Banks Ready Reckoner 10-6-08 Pl
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INDIA May 2008
Indian Banks Ready Reckoner
Abhijit Majumder ([email protected]) +91-22-6632 2236
Bharat Gorasiya ([email protected]) +91-22-6632 2242
1
2
State Bank of India Financial Year (Rs bn)
FY07
FY08E
FY09E
3
Punjab National Bank FY10E
FY07
FY08E
FY09E
4
Bank of Baroda FY10E
FY07
FY08E
FY09E
Union Bank FY10E
FY07
FY08E
FY09E
FY10E
Valuation CMP (Rs.) (as on Jun 9, 2008)
Financial Year (Rs bn) Valuation
1,295
1,295
1,295
1,295
447
447
447
447
223
223
223
223
119
119
119
119
Equity
5.3
6.3
6.3
6.3
3.2
3.2
3.2
3.2
3.7
3.7
3.7
3.7
5.1
5.1
5.1
5.1
Equity
Market Cap
681
818
818
818
141
141
141
141
81
81
81
81
60
60
60
60
Market Cap
Market Cap to AUM
CMP (Rs.) (as on Jun 9, 2008)
12.0%
11.3%
9.7%
8.0%
8.7%
7.3%
6.1%
5.1%
5.7%
4.5%
3.8%
3.2%
5.8%
4.8%
4.1%
3.4%
Market Cap to AUM
86.3
106.5
115.0
137.5
48.8
65.0
75.8
92.7
28.1
39.3
46.1
53.7
16.7
27.5
27.7
32.1
EPS
Book Value (Rs.)
595
776
870
982
322
343
402
478
237
265
299
337
94
111
134
161
Book Value (Rs.)
Adjusted Book Value (Rs.)
502
659
709
800
289
309
350
413
223
251
282
319
82
109
120
142
Adjusted Book Value (Rs.)
P/E (x) *
7.5
6.1
5.6
4.7
9.2
6.9
5.9
4.8
7.9
5.7
4.8
4.1
10.4
6.3
6.3
5.4
P/E (x) *
P/BV (x) *
1.1
0.8
0.7
0.7
1.4
1.3
1.1
0.9
0.9
0.8
0.7
0.7
1.3
1.1
0.9
0.7
P/BV (x) * P/ABV (x) *
EPS
P/ABV (x) * DPS (Rs.) Payout ratio (incl. Div Tax) Dividend Yield
1.3
1.0
0.9
0.8
1.5
1.4
1.3
1.1
1.0
0.9
0.8
0.7
1.4
1.1
1.0
0.8
14.0
17.3
18.4
22.0
10.0
13.0
13.5
14.0
6.0
8.0
9.0
10.0
3.5
4.0
4.0
4.7
DPS (Rs.)
18.5%
18.7%
18.4%
18.4%
23.7%
23.4%
20.8%
17.7%
24.6%
23.8%
22.8%
21.8%
24.2%
17.0%
17.0%
17.0%
Payout ratio (incl. Div Tax)
1.1%
1.3%
1.4%
1.7%
2.2%
2.9%
3.0%
3.1%
2.1%
2.8%
3.2%
3.5%
3.0%
3.4%
3.4%
3.9%
Dividend Yield
Size No. of employees
Size 185,388
182,000
193,000
200,000
57,316
57,250
56,750
56,250
38,604
37,500
37,000
36,500
27,536
28,036
28,536
29,036
No. of employees
No. of branches
9,517
10,100
11,800
12,200
4,119
4,589
4,639
4,689
2,732
2,850
2,850
2,850
2,206
2,514
2,814
2,914
No. of branches
No. of ATMs
6,473
6,773
690
1,516
750
1,078
769
1,146
Deposits
4,355
5,374
6,610
8,064
1,399
1,665
1,997
2,377
1,249
1,520
1,809
2,153
852
1,039
1,246
1,496
Deposits
Advances
3,373
4,168
5,166
6,294
966
1,195
1,419
1,712
836
1,067
1,280
1,540
624
743
891
1,070
Advances Business
No. of ATMs
Business
7,729
9,542
11,776
14,358
2,365
2,860
3,417
4,089
2,085
2,587
3,090
3,693
1,476
1,782
2,137
2,565
CAR
12.3%
13.5%
12.5%
12.1%
12.3%
13.0%
11.1%
10.7%
11.8%
12.9%
12.0%
11.5%
12.8%
11.7%
11.6%
11.9%
Govt Holding
59.7%
59.7%
57.8%
57.8%
53.8%
53.8%
55.4%
55.4%
Govt Holding
Foreign Holding
19.8%
19.8%
20.1%
20.1%
20.9%
20.4%
19.7%
19.7%
Foreign Holding
Non promoter Holding
40.3%
40.3%
42.2%
42.2%
46.2%
46.2%
44.6%
44.6%
Non promoter Holding
4.6%
5.6%
4.3%
5.7%
4.6%
5.7%
5.1%
5.8%
Profitability Cost of Deposit
CAR
Profitability 5.7%
5.6%
5.4%
5.2%
5.5%
5.4%
5.9%
5.7%
Cost of Deposit
Yield on advances
8.3%
9.3%
9.0%
8.8%
8.9%
9.7%
9.5%
9.2%
8.4%
8.8%
8.7%
8.4%
8.8%
9.8%
9.5%
9.0%
Yield on advances
Yield on Investments
7.4%
7.5%
7.8%
7.7%
8.3%
7.6%
7.5%
7.5%
7.3%
7.0%
6.9%
6.8%
7.8%
7.6%
7.6%
7.6%
Yield on Investments
NIM
2.8%
2.6%
2.5%
2.4%
3.6%
3.1%
3.1%
3.0%
2.8%
2.4%
2.2%
2.2%
2.9%
2.7%
2.4%
2.3%
NIM
RoAA
0.9%
1.0%
0.9%
0.9%
1.0%
1.2%
1.1%
1.2%
0.8%
0.9%
0.9%
0.8%
0.9%
1.2%
1.0%
1.0%
RoAA
RoAE
15.4%
16.8%
14.0%
14.8%
15.8%
19.6%
20.4%
21.1%
12.4%
15.6%
16.2%
16.6%
19.2%
26.8%
22.5%
21.7%
Efficiency Cost-Income ratio
54.2%
49.0%
52.2%
50.2%
50.7%
46.8%
49.0%
45.2%
51.3%
49.2%
50.1%
C-D ratio
77.5%
77.6%
78.2%
78.0%
69.1%
71.8%
71.0%
72.0%
66.9%
70.2%
41.7
52.4
61.0
71.8
41.3
49.9
60.2
72.7
54.0
69.0
Business / Employee (Rs m) Net Profit / Employee (Rs m) Business / Branch (Rs m) Net Profit / Branch (Rs m)
RoAE Efficiency
47.1%
42.5%
38.2%
42.7%
40.8%
Cost-Income ratio
70.8%
71.5%
73.2%
71.6%
71.5%
71.5%
C-D ratio
83.5
101.2
53.6
63.6
74.9
88.3
Business / Employee (Rs m)
0.2
0.4
0.4
0.4
0.3
0.4
0.4
0.5
0.3
0.4
0.5
0.5
0.3
0.5
0.5
812.1
944.7
998.0
1176.9
574.1
623.1
736.5
872.0
763.3
907.8
1084.1
1295.9
668.9
708.9
759.4
880.3
Business / Branch (Rs m)
4.8
6.7
6.2
7.1
3.7
4.5
5.2
6.2
3.8
5.0
5.9
6.9
3.8
5.5
5.0
5.6
Net Profit / Branch (Rs m)
* For SBI, CMP adjusted for value of subsidiaries & other investments Rs.650
0.6 Net Profit / Employee (Rs m)
1
2
State Bank of India Financial Year (Rs bn)
3
Punjab National Bank
4
Bank of Baroda
Union Bank
FY07
FY08E
FY09E
FY10E
FY07
FY08E
FY09E
FY10E
FY07
FY08E
FY09E
FY10E
FY07
FY08E
FY09E
FY10E
102.7
128.4
176.3
198.3
33.9
33.2
46.1
59.9
20.9
19.8
25.1
27.0
18.7
16.6
22.7
30.0
Net NPAs
48.6
74.2
102.0
115.0
7.3
7.5
13.8
18.0
5.0
4.9
6.3
6.7
6.0
1.3
7.3
9.6
Net NPAs
Gross NPAs to Gross Adv.
2.9%
3.0%
3.3%
3.0%
3.5%
2.7%
3.3%
3.5%
2.4%
1.8%
1.9%
1.7%
2.9%
2.2%
2.5%
2.8%
Gross NPAs to Gross Adv. Net NPAs to Net Adv.
