (01/08/2011) Rs. 85 Target Rs. 129 Recommendation BUY Snapshot CMP (01/08/2011) Rs. 85 Target Rs. 129 Sector Banking Stock Details BSE Code NSE Code Bloomberg Code Market Cap (Rs. Crs) Free Float (%) 52 wk HI/Low Avg. volume BSE (Quarterly)

More information

BUY. ICICI Bank RETAIL EQUITY RESEARCH. Banking. ddd******* GEOJIT Research. Strong traction in retail segment continues

BUY. ICICI Bank RETAIL EQUITY RESEARCH. Banking. ddd******* GEOJIT Research. Strong traction in retail segment continues Q3FY17 RESULT UPDATE Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 GEOJIT Research Nov-16 Dec-16 Jan-17 Feb-17 RETAIL EQUITY RESEARCH ICICI Bank Ltd Banking BSE CODE:532174 NSE CODE: ICICIBANK

More information

HDFC Bank Banking. BUY Rating as per Large Ccap 12 month investment period RETAIL EQUITY RESEARCH

HDFC Bank Banking. BUY Rating as per Large Ccap 12 month investment period RETAIL EQUITY RESEARCH Q1FY19 RESULT UPDATE Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 RETAIL EQUITY RESEARCH HDFC Bank Banking BSE CODE: 500180 NSE CODE: HDFCBANK Bloomberg CODE:

More information

ICICI Bank Banking BUY RETAIL EQUITY RESEARCH

ICICI Bank Banking BUY RETAIL EQUITY RESEARCH Q4FY17 RESULT UPDATE May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 RETAIL EQUITY RESEARCH ICICI Bank Banking BSE CODE: 532174 NSE CODE: ICICIBANK Bloomberg

More information

State Bank of India PRESS RELEASE H1FY

State Bank of India PRESS RELEASE H1FY SBI STAND ALONE RESULTS HIGHLIGHTS State Bank of India PRESS RELEASE H1FY 2011-12 Net Profit of the Bank is up by 12.36% YOY from Rs.2501 crores in Q2 FY11 to Rs.2810 crores in Q2FY12. Sequentially it

More information

Axis Bank Banking. HOLD Rating as per Large Cap 12 months investment period RETAIL EQUITY RESEARCH

Axis Bank Banking. HOLD Rating as per Large Cap 12 months investment period RETAIL EQUITY RESEARCH Q2FY19 RESULT UPDATE Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 RETAIL EQUITY RESEARCH Axis Bank Banking BSE CODE: 532215 NSE CODE: AXISBANK Bloomberg CODE: AXSB:IN

More information

HDFC Bank BUY. Performance Highlights. CMP `2,145 Target Price `2,500. Q3FY2019 Result Update Banking. 3-year price chart. Key financials (Standalone)

HDFC Bank BUY. Performance Highlights. CMP `2,145 Target Price `2,500. Q3FY2019 Result Update Banking. 3-year price chart. Key financials (Standalone) Jan-16 May-16 Sep-16 Jan-17 May-17 Sep-17 Jan-18 May-18 Sep-18 Jan-19 Q3FY2019 Result Update Banking Jan 22, 2019 HDFC Bank Performance Highlights BUY CMP `2,145 Target Price `2,500 Particulars (` cr)

More information

FY17 FY18 FY19E FY20E

FY17 FY18 FY19E FY20E 102015 012016 042016 072016 102016 012017 042017 072017 102017 012018 042018 072018 Q2FY19 Result Update Institutional Research October 25, 2018 Kotak Mahindra Bank Q2FY19 Result Update Strong growth in

More information

HDFC Bank. BUY CMP (Rs.) 1,807 Target (Rs.) 2,000 Potential Upside 11%

HDFC Bank. BUY CMP (Rs.) 1,807 Target (Rs.) 2,000 Potential Upside 11% Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17. Volume No.. I Issue No. 147 HDFC Bank Oct. 31, 2017 BSE Code: 500180 NSE Code: HDFCBANK Reuters Code: HDBK.NS

More information

BANK OF BARODA Hold POST RESULT NOTE

BANK OF BARODA Hold POST RESULT NOTE ` Bank of Baroda (BoB) reported mixed set of numbers with coreearning (NII) in line with our estimates. Operating profit was 5% below our estimates due to lower than estimated non interest income. Write

More information

Axis Bank. CMP: INR1,008 TP: INR1,240 Buy

Axis Bank. CMP: INR1,008 TP: INR1,240 Buy BSE SENSEX S&P CNX 16,739 5,049 Bloomberg AXSB IN Equity Shares (m) 410.5 52-Week Range 1,461/785 1,6,12 Rel.Perf.(%) 11/-9/-9 M.Cap. (INR b) 413.8 M.Cap. (USD b) 8.2 20 January 2012 Results Update Sector:

More information

Page. ICICI Bank Ltd. RESULT UPDATE 31 st July, 2017

Page. ICICI Bank Ltd. RESULT UPDATE 31 st July, 2017 1. RESULT UPDATE 31 st July, 2017 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul-17 India Equity Institutional Research II Result Update Q1FY18 II 31st July, 2017 2 Asset quality still worrisome, slippages

