Bank of India (Q4 FY07): Keep flying high

Our central investment theme of high core profit growth and asset quality improvement is playing out well in Bank of India, which was amply evident in Q4 FY07 results. While results have been far above our expectation, core profit growth was in line with expectation. Net NPAs have halved from the March 06 levels to 0.74%. We have revised our profit growth expectation for FY08 by 2.4 %, though maintained flat for FY09. We maintain our BUY rating on the stock with a price target of Rs244.

Warm Regards,

Ashutosh Narkar
India Infoline Ltd.

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