Asset Quality Gross NPAs
Net NPAs to Net Adv. NPA Coverage %
Financial Year (Rs bn) Asset Quality
1.4%
1.8%
2.0%
1.8%
0.8%
0.6%
1.0%
1.1%
0.6%
0.5%
0.5%
0.4%
1.0%
0.2%
0.8%
0.9%
52.7%
42.2%
42.2%
42.0%
78.6%
77.3%
70.0%
70.0%
76.0%
75.1%
75.0%
75.0%
67.9%
92.4%
68.0%
68.0%
Profit & Loss items
Gross NPAs
NPA Coverage % Profit & Loss items
Int. Earned from Adv.
248.4
352.3
420.0
501.4
76.4
104.4
124.2
144.0
59.4
84.1
102.0
119.1
50.7
67.3
78.0
88.2
Int. Earned from Adv.
Int. Earned from Invt.
114.9
126.5
152.9
171.5
35.9
36.1
42.7
51.4
25.6
27.4
32.2
37.4
21.1
23.7
28.6
34.2
Int. Earned from Invt.
Others Total Interest Income
19.5
17.8
23.7
25.8
3.0
2.1
3.6
3.5
5.1
6.6
7.6
8.9
2.0
2.0
2.7
3.7
Others
372.4
489.5
587.7
689.1
115.4
142.7
170.5
198.9
90.0
118.1
141.8
165.3
73.8
94.5
109.3
126.1
Total Interest Income Interest expense
Interest expense
221.8
319.3
389.9
461.2
60.2
87.3
105.0
122.0
54.3
79.0
98.5
115.0
45.9
63.6
76.5
88.8
NII
150.6
170.2
197.8
227.9
55.1
55.3
65.5
77.0
35.8
39.1
43.4
50.3
27.9
30.9
32.8
37.3
NII
-3.4%
13.0%
16.2%
15.2%
18.2%
0.4%
18.3%
17.5%
10.9%
9.3%
10.8%
15.9%
24.4%
10.6%
6.3%
13.6%
Growth Treasury Income
Growth Treasury Income
5.7
9.5
6.0
8.0
5.7
4.4
3.0
3.3
1.4
5.3
3.0
4.0
1.1
2.9
1.9
2.8
NTNII
62.0
77.5
97.4
117.2
4.7
15.6
20.5
24.5
12.5
15.2
20.0
22.6
5.8
8.0
11.1
13.3
NTNII
Non Interest Income
67.7
86.9
103.4
125.2
10.4
20.0
23.5
27.7
13.8
20.5
23.0
26.6
6.9
10.9
13.0
16.1
Non Interest Income
Total Income
440.1
576.5
691.1
814.4
125.8
162.6
194.1
226.7
103.9
138.6
164.8
191.8
80.7
105.3
122.3
142.2
Total Income
Growth
1.4%
31.0%
19.9%
17.8%
15.9%
29.3%
19.3%
16.8%
25.3%
33.5%
18.9%
16.4%
26.9%
30.6%
16.1%
16.3%
Growth
118.2
126.1
157.3
177.1
33.3
35.3
43.6
47.3
25.4
29.3
33.2
36.2
14.8
15.9
19.6
21.8
Operating Expense Operating Profit
Operating Expense Operating Profit
100.0
131.1
143.9
176.0
32.3
40.1
45.4
57.4
24.2
30.3
33.1
40.7
20.0
25.8
26.3
31.6
-11.5%
31.1%
9.8%
22.3%
10.7%
24.0%
13.4%
26.2%
18.9%
25.4%
9.3%
22.8%
36.5%
29.0%
1.9%
20.3%
Growth
NPA Provisions
14.3
20.0
24.8
34.0
6.0
8.4
9.2
12.0
3.3
5.3
6.4
9.2
3.3
5.9
5.8
7.5
NPA Provisions
Total Provisions
24.1
26.7
32.1
42.3
10.6
7.1
10.8
13.7
7.6
8.2
7.9
11.4
6.2
7.2
6.3
8.4
Total Provisions
PBT
75.9
104.4
111.8
133.6
21.7
33.0
34.6
43.6
16.5
22.1
25.2
29.3
13.8
18.6
20.0
23.2
PBT
Tax Provisions
30.5
37.1
39.1
46.8
6.3
12.5
10.7
14.4
6.3
7.7
8.3
9.7
5.4
4.8
6.0
6.9
Tax Provisions
40.2%
35.5%
35.0%
35.0%
29.0%
37.8%
31.0%
33.0%
37.9%
35.0%
33.0%
33.0%
38.8%
25.6%
30.0%
30.0%
Effective Tax Rate
45.4
67.3
72.6
86.9
15.4
20.5
23.9
29.2
10.3
14.4
16.9
19.6
8.5
13.9
14.0
16.2
PAT
3.0%
48.2%
8.0%
19.6%
7.0%
33.0%
16.7%
22.3%
24.1%
39.9%
17.4%
16.4%
25.4%
64.1%
0.7%
16.0%
Growth
10
10
10
10
10
10
10
10
10
10
10
10
10
10
10
10
Par Value
526
632
632
632
315
315
315
315
366
366
366
366
505
505
505
505
No. of equity shares (M)
Growth
Effective Tax Rate PAT Growth Balance Sheet items Par Value No. of equity shares (M) Equity Networth Adj. Networth Deposits Growth Low Cost deposits % of total deposits
Balance Sheet items
5.3
6.3
6.3
6.3
3.2
3.2
3.2
3.2
3.7
3.7
3.7
3.7
5.1
5.1
5.1
5.1
Equity
313.0
490.3
549.6
620.5
98.5
105.0
124.1
148.3
86.5
97.4
110.4
125.8
47.3
56.2
67.8
81.3
Networth
264.4
416.1
447.6
505.5
91.2
97.5
110.3
130.3
81.5
91.9
103.0
116.5
41.3
55.0
60.6
71.7
Adj. Networth
4,355.2
5,374.0
6,610.1
8,064.3
1,398.6
1,664.6
1,997.5
2,377.0
1,249.2
1,520.3
1,809.2
2,153.0
851.8
1,038.6
1,246.3
1,495.6
Deposits
14.6%
23.4%
23.0%
22.0%
16.9%
19.0%
20.0%
19.0%
33.4%
21.7%
19.0%
19.0%
15.0%
21.9%
20.0%
20.0%
Growth
2,111.3
2,203.4
2,842.3
3,628.9
645.5
699.1
868.9
1,069.7
414.5
440.9
578.9
710.5
293.9
362.0
423.7
523.4
Low Cost deposits
48.5%
41.0%
43.0%
45.0%
46.2%
42.0%
43.5%
45.0%
33.2%
29.0%
32.0%
33.0%
34.5%
34.9%
34.0%
35.0%
% of total deposits
Total Liabilities
5,665.7
7,215.3
8,440.2
10,186.1
1,624.2
1,938.8
2,313.9
2,753.0
1,431.5
1,796.0
2,123.4
2,541.1
1,026.8
1,240.7
1,477.0
1,771.4
Total Liabilities
Net Advances
3,373.4
4,167.7
5,166.4
6,293.9
966.0
1,195.0
1,419.2
1,712.0
836.2
1,067.0
1,280.4
1,540.4
623.9
743.5
890.6
1,069.7
Net Advances
28.9%
23.5%
24.0%
21.8%
29.4%
23.7%
18.8%
20.6%
39.6%
27.6%
20.0%
20.3%
16.9%
19.2%
19.8%
20.1%
Growth
Investments
1,491.5
1,895.0
2,049.1
2,419.3
451.9
539.9
599.2
772.5
349.4
429.3
499.4
594.3
281.7
340.6
411.3
493.5
Investments
Total Assets
5,665.7
7,215.3
8,440.2
10,186.1
1,624.2
1,938.8
2,313.9
2,753.0
1,431.5
1,796.0
2,123.4
2,541.1
1,026.8
1,240.7
1,477.0
1,771.4
Total Assets
Growth
5
6
Bank of India Financial Year (Rs bn)
7
ICICI Bank
HDFC Bank
8
Axis Bank
(without CBoP merger)
FY07
FY08E
FY09E
FY10E
FY07
FY08E
FY09E
FY10E
FY07
FY08E
FY09E
FY10E
FY07
FY08E
FY09E
FY10E
Financial Year (Rs bn)
256
256
256
256
750
750
750
750
1,184
1,184
1,184
1,184
703
703
703
703
CMP (Rs.) (as on Jun 9, 2008)
Valuation CMP (Rs.) (as on Jun 9, 2008)
Valuation
Equity
4.9
5.3
5.3
5.3
9.0
11.1
11.1
11.1
3.2
3.5
3.5
3.5
2.8
3.6
3.6
3.6
Equity
Market Cap
125
135
135
135
675
835
835
835
378
420
420
420
198
252
252
252
Market Cap
Market Cap to AUM
8.8%
7.5%
6.1%
5.0%
19.6%
20.9%
17.0%
13.9%
41.4%
31.5%
24.7%
19.4%
27.0%
23.0%
16.8%
12.8%
Market Cap to AUM
EPS
23.0
38.2
44.5
55.0
34.6
37.4
45.4
57.2
35.7
44.9
59.7
79.1
23.4
29.9
37.4
50.0
EPS
121
165
207
255
270
418
449
491
201
324
370
431
120
236
265
306
Book Value (Rs.) Adjusted Book Value (Rs.)
