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Friday, May 22, 2009

ING Vysya Bank Ltd:-Is it a buy or a sell?

Scripscan:ING Vysya Bank Ltd
Traded in:Nse-bse

Story:AFTER lagging its peers in loan and deposit growth, ING Vysya Bank has been showing signs of recovery. Growth in advances improved to 22% in FY08 from 17% in the previous year. Growth in total deposits accelerated to 33% from 16%. This helped the bank to improve its market share to 0.6% from 0.5%. High cost ratios vis-Ã -vis its peers have been a stress point for ING Vysya Bank. While the bank''s cost-income ratio has fallen marginally y-o-y, it continues to be higher than for most peers.The main reason for this is employee productivity, which has shown little improvement over the past year, despite continued investment in branches and employees. The focus on opening new branches in urban areas can help alleviate stress in the long term, though near-term respite looks unlikely.I am raising its net profit forecasts for FY10 and initiates forecasts for FY11.My revised target price of Rs 270 is 8% higher than the previous target price.I benchmark the returns of ING Vysya Bank against select state-owned and private sector banks under its coverage. The bank continues to lag its peers in key profitability metrics due to low margins and high cost ratios.A buy for sound long term investors.

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