Post on 04-Apr-2018
7/29/2019 Banking 3Q FY2013 Result Review, February 2013
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Please refer to important disclosures at the end of this report 1
3QFY2013 snapshot - Asset quality stress continues, as slippages remainelevated; but the extent of asset quality deterioration shows diminishing signs:Annualized slippage ratio for PSU banks under our coverage moderated to 2.8%,
from 3.5% in 2QFY2013. Considering different disclosure practices being
followed by banks, wherein some net-off any inter-quarter movement of NPAs,
while some dont, to corroborate our understanding that the extent of asset quality
deterioration is increasingly reflecting diminishing signs, during 9MFY2013 the
increase in annualized slippage ratio was 43bp yoy, lower than the increase of
91bp yoy witnessed in 1HFY2013. Most of our coverage PSU banks witnessed
moderate performance on the recoveries & upgrades, which led to an 8.0% qoq
increase in gross NPAs for them.
Private banks continue to perform relatively much better vis--vis PSU banks on
the asset quality front, as they not only reported sequentially lower slippages, but
also posted better recoveries and upgrades performances, which aided them to
limit the sequential increase in their gross NPA levels to just 1.2% in 3QFY2013,
much lower compared to an increase of 3.7% witnessed in last quarter.
Asset quality pressures continued to reflect on the sectors margins during the
quarter, as nearly half of our coverage banks reported sequentially lower
margins, primarily due to higher interest reversals/lower income recognition
during 3QFY2013 on increased slippages/elevated gross NPA inventory.
Overall, PSU banks reported a weak performance during 3QFY2013, as interestreversals/lower interest recognition and higher provisioning led to a 5.1% yoy
decline in bottom-line. Private banks continued to report impressive
performances, with an operating profit growth of 25.1% yoy. On the earnings
front, new private banks reported a strong growth of 28.7% yoy, while old private
banks witnessed a healthy growth of 20.3% yoy.
Given the economic environment, continue to prefer Private banks: Deceleratingeconomic growth environment, policy woes in select sectors and elevated inflation
and interest rates point towards further economic stress and are not suggesting
any conclusive trigger for improvement in asset quality in the near-term. Hence,
we prefer private banks, given their favorable cyclical and structural outlook, with
Axis Bank and ICICI Bank being our top picks. But with the risk of highercompetitive intensity in light of higher number of likely new entrants, the upsides
are expected to be relatively more moderate than estimated earlier.
Due to cyclical macro concerns, PSU banks are already trading at depressed
valuations. Even, higher number of likely new entrants in the sector, create a
structural impediment for PSU banks medium-term re-rating, as we expect them
to lose market share in any case, considering their capital crunch. Upsides in
these stocks would largely depend on an eventual economy turn-around, which
would lead to lower re-pricing of high-cost deposits (relative benefit for low-CASA
banks) and higher recoveries (relative benefit for banks that have experienced
maximum asset quality pain, and importantly, also provided for it already).
Screening for these criteria, as well as Tier-1 capital adequacy and trailingadjusted valuations, in our view, PSU banks that would stand to gain the most
from an eventual turn-around include State Bank of India (SBI) and Punjab
National Bank (PNB) among the large-caps and United Bank, Corporation Bank
and Indian Bank among the mid-caps.
Banking indicatorsParticulars* (%)Latest yoy credit growth 16.4
Latest yoy deposit growth 13.2
Latest credit-to-deposit ratio 77.6
Monthly Avg. LAF (`cr) 108,649
Monthly Avg. 1 yr G-Sec yield 7.8
Monthly Avg. 10 yr G-Sec yield 7.9
Monthly Avg. 3M CP 9.3
Monthly Avg. 12M CP 9.5Source: RBI, Bloomberg, Angel Research; Note*: Monthlyaverages are on preceding 30 day basis
Policy ratesParticulars (%)Repo rate 7.75
Reverse repo rate 6.75
MSF rate 8.75
Cash reserve ratio (CRR) 4.00
Statutory liquidity ratio (SLR) 23.00
Source: RBI, Angel Research
Vaibhav Agrawal022 3935 7800 Ext: 6808
vaibhav.agrawal@angelbroking.com
Sourabh Taparia022 3935 7800 Ext: 6872
sourabh.taparia@angelbroking.com
Banking - 3QFY2013 Result ReviewEconomic environment remains challenging
Result Review | Banking
February 26, 2013
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Banking | Result Review
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Asset quality pressures continue to reflect on margins
Asset quality pressures continue to reflect on the banking sectors margins during
the quarter, as nearly half of our coverage banks reported sequentially lower
margins. Canara Bank (CANBK), Bank of Baroda (BOB) and Federal Bank (FEDBK)
witnessed the highest sequential margin compression; primarily due to higher
interest reversals/lower income recognition during 3QFY2013 on increased
slippages/elevated gross NPA inventory (slippages for BOB and FEDBK were
higher by 40.9% and 193.1% qoq, respectively).
Exhibit 1:Margins compressed for most banks
Source: Company, Angel Research, Note:*Domestic NIMs for SBI, BOB and BOI
Exhibit 2:New Pvt. Banks* continue to outperform on NII front
Source: Company, Angel Research, Note: *our coverage banks
Exhibit 3:Our coverage banks performance on reported margins frontBank 3QFY2013 2QFY2013 Chg (bps) Bank 3QFY2013 2QFY2013 Chg (bps)HDFCBK 4.10 4.20 (10.0) UNBK 2.95 3.02 (7.0)
J&KBK 4.07 3.94 13.0 BOM 2.89 2.99 (10.0)
SBI 3.63 3.68 (5.0) DENABK 2.88 2.86 2.0
AXSB 3.57 3.46 11.0 OBC 2.84 2.79 5.0
FEDBK 3.47 3.58 (11.0) BOI 2.80 2.84 (4.0)
PNB 3.47 3.50 (3.0) UTDBK 2.68 2.60 8.0
ANDBK 3.35 3.13 22.0 CENTBK 2.64 2.68 (4.0)
SYNBK 3.29 3.33 (4.0) IOB 2.51 2.33 18.0
SIB 3.20 3.09 11.0 CANBK 2.36 2.53 (17.0)
BOB 3.08 3.23 (15.0) CRPBK 2.35 2.23 12.0
INDBK 3.07 3.12 (5.0) UCOBK 2.32 2.24 8.0
ICICIBK 3.07 3.00 7.0 IDBI 2.30 2.05 25.0
ALLBK 3.02 2.80 22.0 VIJAYA 2.08 2.10 (2.0)
YESBK 3.00 2.90 10.0
Source: Company, Angel Research, Note: *domestic margins for SBI, BOB, BOI
(20)
(15)
(10)
(5)
-
5
10
15
20
25
30
IDBI
ANDBK
ALLBK
IOB
J&KBK
CRPBK
SIB
AXSB
YESBK
UTDBK
UCOBK
ICICIBK
OBC
DENABK
VIJAYA
PNB
CENTBK
SYNBK
BOI
INDBK
SBI
UNBK
BOM
HDFCBK
FEDBK
BOB
CANBK 2
4.1
5.3 4
.1
9.3
4.7
5.0
3.0
3.4
0.0
5.0
10.0
15.0
20.0
25.0
30.0
New Pvt. Old Pvt. Mid PSUs Large PSUs
% chg (yoy) % chg (qoq)
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Exhibit 4:CD ratio expanded sequentially for most of the banks under our coverageBank CD ratio 2QFY13 CD Ratio 3QFY13 Chg (bps) Bank CD ratio 2QFY13 CD Ratio 3QFY13 Chg (bps)CRPBK 68.3 74.4 611 SIB 73.2 74.6 142
IOB 79.3 84.9 561 UNBK 76.5 77.7 119UTDBK 66.1 70.0 382 CENTBK 73.7 74.7 96
PNB 73.6 77.1 351 BOM 73.8 74.6 84
CANBK 64.1 67.4 330 INDBK 72.4 73.3 83
DENABK 70.4 73.7 324 SYNBK 81.3 82.1 71
FEDBK 73.3 76.5 322 BOB 71.6 72.2 58
SBI 81.8 84.6 280 HDFCBK 84.5 85.0 49
VIJAYA 69.1 71.9 277 AXSB 73.1 73.4 36
ICICIBK 97.7 100.1 238 J&KBK 62.4 62.5 8
BOI 77.0 79.2 220 IDBI 92.4 91.6 (78)
ALLBK 68.4 70.6 217 YESBK 80.4 77.8 (260)
ANDHBK 78.5 80.3 179 UCOBK 72.6 69.9 (269)
OBC 71.8 73.4 161
Source: Company, Angel Research,
CASA deposits growth remains moderate
Growth in savings deposits for our coverage banks (excluding Indian Bank
[INDBK], due to unavailability of data) remained moderate at 12.8%, on back of
persistent high differential between savings and term deposit rates. The growth in
current deposits for our coverage banks (excluding INDBK, due to unavailability of
data), at 9.9% yoy, was also moderate considering the decelerating economicenvironment.
Private banks continue to outperform their PSU peers on the savings deposits (SA)
front, with a growth of 16.8% yoy. Amongst our coverage Private banks, Yes Bank
witnessed the highest SA growth (significant traction being witnessed post the hike
in savings rate to 6-7%). Within large private banks, while Axis Bank (AXSB) and
HDFC Bank (HDFCBK) fared well and reported a healthy growth of 21.6% and
16.5%, yoy respectively, ICICIBK witnessed a moderate growth of 10.8% yoy.
