How to play ICICI Bank, PNB, UBI post results

In an interview with CNBC-TV18, Vaibhav Agrawal of Angel Broking reviewed ICICI Bank, Punjab National Bank (PNB) and Union Bank’s results.

According to Agrawal, the trend for ICICI Bank has remained quite positive. He sees 15 percent upside in its target price. "ICICI Bank has delivered good set of numbers. They had some levers on the international margins, which had come down last quarter. So, possibly a bounce back in that can give the bank better margins in this quarter", he adds. He also says that on asset quality and net interest margins (NIMs) they have done better than expected. Talking about PNB, he explains results were much better than their expectations. The bank looks good optically because last quarter it had delivered disappointed numbers. So far, they have been very conservative and cautious. Agrawal further says, "If management feels that this is a sustained trend then that could be a pretty big positive for the stock". While giving his views on Union Bank, he mentions that the bottom-line for this bank was disappointing because of the aggressive provisioning though the main reason for an improvement in its asset quality is that they have provided very aggressively. He continues, "We would wait for the slippage numbers, which may not have been materially better than what they had done last quarter".