Karur Vysya Bank a market performer: Karvy
Karvy Stock Broking has rated Karur Vysya Bank as a market performer with price target of Rs 232 in its February 17, 2009 research report. “In Q3FY09, Karur Vysya Bank’s (KVB) net interest income grew by 15% (Y/Y) to Rs 1.2 billion marginally higher than our estimates of Rs 1.1 billion mainly due to 40 bps expansion in margin.
Total other income moved up by 3.5 times to Rs 1.3 billion from Rs 375 million on the back of strong performance of treasury income. KVB reported operating profit of Rs 1.84 million much higher than our expectation of Rs 1.01 billion due to jump in treasury income. The bank reported 28% (Y/Y) growth in bottomline to Rs 593 million lower than our estimates due to higher provisions. We cut our price target by 38% to Rs 232 from our price target of Rs 373. We rate the stock as a Market performer with price target of Rs 232,” says Karvy’s research report
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