More information

ICICI Bank BUY. Performance Highlights. CMP Target Price `328 `416. 3QFY2018 Result Update Banking. 3-year price chart. Key financials (Standalone)

ICICI Bank BUY. Performance Highlights. CMP Target Price `328 `416. 3QFY2018 Result Update Banking. 3-year price chart. Key financials (Standalone) Feb-15 Jun-15 Oct-15 Feb-16 Jun-16 Oct-16 Feb-17 Jun-17 Oct-17 Feb-18 3QFY2018 Result Update Banking February 15, 2018 ICICI Bank Performance Highlights Particulars (` cr) 3QFY18 2QFY18 % chg (qoq) 3QFY17

More information

ICICI BANK Ltd. BUY CMP (Rs.) 334 Target (Rs.) 382 Potential Upside 15% Tide set to turn favourably... For private circulation only

ICICI BANK Ltd. BUY CMP (Rs.) 334 Target (Rs.) 382 Potential Upside 15% Tide set to turn favourably... For private circulation only Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Volume No.. III Issue No. 160. ICICI BANK Ltd. Feb. 08, 2018 BSE Code: 532174 NSE Code: ICICIBANK Reuters Code:

More information

9,251 7,812 8, NIM

9,251 7,812 8, NIM 4QFY15 Result Update Institutional Equities IndusInd Bank 17 April 2015 Reuters: INBK.BO; Bloomberg: IIB IN Yet Another Robust Performance IndusInd Bank s 4QFY15 profit beat our estimate by 12%. Its bottom-line

More information

HDFC Bank BUY. Performance Highlights. CMP `1,965 Target Price `2,350. Q2FY2019 Result Update Banking. 3-year price chart. Exhibit 1: Key Financials

HDFC Bank BUY. Performance Highlights. CMP `1,965 Target Price `2,350. Q2FY2019 Result Update Banking. 3-year price chart. Exhibit 1: Key Financials Oct-15 Feb-16 Jun-16 Oct-16 Feb-17 Jun-17 Oct-17 Feb-18 Jun-18 Oct-18 Q2FY2019 Result Update Banking Oct 20, 2018 HDFC Bank Performance Highlights Particulars (` cr) Q2FY19 Q1FY19 % chg (qoq) Q2FY18 %

More information

Federal Bank BUY. Performance Highlights. Target Price. 1QFY2018 Result Update Banking. Stock Info Sector

Federal Bank BUY. Performance Highlights. Target Price. 1QFY2018 Result Update Banking. Stock Info Sector 1QFY218 Result Update Banking August 2, 217 Federal Bank Performance Highlights Particulars (` cr) 1QFY18 4QFY17 % chg (qoq) 1QFY17 % chg (yoy) NII 8.7 842.4 (5.) 692.7 15.6 Pre-prov. profit 557.9 549.2

More information

BUY. State Bank of India (SBI) Banking RETAIL EQUITY RESEARCH. Outlook getting better. CMP Rs278 TARGET Rs310 RETURN 12% 17 th November 2016

BUY. State Bank of India (SBI) Banking RETAIL EQUITY RESEARCH. Outlook getting better. CMP Rs278 TARGET Rs310 RETURN 12% 17 th November 2016 Q2FY17 RESULT UPDATE GEOJIT BNP PARIBAS Research RETAIL EQUITY RESEARCH State Bank of India (SBI) Banking BSE CODE: 500112 NSE CODE: SBIN Bloomberg CODE: SBIN:IN SENSEX: 26,228 BUY Rating as per Large

More information

HDFC Bank Banking BUY RETAIL EQUITY RESEARCH

HDFC Bank Banking BUY RETAIL EQUITY RESEARCH Q4FY17 RESULT UPDATE May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 GEOJIT RESEARCH Feb-17 Mar-17 Apr-17 May-17 RETAIL EQUITY RESEARCH HDFC Bank Banking BSE CODE: 500180 NSE CODE: HDFCBANK

More information

State Bank of India (SBI) Banking. BUY Rating as per Large Cap 12 month investment period RETAIL EQUITY RESEARCH

State Bank of India (SBI) Banking. BUY Rating as per Large Cap 12 month investment period RETAIL EQUITY RESEARCH COMPANY UPDATE Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 RETAIL EQUITY RESEARCH State Bank of India (SBI) Banking BSE CODE: 500112 NSE CODE: SBIN Bloomberg

More information

Bank of Baroda (BOB) Banking. BUY Rating as per Large Cap 12 month investment period RETAIL EQUITY RESEARCH

Bank of Baroda (BOB) Banking. BUY Rating as per Large Cap 12 month investment period RETAIL EQUITY RESEARCH Q2FY18 RESULT UPDATE Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 RETAIL EQUITY RESEARCH Bank of Baroda (BOB) Banking BSE CODE: 532134 NSE CODE: BANKBARODA

More information

ICICI Bank BUY. Performance Highlights. CMP Target Price `343 `460. Q3FY2019 Result Update Banking. 3-year price chart. Exhibit 1: Key Financials