Amongst PSU banks, the top two performers on the SA front were IDBI Bank
(20.6% yoy growth on account of traction post waiver of CASA charges during
FY2012) and Jammu & Kashmir Bank (J&K Bank; 16.7% yoy growth consideringinsulation from competition in its parent state of J&K).
On the current deposits (CA) front, UCO Bank registered a strong performance, as
its CA deposits more than tripled on a yoy basis, due to substantial float being
made available on opening of rupee accounts with the bank for facilitating Indo-
Iran trade payments. Amongst other PSU banks, the top two performers on the CA
front were Bank of Maharashtra (BOM; 28.1% yoy growth) and Oriental Bank of
Commerce (OBC; 23.0% yoy growth). PSU banks managed to outperform their
private counterparts on the CA front this time around, with a growth of 12.7% yoy,
compared to a subdued growth of 3.7% yoy for Private banks, whose performance
on the CA front was dragged by a 10.9% yoy decline witnessed by ICICI Bank(ICICIBK) and subdued growth of 2.0% yoy registered by AXSB.
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Exhibit 5:CASA yearly growth rate trendsBank SA -3QFY13 SA -3QFY12 yoygrowth CA -3QFY13 CA -3QFY12 yoygrowth CASA -3QFY13 CASA -3QFY12 yoygrowth CASARatioYESBK 4,905 1,203 307.8 5,436 4,711 15.4 10,341 5,914 74.9 18.3
UCOBK 28,350 25,741 10.1 19,341 6,190 212.5 47,691 31,931 49.4 28.1
IDBI 20,445 16,958 20.6 21,124 17,881 18.1 41,569 34,839 19.3 22.3
BOM 25,341 22,145 14.4 8,359 6,528 28.1 33,700 28,673 17.5 33.9
HDFCBK 81,942 70,330 16.5 47,048 40,576 15.9 128,990 110,906 16.3 45.4
ALBK 42,534 36,936 15.2 9,002 7,558 19.1 51,536 44,494 15.8 30.2
OBC 29,724 26,264 13.2 10,505 8,541 23.0 40,229 34,805 15.6 23.9
FEDBK 12,324 11,102 11.0 2,879 2,084 38.1 15,203 13,186 15.3 29.5
JKBK 17,479 14,974 16.7 5,027 4,621 8.8 22,506 19,595 14.9 39.4
BOB 79,980 71,842 11.3 27,958 22,981 21.7 107,938 94,823 13.8 32.2
PNB 117,097 102,705 14.0 25,345 23,260 9.0 142,442 125,965 13.1 36.9
AXSB 57,521 47,297 21.6 40,236 39,459 2.0 97,757 86,756 12.7 40.0
BOI 72,000 63,606 13.2 15,972 14,965 6.7 87,972 78,571 12.0 32.8
UNBK 54,470 48,500 12.3 20,331 18,310 11.0 74,801 66,810 12.0 31.3
UTDBK 28,997 25,646 13.1 7,822 7,293 7.3 36,819 32,939 11.8 40.0
ANDBK 22,679 20,729 9.4 6,585 5,532 19.0 29,265 26,261 11.4 26.0
CNTBK 57,101 51,004 12.0 10,898 10,076 8.2 67,999 61,080 11.3 32.0
DENABK 20,216 18,293 10.5 6,083 5,554 9.5 26,299 23,848 10.3 31.0
SIB 6,500 6,058 7.3 1,500 1,222 22.7 8,000 7,280 9.9 20.5
SYNBK 36,930 32,994 11.9 11,430 11,020 3.7 48,360 44,014 9.9 29.5
SBI 410,906 367,896 11.7 80,094 79,462 0.8 491,000 447,358 9.8 45.5
VIJBK 14,163 13,012 8.8 4,531 4,199 7.9 18,694 17,211 8.6 20.9
CANBK 68,689 63,361 8.4 12,473 12,059 3.4 81,162 75,420 7.6 25.1
CRPBK 18,904 17,115 10.5 9,818 9,641 1.8 28,722 26,756 7.3 20.5
INDBK NA 29,489 NA NA 6,430 NA 38,268 35,919 6.5 28.3
IOB 36,733 33,376 10.1 9,606 10,300 (6.7) 46,339 43,676 6.1 25.0
ICICIBK 81,463 73,498 10.8 35,674 40,039 (10.9) 117,137 113,537 3.2 40.9
Source: Company, Angel Research
Exhibit 6:CASA ratio and Investment-to-deposits ratio for our coverage PSU banks as of 3QFY2013
Source: Company, Angel Research, Note: For INDBK, Investment-to-deposits ratio as of 2QFY2013
18 2
2
41
20
21 2
52
9
24 2
8
25
21
30
26 2
8
39
31
40
31
37
34
40
32
29 3
332
45 46
63
41
58
38
34 3
7 38
33
31
32
27
36
30 3
340
31
41
32 3
4 35 3
7
30
26
25
25
34
31
0
10
20
30
40
50
60
70
YESBK
IDBI
ICICIBK
CORPBK
VIJBK
CANBK
FEDBK
OBC
UCOBK
IOB
SIB
ALLBK
ANDHBK
INDBK
J&KBK
UNIONBK
AXSB
DENABK
PNB
BOM
UTDBK
CENTBK
SYNBK
BOI
BOB
HDFCBK
SBI
CASA ratio - (%) Investments to Deposits - (%)
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Exhibit 7:Yield on advances# for banks under our coverageBank 9MFY13 9MFY12 Chg (bps) Bank 9MFY13 9MFY12 Chg (bps)YESBK 12.8 12.3 54 CRPBK 10.9 10.2 69
SIB 12.5 12.2 28 AXSB 10.9 10.2 71JKBK 12.3 11.6 71 PNB 10.9 11.1 (21)
FEDBK 12.0 12.7 (76) UTDBK 10.8 10.5 30
ANDBK 11.8 12.1 (35) CANBK 10.8 10.7 17
HDFCBK 11.7 11.2 50 IOB 10.6 10.7 (10)
OBC 11.6 11.4 27 BOM 10.6 11.1 (58)
DENABK 11.4 10.6 74 SYNDBK 10.4 10.9 (53)
INDBK 11.1 11.5 (36) UNBK 10.3 10.1 22
UCOBK 11.1 10.8 31 ICICIBK* 10.1 9.2 82
ALBK 11.1 11.8 (73) SBI* 9.7 9.8 (6)
IDBI 11.1 11.3 (23) BOB* 8.8 8.9 (8)
VIJBK 11.0 11.2 (26) BOI* 8.7 8.8 (7)
CNTBK 10.9 10.8 10
Source: Company, Angel Research, Note:*including international operations, #Calculated
Exhibit 8:Risk adjusted yield on assets# for banks under our coverageBank 9MFY13 9MFY12 Chg (bps) Bank 9MFY13 9MFY12 Chg (bps)SIB 9.8 9.5 35 PNB 8.1 7.9 16
YESBK 9.8 9.1 63 CNTBK 8.1 7.9 12
JKBK 9.3 8.5 80 IOB 8.0 7.7 32
ANDBK 9.2 8.8 34 UNBK 8.0 7.3 71FEDBK 9.1 9.0 5 SYNDBK 7.9 8.0 (9)
DENABK 8.9 8.3 67 BOM 7.8 7.8 (1)
HDFCBK 8.9 8.2 67 IDBI 7.8 8.4 (64)
INDBK 8.5 8.6 (6) UCOBK 7.7 7.6 15
VIJBK 8.5 8.1 38 SBI* 7.7 7.1 63
OBC 8.4 8.1 30 ICICIBK* 7.5 7.2 23
CANBK 8.4 8.0 39 UTDBK 7.2 7.2 (1)
ALBK 8.3 8.5 (13) BOI* 6.8 6.7 15
CRPBK 8.2 7.6 56 BOB* 6.6 6.7 (9)
AXSB 8.1 7.7 48
Source: Company, Angel Research, Note:*including international operations, #Calculated
Subdued performance continues on the non-interest income
(excluding treasury) front
Our coverage banks performance on the non-interest income (excluding treasury)
front in 3QFY2013, remained subdued at 5.0% yoy, similar to the modest growth
of 4.7% yoy during the last quarter, largely due to muted performance on the fee
income front. Most banks reported a sluggish performance on the fee income
front, largely due to slowed credit off-take and waiver of processing charges for
various products, both on the assets and liabilities side.
Even, the performance of Private banks on the non-interest income (excluding
treasury) front moderated to 7.9% yoy, but they were able to comfortably
outperform the coverage PSU banks, which saw a modest growth of 3.6% yoy.
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Amongst PSU banks, despite a yoy decline witnessed in three of seven banks (BOB,
CANBK and PNB), 72.4% yoy growth in IDBI Bank, aided the larger PSU banks
pack to register a growth of 4.2% yoy, much better than the marginal growth of
2.0% yoy witnessed in the mid-PSU banks, whose performance was dragged byyoy decline witnessed in nearly one-third of our coverage mid-PSUs. Amongst mid-
PSU banks, the better performers were Oriental Bank of Commerce (OBC), United
Bank (UTDBK) and Indian Overseas Bank (IOB); (OBC and IOB witnessed
significant jump in recoveries from written-off accounts, income from exchange
transactions increased substantially for UTDBK), whereas the worst performers
were INDBK and Allahabad Bank (ALBK).
