Allahabad Bank - 1QFY2014 Result Preview - Angel Broking

Allahabad Bank is scheduled to announce its 1QFY2014 results today. We expect the bank to report de-growth of 11.7% yoy in Net Interest Income (NII) to Rs. 1,153cr. Non-interest income is expected to grow by 17.5% yoy to Rs. 364cr. Operating expenses are expected to increase by 15.9% yoy to Rs. 765cr. Provisioning expenses are expected to increase by 8.6% yoy to Rs. 340cr. Hence Net profit is expected to de-grow by 43.9% to Rs. 288cr. At the CMP, the stock is trading at 0.3x FY2015E ABV. We maintain our Neutral recommendation on the stock.

Source : Equity Bulls

Keywords