Book Value (Rs.) Adjusted Book Value (Rs.)
108
157
200
247
248
386
410
437
195
316
362
420
111
229
255
292
11.1
6.7
5.8
4.7
11.0
10.2
8.4
6.7
33.1
26.4
19.8
15.0
30.0
23.5
18.8
14.1
P/E (x) *
2.1
1.6
1.2
1.0
1.4
0.9
0.9
0.8
5.9
3.6
3.2
2.7
5.8
3.0
2.6
2.3
P/BV (x) *
P/ABV (x) *
2.4
1.6
1.3
1.0
1.5
1.0
0.9
0.9
6.1
3.7
3.3
2.8
6.3
3.1
2.8
2.4
P/ABV (x) *
DPS (Rs.)
3.5
4.0
4.8
5.5
10.0
11.0
12.0
13.0
8.2
8.5
11.9
15.8
4.5
6.0
7.0
8.0
DPS (Rs.)
17.5%
12.2%
12.6%
11.7%
33.9%
34.4%
30.9%
26.6%
26.3%
21.8%
22.9%
22.9%
21.9%
23.4%
21.9%
18.7%
Payout ratio (incl. Div Tax)
1.4%
1.6%
1.9%
2.1%
1.3%
1.5%
1.6%
1.7%
0.6%
0.6%
0.9%
1.1%
0.6%
0.9%
1.0%
1.1%
Dividend Yield
41,511
40,500
40,000
39,500
36,000
45,000
54,000
60,250
21,477
33,161
40,050
45,000
9,980
14,780
21,000
26,000
No. of employees
2,725
3,000
3,100
3,200
1,500
1,750
1,000
1,200
796
921
No. of branches
337
375
1,199
1,500
1,847
1,183
1,573
Deposits
P/E (x) * P/BV (x) *
Payout ratio (incl. Div Tax) Dividend Yield Size No. of employees No. of branches No. of ATMs Deposits Advances
Size
755
1,000
3,271
3,950
2,238
2,305
2,444
3,129
3,911
625
800
1,323
1,977
683
1,008
1,270
1,638
561
671
2,341
2,764
588
876
No. of ATMs
849
1,148
1,416
1,736
1,959
2,256
2,765
3,566
469
634
834
1,104
369
597
800
1,049
Advances
Business
2,048
2,648
3,263
3,973
4,264
4,700
5,894
7,477
1,152
1,642
2,104
2,742
957
1,473
1,983
2,623
Business
CAR
11.6%
12.0%
11.4%
11.5%
12.6%
14.0%
13.7%
12.2%
13.1%
13.6%
13.0%
12.0%
11.6%
13.7%
12.5%
11.5%
Govt Holding
69.5%
64.5%
0.0%
0.0%
0.8%
1.7%
0.0%
0.0%
Govt Holding
Foreign Holding
16.2%
17.1%
71.6%
70.4%
51.5%
48.3%
41.9%
39.3%
Foreign Holding
Non promoter Holding
30.5%
35.5%
100.0%
100.0%
78.4%
76.7%
56.9%
57.0%
Non promoter Holding
Cost of Deposit
4.3%
5.2%
5.1%
4.9%
5.9%
7.3%
6.8%
6.4%
4.3%
4.4%
4.6%
4.4%
5.0%
5.1%
5.1%
5.0%
Cost of Deposit
Yield on advances
8.5%
9.3%
8.8%
8.5%
9.4%
10.7%
10.3%
9.9%
10.6%
12.6%
12.2%
12.0%
9.1%
9.8%
9.7%
9.5%
Yield on advances
Yield on Investments
6.6%
6.8%
7.0%
7.1%
6.1%
8.3%
8.1%
8.1%
7.8%
7.2%
7.0%
7.0%
6.7%
6.9%
6.9%
6.9%
Yield on Investments
NIM
2.7%
2.6%
2.6%
2.6%
2.0%
2.1%
2.2%
2.2%
4.2%
4.7%
4.6%
4.6%
2.4%
2.8%
2.7%
2.6%
NIM
RoAA
0.9%
1.3%
1.2%
1.2%
1.0%
1.1%
1.1%
1.2%
1.4%
1.4%
1.4%
1.5%
1.1%
1.2%
1.0%
1.0%
RoAA
RoAE
20.6%
25.2%
20.7%
21.0%
13.4%
11.7%
10.5%
12.2%
19.5%
17.7%
17.2%
19.7%
21.0%
18.1%
14.9%
17.5%
Profitability
CAR
Profitability
Efficiency
RoAE Efficiency
Cost-Income ratio
52.1%
41.7%
41.1%
37.8%
53.2%
50.6%
49.9%
48.1%
48.6%
49.9%
52.3%
52.0%
49.0%
49.2%
50.3%
50.2%
C-D ratio
70.8%
76.5%
76.7%
77.6%
85.0%
92.3%
88.4%
91.2%
68.7%
62.9%
65.7%
67.4%
62.7%
68.1%
67.6%
66.7%
C-D ratio
49.3
65.4
81.6
100.6
118.4
104.5
109.1
124.1
53.7
49.5
52.5
60.9
95.9
99.7
94.4
100.9
Business / Employee (Rs m)
Business / Employee (Rs m) Net Profit / Employee (Rs m) Business / Branch (Rs m) Net Profit / Branch (Rs m)
Cost-Income ratio
0.3
0.5
0.6
0.7
0.9
0.9
0.9
1.1
0.5
0.5
0.5
0.6
0.7
0.7
0.6
751.6
882.7
1052.7
1241.6
5647.4
4700.5
3929.3
4272.4
1843.9
2052.4
2104.0
2285.1
1705.2
2195.0
2491.0
2847.7
Business / Branch (Rs m)
4.1
6.7
7.5
9.0
41.2
41.6
33.7
36.4
18.3
19.9
21.2
23.4
11.7
16.0
16.8
19.4
Net Profit / Branch (Rs m)
* For ICICI Bank, CMP adjusted for value of subsidiaries & other investments Rs.368
0.7 Net Profit / Employee (Rs m)
5
6
Bank of India Financial Year (Rs bn)
7
ICICI Bank
HDFC Bank
8
Axis Bank
(without CBoP merger)
FY07
FY08E
FY09E
FY10E
FY07
FY08E
FY09E
FY10E
FY07
FY08E
FY09E
FY10E
FY07
FY08E
FY09E
FY10E
21.0
19.3
24.8
29.5
48.5
83.5
104.1
165.4
6.6
9.1
10.5
13.3
4.2
4.9
7.9
12.8
6.3
5.9
3.7
4.4
19.9
34.9
43.6
60.2
2.0
3.0
3.2
4.0
2.7
2.5
3.6
5.1
Net NPAs
2.5%
1.8%
1.8%
1.7%
2.8%
3.4%
3.5%
3.8%
1.4%
1.3%
1.2%
1.2%
0.9%
0.7%
1.0%
1.2%
Gross NPAs to Gross Adv. Net NPAs to Net Adv.
Asset Quality Gross NPAs Net NPAs Gross NPAs to Gross Adv. Net NPAs to Net Adv. NPA Coverage %
Financial Year (Rs bn) Asset Quality
0.7%
0.5%
0.3%
0.3%
1.0%
1.5%
1.6%
1.7%
0.4%
0.5%
0.4%
0.4%
0.6%
0.4%
0.4%
0.5%
72.6%
69.3%
85.0%
85.0%
51.7%
53.9%
55.0%
55.0%
69.2%
70.0%
70.0%
70.0%
36.4%
49.8%
55.0%
60.0%
Profit & Loss items
Gross NPAs
NPA Coverage % Profit & Loss items
Int. Earned from Adv.
64.0
92.8
112.8
134.0
161.0
226.0
258.2
312.5
43.3
69.7
89.6
116.3
27.0
47.5
67.7
88.3
Int. Earned from Adv.
