| Andhra Bank-Going Strong BUY
PAT growth of 19.4% for 4QFY10 to Rs 2.4bn, 60% for FY10 to Rs 10.5 bn Healthy NII growth of 66% for 4QFY10 and 35% for FY10 Non interest income down by 16% for the quarter Gross NPA at 0.6% and net NPA at 0.17% Healthy coverage ratio of 80% Maintain BUY with TP of Rs140
Andhra Bank has reported a good set of numbers on the operational front for Q4/FY10 with NII at Rs6.56bn, far ahead of our expectations and net profit at Rs2.4bn, a little ahead of our expectations. Gross NPAs and net NPAs have marginally moved up during the quarter in absolute terms in line with our expectations - however, the ratios have improved which implies that the loan book growth has been healthy. Provisioning coverage continues to be strong. Safe Harbor Statement: Some forward looking statements on projections, estimates, expectations & outlook are included to enable a better comprehension of the Company prospects. Actual results may, however, differ materially from those stated on account of factors such as changes in government regulations, tax regimes, economic developments within India and the countries within which the Company conducts its business, exchange rate and interest rate movements, impact of competing products and their pricing, product demand and supply constraints. Nothing in this article is, or should be construed as, investment advice. |
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INVESTMENTS IN INDIA
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http://in.groups.yahoo.com/group/investwise/
INVESTMENTS IN INDIA
We are low-risk, long-term investors.
Stocks, mutual funds and the entire investment gamut. Only financing/investment avenues in India will be discussed.
For any assistance, questions or improvement ideas, contact investwise-owner@yahoogroups.co.in
****************************************************************
NEW! ==== Check our LINKS and FILES sections for a world of information. REGULARLY UPDATED.
NEW! ==== Check "Tracklist" in Links and Files sections for Investment Ideas.
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