Exhibit 9:Non-interest income (excl. treasury) performance for banks under our coverageBank 3QFY2013 2QFY2013 % chg (qoq) 3QFY2012 % chg (yoy) As % to avg. assets Chg (bps)9MFY2012 9MFY2013AXSB 1,456 1,386 5.1 1,312 11.0 1.78 1.88 (11)
HDFCBK 1,663 1,451 14.6 1,502 10.7 1.69 1.69 0
ICICIBK 1,964 1,871 5.0 1,957 0.3 1.53 1.68 (15)
YESBK 313 277 13.2 211 48.1 1.46 1.21 25
SBI 3,230 3,117 3.7 3,216 0.4 0.92 1.05 (14)
IDBI 662 650 1.9 384 72.4 0.84 0.64 20
BOI 851 791 7.6 781 9.0 0.79 0.75 4
OBC 316 355 (11.0) 259 22.1 0.79 0.61 18
PNB 848 765 10.7 859 (1.3) 0.76 0.85 (9)
IOB 455 375 21.3 376 20.9 0.73 0.77 (4)
CRPBK 320 280 14.3 330 (3.1) 0.71 0.78 (6)
UNBK 528 471 12.0 491 7.4 0.70 0.70 (1)
INDBK 206 333 (38.1) 263 (21.5) 0.66 0.80 (14)
CANBK 595 534 11.4 622 (4.4) 0.61 0.74 (13)
UTDBK 145 143 1.4 118 22.9 0.54 0.48 6
FEDBK 118 104 13.6 122 (3.8) 0.68 0.79 (11)
ANDHBK 209 214 (2.4) 219 (4.5) 0.66 0.63 3
BOM 156 162 (3.3) 140 11.7 0.61 0.77 (16)
BOB 705 716 (1.6) 764 (7.7) 0.60 0.71 (11)
ALLBK 288 255 12.8 327 (12.1) 0.56 0.74 (18)
SIB 53 62 (14.6) 54 (2.4) 0.54 0.50 3DENABK 121 115 5.9 124 (2.0) 0.50 0.65 (15)
SYNBK 234 245 (4.4) 235 (0.5) 0.49 0.58 (9)
J&KBK 72 65 10.8 65 10.7 0.45 0.47 (2)
CENTBK 289 282 2.4 284 1.6 0.44 0.46 (2)
VIJAYA 115 106 9.2 102 13.4 0.44 0.49 (5)
UCOBK 177 168 5.4 198 (10.9) 0.41 0.45 (4)
Source: Company, Angel Research
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Asset quality stress continues as slippages remain elevated; but
the extent of asset quality deterioration shows diminishing signs
Asset quality concerns, which had made FY2012 a challenging year for the
banking sector (specifically for the PSU banks), continue to plague the sector s
fundamentals even in 9MFY2013. Considering the weak economic growth
environment, inflation persisting at stubborn levels, and continuing burden of high
interest servicing costs, incremental slippages have remained elevated and much
above comfort levels; however, the extent of asset quality deterioration has shown
signs of moderation.
During 3QFY2013, the annualized slippage ratio for banks under our coverage
(excl. HDFCBK and YESBK, due to unavailability of data), moderated to 2.6%, from
3.3% in 2QFY2013 and 3.1% in 1QFY2013. However, considering different
disclosure practices being followed by banks, wherein some net-off any inter-
quarter movement of NPAs (within the same year), while some dont, we alsocompare cumulative reported slippages on a yoy basis, which also corroborates
our understanding that the extent of asset quality deterioration is increasingly
reflecting diminishing signs. While the annualized slippage ratio was higher by
38bp yoy from 2.6% in 9MFY2012 to 3.0% in 9MFY2013, the increase was,
however, lower than what was witnessed in 1HFY2013, when the annualized
slippage ratio increased by 57bp yoy to 3.2% from 2.6% in 1HFY2012.
Exhibit 10:Gross NPA trend (%) for the banking industry
Source: Company, Angel Research
Exhibit 11:Net NPA trend (%) for the banking industry
Source: Company, Angel Research
Exhibit 12:Gross NPA trends (%) Private vs. PSU
Source: Company, Angel Research
Exhibit 13:Net NPA trends (%) Private vs. PSU
Source: Company, Angel Research
2.402.28
2.43
2.732.85 2.80
3.09
3.423.49
2.10
2.30
2.50
2.70
2.90
3.10
3.303.50
3.70
3QFY11
4QFY11
1QFY12
2QFY12
3QFY12
4QFY12
1QFY13
2QFY13
3QFY13
1.00 0.991.04
1.281.36
1.30
1.49
1.741.80
0.90
1.00
1.10
1.20
1.30
1.40
1.50
1.60
1.70
1.80
1.90
3QFY11
4QFY11
1QFY12
2QFY12
3QFY12
4QFY12
1QFY13
2QFY13
3QFY13
2.702.57
2.36 2.33
2.24 2.172.01
2.05 2.06 2.00
2.42 2.35 2.272.45
2.85
3.022.98
3.34
3.76 3.87
1.50
2.00
2.50
3.00
3.50
4.00
2QFY11
3QFY11
4QFY11
1QFY12
2QFY12
3QFY12
4QFY12
1QFY13
2QFY13
3QFY13
Pvt Banks PSU Banks
0.790.69
0.56 0.56 0.54 0.54 0.46 0.49 0.54 0.55
1.131.07
1.09 1.16
1.47 1.56 1.501.73
2.04 2.12
0.00
0.50
1.00
1.50
2.00
2.50
2QFY11
3QFY11
4QFY11
1QFY12
2QFY12
3QFY12
4QFY12
1QFY13
2QFY13
3QFY13
Pvt Banks PSU Banks
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Exhibit 14:Slippages moderate sequentially in 3QFY13; even the increase in 9MFY13 is lower than in 1HFY13Bank 3QFY13 2QFY13 chg (bps) 9MFY13 9MFY12 chg (bps) 1HFY13 1HFY12 chg (bps)ALLBK 3.6 6.2 (261) 4.0 1.8 216 4.2 1.4 272
UCOBK 4.2 5.3 (111) 4.2 2.1 208 4.2 2.1 210INDBK 6.3 3.3 304 3.5 1.5 203 2.1 1.5 69
PNB 4.0 7.0 (297) 3.5 2.1 136 5.0 1.8 319
SIB 0.8 3.4 (267) 1.9 0.7 117 2.4 0.7 170
IOB 3.1 5.3 (216) 3.6 2.6 103 3.9 2.6 122
BOB 2.8 2.0 81 2.2 1.2 96 1.9 1.0 88
BOM 1.8 1.5 25 2.1 1.2 96 2.3 1.2 113
SYNBK 2.9 3.3 (34) 3.2 2.3 93 3.3 2.5 87
CRPBK 2.8 1.8 102 2.5 1.6 88 2.3 1.5 79
CENTBK 3.3 4.8 (155) 4.0 3.4 62 4.4 2.8 154
CANBK 2.3 3.3 (105) 2.7 2.2 54 2.9 2.5 49
DENABK 1.7 2.0 (36) 1.7 1.4 27 1.7 1.4 34
J&KBK 1.4 1.2 18 1.2 0.9 26 1.1 1.0 7
ANDHBK 2.2 3.7 (152) 3.3 3.2 8 3.8 3.7 10
SBI 3.8 3.3 49 4.0 3.9 7 4.1 3.8 39
ICICIBK 1.3 1.9 (58) 1.5 1.5 6 1.6 1.4 23
AXSB 1.3 1.5 (20) 1.3 1.2 3 1.3 1.1 16
YESBK NA NA NA NA NA NA NA NA NA
HDFCBK NA NA NA NA NA NA NA NA NA
BOI 2.0 4.4 (243) 3.1 3.1 (9) 3.6 4.2 (63)
UTDBK 4.3 2.8 147 3.0 3.4 (41) 2.4 3.8 (141)
UNBK 1.5 1.8 (26) 2.3 2.8 (46) 2.7 3.4 (70)
IDBI 1.6 1.4 20 1.8 2.4 (61) 1.8 2.0 (13)
FEDBK 4.5 1.5 295 3.0 3.8 (81) 2.3 3.7 (139)
OBC 2.9 2.3 58 2.6 3.6 (100) 2.4 3.9 (150)
VIJAYA 2.1 3.8 (174) 3.1 4.7 (160) 3.6 4.4 (80)
Aggregate level
PSU 2.8 3.5 (72) 3.2 2.8 43 3.4 2.5 91
Mid PSU 2.5 3.3 (82) 3.2 2.9 26 3.5 2.9 56
Large PSU 3.2 3.8 (53) 3.2 2.5 73 3.2 2.5 75
Pvt. 1.5 1.8 (30) 1.6 1.5 4 1.6 1.5 16
New Pvt. 1.3 1.7 (43) 1.4 1.4 5 1.5 1.3 20Old Pvt. 2.9 2.3 59 2.5 2.6 (7) 2.3 2.5 (18)
Source: Company, Angel Research
Amongst large PSU banks, while PNB, CANBK, Union Bank of India (UNBK) and
Bank of India (BOI), witnessed a sequential reduction in their quarterly slippage
ratios (PNB and BOI, which had witnessed sharp jump in slippages in 2QFY2013,
managed to lower their slippages the most), quarterly slippage ratio came in
higher sequentially for SBI and BOB and was largely stable for IDBI Bank. Large
PSU banks, as a segment, saw a reduction in the extent of asset quality
deterioration, as the increase in annualized slippage ratio during 9MFY2013 came
in at 26bp yoy to 3.2% (from 2.9% in 9MFY2012) compared to an increase of56bp yoy in 1HFY2013 to 3.5% (2.9% in 1HFY2012).
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Amongst the mid-PSU banks, ALBK, IOB, Vijaya Bank (VIJBK), Central Bank
(CNTBK) and Andhra Bank (ANDBK), which had seen a sharp jump in slippages in
1HFY2013, managed to lower their annualized slippage ratio by ~100-200bp.