ICICI Bank BUY. Performance Highlights. CMP Target Price `343 `460. Q3FY2019 Result Update Banking. 3-year price chart. Exhibit 1: Key Financials Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Q3FY2019 Result Update Banking Feb 15, 2019 ICICI Bank Performance Highlights Particulars (` cr) Q3FY19 Q2FY19 % chg

More information

Bank of Baroda (BOB)

Bank of Baroda (BOB) Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Volume No.. III Issue No. 153. Bank of Baroda (BOB) Dec. 8, 2017 BSE Code: 532134 NSE Code: BANKBARODA Reuters

More information

HDFC Bank BUY. Operating performance strong; improved NIM. CMP `2,268 Target Price `2,500. Q4FY2019 Result Update Banking. 3-year price chart

HDFC Bank BUY. Operating performance strong; improved NIM. CMP `2,268 Target Price `2,500. Q4FY2019 Result Update Banking. 3-year price chart Apr-16 Sep-16 Feb-17 Jul-17 Dec-17 May-18 Oct-18 Mar-19 Q4FY2019 Result Update Banking Apr 22, 2019 HDFC Bank Operating performance strong; improved NIM Particulars (` cr) Q4FY19 Q3FY19 % chg (qoq) Q4FY18

More information

RBL Bank Ltd. Banking. ACCUMULATE Rating as per Mid Cap 12 months investment period RETAIL EQUITY RESEARCH

RBL Bank Ltd. Banking. ACCUMULATE Rating as per Mid Cap 12 months investment period RETAIL EQUITY RESEARCH Q1FY18 RESUL UPDATE Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 RETAIL EQUITY RESEARCH RBL Bank Ltd. Banking BSE CODE: 540065 NSE CODE: RBLBANK Bloomberg CODE: RBK:IN SENSEX:

More information

ICICI Bank BUY. Performance Highlights. CMP Target Price `307 `411. 1QFY2019 Result Update Banking. 3-year price chart. Key financials (Standalone)

ICICI Bank BUY. Performance Highlights. CMP Target Price `307 `411. 1QFY2019 Result Update Banking. 3-year price chart. Key financials (Standalone) Jul-15 Nov-15 Mar-16 Jul-16 Nov-16 Mar-17 Jul-17 Nov-17 Mar-18 Jul-18 1QFY2019 Result Update Banking July 30, 2018 ICICI Bank Performance Highlights Particulars (` cr) 3QFY18 2QFY18 % chg (qoq) 3QFY17

More information

DCB Bank Ltd. 18 th August, 2014 BUY

DCB Bank Ltd. 18 th August, 2014 BUY Company Report BROKING DEPOSITORY DISTRIBUTION FINANCIAL ADVISORY DCB Bank Ltd. 18 th August, 2014 BUY CMP Rs.81.40 Target Price Rs.120.00 BSE Code 532772 NSE Code DCBBANK Market Cap (Rs Cr.) 2040.24 52

More information

Union Bank of India NEUTRAL. Performance Highlights CMP. `393 Target Price - 2QFY2011 Result Update Banking. Investment Period -

Union Bank of India NEUTRAL. Performance Highlights CMP. `393 Target Price - 2QFY2011 Result Update Banking. Investment Period - 2QFY2011 Result Update Banking October 27, 2010 Union Bank of India Performance Highlights Particulars (` cr) 2QFY11 1QFY11 % chg (qoq) 2QFY10 % chg (yoy) NII 1,536 1,348 13.9 863 77.9 Pre-prov. profit

More information

GIC Housing Finance Ltd.

GIC Housing Finance Ltd. Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15. Volume No.. I Issue No. 12 GIC Housing Finance Ltd. April 17 th, 2015 BSE Code: 511676 NSE Code: GICHSGFIN Reuters

More information

Punjab National Bank. CMP: INR760 TP: INR964 Buy Asset quality deteriorates; asset-liability well-matched Highlights of FY12 Annual Report

Punjab National Bank. CMP: INR760 TP: INR964 Buy Asset quality deteriorates; asset-liability well-matched Highlights of FY12 Annual Report BSE SENSEX S&P CNX 16,706 5,064 19 June 2012 Annual Report Update Sector: Financials Punjab National Bank CMP: INR760 TP: INR964 Buy Asset quality deteriorates; asset-liability well-matched Highlights

More information

Punjab National Bank. CMP: INR940 TP: INR1,275 Buy

Punjab National Bank. CMP: INR940 TP: INR1,275 Buy BSE SENSEX S&P CNX 17,194 5,199 Bloomberg PNB IN Equity Shares (m) 316.8 52-Week Range (INR) 1,234/751 1,6,12 Rel.Perf.(%) 9/-10/-9 M.Cap. (INR b) 297.7 M.Cap. (USD b) 6.0 1 February 2012 3QFY12 Results

More information

Punjab National Bank

Punjab National Bank 1QFY16 Result Update Institutional Equities Punjab National Bank 29 July 2015 Reuters: PNB.BO; Bloomberg: PNB IN Some Respite On Asset Quality Front Punjab National Bank (PNB) reported moderate 1QFY16

More information

L&T Finance Holding Ltd. (LTFH)

L&T Finance Holding Ltd. (LTFH) Result/Concall Update October 23, 2012 L&T Finance Holding Ltd. (LTFH) CMP STOCK INFO BSE 533519 NSE L&TFH Bloomberg LTFH IN Reuters LTFH.BO Sector NBFC Face Value (Rs) 10 Equity Capital (Rs Mn) 17148

More information

HDFC Bank (HDFCB IN)

HDFC Bank (HDFCB IN) (HDFCB IN) Rating: BUY CMP: Rs2,130 TP: Rs2,371 January 19, 2019 Q3FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY20E FY21E FY20E FY21E Rating BUY BUY Target

More information

South Indian Bank Ltd.

