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Wednesday, November 20, 2013
PUBLIC SECTOR BANKS
A Mumbai (Bombay) based financial weekly has already given a target of Rs.109, for Allahabad Bank Ltd (Rs.91.50). Also, a Mumbai (Bombay) based brokerage houses has given a target of Rs.272 for Bank of India Ltd (Rs.232). As of I would suggest you to focus on Infrastructure and Bank Stocks. CLICK HERE.
Some of the Public Sector banks such Bank of India (BoI) and Allahabad Bank have beat Street estimates on profits in Q2FY14. The saving grace is, of course, that the pace of slippages, or fresh additions to bad loans, seems to have decelerated, at least for some lenders.
Allahabad Bank’s slippages in the September quarter stood at Rs.1,200 crore compared with Rs.1,700 crore in the three months ended June.. Loan restructuring, too, has come down with both Allahabad Bank and BoB reporting smaller additions to their recast loan portfolios in the September quarter when compared with June.
Some lenders have guided for better asset quality numbers in the medium term, arguing that the cabinet committee on investment is clearing projects and that the economy has already hit the bottom. While part of that statement is supported by the decelerating rate of slippages and restructured loans, bad loan troubles are far from over.
But then, the main concern related to state-owned banks, namely that of asset quality, hasn’t abated.
Courtesy: Edited excerpts from Live Mint, 31st October, 2013.