- Net Profit up 31% YOY
- NII up 17% YOY
- Gross Retail Loans up 34% YOY
- Advances grew 25.6% and Deposits grew 18.1%
- Importantly,Gross NPAs improved to 1% as against 1.04% sequentially.
A few marginal neagtives:
- Net NPAs rose marginally, sequentially
- CASA as well as NIMs slipped marginally on a sequential basis but overall CASA expected to be above 40% this Financial Year.
- Corporate Lending growth has been relatively muted since the Bank looks to limit its exposure the relatively risky sectors, which is rational.
All in all, a great set of numbers; valuations at CMP 490 odd are a tad on the higher side but then you will always have to pay top dollar for this Scrip.
This Blog reiterates a Best Buy around 450 levels ( original Call given on 9/8/2011 ) with the Accumulate zone being 450-470. Wait for the inevitable correction to buy in.
ORIGINAL CALL DETAILS READ HERE
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