South Indian Bank Ltd. 23-Jun-15 23-Aug-15 23-Oct-15 23-Dec-15 23-Feb-16 23-Apr-16 23-Jun-16 23-Aug-16 23-Oct-16 23-Dec-16 23-Feb-17 23-Apr-17 South Indian Bank Ltd. Q1 FY18 RESULT UPDATE Low provisioning to boost profitability

More information

BUY. State Bank of India (SBI) Banking RETAIL EQUITY RESEARCH. GEOJIT BNP PARIBAS Research. CMP Rs259 TARGET Rs284 RETURN 10% 22 nd August 2016

BUY. State Bank of India (SBI) Banking RETAIL EQUITY RESEARCH. GEOJIT BNP PARIBAS Research. CMP Rs259 TARGET Rs284 RETURN 10% 22 nd August 2016 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Q1FY17 RESULT UPDATE GEOJIT BNP PARIBAS Research RETAIL EQUITY RESEARCH State Bank of India (SBI) Banking BSE

More information

Reduce. Punjab National Bank Banking RETAIL EQUITY RESEARCH. Not out of the woods. GEOJIT BNP PARIBAS Research. 10 th August 2016 Q1FY17 RESULT UPDATE

Reduce. Punjab National Bank Banking RETAIL EQUITY RESEARCH. Not out of the woods. GEOJIT BNP PARIBAS Research. 10 th August 2016 Q1FY17 RESULT UPDATE Q1FY17 RESULT UPDATE Aug-15 Sep-15 Oct-15 GEOJIT BNP PARIBAS Research Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 RETAIL EQUITY RESEARCH Punjab National Bank Banking BSE CODE:

More information

Page. ICICI Bank Ltd. RESULT UPDATE 30 th October, 2017

Page. ICICI Bank Ltd. RESULT UPDATE 30 th October, 2017 1. RESULT UPDATE 30 th October, 2017 Oct-14 Apr-15 Oct-15 Apr-16 Oct-16 Apr-17 Oct-17 India Equity Institutional Research II Result Update Q2FY18 II 30th October, 2017 2 Stress situation continues to improve

More information

Performance and Outlook. November 2016

Performance and Outlook. November 2016 Performance and Outlook November 2016 1 Macro Picture Asset Quality Growth Earnings Quality Retail Franchise 2 Growth in industrial production has slowed in recent months Growth in IIP and Components 14%

More information

9,807 8,007 9, NIM

9,807 8,007 9, NIM 1QFY16 Result Update Institutional Equities IndusInd Bank Reuters: INBK.BO; Bloomberg: IIB IN Yet Another Stellar Performance IndusInd Bank s 1QFY16 profit beat our estimate by 4%. Its bottom-line grew

More information

Union Bank of India (UNIBAN)

Union Bank of India (UNIBAN) Result Update Rating matrix Rating : Hold Target : 22 Target Period : 12 months Potential Upside : 5 % Key Financials crore FY1 NII 4192 6216 714 8312 PPP 3659 435 496 552 PAT 275 282 1915 2439 Valuation

More information

Punjab National Bank

Punjab National Bank 4QFY15 Result Update Institutional Equities Punjab National Bank 11 May 2015 Reuters: PNB.BO; Bloomberg: PNB IN Asset Quality Disappointment Continues Punjab National Bank (PNB) posted dismal 4QFY15 performance,

More information

State Bank of India. Strong operating performance. Source: Company Data; PL Research

State Bank of India. Strong operating performance. Source: Company Data; PL Research Strong operating performance January 24, 2011 Abhijit Majumder abhijitmajumder@plindia.com +91 22 66322236 Umang Shah umangshah@plindia.com +91 22 66322242 Rating Accumulate Price Rs2,597 Target Price

More information

Punjab National Bank BUY

Punjab National Bank BUY BUY Most efficient public bank Sector: Banking Sensex: 18,470 CMP (Rs): 1,076 Target price (Rs): 1,370 Upside : 27.3 52 Week h/l (Rs): 1,400 / 900 Market cap (Rscr) : 33,931 6m Avg vol ( 000Nos): 355 No

More information

ICICI Bank. Source: Company Data; PL Research

ICICI Bank. Source: Company Data; PL Research Steady quarter, margin outlook seems more than cautious January 25, 2011 Abhijit Majumder abhijitmajumder@plindia.com +91 22 66322236 Umang Shah umangshah@plindia.com +91 22 66322242 Rating BUY Price Rs1,084

