Canara Bank - Q4FY13 Result Preview - Angel Broking

Canara Bank is scheduled to announce its 4QFY2013 results today. We expect the bank to report a flat yoy operating performance, with Net Interest Income (NII) at Rs. 2,027cr and Non-interest income at Rs. 781cr. Operating expenses are expected to increase by 3.6% yoy to Rs. 1,367cr, while Provisioning expenses are expected to remain flat on a yoy basis to Rs. 466cr. Consequently, we expect Net profit to decline 6.2% yoy to Rs. 778cr. At the CMP, the stock is trading at 0.7x FY2015E ABV.

We maintain our Accumulate recommendation on the stock with a target price of Rs. 461.

Source : Equity Bulls

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