Analyst Research Report Snapshot


Corporation Bank | Q4FY13 Result Update




IndiaNivesh Securities Pvt Ltd


09 May 2013





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Corporation Bank | Q4FY13 Result Update Net profit of Corporation Bank marginally increased by 1.2% (y-o-y) and 17.3% (q-o-q) in Q4FY13. Asset quality slightly improved as Gross Non Performing Assets (GNPA) fell by 46 bps q-o-q (were up 46 bps y-o-y) to 1.72% and Net Non Performing Assets (NNPA) fell by 44 bps q-o-q (were up 32 bps y-o-y) to 1.19% in Q4FY13. Provisions & Contingencies increased to Rs 4.6 bn in Q4FY13 from Rs 4.0 bn in the previous quarter (13.3% increase) and Rs 3.3 bn in Q4FY12 (3.62% increase). Valuation: At CMP of Rs 403, based on street estimates, Corporation Bank is trading at FY14E and FY15E, P/ABV of 0.6x and 0.5x, respectively. We maintain our HOLD rating on the stock.

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