Banks such as INDBK and UTDBK witnessed a sharp increase in slippages. Hence,the overall mid-PSU segment saw similar extent of asset quality deterioration as the
increase in annualized slippage ratio during 9MFY2013 came in at 73bp yoy,
compared to an increase of 75bp yoy witnessed in 1HFY2013.
Segment-wise, slippages for most of the PSU banks continue to emanate largely
from the mid corporate and SME segments. Sectorally, a higher chunk of NPAs for
most of the PSU banks came from textiles, iron and steel and infrastructure. Unlike
last quarter, this time around, neither there were any prominent common names
on the slippage front, nor any of our coverage banks reported any major slippage
on account of classification differences arising at the Reserve Bank of India (RBI) s
annual financial inspection.
Despite increased recoveries/upgrades efforts, considering the challenges in
economic environment, most PSU banks reported a moderate performance on the
recoveries/upgrades front, even after taking into account increased inventory of
slippages. Hence, gross NPA levels for our coverage PSU banks were higher
sequentially by 7.9% during the quarter (the increase for large PSU banks was
6.6% qoq, lower compared to 10.6% qoq increase for mid-PSU banks).
Even worse, this was accompanied by a significant decline in the provisioning
coverage for most of our coverage PSU banks, with the few exceptions being
Syndicate Bank (SYNDBK) and BOM (in line with our relatively positive view on
asset quality compared to peers) as well as UNBK, IDBI Bank, PNB, JKBK, VIJBKand CNTBK, which led to a sequentially higher increase in net NPA levels at 8.6%
during the quarter.
On the other hand, Private banks continue to perform relatively much better vis--
vis PSU banks on the asset quality front, as they not only reported sequentially
lower slippages, but also posted better recoveries and upgrades performances,
which aided them to limit the sequential increase in their gross and net NPA levels
to just 1.2% and 6.7%, respectively in 3QFY2013, much lower compared to an
increase of 3.7% and 12.9% qoq, respectively witnessed in gross and net NPA
levels during 2QFY2013.
Going forward, considering the weakening GDP growth environment and withdownward movement in interest rates expected to be relatively much slower than
earlier estimated, the mid-corporate and SMEs are expected to remain vulnerable
to being NPAs going ahead as well, in our view.
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Exhibit 15:Asset quality continue to deteriorate during 3QFY2013GNPA(` cr) NNPA(` cr) PCR (%)
Bank 3QFY13 2QFY13 qoq (%) 3QFY13 2QFY13 qoq (%) 3QFY13 2QFY13 chg (bps)INDBK 3,180 1,980 60.6 2,142 1,260 70.0 61.2 71.0 (974)BOB 7,321 5,879 24.5 3,363 2,385 41.0 70.9 75.7 (484)
UTDBK 2,902 2,418 20.0 1,416 1,188 19.2 67.3 69.2 (190)
CRPBK 2,284 1,949 17.2 1,698 1,351 25.6 58.0 60.4 (242)
HDFCBK 2,432 2,133 14.0 496 387 28.2 79.6 81.9 (225)
UCOBK 6,711 5,888 14.0 3,927 3,468 13.2 48.9 49.1 (25)
DENABK 1,317 1,171 12.5 817 721 13.4 70.6 72.5 (190)
IOB 6,516 5,930 9.9 3,595 3,378 6.4 59.0 58.5 47
ANDHBK 3,302 3,014 9.6 2,023 1,831 10.5 52.4 53.2 (71)
IDBI 6,401 5,848 9.5 3,302 3,395 (2.7) 69.2 65.8 339
FEDBK 1,564 1,435 9.0 362 245 47.8 76.9 82.9 (608)
SBI 53,458 49,202 8.6 25,370 22,615 12.2 61.5 62.8 (129)
CANBK 6,090 5,610 8.6 5,134 4,569 12.4 61.0 63.0 (202)
ALLBK 3,532 3,311 6.7 2,478 2,331 6.3 61.0 60.8 17
OBC 3,690 3,466 6.5 2,611 2,393 9.1 63.6 64.5 (92)
J&KBK 582 552 5.4 50 55 (10.5) 94.2 93.3 91
CENTBK 8,938 8,507 5.1 5,864 5,696 2.9 41.2 39.9 134
AXSB 2,275 2,191 3.8 679 654 3.7 70.2 70.1 3
PNB 13,998 14,024 (0.2) 7,586 7,883 (3.8) 56.0 54.3 166
VIJAYA 1,889 1,897 (0.4) 1,098 1,116 (1.6) 63.0 61.8 117
SYNBK 3,160 3,179 (0.6) 1,141 1,164 (2.0) 83.0 82.3 75
BOM 1,284 1,292 (0.6) 487 559 (12.9) 82.8 80.1 270
UNBK 6,384 6,470 (1.3) 3,169 3,559 (11.0) 66.2 61.5 476
ICICIBK 9,763 10,036 (2.7) 2,182 2,134 2.2 77.7 78.7 (108)
BOI 8,625 8,899 (3.1) 5,455 5,228 4.3 60.7 61.0 (22)
SIB 475 496 (4.3) 197 242 (18.7) 58.6 51.2 735
YESBK 76 103 (25.9) 16 20 (22.7) 79.6 80.4 (85)
Source: Company, Angel Research
Exhibit 16:Aggregate gross NPA levelsPrivate BanksBank (` cr) 3QFY13 2QFY13 3QFY12 %yoy %qoqPvt. New 15,709 15,613 14,674 7.1 0.6
Pvt. Old 4,956 4,719 3,944 25.7 5.0
Total 20,665 20,332 18,618 11.0 1.6Source: Company, Angel Research
Exhibit 17:Aggregate gross NPA levels PSU BanksBank (` cr) 3QFY13 2QFY13 3QFY12 %yoy %qoqPSU Large 102,277 95,931 70,669 44.7 6.6
PSU Mid 50,586 45,622 31,333 61.4 10.9
Total 152,863 141,553 102,001 49.9 8.0Source: Company, Angel Research
Exhibit 18:Aggregate net NPA levels Private BanksBank (` cr) 3QFY13 2QFY13 3QFY12 %yoy %qoqPvt. New 3,820 3,651 3,460 10.4 4.6
Pvt. Old 1,861 1,695 1,134 64.2 9.8
Total 5,681 5,346 4,594 23.7 6.3Source: Company, Angel Research
Exhibit 19:Aggregate net NPA levels PSU BanksBank (` cr) 3QFY13 2QFY13 3QFY12 %yoy %qoqPSU Large 53,380 49,634 36,325 47.0 7.5
PSU Mid 30,283 27,285 16,166 87.3 11.0
Total 83,664 76,919 52,491 59.4 8.8Source: Company, Angel Research
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Accretion to the restructuring book moderates
Fresh addition to the restructuring book moderated during 3QFY2013, compared
to what was witnessed in the last few quarters (where restructuring of discoms
contributed a larger chunk). Amongst our coverage PSU banks, PNB, BOI, IDBIBK,
UNBK, CNTBK and UTDBK witnessed higher sequential increases in their
restructuring books during the quarter, compared to the increase witnessed in last
quarter. While in case of PNB, higher restructuring during the quarter was on
account of restructuring of a chunky Suzlon advance; textile and steel sector
advances contributed a large part of the increase in restructuring book in case of
BOI and UNBK, respectively.
During the quarter, all banks provided for 75bp increase in provisioning
requirement on standard restructured advances. Recently RBI has, in its draft
prudential guidelines on restructuring of advances, proposed to increase the
provisioning on outstanding standard restructured stock as of March 31, 2013
(calculated after upgrading accounts based on two years of satisfactory
performance) from the current 2.75% to 3.75% by FY2014 (spread over four
quarters of FY2014) and to 5% by FY2015 (spread over four quarters of FY2015).
However, in case of any fresh restructuring after April 1, 2013, provisioning at the
rate of 5% has to be made.
Though many banks have stated that they expect no major restructuring to be in
the pipeline, however, as indicated by their Managements, restructuring pipeline
appears substantial for banks like SBI (~`8,000cr, which will include Suzlon
advance worth ~`3,500cr) and UNBK (~`1,700cr). Even, fresh approvals through
the CDR route (`24,581cr in 3QFY2013 vs. `18,925cr in 2QFY2013) and
pending cases amounting to `23,065cr are likely to keep the restructuring pipeline
for most banks active.
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Exhibit 20:Restructuring book as of 3QFY2013Bank (` cr) Rest.book as of3QFY13
Rest.book as of2QFY13 Ch.qoq (%)% tototal adv. Comments
CENTBK 22,182 21,199 4.6 14 Outstanding restructured bookANDHBK 10,382 9,077 14.4 11 Outstanding restructured book
ALLBK 13,069 12,748 2.5 11 Outstanding restructured book
INDBK 10,650 10,349 2.9 11 Outstanding restructured book, stated borrower-wise
PNB 30,329 27,852 8.9 10 Outstanding restructured book, stated borrower-wise
IOB 15,608 14,775 5.6 10 Outstanding restructured book, stated borrower-wise
OBC 11,798 11,483 2.7 10 Outstanding restructured book
IDBI 15,133 12,534 20.7 9 Outstanding restructured book
CRPBK 8,895 8,867 0.3 9
UNBK 15,565 14,360 8.4 8 Cumulative restructured book
BOI 21,766 20,874 4.3 8 Outstanding restructured book
BOB 22,993 21,078 9.1 8 Cumulative restructured book
DENABK 4,700 4,500 4.4 8
SYNBK 9,800 9,263 5.8 7
BOM 5,266 NA NA 7
UTDBK 4,557 4,214 8.1 7
UCOBK 8,333 7,310 14.0 7 Outstanding standard restructured book
VIJAYA 4,352 4,294 1.4 7
FEDBK 2,670 2,538 5.2 7
CANBK 14,501 14,895 (2.6) 7 Outstanding restructured book
SIB 1,348 1,293 4.3 5
SBI 34,783 40,454 (14.0) 4 restructured book revised in 3QFY13, after upgrading satisfactory advances
AXSB 4,257 4,068 4.6 2
ICICIBK 4,169 4,158 0.3 1
YESBK 189 192 (1.6) 0
Source: Company, Angel Research.
