- Net interest income +28% yoy (+15% qoq) at Rs10.5bn – approx. 7% above expectations – this is indicative as we await further details on interest income breakup
- Other income -36% yoy (+22% qoq) – indicative as breakup awaited
- Opex +25% yoy (+40% qoq) – other operating expenses are substantially higher than expectations
- Operating profit +22% yoy (+10% qoq) at Rs8.95bn – 5% above expectations
- Provisions +137% yoy (+97% qoq) – significantly higher than expectations – await asset quality details; potentially higher provisions could be towards certain developer loans
- Tax rate at 34%
- PAT +18% yoy (+6% qoq) at Rs5.3bn – in line with expectations
- Loans grew 15.5% yoy (+7% qoq) at Rs1.45trillion
- Asset quality and loans breakup details awaited
At Rs658, the stock trades at 2.4x FY19E BV and 14x FY19E EPS. We currently have a HOLD rating on the stock with a price target of Rs570.