ING Vysya Bank Q1 net seen up 32% at Rs 171.7 cr: MOST

Motilal Oswal has come out with its first quarter (April-June) earnings estimates for banking sector. The brokerage house expects ING Vysya Bank to report a 0.8 percent growth quarter-on-quarter (growth of 32 percent year-on-year) in net profit at Rs 171.7 crore.

Net interest income is expected to increase by 3.2 percent Q-o-Q (up 27.3 percent Y-o-Y) to Rs 437 crore, according to Motilal Oswal.

Motilal Oswal report on ING Vysya Bank

On a Y-o-Y basis, loan growth is expected to be below industry average at 10 percent, while deposit growth is expected to be at 16 percent.

NIM is expected to moderate by 5bp Q-o-Q (though would be up 25bp (Y-o-Y) to 3.5 percent. Thus, NII is expected to grow 27 percent Y-o-Y. While the bank has continuously surprised on asset quality performance over the past few quarters, high exposure to SME segment could lead to some pressure on asset quality.

Non-interest income growth is expected to remain muted Y-o-Y led by fee income growth (ex forex). However, treasury growth is likely to remain healthy (on a lower base).

Recent dilution of INR 18.4b not factored in estimates, however post dilution EPS/BV would be INR41 / INR379 for FY14 and INR417 / INR46 for FY15.

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