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CLSA retains sell on Bank of India, target price Rs 60

Sell Bank of India at a price target of Rs 60.0 .|
Updated: Nov 04, 2019, 09.01 AM IST
CLSA has retained sell rating on Bank of India in the long term with a target price of Rs 60. Shares of Bank of India ended down 0.4% at Rs 71 on Friday while the BSE sensex closed 35.98 points up at 40,165.03.

Company Financials

For the quarter ended 30-09-2019, the bank has reported a consolidated interest income of Rs 7380.80 crore, up 5.95% from last quarter's interest income of Rs 6966.39 crore. The bank has reported net profit after tax of Rs 278.41 crore in the latest quarter.

Investment Rationale

Profit in the second quarter was less than expected on higher provisions, said CLSA. The brokerage is cautious on the stock on low core profitability and weak asset quality position.

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