This PSU bank stock to touch ₹165 level, poised to run again after 75% return in one year

PSU Bank Stocks to Buy: Volatile trading on Wednesday (February 7) saw profit booking from the upper levels. This led to major indices closing in the red despite a strong start. Among the decliners, PSU bank stocks Bank of India were bullish. It settled at 138 with a fall of 3.4 percent in late trade. Bank of India recently released its third quarter (Q3FY24) results Shares rallied after the results. Based on the results, the brokerage house advised to buy Sharekhan shares. Brokerages say results for PSU banks were mixed. The stock has jumped more than 75 percent in the past year.

Bank of India: Will touch ₹165 level Sharekhan advised to buy from Bank of India. Also, the target price per share has been kept at Rs.165. On 7 February 2024, the share price (Bank of India Share Price) closed at 138. Thus, the stock could rise by around 20 percent from the current price. In the last one year, this PSU bank stock has returned more than 75 percent. Where the shares returned more than 60 percent in 6 months.

Bank of India: What do you think about brokerage?

The brokerage said the bank's third-quarter results were mixed. Net profit was lower than expected. Despite lower credit costs, the impact of poor operating performance was reflected in profitability. The bank's loan growth increased by 14% (y-o-y) and 4% (q-o-q). Apart from this, the quality of assets has also improved. The bank will be more profitable as the cost of credit will be lower. The bank has maintained guidance of 11-12% loan growth and 10-11% deposit growth for FY2024. RoA guidance for FY24 at 0.8 percent.

Bank of India: How were the Q3 results?

Bank of India's profit rose 62 percent to Rs 1,870 crore in the third quarter of the financial year 2023-24. However, net interest income declined by 2.4 percent to Rs 5,464 crore. The overall business for Q3 grew by 9.60% and stood at Rs 12.72 lakh crore. Recorded growth of 8.28% in deposits and 11.29% in advances per annum.

In the December 2023 quarter, the bank's gross NPAs declined by 231 basis points and net NPAs by 20 basis points on a year-on-year basis. GNPA was 5.35% and NNPA was 1.41%. The provision coverage ratio was 89.95% as against 90.27% a year ago. CRAR i.e. Capital Adequacy Ratio was 16.06% of which Tier-1 ratio was 13.16%. Overall return on assets i.e. ROA rose 27 basis points to 0.82% from 0.55% a year ago and 0.67% in the September quarter.

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