Buy Allahabad Bank For Long Term : Stock Recommendation

Allahabad Bank (ALBK) is in bullish trend and recommended to buy with a target price of Rs 220. Allahabad Bank (ALBK) delivered strong quarter, with net profits increasing by 21% to INR 4.8 bn on YoY basis. This was contributed by higher growth in net interest income (NII) of INR 13.1 bn (36% YoY) driven by 16.6% yoy growth in advances.

Allahabad Bank is in a strong growth trajectory with strong distribution network and vast customer base in CASA-rich states. This provides significant business opportunities in the current rising interest rate scenario. We believe maintaining margins would be a challenge for the bank on back of saving rate deregulation. Also, maintaining asset quality would be a key challenge for the bank going ahead, but cheap valuations offer a good buying opportunity.

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