Bank of India - 3QFY2013 Result Preview - Angel Broking

Bank of India - (CMP: Rs.364 / TP: - / Upside: -)

Bank of India is scheduled to announce its 3QFY2013 results today. We expect the bank to report NII growth of 8.9% yoy to Rs.2,253cr. Non-interest income is expected to register growth of 9.8% yoy to Rs.936cr. Operating expenses are expected to be higher by 15.7% yoy, while provisioning expenses are expected to increase by 54.6% yoy to Rs.1,072cr. Net profit is expected to decline by 22.2% yoy to Rs.557cr. At CMP, the stock is trading at valuations of 0.9x FY2014E P/ABV.

Currently, we have a Neutral recommendation on the stock. The bank's management has changed recently and we would have a relook at our rating/outlook on the stock, post the results.

Source : Equity Bulls

Keywords