More information

DENA BANK Value Play; Risk-Reward favorable

DENA BANK Value Play; Risk-Reward favorable DENA BANK Value Play; Risk-Reward favorable Recommendation Reuters Code Bloomberg Code STOCK DATA SHARE HOLDING BUY DENA.BO DBNK IN BSE Code 532121 Face Value Shares Outstanding* Avg. Daily Volume (6m)

More information

RBL Bank BUY. CMP Target Price `573 `690. Quick take BANK. January 7, year price chart

RBL Bank BUY. CMP Target Price `573 `690. Quick take BANK. January 7, year price chart Nov-15 Jan-16 Apr-16 Jun-16 Sep-16 Nov-16 Feb-17 Apr-17 Jul-17 Sep-17 Dec-17 Feb-18 May-18 Jul-18 Oct-18 Dec-18 RBL RBL (RBL), formerly Ratnakar, was founded in 1943 and is a 75-year old bank now. Post

More information

Punjab National Bank. CMP: INR716 TP: INR950 Buy

Punjab National Bank. CMP: INR716 TP: INR950 Buy BSE SENSEX S&P CNX 16,839 5,100 Bloomberg PNB IN Equity Shares (m) 339.2 52-Week Range (INR) 1,144/703 1,6,12 Rel.Perf.(%) -8/-24/-28 M.Cap. (INR b) 242.8 M.Cap. (USD b) 4.4 30 July 2012 1QFY13 Results

More information

Canara Bank. CMP: INR419 TP: INR525 Buy

Canara Bank. CMP: INR419 TP: INR525 Buy BSE SENSEX S&P CNX 18,817 5,724 Bloomberg CBK IN Equity Shares (m) 443.0 52-Week Range (INR) 566/349 1,6, 12 Rel.Perf.(%) -7/-18/-17 M.Cap. (INR b) 170.3 M.Cap. (USD b) 3.0 7 November 2012 2QFY13 Results

More information

Earnings Presentation. Annual Results FY16-17

Earnings Presentation. Annual Results FY16-17 Earnings Presentation Annual Results FY16-17 1 Safe Harbor Except for the historical information contained herein, statements in this release which contain words or phrases such as will, aim, will likely

More information

Bank of Baroda (BANBAR) 156

Bank of Baroda (BANBAR) 156 [ Jun-16 Aug-16 Oct-16 Nov-16 Jan-17 Mar-17 Apr-17 Jun-17 Management Meet Note Rating matrix Rating : Buy Target : 200 Target Period : 12 months Potential Upside : 28% What s changed? Target Unchanged

More information

93,707 77,814 90, NIM

93,707 77,814 90, NIM 1QFY18 Result Update Institutional Equities HDFC Bank Reuters: HDBK.BO; Bloomberg: HDFCB IN Higher Fee Income Offsets Higher Provisioning HDFC Bank s net interest income or NII grew 20% in 1QFY18 driven

More information

Equitas Holdings. Rating: Target price: ABV: Target CMP. Rating. Rs Rs. 226 BUY

Equitas Holdings. Rating: Target price: ABV: Target CMP. Rating. Rs Rs. 226 BUY : price: ABV: How does our one year outlook change? Remains a idea in the SFB space owing to a well-diversified product profile, prudence in approaching the MFI space marked by the lowest ticket size amongst

More information

Punjab National Bank. CMP:INR1,103 TP:INR1,500 Buy

Punjab National Bank. CMP:INR1,103 TP:INR1,500 Buy BSE SENSEX S&P CNX 18,210 5,488 28 July 2011 1QFY12 Results Update Sector: Banking Punjab National Bank CMP:INR1,103 TP:INR1,500 Buy Bloomberg PNB IN Equity Shares (m) 316.8 52-Week Range (INR) 1,395/971

More information

State Bank of India (SBI) Banking. BUY Rating as per Large Cap 12 month investment period RETAIL EQUITY RESEARCH

State Bank of India (SBI) Banking. BUY Rating as per Large Cap 12 month investment period RETAIL EQUITY RESEARCH Q1FY19 RESULT UPDATE Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 RETAIL EQUITY RESEARCH State Bank of India (SBI) Banking BSE CODE: 500112 NSE CODE: SBIN

More information

systemic liquidity. Alpesh Mehta Sohail Halai

systemic liquidity. Alpesh Mehta Sohail Halai June Results Preview 7 July 2014 Financials Technology - Banks Company name Axis Bank Bank of Baroda Bank of India Canara Bank Federal Bank HDFC Bank ICICI Bank Indian Bank Indusind Bank ING Vysya Bank

More information

Dena Bank. Inexpensive valuation

Dena Bank. Inexpensive valuation BUY Inexpensive valuation Sector: Banking Sensex: 16,973 CMP (Rs): 97 Target price (Rs): 1 Upside : 24.2 52 Week h/l (Rs): 14 / 48 Market cap (Rscr) : 3,383 6m Avg vol ( Nos): 3,465 No of o/s shares (mn):

More information

Axis Bank BUY. CMP Target Price `620 `750. Update Bank. Earnings to normalize with stabilizing credit costs. 3-year price chart.