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Exhibit 21:CDR SnapshotYear (` cr) Referred Approved
No. of cases Additions No. of cases AdditionsFY10 31 20,175 31 17,763FY11 49 22,614 27 6,615
1QFY12 18 4,595 10 8,141
2QFY12 18 21,095 7 2,095
3QFY12 23 19,187 17 21,364
9MFY12 59 44,877 34 31,600
4QFY12 28 23,012 16 8,001
FY12 87 67,889 50 39,601
1QFY13 41 20,528 17 17,957
2QFY13 33 18,907 18 18,925
3QFY13 25 20,957 35 24,581
9MFY13 99 60,392 70 61,463
Outstanding 491 266,885 362 211,978Source: Company, Angel Research
Exhibit 22:Fund-based sectoral exposures across PSU banks, as of 1HFY2013Bank Fund Based Exposures Fund Based Exp. as % to total dom. loansInfra
+ PowerMetals &
MiningTextiles
Metals+ Textiles
Total Dom.loan book
Infra+ Power
Metals &Mining
TextilesMetals
+ Textiles
CNTBK 51,015 7,149 4,942 12,091 150,069 34.0 4.8 3.3 8.1
IDBIBK 53,122 20,523 9,528 30,051 161,408 32.9 12.7 5.9 18.6
UCOBK* 34,266 13,945 6,452 20,397 105,937 32.3 13.2 6.1 19.3
ANDBK 20,901 5,280 4,624 9,904 85,299 24.5 6.2 5.4 11.6
CANBK 46,081 17,742 10,893 28,635 205,549 22.4 8.6 5.3 13.9
DENABK* 11,869 3,085 2,227 5,312 56,693 20.9 5.4 3.9 9.4
VIJBK* 12,096 3,236 439 3,674 57,904 20.9 5.6 0.8 6.3
UNBK 33,918 11,064 4,952 16,016 164,002 20.7 6.7 3.0 9.8
OBC 24,187 9,956 6,212 16,167 117,821 20.5 8.4 5.3 13.7
PNB 54,578 20,706 7,308 28,014 272,957 20.0 7.6 2.7 10.3
INDBK 17,752 4,844 3,793 8,637 89,898 19.7 5.4 4.2 9.6
UTDBK 11,841 5,279 1,283 6,563 61,416 19.3 8.6 2.1 10.7
ALBK* 20,380 7,777 3,278 11,055 106,423 19.2 7.3 3.1 10.4BOI 32,543 17,087 8,349 25,436 180,940 18.0 9.4 4.6 14.1
CRPBK 17,305 4,758 4,191 8,949 98,161 17.6 4.8 4.3 9.1
IOB 21,488 11,933 6,474 18,406 133,322 16.1 9.0 4.9 13.8
BOB 32,773 15,235 4,616 19,851 205,453 16.0 7.4 2.2 9.7
SYNDBK 17,287 4,461 1,986 6,447 111,774 15.5 4.0 1.8 5.8
BOM 9,713 3,315 1,464 4,779 63,839 15.2 5.2 2.3 7.5
J&KBK 4,697 2,796 719 3,514 34,272 13.7 8.2 2.1 10.3
Source: Company, Angel Research, Note- *as of FY2012
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New Private banks continue to shine on earnings front, while
performance of PSU banks remained weak, dented by persistent
asset quality stress
During 3QFY2013, PSU banks reported a weak performance, primarily dented by
persistent asset quality pressures, as interest reversals/lower income recognition
and higher provisioning impacted the bottom-line performance of large PSU
banks, whereas for mid-PSU banks earnings declined by 16.0% yoy.
On the NII front, large PSU banks registered a subdued growth of 3.5% yoy,
whereas the growth in the mid-PSU banks segment was moderate at 7.3% yoy, on
account of reduced interest rates across various retail and other products (as
almost all large and many mid-PSUs had reduced interest rates so as to garner
more of higher risk-adjusted yield offering assets) and also due to persistent asset
quality pressures.
Hence, while the growth in operating income remained moderate (growth of 5.7%
and 6.4%, respectively for large PSU banks and mid-PSU banks), the increase in
operating expenses was higher (growth of 12.4% and 11.4% yoy, respectively for
large PSU banks and mid-PSU banks), which resulted in the operating profit
growing at a subdued pace of 1.0% and 2.6% yoy, respectively for large PSU
banks and mid-PSU banks.
Exhibit 23:Large PSU banks P&LParameter (` cr) 3QFY13 2QFY13 % chg(qoq) 3QFY12 % chg(yoy)NII 25,330 24,738 2.4 24,484 3.5Other Income 8,752 7,811 12.0 7,754 12.9
Operating Income 34,082 32,549 4.7 32,239 5.7Operating Expenses 15,082 14,704 2.6 13,420 12.4
Pre provision profit 18,999 17,845 6.5 18,819 1.0Provisions 7,861 6,501 20.9 7,633 3.0
PBT 11,138 11,344 (1.8) 11,185 (0.4)
Tax 3,192 3,318 (3.8) 3,284 (2.8)
Net Profit 7,946 8,026 (1.0) 7,902 0.6Source: Company, Angel Research
Exhibit 24:Mid-PSU banks P&LParameter (` cr) 3QFY13 2QFY13 % chg(qoq) 3QFY12 % chg(yoy)NII 14,432 13,538 6.6 13,449 7.3Other Income 3,810 3,680 3.5 3,688 3.3
Operating Income 18,242 17,217 6.0 17,137 6.4Operating Expenses 8,280 7,855 5.4 7,430 11.4
Pre provision profit 9,962 9,363 6.4 9,706 2.6Provisions 5,858 4,380 33.7 4,514 29.8
PBT 4,104 4,982 (17.6) 5,192 (21.0)
Tax 736 1,102 (33.2) 1,177 (37.5)
Net Profit 3,368 3,880 (13.2) 4,015 (16.1)Source: Company, Angel Research
Continued asset quality stress (evident in 44.7% and 61.4% yoy increase in gross
NPA levels for large PSU banks and mid-PSU banks respectively), led to
provisioning expenses growing by 29.8% yoy for mid-PSU banks and only 3.0%
yoy for large PSU banks (SBI, PNB and UNBK had high base of provisioning
expenses in 3QFY2012 and hence provisioning expenses for these banks were
lower yoy).
Higher provisioning expenses resulted in PBT declining by 21.0% yoy for mid-PSU
banks, while it remained flattish for large PSU banks. However, tax expenses for
mid-PSU banks declined by 37.5% yoy (excl. Syndicate Bank, which reported a tax
write-back during the quarter, tax expenses for other mid-PSUs declined by 19.9%
yoy), primarily due to higher provisioning expenses, which limited the decline in
bottom-line to 16.1% yoy. Large PSU banks posted a flat performance on the
earnings front.
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Exhibit 25:New Private banks P&LParameter (` cr) 3QFY13 2QFY13 % chg(qoq) 3QFY12 % chg(yoy)NII 11,778 11,222 5.0 9,478 24.3
Other Income 6,603 5,829 13.3 5,500 20.0
Operating Income 18,380 17,051 7.8 14,978 22.7Operating Expenses 7,935 7,721 2.8 6,662 19.1
Pre provision profit 10,446 9,330 12.0 8,316 25.6Provisions 1,241 1,462 (15.1) 1,189 4.4
PBT 9,205 7,868 17.0 7,127 29.2
Tax 2,778 2,392 16.1 2,131 30.3
Net Profit 6,428 5,476 17.4 4,996 28.7Source: Company, Angel Research
Exhibit 26:Old Private banks P&LParameter (` cr) 3QFY13 2QFY13 % chg(qoq) 3QFY12 % chg(yoy)NII 2,206 2,056 7.3 1,883 17.1
Other Income 818 714 14.6 681 20.2
Operating Income 3,024 2,770 9.2 2,564 17.9Operating Expenses 1,518 1,452 4.5 1,322 14.8
Pre provision profit 1,507 1,318 14.4 1,242 21.3Provisions 313 153 105.0 297 5.5
PBT 1,194 1,165 2.5 945 26.3
Tax 351 351 0.2 245 43.4
Net Profit 842 814 3.4 700 20.3Source: Company, Angel Research
Private banks continued to outperform their PSU counterparts and reported
impressive performance during 3QFY2013, with operating profit growth of 25.1%
yoy. They faced relatively much lower asset quality pressures than their PSU peers,
with sequential increase in gross NPAs limited to 1.6% for private banks compared
to increase of 8.0% for PSU banks. Hence, provisioning expenses for the new and
old private banks were higher by only 4.4% and 5.5% yoy, respectively. On the
overall earnings front, new private banks reported a strong growth of 28.7% yoy,
while old private banks witnessed a healthy growth of 20.3% yoy.
