Fundamental Result Update

Andhra Bank - Q4FY17 Result Update



Andhra Bank reported poor set of numbers for Q4 FY17. Interest earned grew by 2.6% YoY. Yield on advances dropped to 9.8% vs. 10.4% YoY and 9.4% sequentially while cost of deposit dropped to 6.1% vs. 7% YoY and 6.3% sequentially. Net interest income (NII) therefore increased by 12.3% on YoY basis to Rs 1,685 cr. Non-interest income however increased by 37.6% YoY & 7.7% QoQ to Rs 651 cr. NIM for the bank grew marginally to 3.49 from 3.41 YoY and strongly from 2.66 sequentially.

Valuations: At CMP, stock is trading at P/ABV of 1.8(x) on FY19E. We have Reduce rating on the stock with fair value of Rs 60 at 1.6(x) P/ABV to FY 19E.

 


Tags: FundamentalResult Update


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