Axis Bank BUY. CMP Target Price `620 `750. Update Bank. Earnings to normalize with stabilizing credit costs. 3-year price chart. Jan-15 May-15 Sep-15 Jan-16 May-16 Sep-16 Jan-17 May-17 Sep-17 Jan-18 May-18 Sep-18 Jan-19 Update Bank Jan 02, 2019 Axis Bank Earnings to normalize with stabilizing credit costs Axis is the third-largest

More information

Punjab National Bank

Punjab National Bank Nov-14 Dec-14 Jan-15 Mar-15 Apr-15 May-15 Jul-15 Aug-15 Sep-15 Nov-15 India Research Banking November 09, 2015 QUARTERLY REVIEW Bloomberg: PNB IN Reuters: PNBK.BO SELL Asset quality improves but recovery

More information

CIMB Group Holdings Bhd

CIMB Group Holdings Bhd 31 October 2016 CIMB Niaga 3QFY16 Results Review CIMB Group Holdings Bhd Prospect brightening up in Indonesia Maintain BUY Unchanged Target Price (TP): RM5.50 INVESTMENT HIGHLIGHTS Strong quarter for CIMB

More information

THE BANKER TO EVERY INDIAN. Quarterly Results Q1 FY 2012

THE BANKER TO EVERY INDIAN. Quarterly Results Q1 FY 2012 THE BANKER TO EVERY INDIAN Quarterly Results Q1 FY 2012 1 Rs. In Crores NII growth drives Profitability Parameter Q1 FY 11 Q4 FY 11 Q1 FY 12 YOY Growth % Interest Income 18452 21721 24197 31.14 Interest

More information

Punjab National Bank. CMP: INR768 TP: INR963 Buy

Punjab National Bank. CMP: INR768 TP: INR963 Buy BSE SENSEX S&P CNX 16,480 4,975 Bloomberg PNB IN Equity Shares (m) 339.2 52-Week Range (INR) 1,200/751 1,6,12 Rel.Perf.(%) -12/-16/-18 M.Cap. (INR b) 260.5 M.Cap. (USD b) 4.8 10 May 2012 4QFY12 Results

More information

Punjab National Bank ACCUMULATE. Performance Highlights. CMP `1,115 Target Price `1,259. 3QFY2011 Result Update Banking.

Punjab National Bank ACCUMULATE. Performance Highlights. CMP `1,115 Target Price `1,259. 3QFY2011 Result Update Banking. 3QFY2011 Result Update Banking January 21, 2011 Punjab National Bank Performance Highlights Particulars (` cr) 3QFY11 2QFY11 % chg (qoq) 3QFY10 % chg (yoy) NII 3,203 2,977 7.6 2,329 37.5 Pre-prov. profit

More information

PTC India Financial Services

PTC India Financial Services India I Equities BFSI Result Update Change in Estimates Target Reco 2 January 215 PTC India Financial Services Improving sanctions, high NIM, stable asset quality; Buy Key takeaways Strong loan growth,

More information

Kotak Mahindra Bank. CMP: INR626 TP: INR500 Neutral

Kotak Mahindra Bank. CMP: INR626 TP: INR500 Neutral BSE SENSEX S&P CNX 18,759 5,705 Bloomberg KMB IN Equity Shares (m) 740.7 52-Week Range (INR) 652/418 1,6,12 Rel.Perf.(%) -3/-2/18 M.Cap. (INR b) 463.4 M.Cap. (USD b) 8.6 26 October 2012 2QFY13 Results

More information

BUY. Weak P&L performance, good b/s show POWER FINANCE CORP. Target Price: Rs 135. Financial summary (Standalone) Y/E March FY17 FY18E FY19E FY20E

BUY. Weak P&L performance, good b/s show POWER FINANCE CORP. Target Price: Rs 135. Financial summary (Standalone) Y/E March FY17 FY18E FY19E FY20E Weak P&L performance, good b/s show PFC reported a disappointing P&L performance with Q3 PAT at Rs 16 bn (down 17.7% YoY; our est. Rs 18.6 bn), primarily led by sharp decline in NIM (down 35 bps QoQ at

More information

Valuation and Outlook. Growth (%) PAT (Rs cr)

Valuation and Outlook. Growth (%) PAT (Rs cr) Feb-18 May-18 Aug-18 Nov-18 Feb-19 4 Recommendation Hold CMP Rs. 67 Target Price Rs. 90 Sector Stock Details Banking BSE Code 590003 NSE Code Bloomberg Code KARURVYSYA KVB IN Market Cap (Rs Cr) Rs. 5,355

More information

ICICI Bank BUY. Performance Highlights. CMP Target Price `279 `348. 2QFY2016 Result Update Banking. 3-year price chart. Key financials (Standalone)

ICICI Bank BUY. Performance Highlights. CMP Target Price `279 `348. 2QFY2016 Result Update Banking. 3-year price chart. Key financials (Standalone) 2QFY2016 Result Update Banking November 3, 2015 ICICI Bank Performance Highlights Particulars (` cr) 2QFY16 1QFY16 % chg (qoq) 2QFY15 % chg (yoy) NII 5,251 5,115 2.7 4,657 12.8 Pre-prov. profit 5,158 5,038