Int. Earned from Invt.
22.2
26.4
32.3
38.6
49.9
74.7
91.5
103.4
23.0
28.7
37.9
45.8
16.3
21.0
29.2
39.3
Int. Earned from Invt.
Others Total Interest Income
3.2
4.4
5.4
6.4
9.1
7.2
10.3
12.7
23.0
28.8
37.9
45.9
1.3
1.6
1.8
2.5
Others
89.4
123.6
150.5
179.0
220.0
307.9
360.0
428.6
66.5
101.2
130.9
166.6
44.6
70.1
98.7
130.1
Total Interest Income Interest expense
Interest expense
55.0
81.3
98.6
115.7
163.6
234.8
268.1
313.3
31.8
48.9
61.7
77.1
29.9
44.2
64.2
84.8
NII
34.4
42.3
51.9
63.3
56.4
73.0
91.9
115.3
34.7
52.3
69.2
89.5
14.7
25.9
34.5
45.2
NII
19.6%
22.9%
22.7%
22.0%
19.7%
29.6%
25.8%
25.5%
36.2%
50.7%
32.4%
29.2%
36.2%
76.1%
33.5%
31.1%
Growth Treasury Income
Growth Treasury Income
2.0
3.7
3.0
3.5
11.2
8.2
9.0
11.0
-0.7
2.4
2.8
3.7
0.6
4.3
3.8
4.0
NTNII
13.6
17.5
19.5
22.7
58.1
80.0
100.3
125.6
15.8
20.4
26.9
35.4
9.5
13.7
19.7
26.9
NTNII
Non Interest Income
15.6
21.2
22.5
26.2
69.3
88.1
109.3
136.6
15.2
22.8
29.7
39.2
10.1
18.0
23.5
30.9
Non Interest Income
Total Income
105.0
144.7
173.0
205.1
289.2
396.0
469.2
565.2
81.6
124.0
160.6
205.7
54.7
88.0
122.1
161.0
Total Income
Growth
31.7%
37.8%
19.5%
18.6%
56.5%
36.9%
18.5%
20.5%
52.5%
51.9%
29.5%
28.1%
51.2%
60.8%
38.8%
31.8%
Growth
26.1
26.4
30.6
33.8
66.9
81.5
100.5
121.3
24.2
37.5
51.7
66.9
12.1
21.5
29.2
38.2
Operating Expense Operating Profit
Operating Expense Operating Profit Growth NPA Provisions Total Provisions PBT Tax Provisions Effective Tax Rate PAT Growth
23.9
37.0
43.8
55.7
58.7
79.6
100.7
130.6
25.6
37.7
47.2
61.7
12.6
22.3
28.8
37.9
40.8%
54.5%
18.3%
27.2%
51.1%
35.5%
26.5%
29.7%
47.8%
46.9%
25.3%
30.9%
27.2%
76.1%
29.4%
31.6%
Growth
5.6
8.0
9.9
13.0
11.2
22.6
31.8
41.0
6.9
11.7
15.0
19.3
0.8
3.4
6.0
8.4
NPA Provisions Total Provisions
8.6
10.2
11.8
15.5
22.3
29.0
37.8
49.0
9.3
14.8
16.8
21.5
2.7
5.8
8.2
10.4
15.3
26.8
32.0
40.2
36.5
50.6
62.9
81.6
16.4
22.8
30.3
40.2
10.0
16.5
20.6
27.5
PBT
4.1
6.8
8.7
11.3
5.4
9.0
12.4
18.0
5.0
6.9
9.2
12.2
3.4
5.8
7.2
9.6
Tax Provisions
26.7%
25.2%
27.0%
28.0%
14.7%
17.8%
19.8%
22.0%
30.3%
30.3%
30.3%
30.3%
33.8%
34.9%
34.9%
34.9%
Effective Tax Rate
11.2
20.1
23.4
28.9
31.1
41.6
50.5
63.6
11.4
15.9
21.2
28.1
6.6
10.7
13.4
17.9
PAT
60.2%
78.9%
16.4%
23.7%
22.4%
33.7%
21.5%
26.0%
31.0%
39.3%
33.0%
32.6%
35.9%
62.5%
24.9%
33.6%
Growth
10
10
10
10
10
10
10
10
10
10
10
10
10
10
10
10
Par Value
488
526
526
526
899
1113
1113
1113
319
354
354
354
282
358
358
358
No. of equity shares (M)
Balance Sheet items Par Value No. of equity shares (M) Equity Networth Adj. Networth Deposits Growth Low Cost deposits % of total deposits
Balance Sheet items
4.9
5.3
5.3
5.3
9.0
11.1
11.1
11.1
3.2
3.5
3.5
3.5
2.8
3.6
3.6
3.6
Equity
57.5
83.0
108.7
134.3
243.1
464.7
499.6
546.3
64.3
115.0
131.3
152.9
33.9
84.5
94.9
109.5
Networth
47.8
76.7
102.8
130.6
223.2
429.8
456.0
486.1
62.3
112.0
128.1
148.9
31.3
82.0
91.4
104.3
Adj. Networth
1,198.8
1,500.1
1,847.1
2,237.5
2,305.1
2,444.3
3,128.7
3,910.9
683.0
1,007.7
1,269.7
1,637.9
587.9
876.3
1,183.0
1,573.3
Deposits
27.6%
25.1%
23.1%
21.1%
39.6%
6.0%
28.0%
25.0%
22.4%
47.5%
26.0%
29.0%
46.5%
49.1%
35.0%
33.0%
Growth
386.2
495.0
646.5
827.9
502.1
637.8
894.6
1,216.0
394.0
549.1
698.3
917.1
234.3
400.3
532.3
708.0
Low Cost deposits
32.2%
33.0%
35.0%
37.0%
21.8%
26.1%
28.6%
31.1%
57.7%
54.5%
55.0%
56.0%
39.9%
45.7%
45.0%
45.0%
% of total deposits
1,416.4
1,788.3
2,202.7
2,668.6
3,446.6
3,998.0
4,907.8
5,987.5
913.2
1,331.8
1,696.1
2,167.4
732.6
1,095.8
1,499.0
1,968.2
Total Liabilities
849.4
1,147.9
1,416.2
1,735.6
1,958.7
2,256.2
2,765.3
3,565.9
469.4
634.3
834.3
1,104.2
368.8
596.6
799.9
1,049.4
Net Advances
Growth
30.3%
35.2%
23.4%
22.6%
34.0%
15.2%
22.6%
29.0%
33.9%
35.1%
31.5%
32.4%
65.3%
61.8%
34.1%
31.2%
Growth
Investments
354.9
421.1
498.7
581.8
912.6
1,114.5
1,407.9
1,564.4
305.6
493.9
587.8
720.6
269.0
337.1
508.7
629.3
Investments
Total Assets
1,416.4
1,788.3
2,202.7
2,668.6
3,446.6
3,998.0
4,907.8
5,987.5
913.2
1,331.8
1,696.1
2,167.4
732.6
1,095.8
1,499.0
1,968.2
Total Assets
Total Liabilities Net Advances
Prabhudas Lilladher Pvt. Ltd. 3rd Floor, Sadhana House, 570, P. B. Marg, Worli, Mumbai-400 018, India. Tel: (91 22) 6632 2222 Fax: (91 22) 6632 2209 PL’s Recommendation Scale BUY
:
> 15% Outperformance to BSE Sensex
Outperformer (OP)
:
5 to 15% Outperformance to Sensex
Market Performer (MP)
:
-5 to 5% of Sensex Movement
Underperformer (UP)
:
-5 to -15% of Underperformace to Sensex
Sell
:
<-15% Relative to Sensex
Not Rated (NR)
:
No specific call on the stock
Under Review (UR)
:
Rating likely change shortly
This document has been prepared by the Research Division of Prabhudas Lilladher Pvt. Ltd. Mumbai, India (PL) and is meant for use by the recipient only as information and is not for circulation. This document is not to be reported or copied or made available to others without prior permission of PL. It should not be considered or taken as an offer to sell or a solicitation to buy or sell any security. The information contained in this report has been obtained from sources that are considered to be reliable. However, PL has not independently verified the accuracy or completeness of the same. Neither PL nor any of its affiliates, its directors or its employees accept any responsibility of whatsoever nature for the information, statements and opinion given, made available or expressed herein or for any omission therein. Recipients of this report should be aware that past performance is not necessarily a guide to future performance and value of investments can go down as well. The suitability or otherwise of any investments will depend upon the recipient's particular circumstances and, in case of doubt, advice should be sought from an independent expert/advisor. Either PL or its affiliates or its directors or its employees or its representatives or its clients or their relatives may have position(s), make market, act as principal or engage in transactions of securities of companies referred to in this report and they may have used the research material prior to publication. We may from time to time solicit or perform investment banking or other services for any company mentioned in this document.
