infrastructure development finance (Citi) 4Q11: Mixed Bag - Lending Business Fine, But Fees a Drag

4Q11 profits up 26% yoy, below estimates on lower fees; P&L: NIMs stable; weak fees partly offset by sharp cost control; Balance Sheet: Strong growth, healthy asset quality, comfortable capital; Maintain Buy: Possible cyclical pressure, but structurally attractive
Date Rating Target Price Recommendation Price Broker house
2 May 2011 buy 174 141 Citi Report

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