Bank of India up nearly 3% on improved business in Q3

Morgan Stanley has stuck to its ‘overweight’ rating on the stock with the target at Rs 135 a share

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Bank of India share price gained nearly 3 percent in the early trade on January 11 after the company reported better performance on the deposits and advances front for the December quarter.

At 9.18 am, the stock was quoting at Rs 121.50, up Rs 3.35, or 2.84 percent, on the BSE.

The total global business of the state-owned bank increased by 9.9 percent at Rs 12,76,389 crore. Its total global deposits were up by 8.66 percent at Rs 7,10,307 crore and domestic deposits were up 7.62 percent at Rs 5,99,137 crore, the bank said in a business update.

The bank recorded an 11.5 percent jump in its gross global advances at Rs 5,66,081 crore, while domestic advances were up 11.60 percent at Rs 4,76,125 crore from the year-ago period.

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Morgan Stanley has stuck to its “overweight” rating on the stock with the target at Rs 135 a share.

Sequentially, the gross loan growth was strong at 4 percent, mainly driven by domestic loan growth at 5 percent. The overseas book was down 0.6 percent for the period under review .

The deposit growth remained muted given higher liquidity and domestic loan-to-deposit ratio improved 3 percent QoQ to 79 percent, Morgan Stanley said.

In an earlier report, broking house Sharekhan had a “buy” rating on the stock with a revised price target of Rs 135.

The valuations are still reasonable, considering the improvement in RoA trajectory, which is expected to reach closer to around 1 percent in the coming quarters, it said.

Strong asset quality trends are likely to sustain and narrow the perceived gap in underwriting with respect to peers. Valuations are expected to inch higher as the return-ratio profile improves on account of stable loan growth/margins and lower credit cost, it added.

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