Latest stock research reports with share price targets forecast, buy, hold, and sell recommendations along with upside. Search by company or broker name.
We attended the analyst meet hosted by the entire top management team of Union Bank (UNBK). The management emphasized the bank's efforts in delivering profitable growth while continually making investments in the business and enhancing the technological capabilities of the bank.
Union Bank reported an 11% miss on PAT at Rs33bn (vs Emkay est.: Rs37bn) owing to impact of wage revision (Rs13.3bn) and tax expenses, which overrode the benefits from higher treasury income and reversal of NPI provisions.
Union Bank of India (UNBK) reported 19% YoY growth in PAT at INR33b (14% miss) in 4QFY24 as opex increased 13.7% YoY to INR76b (24% higher than MOFSLe).
We maintain our BUY' rating on the stock with a revised SOTP-based target price of Rs 1,010/share (Valuing Core-book at 1.5x FY26E ABV as we roll forward multiple and valuing subsidiaries at Rs 219), thereby implying an upside of 23% from the CMP.
SBIN’s 4QFY24 PAT grew 24% YoY to INR207b (28% beat), driven by higher other income, lower opex and lower-than-expected provisions. NII grew 3.1% YoY/4.6% QoQ (in line). NIMs expanded 8bp QoQ to 3.3% (domestic NIMs at 3.47%, up 13bp QoQ).
