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Feb 16, 2017, 01.19 PM | Source: Moneycontrol.com

Hold Allahabad Bank; target of Rs 70: Edelweiss

Edelweiss recommended hold rating on Allahabad Bank with a target price of Rs 70 in its research report dated February 14, 2017.

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Hold Allahabad Bank; target of Rs 70: Edelweiss

Edelweiss recommended hold rating on Allahabad Bank with a target price of Rs 70 in its research report dated February 14, 2017.

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Edelweiss' research report on Allahabad Bank

Allahabad Bank’s (ALBK) Q3FY17 PAT of INR 753mn belied our estimate, on muted revenue momentum despite stable asset quality. Revenue momentum was tepid with NII slipping >16% YoY (on below-industry loan growth and weak NIM), which also strained core profitability. Asset quality was steady, with slippages restricted to INR 16.5bn, and GNPLs at INR 191bn (flat QoQ).

Outlook

On operational front, we anticipate ALBK’s competitive prowess to be hampered by diversion to clean up coupled with capital constraints (which may not be forthcoming for mid-size PSU banks). Hence, we expect operating profitability to remain under pressure. Maintain ‘HOLD’.

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The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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Hold Allahabad Bank; target of Rs 70: Edelweiss
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Price when posted: BSE: Rs. 70.65 NSE: Rs. 70.70

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