Indian Banks Ready Reckoner
Abhijit Majumder ([email protected]) +91-22-6632 2236
Bharat Gorasiya ([email protected]) +91-22-6632 2242
1
2
State Bank of India Financial Year (Rs bn)
FY07
FY08E
FY09E
3
Punjab National Bank FY10E
FY07
FY08E
FY09E
4
Bank of Baroda FY10E
FY07
FY08E
FY09E
Union Bank FY10E
FY07
FY08E
FY09E
FY10E
Valuation CMP (Rs.) (as on Jun 9, 2008)
Financial Year (Rs bn) Valuation
1,295
1,295
1,295
1,295
447
447
447
447
223
223
223
223
119
119
119
119
Equity
5.3
6.3
6.3
6.3
3.2
3.2
3.2
3.2
3.7
3.7
3.7
3.7
5.1
5.1
5.1
5.1
Equity
Market Cap
681
818
818
818
141
141
141
141
81
81
81
81
60
60
60
60
Market Cap
Market Cap to AUM
CMP (Rs.) (as on Jun 9, 2008)
12.0%
11.3%
9.7%
8.0%
8.7%
7.3%
6.1%
5.1%
5.7%
4.5%
3.8%
3.2%
5.8%
4.8%
4.1%
3.4%
Market Cap to AUM
86.3
106.5
115.0
137.5
48.8
65.0
75.8
92.7
28.1
39.3
46.1
53.7
16.7
27.5
27.7
32.1
EPS
Book Value (Rs.)
595
776
870
982
322
343
402
478
237
265
299
337
94
111
134
161
Book Value (Rs.)
Adjusted Book Value (Rs.)
502
659
709
800
289
309
350
413
223
251
282
319
82
109
120
142
Adjusted Book Value (Rs.)
P/E (x) *
7.5
6.1
5.6
4.7
9.2
6.9
5.9
4.8
7.9
5.7
4.8
4.1
10.4
6.3
6.3
5.4
P/E (x) *
P/BV (x) *
1.1
0.8
0.7
0.7
1.4
1.3
1.1
0.9
0.9
0.8
0.7
0.7
1.3
1.1
0.9
0.7
P/BV (x) * P/ABV (x) *
EPS
P/ABV (x) * DPS (Rs.) Payout ratio (incl. Div Tax) Dividend Yield
1.3
1.0
0.9
0.8
1.5
1.4
1.3
1.1
1.0
0.9
0.8
0.7
1.4
1.1
1.0
0.8
14.0
17.3
18.4
22.0
10.0
13.0
13.5
14.0
6.0
8.0
9.0
10.0
3.5
4.0
4.0
4.7
DPS (Rs.)
18.5%
18.7%
18.4%
18.4%
23.7%
23.4%
20.8%
17.7%
24.6%
23.8%
22.8%
21.8%
24.2%
17.0%
17.0%
17.0%
Payout ratio (incl. Div Tax)
1.1%
1.3%
1.4%
1.7%
2.2%
2.9%
3.0%
3.1%
2.1%
2.8%
3.2%
3.5%
3.0%
3.4%
3.4%
3.9%
Dividend Yield
Size No. of employees
Size 185,388
182,000
193,000
200,000
57,316
57,250
56,750
56,250
38,604
37,500
37,000
36,500
27,536
28,036
28,536
29,036
No. of employees
No. of branches
9,517
10,100
11,800
12,200
4,119
4,589
4,639
4,689
2,732
2,850
2,850
2,850
2,206
2,514
2,814
2,914
No. of branches
No. of ATMs
6,473
6,773
690
1,516
750
1,078
769
1,146
Deposits
4,355
5,374
6,610
8,064
1,399
1,665
1,997
2,377
1,249
1,520
1,809
2,153
852
1,039
1,246
1,496
Deposits
Advances
3,373
4,168
5,166
6,294
966
1,195
1,419
1,712
836
1,067
1,280
1,540
624
743
891
1,070
Advances Business
No. of ATMs
Business
7,729
9,542
11,776
14,358
2,365
2,860
3,417
4,089
2,085
2,587
3,090
3,693
1,476
1,782
2,137
2,565
CAR
12.3%
13.5%
12.5%
12.1%
12.3%
13.0%
11.1%
10.7%
11.8%
12.9%
12.0%
11.5%
12.8%
11.7%
11.6%
11.9%
Govt Holding
59.7%
59.7%
57.8%
57.8%
53.8%
53.8%
55.4%
55.4%
Govt Holding
Foreign Holding
19.8%
19.8%
20.1%
20.1%
20.9%
20.4%
19.7%
19.7%
Foreign Holding
Non promoter Holding
40.3%
40.3%
42.2%
42.2%
46.2%
46.2%
44.6%
44.6%
Non promoter Holding
4.6%
5.6%
4.3%
5.7%
4.6%
5.7%
5.1%
5.8%
Profitability Cost of Deposit
CAR
Profitability 5.7%
5.6%
5.4%
5.2%
5.5%
5.4%
5.9%
5.7%
Cost of Deposit
Yield on advances
8.3%
9.3%
9.0%
8.8%
8.9%
9.7%
9.5%
9.2%
8.4%
8.8%
8.7%
8.4%
8.8%
9.8%
9.5%
9.0%
Yield on advances
Yield on Investments
7.4%
7.5%
7.8%
7.7%
8.3%
7.6%
7.5%
7.5%
7.3%
7.0%
6.9%
6.8%
7.8%
7.6%
7.6%
7.6%
Yield on Investments
NIM
2.8%
2.6%
2.5%
2.4%
3.6%
3.1%
3.1%
3.0%
2.8%
2.4%
2.2%
2.2%
2.9%
2.7%
2.4%
2.3%
NIM
RoAA
0.9%
1.0%
0.9%
0.9%
1.0%
1.2%
1.1%
1.2%
0.8%
0.9%
0.9%
0.8%
0.9%
1.2%
1.0%
1.0%
RoAA
RoAE
15.4%
16.8%
14.0%
14.8%
15.8%
19.6%
20.4%
21.1%
12.4%
15.6%
16.2%
16.6%
19.2%
26.8%
22.5%
21.7%
Efficiency Cost-Income ratio
54.2%
49.0%
52.2%
50.2%
50.7%
46.8%
49.0%
45.2%
51.3%
49.2%
50.1%
C-D ratio
77.5%
77.6%
78.2%
78.0%
69.1%
71.8%
71.0%
72.0%
66.9%
70.2%
41.7
52.4
61.0
71.8
41.3
49.9
60.2
72.7
54.0
69.0
Business / Employee (Rs m) Net Profit / Employee (Rs m) Business / Branch (Rs m) Net Profit / Branch (Rs m)
RoAE Efficiency
47.1%
42.5%
38.2%
42.7%
40.8%
Cost-Income ratio
70.8%
71.5%
73.2%
71.6%
71.5%
71.5%
C-D ratio
83.5
101.2
53.6
63.6
74.9
88.3
Business / Employee (Rs m)
0.2
0.4
0.4
0.4
0.3
0.4
0.4
0.5
0.3
0.4
0.5
0.5
0.3
0.5
0.5
812.1
944.7
998.0
1176.9
574.1
623.1
736.5
872.0
763.3
907.8
1084.1
1295.9
668.9
708.9
759.4
880.3
Business / Branch (Rs m)
4.8
6.7
6.2
7.1
3.7
4.5
5.2
6.2
3.8
5.0
5.9
6.9
3.8
5.5
5.0
5.6
Net Profit / Branch (Rs m)
* For SBI, CMP adjusted for value of subsidiaries & other investments Rs.650
0.6 Net Profit / Employee (Rs m)
1
2
State Bank of India Financial Year (Rs bn)
3
Punjab National Bank
4
Bank of Baroda
Union Bank
FY07
FY08E
FY09E
FY10E
FY07
FY08E
FY09E
FY10E
FY07
FY08E
FY09E
FY10E
FY07
FY08E
FY09E
FY10E
102.7
128.4
176.3
198.3
33.9
33.2
46.1
59.9
20.9
19.8
25.1
27.0
18.7
16.6
22.7
30.0
Net NPAs
48.6
74.2
102.0
115.0
7.3
7.5
13.8
18.0
5.0
4.9
6.3
6.7
6.0
1.3
7.3
9.6
Net NPAs
Gross NPAs to Gross Adv.
2.9%
3.0%
3.3%
3.0%
3.5%
2.7%
3.3%
3.5%
2.4%
1.8%
1.9%
1.7%
2.9%
2.2%
2.5%
2.8%
Gross NPAs to Gross Adv. Net NPAs to Net Adv.
