Raiffeisen Bank Aval Reports Strong 9M07 Results
29 October 2008
Raiffeisen Bank Aval (BAVL: HOLD) reported that it boosted its net income 73% yoy to USD 108.1 mln in 9M07. The bank’s assets rose 49% YTD to USD 8.2 bln and increased its loan portfolio by 51% YTD to USD 6.5 bln over the period: loans to corporations grew 54% to USD 3.4 bln and loans to individuals by 48% to USD 3.1 bln. The company’s 9M results are in line with our forecasts. The bank is currently trading with a 14% upside to our USD 0.24 target price. We maintain our HOLD recommendation on the stock.
