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Tuesday, May 28, 2013

Central Bank of India: Ready to Fly Ahead:
Introduction: Established in 1911, Central Bank of India was the first Indian commercial bank which was wholly owned and managed by Indians. The establishment of the Bank was the ultimate realisation of the dream of Sir Sorabji Pochkhanawala, founder of the Bank. Sir Pherozesha Mehta was the first Chairman of a truly 'Swadeshi Bank'. In fact, such was the extent of pride felt by Sir Sorabji Pochkhanawala that he proclaimed Central Bank of India as the 'property of the nation and the country's asset'. He also added that 'Central Bank of India lives on people's faith and regards itself as the people's own bank'.
During the past 99 years of history the Bank has weathered many storms and faced many challenges. The Bank could successfully transform every threat into business opportunity and excelled over its peers in the Banking industry.
Financials: The Book value of the shares of the company is Rs.98.23 and FY13, EPS of the Company is Rs.11.24. The company came out with good set of numbers in Q4FY13, when its EPS turned net positive to Rs.1.63 against (-) Rs.2.07 (Negative) in Q4FDY12. The FY13 results of the company are also encouraging as compared to FY12. The total income of the company in FY13 came out to be Rs.23, 527.98 Cr as against Rs.20, 544.80 Cr in FY12. The PBT of the company for FY13 came out to be Rs.3, 172.57 Cr as against Rs.2, 927.33 Cr in FY12. The net profit of the company almost doubled in FY13 to Rs.1, 014.96 Cr as against Rs.533.04 Cr in FY12. The EPS of the company on an extended (increased) equity capital came out to be Rs.11.24 as against meagre of Rs.5.95 in FY12.
Going forward due to an expected cut in the CRR, in the RBI's next policy meet, most of the bank stocks are likely rally. Buy the scrip of Central Bank of India Ltd above Rs.67.30, for a target of Rs.75-76, in the next few trading sessions.