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Motilal Oswal came out with buy recommendation on Union Bank of India. “We expect earnings to grow at 24% CAGR over next two years with RoA improving to 1 per cent and RoE to 22 per cent by FY-09. We believe the bank could surprise positively on earnings growth on back of higher non interest income and lower costs. The stock trades at 1.1x FY09E BV and 5.4x FY09E EPS. We maintain Union Bank as one of our top picks amongst state-owned banks,” according to Motilal Oswal note.

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