Asset Quality Gross NPAs
Net NPAs to Net Adv. NPA Coverage %
Financial Year (Rs bn) Asset Quality
1.4%
1.8%
2.0%
1.8%
0.8%
0.6%
1.0%
1.1%
0.6%
0.5%
0.5%
0.4%
1.0%
0.2%
0.8%
0.9%
52.7%
42.2%
42.2%
42.0%
78.6%
77.3%
70.0%
70.0%
76.0%
75.1%
75.0%
75.0%
67.9%
92.4%
68.0%
68.0%
Profit & Loss items
Gross NPAs
NPA Coverage % Profit & Loss items
Int. Earned from Adv.
248.4
352.3
420.0
501.4
76.4
104.4
124.2
144.0
59.4
84.1
102.0
119.1
50.7
67.3
78.0
88.2
Int. Earned from Adv.
Int. Earned from Invt.
114.9
126.5
152.9
171.5
35.9
36.1
42.7
51.4
25.6
27.4
32.2
37.4
21.1
23.7
28.6
34.2
Int. Earned from Invt.
Others Total Interest Income
19.5
17.8
23.7
25.8
3.0
2.1
3.6
3.5
5.1
6.6
7.6
8.9
2.0
2.0
2.7
3.7
Others
372.4
489.5
587.7
689.1
115.4
142.7
170.5
198.9
90.0
118.1
141.8
165.3
73.8
94.5
109.3
126.1
Total Interest Income Interest expense
Interest expense
221.8
319.3
389.9
461.2
60.2
87.3
105.0
122.0
54.3
79.0
98.5
115.0
45.9
63.6
76.5
88.8
NII
150.6
170.2
197.8
227.9
55.1
55.3
65.5
77.0
35.8
39.1
43.4
50.3
27.9
30.9
32.8
37.3
NII
-3.4%
13.0%
16.2%
15.2%
18.2%
0.4%
18.3%
17.5%
10.9%
9.3%
10.8%
15.9%
24.4%
10.6%
6.3%
13.6%
Growth Treasury Income
Growth Treasury Income
5.7
9.5
6.0
8.0
5.7
4.4
3.0
3.3
1.4
5.3
3.0
4.0
1.1
2.9
1.9
2.8
NTNII
62.0
77.5
97.4
117.2
4.7
15.6
20.5
24.5
12.5
15.2
20.0
22.6
5.8
8.0
11.1
13.3
NTNII
Non Interest Income
67.7
86.9
103.4
125.2
10.4
20.0
23.5
27.7
13.8
20.5
23.0
26.6
6.9
10.9
13.0
16.1
Non Interest Income
Total Income
440.1
576.5
691.1
814.4
125.8
162.6
194.1
226.7
103.9
138.6
164.8
191.8
80.7
105.3
122.3
142.2
Total Income
Growth
1.4%
31.0%
19.9%
17.8%
15.9%
29.3%
19.3%
16.8%
25.3%
33.5%
18.9%
16.4%
26.9%
30.6%
16.1%
16.3%
Growth
118.2
126.1
157.3
177.1
33.3
35.3
43.6
47.3
25.4
29.3
33.2
36.2
14.8
15.9
19.6
21.8
Operating Expense Operating Profit
Operating Expense Operating Profit
100.0
131.1
143.9
176.0
32.3
40.1
45.4
57.4
24.2
30.3
33.1
40.7
20.0
25.8
26.3
31.6
-11.5%
31.1%
9.8%
22.3%
10.7%
24.0%
13.4%
26.2%
18.9%
25.4%
9.3%
22.8%
36.5%
29.0%
1.9%
20.3%
Growth
NPA Provisions
14.3
20.0
24.8
34.0
6.0
8.4
9.2
12.0
3.3
5.3
6.4
9.2
3.3
5.9
5.8
7.5
NPA Provisions
Total Provisions
24.1
26.7
32.1
42.3
10.6
7.1
10.8
13.7
7.6
8.2
7.9
11.4
6.2
7.2
6.3
8.4
Total Provisions
PBT
75.9
104.4
111.8
133.6
21.7
33.0
34.6
43.6
16.5
22.1
25.2
29.3
13.8
18.6
20.0
23.2
PBT
Tax Provisions
30.5
37.1
39.1
46.8
6.3
12.5
10.7
14.4
6.3
7.7
8.3
9.7
5.4
4.8
6.0
6.9
Tax Provisions
40.2%
35.5%
35.0%
35.0%
29.0%
37.8%
31.0%
33.0%
37.9%
35.0%
33.0%
33.0%
38.8%
25.6%
30.0%
30.0%
Effective Tax Rate
45.4
67.3
72.6
86.9
15.4
20.5
23.9
29.2
10.3
14.4
16.9
19.6
8.5
13.9
14.0
16.2
PAT
3.0%
48.2%
8.0%
19.6%
7.0%
33.0%
16.7%
22.3%
24.1%
39.9%
17.4%
16.4%
25.4%
64.1%
0.7%
16.0%
Growth
10
10
10
10
10
10
10
10
10
10
10
10
10
10
10
10
Par Value
526
632
632
632
315
315
315
315
366
366
366
366
505
505
505
505
No. of equity shares (M)
Growth
Effective Tax Rate PAT Growth Balance Sheet items Par Value No. of equity shares (M) Equity Networth Adj. Networth Deposits Growth Low Cost deposits % of total deposits
Balance Sheet items
5.3
6.3
6.3
6.3
3.2
3.2
3.2
3.2
3.7
3.7
3.7
3.7
5.1
5.1
5.1
5.1
Equity
313.0
490.3
549.6
620.5
98.5
105.0
124.1
148.3
86.5
97.4
110.4
125.8
47.3
56.2
67.8
81.3
Networth
264.4
416.1
447.6
505.5
91.2
97.5
110.3
130.3
81.5
91.9
103.0
116.5
41.3
55.0
60.6
71.7
Adj. Networth
4,355.2
5,374.0
6,610.1
8,064.3
1,398.6
1,664.6
1,997.5
2,377.0
1,249.2
1,520.3
1,809.2
2,153.0
851.8
1,038.6
1,246.3
1,495.6
Deposits
14.6%
23.4%
23.0%
22.0%
16.9%
19.0%
20.0%
19.0%
33.4%
21.7%
19.0%
19.0%
15.0%
21.9%
20.0%
20.0%
Growth
2,111.3
2,203.4
2,842.3
3,628.9
645.5
699.1
868.9
1,069.7
414.5
440.9
578.9
710.5
293.9
362.0
423.7
523.4
Low Cost deposits
48.5%
41.0%
43.0%
45.0%
46.2%
42.0%
43.5%
45.0%
33.2%
29.0%
32.0%
33.0%
34.5%
34.9%
34.0%
35.0%
% of total deposits
Total Liabilities
5,665.7
7,215.3
8,440.2
10,186.1
1,624.2
1,938.8
2,313.9
2,753.0
1,431.5
1,796.0
2,123.4
2,541.1
1,026.8
1,240.7
1,477.0
1,771.4
Total Liabilities
Net Advances
3,373.4
4,167.7
5,166.4
6,293.9
966.0
1,195.0
1,419.2
1,712.0
836.2
1,067.0
1,280.4
1,540.4
623.9
743.5
890.6
1,069.7
Net Advances
28.9%
23.5%
24.0%
21.8%
29.4%
23.7%
18.8%
20.6%
39.6%
27.6%
20.0%
20.3%
16.9%
19.2%
19.8%
20.1%
Growth
Investments
1,491.5
1,895.0
2,049.1
2,419.3
451.9
539.9
599.2
772.5
349.4
429.3
499.4
594.3
281.7
340.6
411.3
493.5
Investments
Total Assets
5,665.7
7,215.3
8,440.2
10,186.1
1,624.2
1,938.8
2,313.9
2,753.0
1,431.5
1,796.0
2,123.4
2,541.1
1,026.8
1,240.7
1,477.0
1,771.4
Total Assets
Growth
5
6
Bank of India Financial Year (Rs bn)
7
ICICI Bank
HDFC Bank
8
Axis Bank
(without CBoP merger)
FY07
FY08E
FY09E
FY10E
FY07
FY08E
FY09E
FY10E
FY07
FY08E
FY09E
FY10E
FY07
FY08E
FY09E
FY10E
Financial Year (Rs bn)
256
256
256
256
750
750
750
750
1,184
1,184
1,184
1,184
703
703
703
703
CMP (Rs.) (as on Jun 9, 2008)
Valuation CMP (Rs.) (as on Jun 9, 2008)
Valuation
Equity
4.9
5.3
5.3
5.3
9.0
11.1
11.1
11.1
3.2
3.5
3.5
3.5
2.8
3.6
3.6
3.6
Equity
Market Cap
125
135
135
135
675
835
835
835
378
420
420
420
198
252
252
252
Market Cap
Market Cap to AUM
8.8%
7.5%
6.1%
5.0%
19.6%
20.9%
17.0%
13.9%
41.4%
31.5%
24.7%
19.4%
27.0%
23.0%
16.8%
12.8%
Market Cap to AUM
EPS
23.0
38.2
44.5
55.0
34.6
37.4
45.4
57.2
35.7
44.9
59.7
79.1
23.4
29.9
37.4
50.0
EPS
121
165
207
255
270
418
449
491
201
324
370
431
120
236
265
306
Book Value (Rs.) Adjusted Book Value (Rs.)