More information

Syndicate Bank (SYNBN) 130

Syndicate Bank (SYNBN) 130 Result Update Rating matrix Rating : Hold Target : 141 Target Period : 12 months Potential Upside : 9% What s Changed? Target Changed from 145 to 141 EPS FY15E Changed from 27.7 to 25 EPS FY16E Unchanged

More information

Allahabad Bank ACCUMULATE. Performance Highlights CMP. `142 Target Price `152. 2QFY2013 Result Update Banking. Investment Period 12 months

Allahabad Bank ACCUMULATE. Performance Highlights CMP. `142 Target Price `152. 2QFY2013 Result Update Banking. Investment Period 12 months 2QFY2013 Result Update Banking November 13, 2012 Allahabad Bank Performance Highlights Particulars (` cr) 2QFY13 1QFY13 % chg (qoq) 2QFY12 % chg (yoy) NII 1,174 1,306 (10.1) 1318 (10.9) Pre-prov. profit

More information

Net Profit 5,051 4,588 4,641 (8.1)% 1.1% 14,208 15, %

Net Profit 5,051 4,588 4,641 (8.1)% 1.1% 14,208 15, % RESULTS REVIEW Share Data Market Cap Rs. 83 bn Price Rs. 202.5 BSE Sensex 15,566.10 Reuters Bloomberg Avg. Volume (52 Week) CNBK.BO CBK IN 0.1 mn 52-Week High/Low Rs. 421.45 / 198.05 Shares Outstanding

More information

State Bank of India (SBI) Banking BUY RETAIL EQUITY RESEARCH

State Bank of India (SBI) Banking BUY RETAIL EQUITY RESEARCH Q3FY17 RESULT UPDATE Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 GEOJIT RESEARCH Nov-16 Dec-16 Jan-17 Feb-17 RETAIL EQUITY RESEARCH State Bank of India (SBI) Banking BSE CODE: 500112

More information

Hong Leong Bank Berhad Surprised provisions but better to be prudent

Hong Leong Bank Berhad Surprised provisions but better to be prudent 25 August 2017 4QFY17 Results Review Hong Leong Bank Berhad Surprised provisions but better to be prudent Revert to NEUTRAL Unchanged Target Price (TP): RM15.70 INVESTMENT HIGHLIGHTS FY17 was slightly

More information

HDFC Bank ACCUMULATE. Performance Highlights. CMP `2,348 Target Price `2,671. 4QFY2011 Result Update Banking. Key financials

HDFC Bank ACCUMULATE. Performance Highlights. CMP `2,348 Target Price `2,671. 4QFY2011 Result Update Banking. Key financials 4QFY2011 Result Update Banking April 19, 2011 HDFC Bank Performance Highlights Particulars (` cr) 4QFY11 3QFY11 % chg (qoq) 4QFY10 % chg (yoy) NII 2,839 2,777 2.3 2,351 20.8 Pre-prov. profit 2,097 2,073

More information

Syndicate Bank NEUTRAL. Performance Highlights CMP. `81 Target Price - 2QFY2014 Result Update Banking. Investment Period -

Syndicate Bank NEUTRAL. Performance Highlights CMP. `81 Target Price - 2QFY2014 Result Update Banking. Investment Period - 2QFY2014 Result Update Banking November 1, 2013 Syndicate Bank Performance Highlights Particulars (`cr) 2QFY14 1QFY13 % chg (qoq) 2QFY13 % chg (yoy) NII 1,411 1,337 5.5 1,391 1.5 Preprov. profit 811 949

More information

Axis Bank (AXSB IN) Asset quality stress coming off gradually. Q2FY19 Result Update. Rating: ACCUMULATE CMP: Rs611 TP: Rs681.

Axis Bank (AXSB IN) Asset quality stress coming off gradually. Q2FY19 Result Update. Rating: ACCUMULATE CMP: Rs611 TP: Rs681. (AXSB IN) Rating: ACCUMULATE CMP: Rs611 TP: Rs681 November 2, 2018 Q2FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY19E FY20E FY19E FY20E Rating ACCUMULATE ACCUMULATE

More information

CMP* (Rs) 145 Upside/ (Downside) (%) 32 Bloomberg Ticker BOB IN Market Cap. (Rs bn) 384 Free Float (%) 36 Shares O/S (mn) 2,646

CMP* (Rs) 145 Upside/ (Downside) (%) 32 Bloomberg Ticker BOB IN Market Cap. (Rs bn) 384 Free Float (%) 36 Shares O/S (mn) 2,646 4QFY18 Result Update May 28, 218 Market Cap. (Rs bn) 384 Free Float 36 Shares O/S (mn) 2,646 Improving Outlook; Maintain (BoB) has reported elevated fresh slippages of Rs125.7bn (+123% QoQ and +28% YoY)

