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Nov 14, 2008, 12.51 PM IST
Karvy Stock Broking has maintained its buy rating on City Union Bank with a target of Rs 31. In 2QFY09, City Union Bank reported 26% growth (Y/Y) in net interest income to Rs 643 million.
Karvy Stock Broking has maintained its buy rating on City Union Bank with a target of Rs 31 in its November 14, 2008 research report. "In 2QFY09, City Union Bank reported 26% growth (Y/Y) in net interest income to Rs 643 million. The bank's total business grew by 27% (Y/Y) to Rs 118 billion on the back of 28% growth in advances to Rs 49 billion and 27% growth in deposits to Rs 69 billion."
"In the quarterly result, robust growth in NII, stagnancy in CASA share and contained NPA levels were the key positives but the marginal decline in CXB income was slight dampener. Overall the quarterly result was marginally better than our expectations; we maintain our BUY rating with a target price of Rs 31," says Karvy Stock Broking's research report.
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