Exhibit 27:Advances growth (%)Banks-Type 3QFY13 2QFY13 % chg (qoq) 3QFY12 % chg (yoy)Large PSU 2,465,295 2,362,139 4.4 2,134,319 15.5
Mid PSU 1,466,608 1,397,964 4.9 1,246,167 17.7
New Pvt. 844,291 805,746 4.8 698,750 20.8
Old Pvt. 182,380 173,401 5.2 151,657 20.3
Grand Total 4,958,574 4,739,249 4.6 4,230,893 17.2Source: Company, Angel Research; Note:*excluding DHB
Exhibit 28:Deposits growth (%)Banks-Type 3QFY13 2QFY13 % chg(qoq) 3QFY12 % chg(yoy)Large PSU 3,056,267 3,018,180 1.3 2,711,836 12.7
Mid PSU 1,949,912 1,890,139 3.2 1,698,085 14.8
New Pvt. 974,061 936,706 4.0 827,662 17.7
Old Pvt. 239,734 231,054 3.8 207,006 15.8
Grand Total 6,219,974 6,076,078 2.4 5,444,590 14.2Source: Company, Angel Research; Note:*excluding DHB
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Tier-I CAR remain low for many PSU banks
As of 3QFY2013, amongst our coverage, Bank of Maharashtra, Central Bank and
Indian Overseas Bank had the lowest tier-I CAR at 6.0%, 7.0% and 7.3%,
respectively (excluding 9MFY2013 profits). Even after considering 9M profits,
governments capital infusion (a sum total of `12,377cr) reported so far via
exchange fillings, the core equity tier-I capital adequacy (calculated, adjusting for
non-core equity as of 1HFY2013) for BOM and UCOBK is likely to remain one of
the lowest in the industry at 6.0% and 7.1%, respectively.
Exhibit 29:PSU banks Capital adequacy, as of 3QFY2013Bank Total CAR Tier-I CAR Exp. Core EquityTier-I CAR* Bank Total CAR Tier-I CAR Exp. Core EquityTier-I CAR*BOM 10.70 6.00 6.03 ALBK 11.96 8.75 8.51
UCOBK 13.19 8.03 7.06 CRPBK 12.57 8.08 8.5
VIJBK 11.78 8.80 7.32 ANDBK 11.86 8.06 8.8
CNTBK 10.75 7.02 7.36 OBC 12.25 9.14 9.2
IOB 11.65 7.33 7.82 SBI 12.21 8.66 9.4
BOI 10.59 7.64 7.89 PNB 11.66 8.62 9.5
UTDBK 11.88 8.49 7.93 CANBK 12.64 9.76 10.01
IDBI 14.19 8.01 8.09 BOB 12.66 9.33 10.1
UNBK 10.78 7.40 8.10 INDBK 13.07 10.75 11.7
SYNDBK 11.38 7.76 8.34 JKBK 13.82 11.80 13.8
DENABK 11.47 7.61 8.38
Source: Company, Angel Research, Note: *as of 3QFY2013, adjusting for non-core equity tier-I as of 1HFY2013 and taking into account nine-months profit
and capital infusion plans informed to the exchanges
Exhibit 30:DuPont analysisPvt. New* PSU Large PSU Mid
Parameter FY12 9MFY13 FY13E FY14E FY12 9MFY13 FY13E FY14E FY12 9MFY13 FY13E FY14ENII 3.1 3.2 3.2 3.3 2.8 2.7 2.7 2.8 2.7 2.6 2.5 2.6
(-) Prov. Exp. 0.4 0.4 0.4 0.4 0.8 0.8 0.7 0.7 0.9 0.9 0.9 0.7
Adj NII 2.7 2.8 2.8 2.9 2.0 2.0 2.0 2.1 1.7 1.7 1.7 1.9
Other Inc. 1.7 1.7 1.6 1.6 0.9 0.9 0.8 0.8 0.6 0.7 0.6 0.6
Op. Inc. 4.4 4.5 4.6 4.6 2.9 2.8 2.9 3.0 2.5 2.4 2.4 2.5
Opex 2.2 2.2 2.2 2.2 1.6 1.6 1.6 1.6 1.5 1.5 1.5 1.5
PBT 2.2 2.3 2.4 2.4 1.3 1.3 1.3 1.4 1.0 0.9 0.9 1.1
Taxes 0.7 0.7 0.7 0.8 0.4 0.4 0.4 0.4 0.2 0.2 0.2 0.3
ROA 1.5 1.6 1.6 1.6 0.9 0.9 0.9 1.0 0.8 0.7 0.7 0.7Leverage 10.9 10.9 11.2 11.7 18.6 16.9 17.5 17.6 21.0 19.8 20.5 20.6
ROE 16.5 17.5 18.2 19.1 17.2 15.0 15.6 16.7 16.0 14.5 14.3 15.0Source: Company, Angel Research, Note: *our coverage universe only
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Given the economic environment, continue to prefer Private
banks
A decelerating economic growth environment, policy woes in select sectors, and
elevated inflation and interest rates point towards further economic stress and arenot suggesting any conclusive trigger for improvement in asset quality in the near-
term. Hence, we prefer private banks, given their favourable cyclical and structural
outlook, with Axis Bank and ICICI Bank being our top picks. But with the risk of
higher competitive intensity in light of higher number of likely new entrants, the
upsides are expected to be relatively more moderate than estimated earlier.
Due to cyclical macro concerns, PSU banks are already trading at depressed
valuations. Even, higher number of likely new entrants in the sector, creates a
structural impediment for PSU banks medium-term re-rating, as we expect them to
lose market share in any case, considering their capital crunch. Upsides in these
stocks would largely depend on an eventual economy turn-around, which would
lead to lower re-pricing of high-cost deposits (relative benefit for low-CASA banks)and higher recoveries (relative benefit for banks that have experienced maximum
asset quality pain, and importantly, also provided for it already). Screening for
these criteria, as well as Tier-1 capital adequacy and trailing adjusted valuations,
in our view, PSU banks that would stand to gain the most from an eventual turn-
around include SBI and PNB in the large-caps as well as United Bank, Corporation
Bank and Indian Bank amongst the mid-caps.
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Exhibit 31:Dashboard for our coverage PSU banksPSUBanks
(Prov + TW)* as% to 3QFY13Etotal assetsSub-std#as % toGNPA
CASA ratioas of 3QFY13Investmentsto Deposits ratioas of 3QFY13
Tier-ICAR Trailing^P/ABV (x) FY2014EP/ABV (x) FY2012ROE 9MFY2013ROELargeBOI 2.0 43.6 32.8 24.7 7.6 0.92 0.82 15.0 12.7
CANBK 2.1 31.8 25.1 36.7 9.8 1.00 0.87 17.0 13.2
IDBI 2.7 20.1 22.3 40.8 8.0 1.01 0.70 13.4 9.7
UNBK 2.2 33.7 31.3 31.4 7.4 1.12 0.96 14.8 13.3
PNB 2.1 53.9 36.9 33.8 8.6 1.07 0.90 21.1 17.1
BOB 1.7 47.7 32.2 24.6 9.3 1.08 0.99 20.6 15.6
SBI 2.8 38.1 45.5 31.1 8.7 1.82 1.53 16.5 16.5
MidUTDBK 2.7 42.1 40.0 36.9 8.5 0.66 0.55 16.4 9.8
IOB 2.2 56.3 25.0 32.1 7.3 0.69 0.58 11.1 6.1
CRPBK 1.4 44.2 20.5 38.0 8.1 0.76 0.65 20.4 16.3
BOM 2.0 35.6 33.9 35.4 6.0 0.78 0.73 12.9 15.6
INDBK 2.2 48.3 28.3 32.5 10.8 0.85 0.69 20.4 17.1
ALLBK 2.0 53.2 30.2 36.1 8.8 0.86 0.72 21.6 13.9
SYNBK 2.9 50.4 29.5 26.3 7.8 0.81 0.77 17.9 21.6
VIJAYA 1.8 56.4 20.9 34.3 8.8 0.84 0.77 12.6 12.2
DENABK 2.0 22.6 31.0 31.6 7.6 0.86 0.73 20.7 19.7
ANDHBK 1.7 49.2 26.0 29.9 8.1 0.88 0.79 19.2 15.9
CENTBK 1.7 60.4 32.0 29.6 7.0 0.95 0.71 5.4 13.2
OBC 2.4 38.4 23.9 32.6 9.1 0.97 0.76 10.7 12.1
UCOBK 2.0 NA 28.1 31.3 8.0 1.08 0.92 19.4 11.5
JKBK 1.3 22.2 39.4 39.7 11.8 1.28 1.15 21.2 23.9
Source: Company, Angel Research, Note: *Cumulative provisions including technically written-off, as of 3QFY2013, #substandard GNPA assets, as of
3QFY13, as % to total 3QFY2013 GNPA (including technically written-off), wherein technically written-off considered as part of loss assets), ^Equity Net
worth calculated on a trailing basis (i.e) including 3QFY2013 profits and adjusting for 75% PCR (incl. technical write-off)
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Exhibit 32:Recommendation summaryCompany Reco. CMP(`) Tgt. price(`) Upside(%) FY2014EP/ABV (x) FY2014ETgt. P/ABV (x) FY2014EP/E (x) FY2012-14EEPS CAGR (%) FY2014ERoA (%) FY2014ERoE (%)AxisBk Buy 1,368 1,678 22.7 1.83 2.3 9.8 16.4 1.6 20.1
FedBk Accumulate 494 536 8.6 1.20 1.3 9.6 6.4 1.2 13.1
HDFCBk Neutral 649 - - 3.65 - 18.0 28.1 1.8 22.1
ICICIBk* Buy 1,064 1,302 22.4 1.70 2.1 12.6 22.8 1.5 15.9
SIB Buy 24 30 22.9 1.02 1.3 6.0 6.9 1.0 17.7
YesBk Accumulate 472 526 11.5 2.38 2.7 11.1 24.1 1.5 23.6
AllBk Buy 143 171 19.6 0.63 0.8 4.3 (5.2) 0.8 14.7
AndhBk Neutral 95 - - 0.65 - 4.3 (4.6) 0.8 13.8
BOB Buy 726 871 20.0 0.85 1.0 5.4 5.0 1.0 16.7
BOI Accumulate 329 350 6.6 0.82 0.9 5.0 18.2 0.8 16.0
BOM Accumulate 53 58 8.8 0.64 0.7 4.1 44.3 0.6 16.9
CanBk Accumulate 427 463 8.2 0.79 0.9 5.2 5.3 0.9 15.0CentBk Neutral 73 - - 0.66 - 3.6 95.5 0.5 14.3
CorpBk Buy 398 465 17.0 0.58 0.7 4.0 (3.1) 0.8 14.9
DenaBk Buy 95 111 16.9 0.58 0.7 3.9 3.5 0.8 15.9
IDBI# Buy 94 110 16.9 0.58 0.7 4.2 18.4 0.9 14.1
IndBk Buy 178 214 20.4 0.66 0.8 4.3 1.9 1.1 16.2
IOB Buy 73 88 21.4 0.49 0.6 3.6 23.9 0.6 13.4
J&KBk Accumulate 1,282 1,406 9.7 1.09 1.2 6.4 9.8 1.4 18.2
OBC Accumulate 275 314 14.3 0.61 0.7 4.6 23.2 0.8 13.5
PNB Buy 827 981 18.7 0.86 1.0 4.9 8.0 1.0 17.5
SBI* Accumulate 2,199 2,514 14.3 1.42 1.6 8.5 21.5 1.0 17.7
SynBk Accumulate 121 139 14.7 0.68 0.8 4.3 13.1 0.8 16.5
UcoBk Neutral 63 - - 0.76 - 4.2 2.5 0.5 13.8
UnionBk Buy 216 256 18.1 0.72 0.9 4.6 20.7 0.8 16.6
UtdBk Buy 66 78 18.8 0.48 0.6 3.1 19.1 0.7 16.3
VijBk Neutral 52 - - 0.61 - 4.8 9.7 0.5 12.6
Source: Company, Angel Research; Note:*Target multiples=SOTP Target Price/ABV (including subsidiaries), #Without adjusting for SASF,
CMP as of February 26, 2012.
