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Canara Bank (Q4 FY10) – BUY (Target Rs462, Upside 12.9%)
India Infoline Research Team / 17:07 , Apr 29, 2010

CMP Rs409, Target Rs462, Upside 12.9%

  • Strong business growth of 13% qoq after two quarters of modest growth
  • Material improvement in NIM aided by significant decline in the cost of deposits
  • Other income decline on lower trading profits; this coupled with higher opex drive a substantial increase in C/I ratio
  • Asset quality improves commendably but bank makes higher loan-loss provisions; capital adequacy fell on robust loan growth
  • Retain BUY on Canara Bank due to attractive valuation and upgrade target price to Rs462
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