Book Value (Rs.) Adjusted Book Value (Rs.)
108
157
200
247
248
386
410
437
195
316
362
420
111
229
255
292
11.1
6.7
5.8
4.7
11.0
10.2
8.4
6.7
33.1
26.4
19.8
15.0
30.0
23.5
18.8
14.1
P/E (x) *
2.1
1.6
1.2
1.0
1.4
0.9
0.9
0.8
5.9
3.6
3.2
2.7
5.8
3.0
2.6
2.3
P/BV (x) *
P/ABV (x) *
2.4
1.6
1.3
1.0
1.5
1.0
0.9
0.9
6.1
3.7
3.3
2.8
6.3
3.1
2.8
2.4
P/ABV (x) *
DPS (Rs.)
3.5
4.0
4.8
5.5
10.0
11.0
12.0
13.0
8.2
8.5
11.9
15.8
4.5
6.0
7.0
8.0
DPS (Rs.)
17.5%
12.2%
12.6%
11.7%
33.9%
34.4%
30.9%
26.6%
26.3%
21.8%
22.9%
22.9%
21.9%
23.4%
21.9%
18.7%
Payout ratio (incl. Div Tax)
1.4%
1.6%
1.9%
2.1%
1.3%
1.5%
1.6%
1.7%
0.6%
0.6%
0.9%
1.1%
0.6%
0.9%
1.0%
1.1%
Dividend Yield
41,511
40,500
40,000
39,500
36,000
45,000
54,000
60,250
21,477
33,161
40,050
45,000
9,980
14,780
21,000
26,000
No. of employees
2,725
3,000
3,100
3,200
1,500
1,750
1,000
1,200
796
921
No. of branches
337
375
1,199
1,500
1,847
1,183
1,573
Deposits
P/E (x) * P/BV (x) *
Payout ratio (incl. Div Tax) Dividend Yield Size No. of employees No. of branches No. of ATMs Deposits Advances
Size
755
1,000
3,271
3,950
2,238
2,305
2,444
3,129
3,911
625
800
1,323
1,977
683
1,008
1,270
1,638
561
671
2,341
2,764
588
876
No. of ATMs
849
1,148
1,416
1,736
1,959
2,256
2,765
3,566
469
634
834
1,104
369
597
800
1,049
Advances
Business
2,048
2,648
3,263
3,973
4,264
4,700
5,894
7,477
1,152
1,642
2,104
2,742
957
1,473
1,983
2,623
Business
CAR
11.6%
12.0%
11.4%
11.5%
12.6%
14.0%
13.7%
12.2%
13.1%
13.6%
13.0%
12.0%
11.6%
13.7%
12.5%
11.5%
Govt Holding
69.5%
64.5%
0.0%
0.0%
0.8%
1.7%
0.0%
0.0%
Govt Holding
Foreign Holding
16.2%
17.1%
71.6%
70.4%
51.5%
48.3%
41.9%
39.3%
Foreign Holding
Non promoter Holding
30.5%
35.5%
100.0%
100.0%
78.4%
76.7%
56.9%
57.0%
Non promoter Holding
Cost of Deposit
4.3%
5.2%
5.1%
4.9%
5.9%
7.3%
6.8%
6.4%
4.3%
4.4%
4.6%
4.4%
5.0%
5.1%
5.1%
5.0%
Cost of Deposit
Yield on advances
8.5%
9.3%
8.8%
8.5%
9.4%
10.7%
10.3%
9.9%
10.6%
12.6%
12.2%
12.0%
9.1%
9.8%
9.7%
9.5%
Yield on advances
Yield on Investments
6.6%
6.8%
7.0%
7.1%
6.1%
8.3%
8.1%
8.1%
7.8%
7.2%
7.0%
7.0%
6.7%
6.9%
6.9%
6.9%
Yield on Investments
NIM
2.7%
2.6%
2.6%
2.6%
2.0%
2.1%
2.2%
2.2%
4.2%
4.7%
4.6%
4.6%
2.4%
2.8%
2.7%
2.6%
NIM
RoAA
0.9%
1.3%
1.2%
1.2%
1.0%
1.1%
1.1%
1.2%
1.4%
1.4%
1.4%
1.5%
1.1%
1.2%
1.0%
1.0%
RoAA
RoAE
20.6%
25.2%
20.7%
21.0%
13.4%
11.7%
10.5%
12.2%
19.5%
17.7%
17.2%
19.7%
21.0%
18.1%
14.9%
17.5%
Profitability
CAR
Profitability
Efficiency
RoAE Efficiency
Cost-Income ratio
52.1%
41.7%
41.1%
37.8%
53.2%
50.6%
49.9%
48.1%
48.6%
49.9%
52.3%
52.0%
49.0%
49.2%
50.3%
50.2%
C-D ratio
70.8%
76.5%
76.7%
77.6%
85.0%
92.3%
88.4%
91.2%
68.7%
62.9%
65.7%
67.4%
62.7%
68.1%
67.6%
66.7%
C-D ratio
49.3
65.4
81.6
100.6
118.4
104.5
109.1
124.1
53.7
49.5
52.5
60.9
95.9
99.7
94.4
100.9
Business / Employee (Rs m)
Business / Employee (Rs m) Net Profit / Employee (Rs m) Business / Branch (Rs m) Net Profit / Branch (Rs m)
Cost-Income ratio
0.3
0.5
0.6
0.7
0.9
0.9
0.9
1.1
0.5
0.5
0.5
0.6
0.7
0.7
0.6
751.6
882.7
1052.7
1241.6
5647.4
4700.5
3929.3
4272.4
1843.9
2052.4
2104.0
2285.1
1705.2
2195.0
2491.0
2847.7
Business / Branch (Rs m)
4.1
6.7
7.5
9.0
41.2
41.6
33.7
36.4
18.3
19.9
21.2
23.4
11.7
16.0
16.8
19.4
Net Profit / Branch (Rs m)
* For ICICI Bank, CMP adjusted for value of subsidiaries & other investments Rs.368
0.7 Net Profit / Employee (Rs m)
5
6
Bank of India Financial Year (Rs bn)
7
ICICI Bank
HDFC Bank
8
Axis Bank
(without CBoP merger)
FY07
FY08E
FY09E
FY10E
FY07
FY08E
FY09E
FY10E
FY07
FY08E
FY09E
FY10E
FY07
FY08E
FY09E
FY10E
21.0
19.3
24.8
29.5
48.5
83.5
104.1
165.4
6.6
9.1
10.5
13.3
4.2
4.9
7.9
12.8
6.3
5.9
3.7
4.4
19.9
34.9
43.6
60.2
2.0
3.0
3.2
4.0
2.7
2.5
3.6
5.1
Net NPAs
2.5%
1.8%
1.8%
1.7%
2.8%
3.4%
3.5%
3.8%
1.4%
1.3%
1.2%
1.2%
0.9%
0.7%
1.0%
1.2%
Gross NPAs to Gross Adv. Net NPAs to Net Adv.
Asset Quality Gross NPAs Net NPAs Gross NPAs to Gross Adv. Net NPAs to Net Adv. NPA Coverage %
Financial Year (Rs bn) Asset Quality
0.7%
0.5%
0.3%
0.3%
1.0%
1.5%
1.6%
1.7%
0.4%
0.5%
0.4%
0.4%
0.6%
0.4%
0.4%
0.5%
72.6%
69.3%
85.0%
85.0%
51.7%
53.9%
55.0%
55.0%
69.2%
70.0%
70.0%
70.0%
36.4%
49.8%
55.0%
60.0%
Profit & Loss items
Gross NPAs
NPA Coverage % Profit & Loss items
Int. Earned from Adv.
64.0
92.8
112.8
134.0
161.0
226.0
258.2
312.5
43.3
69.7
89.6
116.3
27.0
47.5
67.7
88.3
Int. Earned from Adv.
