Hold City Union Bank; target of Rs 223: Arihant Capital

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Arihant Capital 's research report on City Union Bank

City Union Bank (CUB) reported stable set of numbers in Q4FY19 supported by loan growth of 17% YoY. Profit for the quarter grew by 15% to Rs 175 cr vs Rs 152 cr in corresponding quarter of previous fiscal year. Credit growth of the bank remained steady at 17%, leading to 14% jump in NII at Rs 421 cr and stable NIM at 4.4%. Underlying asset quality of the bank remains under control with GNPAs at 2.95% while NNPAs stood at 1.81%. Management has given steady outlook going forward and guided for 18-20% advances growth.

Outlook

We remain positive on CUB’s growth outlook and believe it will give sustainable performance. Maintain HOLD rating with revised TP of Rs 223.

For all recommendations report, click here

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