Fundamental Result Update

City Union Bank - Q2FY18 Result Update



City Union Bank reported sustained set of numbers for the quarter ended Sept, 2017. Advances for the bank stood at Rs 24,058 cr growing by 13% YoY and stood flat sequentially. Deposits for the quarter grew by 9% YoY to Rs 30,882 cr though stood flat on QoQ basis. CASA ratio improved to 23% against 21% in corresponding quarter of the previous year. C-D ratio stood at 82.2 % vs. 78.2 % YoY.

Valuation: Bank has continued to report sustained performance however asset quality for this quarter deteriorated further. We have valued the stock at its FY 19E P / ABV of 2.6 (x) and arrived at a fair value of Rs 178 per share. At CMP of Rs 164 the stock is trading at P/ABV of 2.4 (x) to its FY 19E ABV. We have “HOLD” rating on the stock.


Tags: FundamentalResult Update City Union Bank


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