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Banking indicators watchExhibit 33:Credit and deposit growth trends
Source: RBI, Angel Research
Exhibit 34:Investment-Deposit ratio
Source: RBI, Angel Research
Exhibit 35:CP rates have eased considerably on a yoy basis...
Source: RBI, Angel Research
Exhibit 36:...similar to CD rates
Source: Bloomberg, Angel Research
Exhibit 37:LAF borrowings trends
Source: RBI, Angel Research
Exhibit 38:Forex reserves trends
Source: RBI, Angel Research
10.0
11.0
12.0
13.0
14.0
15.0
16.0
17.0
18.0
19.0
20.0
Nov-11
Dec-11
Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
Credit growth (%) Deposit growth (%)
27.0
28.0
29.0
30.0
31.0
32.0
70.0
72.0
74.0
76.0
78.0
80.0
82.0
Sep-1
1
Oct-11
Nov-1
1
Dec-1
1
Jan-1
2
Feb-1
2
Mar-12
Apr-12
May-1
2
Jun-1
2
Jul-12
Aug-1
2
Sep-1
2
Oct-12
Nov-1
2
Dec-1
2
Jan-1
3
Credit/Depos it (%) Investment/Depos it (%) -RHS
6.07.0
8.0
9.0
10.0
11.0
12.0
13.0
Feb-1
2
Mar-12
Apr-12
May-1
2
Jun-1
2
Jul-12
Aug-1
2
Sep-1
2
Oct-12
Nov-1
2
Dec-1
2
Jan-1
3
Feb-1
3
(%) CP 3M CP 12M
6.0
7.0
8.0
9.0
10.0
11.0
12.0
Feb-1
2
Mar-12
Apr-12
May-1
2
Jun-1
2
Jul-12
Aug-1
2
Sep-1
2
Oct-12
Nov-1
2
Dec-1
2
Jan-1
3
Feb-1
3
(%) CD 3M CD 12M
(2,500)
(2,000)
(1,500)
(1,000)
(500)
-
Mar-12
Apr-12
May-1
2
Jun-1
2
Jul-12
Aug-1
2
Sep-1
2
Oct-12
Nov-1
2
Dec-1
2
Jan-1
3
Feb-1
3
(`bn)
240
260
280
300
320
340
Mar-12
Mar-12
Apr-12
May-1
2
May-1
2
Jun-1
2
Jul-12
Jul-12
Aug-1
2
Sep-1
2
Sep-1
2
Oct-12
Nov-1
2
Nov-1
2
Dec-1
2
Jan-1
3
Feb-1
3
US$ Bn
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Exhibit 39:Corporate and government bond yields
Source: Bloomberg, Angel Research;
Exhibit 40:G-Sec yields spread vs. Repo rate
Source: Bloomberg, Angel Research
Sectoral and Industry-wise distribution of credit
Exhibit 41:Large industry, Agri and Personal loans aids credit growthSector Dec 2011 Dec 2012(` cr) % of total (` cr) % of total % chg (yoy)Agriculture 460,638 11.4 558,997 12.1 21.4
Industry 1,858,502 45.9 2,114,030 45.7 13.7
- Micro & Small 246,781 6.1 271,678 5.9 10.1
- Medium 198,566 4.9 201,894 4.4 1.7
- Large 1,413,154 34.9 1,640,458 35.5 16.1
Services 984,688 24.3 1,085,805 23.5 10.3
Personal Loans 741,948 18.3 864,271 18.7 16.5
- Housing 378,601 9.4 440,790 9.5 16.4
- Vehicle 90,577 2.2 110,695 2.4 22.2
Non-food Credit 4,045,776 100.0 4,623,103 100.0 14.3Source: RBI, Angel Research
Exhibit 42:Chemicals, Infra, Metals & Food processing witness strong growthIndustry Dec 2011 Dec 2012(` cr) % of total (` cr) % of total % chg (yoy)Infrastructure 596,767 32.1 692,451 32.8 16.0Metals 247,712 13.3 296,432 14.0 19.7
Textiles 152,167 8.2 165,418 7.8 8.7
Engineering 108,553 5.8 124,615 5.9 14.8
Chemicals 104,555 5.6 124,648 5.9 19.2
Food Processing 92,253 5.0 109,861 5.2 19.1
Oil and Gas 66,478 3.6 69,829 3.3 5.0
Construction 54,406 2.9 57,159 2.7 5.1
Vehicles 52,897 2.8 58,859 2.8 11.3
Gems & Jewelry 48,288 2.6 57,273 2.7 18.6
Other Industries 334,424 18.0 357,485 16.9 6.9
Total 1,858,500 100.0 2,114,030 100.0 13.7Source: RBI, Angel Research
8.9
3
9.0
3
9.0
7
9.0
1
8.1
0
7.9
9
8.1
9
8.2
0
9.0
1
8.9
6
8.9
3
8.9
7
7.8
9
7.7
9
7.9
1
7.8
2
7.0
7.5
8.0
8.5
9.0
9.5
10.0
AAA 1 Yr AAA 3 Yr AAA 5 Yr AAA 10Yr
Gsec 1Yr Gsec 3Yr Gsec 5Yr Gsec10Yr
26-Nov-12 26-Feb-13%
0
2
4
6
8
10
(1.00)
-
1.00
2.00
3.00
4.00
Jun-0
5
Jan-0
6
Aug-0
6
Mar-07
Oct-07
May-0
8
Dec-0
8
Jul-09
Feb-1
0
Sep-1
0
Apr-11
Nov-1
1
Jun-1
2
Jan-1
3
G sec 1yr and 10yr yie ld spread (%) Repo Rate (% ) - RHS
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Valuation watch
Exhibit 43:Private banks* P/ABV trend
Source: Company, Angel Research; Note: *Pvt. banks under our coverage
Exhibit 44:Public sector banks P/ABV trend
Source: Company, Angel Research
Exhibit 45:New private* banks P/ABV trend
Source: Company, Angel Research; Note: *New Pvt. banks under our coverage
Exhibit 46:Large public sector banks P/ABV trend
Source: Company, Angel Research
Exhibit 47:Old private* banks P/ABV trend
Source: Company, Angel Research; Note: *Old Pvt. banks under our coverage
Exhibit 48:Mid-cap* public sector banks P/ABV trend
Source: Company, Angel Research, Note:*Mid and small PSU banks
0.50
1.00
1.50
2.00
2.50
3.00
3.50
4.00
Apr-04
Nov-0
4
Jun-0
5
Jan-0
6
Aug-0
6
Mar-07
Oct-07
May-0
8
Dec-0
8
Jul-09
Feb-1
0
Sep-1
0
Apr-11
Nov-1
1
Jun-1
2
Jan-1
3
P/ABV Median 15th percentile 85th percentile
0.30
0.60
0.90
1.20
1.50
1.80
2.10
Apr-04
Nov-0
4
Jun-0
5
Jan-0
6
Aug-0
6
Mar-07
Oct-07
May-0
8
Dec-0
8
Jul-09
Feb-1
0
Sep-1
0
Apr-11
Nov-1
1
Jun-1
2
Jan-1
3
P/ABV Median 15th percentile 85th percentile
0.50
1.00
1.50
2.00
2.50
3.00
3.50
4.00
Apr-04
Nov-0
4
Jun-0
5
Jan-0
6
Aug-0
6
Mar-07
Oct-07
May-0
8
Dec-0
8
Jul-09
Feb-1
0
Sep-1
0
Apr-11
Nov-1
1
Jun-1
2
Jan-1
3
P/ABV Median 15th percentile 85th percentile
0.60
0.90
1.20
1.50
1.80
2.10
Apr-04
Nov-0
4
Jun-0
5
Jan-0
6
Aug-0
6
Mar-07
Oct-07
May-0
8
Dec-0
8
Jul-09
Feb-1
0
Sep-1
0
Apr-11
Nov-1
1
Jun-1
2
Jan-1
3
P/ABV Median 15th percentile 85th percentile
0.30
0.60
0.90
1.20
1.50
1.80
Apr-04
Nov-0
4
Jun-0
5
Jan-0
6
Aug-0
6
Mar-07
Oct-07
May-0
8
Dec-0
8
Jul-09
Feb-1
0
Sep-1
0
Apr-11
Nov-1
1
Jun-1
2
Jan-1
3
P/ABV Median 15th percentile 85th percentile
0.30
0.60
0.90
1.20
1.50
1.80
Apr-04
Nov-0
4
Jun-0
5
Jan-0
6
Aug-0
6
Mar-07
Oct-07
May-0
8
Dec-0
8
Jul-09
Feb-1
0
Sep-1
0
Apr-11
Nov-1
1
Jun-1
2
Jan-1
3
P/ABV Median 15th percentile 85th percentile
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Economy watch
Exhibit 49:Quarterly GDP trend
Source: CSO, Angel Research
Exhibit 50:IIP trend
Source: MOSPI, Angel Research
Exhibit 51:Monthly WPI inflation trend
Source: MOSPI, Angel Research
Exhibit 52:Manufacturing and services PMI
Source: Markit, Angel Research
Exhibit 53:Exports and imports growth trends
Source: Bloomberg, Angel Research
Exhibit 54:Policy rates - RBI
Source: Office of the Economic Adviser, Angel Research
3.5
5.7
9.0
7.5
11.2
8.5
7.68.2
9.2
8.0
6.76.1
5.3 5.5 5.3
3.0
4.0
5.0
6.0
7.0
8.0
9.0
10.0
11.0
12.0
4QFY09
1QFY10
2QFY10
3QFY10
4QFY10
1QFY11
2QFY11
3QFY11
4QFY11
1QFY12
2QFY12
3QFY12
4QFY12
1QFY13
2QFY13
(%)
1.0
4.3
(2.8)
(1.3)
2.5
(2.0)
(0.1)
2.0
(0.7)
8.3
(0.8) (0.6)
(4.0)
(2.0)
-
2.0
4.0
6.0
8.0
10.0
Jan-1
2
Feb-1
2
Mar-12
Apr-12
May-1
2
Jun-1
2
Jul-12
Aug-1
2
Sep-1
2
Oct-12
Nov-1
2
Dec-1
2
(%)
7.6 7.7 7.5 7.6 7.6 7.58.0 8.1
