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Monday, August 22, 2011

Vijaya Bank:-Buy/sell/,growth prospects and recommendation,news and results,target price and analysis,view and outlook,multibagger

Scripscan:Vijaya Bank

Story:Vijaya Bank provides various commercial and retail banking services in India. Its deposit products include savings, current, demand, and term deposits. The company’s retail lending products include home, mortgage, professional, cash, equipment, motor, education, jewel, and reverse mortgage loans; loans for consumer durables; trade finance; loans to transport operators; loans against securities; and advances to agriculture, and micro, small, and medium enterprises. It also offers bank guarantees, foreign exchange and electronic remittance services, credit cards, General Insurance brokerage, mutual fund products, locker rental, and merchant banking services comprising depositary participant and online trading services. The company primarily serves small and medium enterprises, weaker sections, SC/ST beneficiaries, self-help groups, women beneficiaries, and minority communities. As of November 30, 2010, it had a network of 1,180 branches, 47 extention counters, and 500 ATMS.This bank probably posted the most disappointing numbers for Q1 in the PSU segment. Its net profit for the period dipped 58% at Rs.72.22 crore. This can be blamed fairly and squarely on the additional provisioning for NPAs of Rs.108 crore and MTM losses of Rs.76 crore. The additional provisioning was on account pensions to the retirees, which is one-time and non-recurring. Higher interest payout on the savings bank account also shaved off another Rs.75 crore. NII fell 37% at Rs.343 crore. Gross NPAs stood at 2.83% (2.32%) but this was mainly on account of the spillover effect of Q4FY11. Net NPAs was at 1.65% (1.35%).With interest rates going up further, the bank is sure to feel the heat some more. It has set itself a target of maintaining NIMs in the range of 2.7 to 2.8% for FY12, which in Q1FY12 stood at 2.32%. The Bank has adopted 100% system driven NPL measures and through this, it aims to contain gross NPAs at a level of less than 2%.Considering all these its a sell at present levels.Buy it below 45 bucks.

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