More information

HDFC Bank (HDFCB IN) Continue to perform strong

HDFC Bank (HDFCB IN) Continue to perform strong INSTITUTIONAL EQUITY RESEARCH HDFC Bank (HDFCB IN) Continue to perform strong INDIA FINANCIALS Quarterly Update Top takeaways from Q3FY19 Earnings were in line with estimate. NII growth at 22% (vs expectation

More information

AMMB Holdings Berhad. Maintain NEUTRAL Revised Target Price (TP): RM5.55 (from RM4.55)

AMMB Holdings Berhad. Maintain NEUTRAL Revised Target Price (TP): RM5.55 (from RM4.55) 01 June 2017 4QFY17 Results Review AMMB Holdings Berhad Earnings growth due to NOII Maintain NEUTRAL Revised Target Price (TP): RM5.55 (from RM4.55) INVESTMENT HIGHLIGHTS FY17 earnings were within expectations

More information

Margin boost through non-core book

Margin boost through non-core book INDUSTRY NBFCs CMP (as on 26 Apr 2017) Rs 676 Target Price Rs 600 Nifty 9,352 Sensex 30,133 KEY STOCK DATA Bloomberg LICHF IN No. of Shares (mn) 505 MCap (Rs bn) / ($ mn) 341/5,319 6m avg traded value

More information

HDFC Bank. Source: Company Data; PL Research

HDFC Bank. Source: Company Data; PL Research Enviable performance in challenging environment April 21, 2018 R Sreesankar rsreesankar@plindia.com / +91 22 66322214 Pritesh Bumb priteshbumb@plindia.com / +91 22 66322232 Shweta Daptardar shwetadaptardar@plindia.com

More information

LIC Housing Finance. Improvement in RoA to drive valuation re-rating. Company Report

LIC Housing Finance. Improvement in RoA to drive valuation re-rating. Company Report Improvement in RoA to drive valuation re-rating Loan book to witness healthy CAGR of 18% LIC Housing Finance (LICHF), 3 rd largest player in the mortgage market with ~13% share, is witnessing growth moderation

More information

State Bank of India (SBI)

State Bank of India (SBI) Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17. Volume No.. II Issue No. 126 State Bank of India (SBI) June 23, 217 BSE Code: 5112 NSE Code: SBIN Reuters Code:

More information

IndusInd Bank. CMP: INR345 TP: INR419 Buy

IndusInd Bank. CMP: INR345 TP: INR419 Buy BSE SENSEX S&P CNX 17,504 5,332 Bloomberg IIB IN Equity Shares (m) 467.7 52-Week Range (INR) 352/222 1,6,12 Rel.Perf.(%) 13/25/34 M.Cap. (INR b) 161.4 M.Cap. (USD b) 3.1 20 April 2012 4QFY12 Results Update

More information

HDFC Bank. Remains strong in all areas. Source: Company Data; PL Research

HDFC Bank. Remains strong in all areas. Source: Company Data; PL Research Remains strong in all areas January 20, 2018 R Sreesankar rsreesankar@plindia.com / +91 22 66322214 Pritesh Bumb priteshbumb@plindia.com / +91 22 66322232 Vidhi Shah vidhishah@plindia.com / +91 22 66322258

More information

DCB Bank (DCB) 208. Healthy fundamentals priced in. Company Update. ICICI Securities Ltd Retail Equity Research. June 13, 2017

DCB Bank (DCB) 208. Healthy fundamentals priced in. Company Update. ICICI Securities Ltd Retail Equity Research. June 13, 2017 Company Update Rating matrix Rating : Hold Target : 200 Target Period : 12 months Potential Upside : -4% What s Changed? Target Changed from 165 to 200 EPS FY18E EPS FY19E Rating Key Financials Crore FY16

More information

HFC NEUTRAL. Performance Highlights CMP. `678 Target Price - 1QFY2013 Result Update HFC. Investment Period - Key financials

HFC NEUTRAL. Performance Highlights CMP. `678 Target Price - 1QFY2013 Result Update HFC. Investment Period - Key financials 1QFY2013 Result Update HFC July 11, 2012 HDFC Performance Highlights Particulars (` cr) 1QFY13 4QFY12 % chg (qoq) 1QFY12 % chg (yoy) NII 1,258 1,681 (25.1) 998 26.0 Preprov. profit 1,420 1,849 (23.2) 1194

More information

ICICI Group: Performance & Strategy. May 2015

ICICI Group: Performance & Strategy. May 2015 ICICI Group: Performance & Strategy May 2015 Certain statements in these slides are forward-looking statements. These statements are based on management's current expectations and are subject to uncertainty

More information

State Bank of India PRESS RELEASE Q1FY Operating Profit recorded a YOY growth of 18.06% Q1FY11, while sequentially it is up by 19.12%.

State Bank of India PRESS RELEASE Q1FY Operating Profit recorded a YOY growth of 18.06% Q1FY11, while sequentially it is up by 19.12%. SBI STAND ALONE RESULTS HIGHLIGHTS State Bank of India PRESS RELEASE Q1FY 2011-12 Operating Profit recorded a YOY growth of 18.06% Q1FY11, while sequentially it is up by 19.12%. in Q1FY12 over Net Profit

More information