7.3 7.2 7.26.6
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
Feb-1
2
Mar-12
Apr-12
May-1
2
Jun-1
2
Jul-12
Aug-1
2
Sep-1
2
Oct-12
Nov-1
2
Dec-1
2
Jan-1
3
(%)
48.0
50.0
52.0
54.0
56.0
58.0
60.0
Jan-1
2
Feb-1
2
Mar-12
Apr-12
May-1
2
Jun-1
2
Jul-12
Aug-1
2
Sep-1
2
Oct-12
Nov-1
2
Dec-1
2
Jan-1
3
Mfg. PMI Services PMI
(30.0)
(15.0)
0.0
15.0
30.0
Feb-1
2
Mar-12
Apr-12
May-1
2
Jun-1
2
Jul-12
Aug-1
2
Sep-1
2
Oct-12
Nov-1
2
Dec-1
2
Jan-1
3
Exports yoy growth Imports yoy growth(%)
7.75
6.75
4.00
3.50
4.50
5.50
6.50
7.50
8.50
9.50
Mar-12
Apr-12
May-1
2
Jun-1
2
Jul-12
Aug-1
2
Sep-1
2
Oct-12
Nov-1
2
Dec-1
2
Jan-1
3
Feb-1
3
Repo rate Reverse Repo rate CRR (%)
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Research Team Tel: 022 - 39357800 E-mail: research@angelbroking.com Website: www.angelbroking.com
DISCLAIMERThis document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investmentdecision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make
such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the companies
referred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits and
risks of such an investment.
Angel Broking Limited, its affiliates, directors, its proprietary trading and investment businesses may, from time to time, make
investment decisions that are inconsistent with or contradictory to the recommendations expressed herein. The views contained in this
document are those of the analyst, and the company may or may not subscribe to all the views expressed within.
Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and
trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's
fundamentals.
The information in this document has been printed on the basis of publicly available information, internal data and other reliablesources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as thisdocument is for general guidance only. Angel Broking Limited or any of its affiliates/ group companies shall not be in any wayresponsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report .Angel Broking Limited has not independently verified all the information contained within this document. Accordingly, we cannot testify,nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document. WhileAngel Broking Limited endeavours to update on a reasonable basis the information discussed in this material, there may be regulatory,compliance, or other reasons that prevent us from doing so.
This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced,
redistributed or passed on, directly or indirectly.
Angel Broking Limited and its affiliates may seek to provide or have engaged in providing corporate finance, investment banking or
other advisory services in a merger or specific transaction to the companies referred to in this report, as on the date of this report or in
the past.
Neither Angel Broking Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from or in
connection with the use of this information.
Note: Please refer to the important `Stock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to thelatest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Limited and its affiliates may haveinvestment positions in the stocks recommended in this report.
7/29/2019 Banking 3Q FY2013 Result Review, February 2013
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Ratings (Returns): Buy (> 15%) Accumulate (5% to 15%) Neutral (-5 to 5%)Reduce (-5% to -15%) Sell (< -15%)
Note: We have not considered any Exposure below `1 lakh for Angel, its Group companies and Directors
Disclosure of Interest Statement
Analyst ownership Angel and its Group companies Angel and its Group companies' Broking relationshipof the stock ownership of the stock Directors ownership of the stock with company covered
AxisBk No No No No
FedBk No No No No
HDFCBk No No No No
ICICIBk No No No No
SIB No No No No
YesBk No No No No
AllBk No No No No
AndhBk No No No No
BOB No No No No
BOI No No No No
BOM No No No No
CanBk No No No No
CentBk No No No No
CorpBk No No No No
DenaBk No No No No
IDBI No No No No
IndBk No No No No
IOB No No No No
J&KBk No No No No
OBC No No No No
PNB No No No No
SBI No No Yes No
SynBk No No No No
UcoBk No No No No
UnionBk No No No No
UtdBk No No No No
VijBk No No No No
7/29/2019 Banking 3Q FY2013 Result Review, February 2013
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6th Floor, Ackruti Star, Central Road, MIDC, Andheri (E), Mumbai- 400 093. Tel: (022) 39357800
Research Team
Fundamental:Sarabjit Kour Nangra VP-Research, Pharmaceutical sarabjit@angelbroking.com
Vaibhav Agrawal VP-Research, Banking vaibhav.agrawal@angelbroking.com
Bhavesh Chauhan Sr. Analyst (Metals & Mining) bhaveshu.chauhan@angelbroking.com
Viral Shah Sr. Analyst (Infrastructure) viralk.shah@angelbroking.com
Sharan Lillaney Analyst (Mid-cap) sharanb.lillaney@angelbroking.com
V Srinivasan Analyst (Cement, FMCG) v.srinivasan@angelbroking.com
Yaresh Kothari Analyst (Automobile) yareshb.kothari@angelbroking.com
Ankita Somani Analyst (IT, Telecom) ankita.somani@angelbroking.com
Sourabh Taparia Analyst (Banking) sourabh.taparia@angelbroking.com
Bhupali Gursale Economist bhupali.gursale@angelbroking.com
Vinay Rachh Research Associate vinay.rachh@angelbroking.com
Amit Patil Research Associate amit.patil@angelbroking.com
Shareen Batatawala Research Associate shareen.batatawala@angelbroking.com
Twinkle Gosar Research Associate gosar.twinkle@angelbroking.com
Tejashwini Kumari Research Associate tejashwini.kumari@angelbroking.com
Technicals:
Shardul Kulkarni Sr. Technical Analyst shardul.kulkarni@angelbroking.com
Sameet Chavan Technical Analyst sameet.chavan@angelbroking.com
Sacchitanand Uttekar Technical Analyst sacchitanand.uttekar@angelbroking.com
Derivatives:
Siddarth Bhamre Head - Derivatives siddarth.bhamre@angelbroking.com
Institutional Sales Team:
Mayuresh Joshi VP - Institutional Sales mayuresh.joshi@angelbroking.com
Hiten Sampat Sr. A.V.P- Institution sales hiten.sampat@angelbroking.com
Meenakshi Chavan Dealer meenakshis.chavan@angelbroking.com
Gaurang Tisani Dealer gaurangp.tisani@angelbroking.com
Akshay Shah Sr. Executive akshayr.shah@angelbroking.com
Production Team:
Tejas Vahalia Research Editor tejas.vahalia@angelbroking.com
Dilip Patel Production Incharge dilipm.patel@angelbroking.com