Buy stock Andhra Bank with target @75….
Andhra bank in 4th QFY09, expect to record 22% growth in deposits and 31% growth in net advances and would report 39% (Y/Y) growth in net interest income (NII) to Rs 4.5 billion; in this quarter growth rates in credit and deposits and better cost of funding would marginally enhance margin. Andhra Bank’s fee-based income growth would drift down and treasury income would be absent. It estimated that the bank’s other income would de-grow by 22% (Y/Y) and total net income would grow by 15% (Y/Y).”
“Its expected loan losses provisions of Rs 450 million compared to Rs 285 million in Q4FY08; Its estimated the bank’s bottomline to grow by 6.9% (Y/Y) to Rs 1.33 billion. Its recommended that the stock as a BUY with a price target of Rs 75.
read more expert views..http://http://www.moneycontrol.com/mccode/news/article/other_reco.php?scid=AB14&topic=Andhra%20Bank
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