- Net interest income +31% yoy (+6% qoq) to Rs16.67bn
- Other income +33% yoy (+19% qoq) to Rs12.1bn
- Opex +27% yoy (+6% qoq)
- PPOP +37% yoy (+15% qoq) to Rs15.7bn
- Provisions 101% yoy (+98% qoq) to Rs4.3bn – includes one-off provision of Rs1.2bn towards one large corporate loan (classified as standard asset); Mgmt. indicated that the probability of reversal high in near future.
- PAT +21% yoy (flat qoq) to Rs7.5bn – 5% below consensus estimates
- Asset quality remained largely stable qoq
- Advances grew +28% yoy (+10% qoq) / Deposits grew +36% yoy (+6% qoq)
The stock trades at 3.2x FY19E P/BV and 19x FY19E P/E as per Bloomberg consensus estimates.
