30091 Investors following UCO Bank. Share this News with them.
0
Like this story, share it with millions of investors on M3
Q3 results: Angel Broking reviews UCO Bank, ICICI numbers
In an interview to CNBC-TV18, Vaibhav Agrawal, banking analyst of Angel Broking speaks about UCO Bank’s and ICICI Bank’s Q3 numbers and gives his outlook going forward.
In an interview to CNBC-TV18, Vaibhav Agrawal, banking analyst of Angel Broking speaks about UCO Bank 's and ICICI Bank 's Q3 numbers and gives his outlook going forward.
Below is the edited transcript of his interview with CNBC-TV18's Latha Venkatesh. Also watch the accompanying video.
Q: What is your view on the UCO Bank's numbers? Provisions are lower by Rs 36 crore year-on-year. Net profit has come in at Rs 332 as compared to Rs 300 crore. That's about a 10% rise in profit.
A: This quarter's performance looks in line. Even on the asset quality, it seems they have managed to do reasonably well. However, on UCO Bank the numbers over the last few quarter have been a little volatile and inconsistent. There are some asset quality concerns over there.
Secondly, the stock has also seen the strongest bounce back in January and valuation wise also it is a little expensive now. So, even with these numbers, we would still be neutral on this stock.
Q: ICICI Bank numbers, after the smart rally the stock is seeing a lot of correction. Is there anything in the concall that disturbed the markets?
A: ICICI Bank has been quite clear in their guidance regarding their asset quality and restructuring. Even in the concall, they were quite clear that they have a Rs 1,300 crore pipeline of restructuring, which is likely to come in the fourth quarter.
They have been giving a pretty credible guidance on overall credit costs. That we believe would be achieved by them quite comfortably going in fourth quarter as well.
