Brokerage house Prabhudas Lilladher is bullish on Union Bank of India and has recommended 'Buy' rating on the stock with a target price of Rs 255, in its research report dated January 27, 2015.
"Union Bank reported muted performance in Q3FY15 with net profits declining by 13% YoY to Rs3.02 bn affected by weak NII growth, elevated provisions and high tax rate. The reported numbers were a complete anti-climax to the street expectations as bank missed its guidance on NPL, margin and fresh restructuring. Business growth remained modest given weak capital base and management suggested business growth of ~10% over next year. Core fee income however maintained its traction and grew by 16% YoY which coupled with strong treasury profits helped pull operating profit growth. We maintain BUY with PT of Rs 255 which corresponds to 1.0x Sep-16E ABV", says Prabhudas Lilladher research report.
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