Buy Allahabad Bank, target Rs 97: Siddharth Bhamre

Independent analyst Siddharth Bhamre has a buy call on Allahabad Bank with a target price of Rs 97.0 .The current market price of Allahabad Bank is 88.65. The time period given by analyst is Intra Day when Allahabad Bank price can reach defined target. Siddharth Bhamre recommended to keep stop loss at Rs 86.0 .

Allahabad Bank, incorporated in the year 1865, is a banking company (having a market cap of ₹ 6592.81 Cr.).

Allahabad Bank key Products/Revenue Segments include Interest & Discount on Advances & Bills which contributed ₹ 14486.39 Cr to Sales Value (76.70 % of Total Sales), Income From Investment which contributed ₹ 3989.61 Cr to Sales Value (21.12 % of Total Sales), Interest On Balances with RBI and Other Inter-Bank Funds which contributed ₹ 284.94 Cr to Sales Value (1.50 % of Total Sales) and Interest which contributed ₹ 124.00 Cr to Sales Value (0.65 % of Total Sales)for the year ending 31-Mar-2016.

The Bank has reported a Gross Non Performing Assets (Gross NPAs) of Rs 19091.89 Cr. (12.51 % of total assets) and Net Non Performing Assets (Net NPAs) of Rs 12621.12 Cr. (8.65% of total assets). For the quarter ended 31-12-2016, the company has reported a Standalone Interest Income of ₹ 3060.29 Cr., down -7.35 % from last quarter Interest Income of ₹ 3303.13 Cr. and down -13.28 % from last year same quarter Interest Income of ₹ 3528.84 Cr. The bank has reported net profit after tax of ₹ 75.26 Cr. in latest quarter.