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Syndicate Bank - 3QFY2013 Result Preview - Angel Broking
Posted On : 2013-01-22 21:30:42( TIMEZONE : IST )
Syndicate Bank (CMP: Rs.140 / TP: Rs.158 / Upside: 12.8%)
Syndicate Bank is scheduled to announce its 3QFY2013 results today. We expect the bank to report a moderate 8.4% yoy growth in Net Interest Income to Rs.1,437cr. Growth in non-interest income is expected to be healthy at 19.7% yoy to Rs.288cr. Operating expenses are expected to increase at a higher pace of 24.5% yoy to Rs.800cr. While, provisioning expenses are expected to decline by 23.9% yoy, tax expenses are expected to come in at Rs.128cr compared to Rs.41cr in 3QFY2012, which would result in net profit growth of 13.4% yoy to Rs.383cr. At the CMP, the stock is trading at 0.8x FY2014E ABV. We recommend Accumulate rating on the stock, with a target price of Rs.158.
