^^ Net interest income largely flat yoy (+4% qoq) at Rs9.2bn – this includes processing fees, excluding which NII could marginally down yoy and flat qoq
^^ Opex +5% yoy (+5% qoq)
^^ Operating profit +flat yoy as well as qoq at Rs8.05bn
^^ Provisions +7% yoy (-16% qoq)
^^ Tax rate at 35%
^^ PAT largely flat both on a yoy as well as qoq basis at Rs4.9bn – in line with our estimates, but marginally lower than street expectations
We await loan growth, NIMs and asset quality data.
The post results conference call is scheduled on Monday 29th January 2018 at 2.30pm IST; Dial-in: +91 22 3938 1075
The stock trades at 1.9x FY19E BV and 11x FY19E EPS. We currently have a HOLD rating on the stock with a price target of Rs650. We would review our earnings estimates and recommendation post the conference call.
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