CORPBANK's Q3FY11 NII/PAT at Rs8.4bn/Rs3.8bn better than expected driven by 27% yoy growth in advances and 7bps qoq expansion in NIMs to 2.7%.
Some of the NII driven by one-off opportunities as other interest has almost doubled. Also avg advances growth for quarter at 31.5% vs quarter end growth of 26.8%
Slippages rate increased significantly to 1.6% (annualized) from 1.0% in preceding quarter, primarily led by Rs1.2bn slippage from crop loans. PCR as per RBI norms at 72.81%
Valuations not unreasonable at 1.0x FY12E ABV, but could get cheaper.
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