BANK:1QFY14 net profit seen down y-y but up q-q
The bank sector’s net profit is expected to fall 5.5% y-y but to increase 2% q-qin 1QFY14.
Multiple banks appear to suffer from loan contractions, but the whole sectorwould continue to grow.
We trim the sector’s net profit by 2% this year, but it appears to continue togrow 4% from the prior year.
We downgrade rating for the bank space to ‘NEUTRAL’.