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Buy Bank Of India, target of Rs 517: Karvy
Karvy Stock Broking has maintained its buy rating on Bank Of India with a target of Rs 517. BoI's net interest income (NII) grew by 41% (Y/Y) to Rs 15.2 billion.
Karvy Stock Broking has maintained its buy rating on Bank Of India with a target of Rs 517 in its January 29, 2009 research report. "In Q3FY09 quarterly result, Bank of India (BoI) reported much stronger set of numbers compared to our expectations mainly driven by strong volume growth and sharper expansion in yield on funds compared to cost of funds. BoI's net interest income (NII) grew by 41% (Y/Y) to Rs 15.2 billion. For In Q3FY09, total global business grew by 28.5% (Y/Y) on the back of 31% (Y/Y) growth in net advances to Rs 1,361 billion and 26% growth (Y/Y) in deposits to Rs 1,717 billion. We increase our target price by 7.5% to Rs 517 at 1.97x ABV FY10; we reiterate our BUY rating on the stock with a target price of Rs 517," says Karvy Stock Broking's research report.
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