KR Choksey has recommended accumulate rating on Union Bank of India with a target price of Rs 166 in its research report dated February 10, 2017.
KR Choksey's research report on Union Bank of India
The disappointment on asset quality further worsens with gross NPAs and net NPAs standing elevated at 11.7% and 7.0% respectively. Slippages at INR 33 bn stood marginally lower than INR 34 bn reported in Q2FY17. With the asset quality still under pressure with large exposure in infra pertinently dampening the asset quality of the bank and NPAs being on the higher side, we maintain ACCUMULATE recommendation.
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