Buy Allahabad Bank, target Rs 77.50: Manas Jaiswal

Manas Jaiswal of manasjaiswal.com has a buy call on Allahabad Bank with a target price of Rs 77.50.

The current market price of Allahabad Bank is Rs 72.35.

Time period given by analyst is Intra Day when Allahabad Bank price can reach defined target.

Manas Jaiswal recommended to keep stoploss at Rs 70.

Allahabad Bank, incorporated in the year 1865, is a banking company (having a market cap of Rs 5,380.60 Crore).

Allahabad Bank key Products/Revenue Segments include Interest & Discount on Advances & Bills which contributed Rs 12,603.10 Crore to Sales Value (71.36 per cent of Total Sales), Income From Investment which contributed Rs 4,120.12 Crore to Sales Value (23.32 per cent of Total Sales), Interest On Balances with RBI and Other Inter-Bank Funds which contributed Rs 612.69 Crore to Sales Value (3.46 per cent of Total Sales) and Interest which contributed Rs 324.48 Crore to Sales Value (1.83 per cent of Total Sales)for the year ending 31-Mar-2017.

The Bank has reported a Gross Non Performing Assets (Gross NPAs) of Rs 21,032.42 Crore (13.85 per cent of total assets) and Net Non Performing Assets (Net NPAs) of Rs 12,868.66 Crore (8.96per cent of total assets).

For the quarter ended 30-06-2017, the company has reported a Standalone Interest Income of Rs 2,848.70 Crore, down 0.41 per cent from last quarter Interest Income of Rs 2,860.30 Crore and down 15.70 per cent from last year same quarter Interest Income of Rs 3,379.38 Crore.

The bank has reported net profit after tax of Rs 28.84 Crore in latest quarter.