Int. Earned from Invt.
22.2
26.4
32.3
38.6
49.9
74.7
91.5
103.4
23.0
28.7
37.9
45.8
16.3
21.0
29.2
39.3
Int. Earned from Invt.
Others Total Interest Income
3.2
4.4
5.4
6.4
9.1
7.2
10.3
12.7
23.0
28.8
37.9
45.9
1.3
1.6
1.8
2.5
Others
89.4
123.6
150.5
179.0
220.0
307.9
360.0
428.6
66.5
101.2
130.9
166.6
44.6
70.1
98.7
130.1
Total Interest Income Interest expense
Interest expense
55.0
81.3
98.6
115.7
163.6
234.8
268.1
313.3
31.8
48.9
61.7
77.1
29.9
44.2
64.2
84.8
NII
34.4
42.3
51.9
63.3
56.4
73.0
91.9
115.3
34.7
52.3
69.2
89.5
14.7
25.9
34.5
45.2
NII
19.6%
22.9%
22.7%
22.0%
19.7%
29.6%
25.8%
25.5%
36.2%
50.7%
32.4%
29.2%
36.2%
76.1%
33.5%
31.1%
Growth Treasury Income
Growth Treasury Income
2.0
3.7
3.0
3.5
11.2
8.2
9.0
11.0
-0.7
2.4
2.8
3.7
0.6
4.3
3.8
4.0
NTNII
13.6
17.5
19.5
22.7
58.1
80.0
100.3
125.6
15.8
20.4
26.9
35.4
9.5
13.7
19.7
26.9
NTNII
Non Interest Income
15.6
21.2
22.5
26.2
69.3
88.1
109.3
136.6
15.2
22.8
29.7
39.2
10.1
18.0
23.5
30.9
Non Interest Income
Total Income
105.0
144.7
173.0
205.1
289.2
396.0
469.2
565.2
81.6
124.0
160.6
205.7
54.7
88.0
122.1
161.0
Total Income
Growth
31.7%
37.8%
19.5%
18.6%
56.5%
36.9%
18.5%
20.5%
52.5%
51.9%
29.5%
28.1%
51.2%
60.8%
38.8%
31.8%
Growth
26.1
26.4
30.6
33.8
66.9
81.5
100.5
121.3
24.2
37.5
51.7
66.9
12.1
21.5
29.2
38.2
Operating Expense Operating Profit
Operating Expense Operating Profit Growth NPA Provisions Total Provisions PBT Tax Provisions Effective Tax Rate PAT Growth
23.9
37.0
43.8
55.7
58.7
79.6
100.7
130.6
25.6
37.7
47.2
61.7
12.6
22.3
28.8
37.9
40.8%
54.5%
18.3%
27.2%
51.1%
35.5%
26.5%
29.7%
47.8%
46.9%
25.3%
30.9%
27.2%
76.1%
29.4%
31.6%
Growth
5.6
8.0
9.9
13.0
11.2
22.6
31.8
41.0
6.9
11.7
15.0
19.3
0.8
3.4
6.0
8.4
NPA Provisions Total Provisions
8.6
10.2
11.8
15.5
22.3
29.0
37.8
49.0
9.3
14.8
16.8
21.5
2.7
5.8
8.2
10.4
15.3
26.8
32.0
40.2
36.5
50.6
62.9
81.6
16.4
22.8
30.3
40.2
10.0
16.5
20.6
27.5
PBT
4.1
6.8
8.7
11.3
5.4
9.0
12.4
18.0
5.0
6.9
9.2
12.2
3.4
5.8
7.2
9.6
Tax Provisions
26.7%
25.2%
27.0%
28.0%
14.7%
17.8%
19.8%
22.0%
30.3%
30.3%
30.3%
30.3%
33.8%
34.9%
34.9%
34.9%
Effective Tax Rate
11.2
20.1
23.4
28.9
31.1
41.6
50.5
63.6
11.4
15.9
21.2
28.1
6.6
10.7
13.4
17.9
PAT
60.2%
78.9%
16.4%
23.7%
22.4%
33.7%
21.5%
26.0%
31.0%
39.3%
33.0%
32.6%
35.9%
62.5%
24.9%
33.6%
Growth
10
10
10
10
10
10
10
10
10
10
10
10
10
10
10
10
Par Value
488
526
526
526
899
1113
1113
1113
319
354
354
354
282
358
358
358
No. of equity shares (M)
Balance Sheet items Par Value No. of equity shares (M) Equity Networth Adj. Networth Deposits Growth Low Cost deposits % of total deposits
Balance Sheet items
4.9
5.3
5.3
5.3
9.0
11.1
11.1
11.1
3.2
3.5
3.5
3.5
2.8
3.6
3.6
3.6
Equity
57.5
83.0
108.7
134.3
243.1
464.7
499.6
546.3
64.3
115.0
131.3
152.9
33.9
84.5
94.9
109.5
Networth
47.8
76.7
102.8
130.6
223.2
429.8
456.0
486.1
62.3
112.0
128.1
148.9
31.3
82.0
91.4
104.3
Adj. Networth
1,198.8
1,500.1
1,847.1
2,237.5
2,305.1
2,444.3
3,128.7
3,910.9
683.0
1,007.7
1,269.7
1,637.9
587.9
876.3
1,183.0
1,573.3
Deposits
27.6%
25.1%
23.1%
21.1%
39.6%
6.0%
28.0%
25.0%
22.4%
47.5%
26.0%
29.0%
46.5%
49.1%
35.0%
33.0%
Growth
386.2
495.0
646.5
827.9
502.1
637.8
894.6
1,216.0
394.0
549.1
698.3
917.1
234.3
400.3
532.3
708.0
Low Cost deposits
32.2%
33.0%
35.0%
37.0%
21.8%
26.1%
28.6%
31.1%
57.7%
54.5%
55.0%
56.0%
39.9%
45.7%
45.0%
45.0%
% of total deposits
1,416.4
1,788.3
2,202.7
2,668.6
3,446.6
3,998.0
4,907.8
5,987.5
913.2
1,331.8
1,696.1
2,167.4
732.6
1,095.8
1,499.0
1,968.2
Total Liabilities
849.4
1,147.9
1,416.2
1,735.6
1,958.7
2,256.2
2,765.3
3,565.9
469.4
634.3
834.3
1,104.2
368.8
596.6
799.9
1,049.4
Net Advances
Growth
30.3%
35.2%
23.4%
22.6%
34.0%
15.2%
22.6%
29.0%
33.9%
35.1%
31.5%
32.4%
65.3%
61.8%
34.1%
31.2%
Growth
Investments
354.9
421.1
498.7
581.8
912.6
1,114.5
1,407.9
1,564.4
305.6
493.9
587.8
720.6
269.0
337.1
508.7
629.3
Investments
Total Assets
1,416.4
1,788.3
2,202.7
2,668.6
3,446.6
3,998.0
4,907.8
5,987.5
913.2
1,331.8
1,696.1
2,167.4
732.6
1,095.8
1,499.0
1,968.2
Total Assets
Total Liabilities Net Advances
Prabhudas Lilladher Pvt. Ltd. 3rd Floor, Sadhana House, 570, P. B. Marg, Worli, Mumbai-400 018, India. Tel: (91 22) 6632 2222 Fax: (91 22) 6632 2209 PL’s Recommendation Scale BUY
:
> 15% Outperformance to BSE Sensex
Outperformer (OP)
:
5 to 15% Outperformance to Sensex
Market Performer (MP)
:
-5 to 5% of Sensex Movement
Underperformer (UP)
:
-5 to -15% of Underperformace to Sensex
Sell
:
<-15% Relative to Sensex
Not Rated (NR)
:
No specific call on the stock
Under Review (UR)
:
Rating likely change shortly
This document has been prepared by the Research Division of Prabhudas Lilladher Pvt. Ltd. Mumbai, India (PL) and is meant for use by the recipient only as information and is not for circulation. This document is not to be reported or copied or made available to others without prior permission of PL. It should not be considered or taken as an offer to sell or a solicitation to buy or sell any security. The information contained in this report has been obtained from sources that are considered to be reliable. However, PL has not independently verified the accuracy or completeness of the same. Neither PL nor any of its affiliates, its directors or its employees accept any responsibility of whatsoever nature for the information, statements and opinion given, made available or expressed herein or for any omission therein. Recipients of this report should be aware that past performance is not necessarily a guide to future performance and value of investments can go down as well. The suitability or otherwise of any investments will depend upon the recipient's particular circumstances and, in case of doubt, advice should be sought from an independent expert/advisor. Either PL or its affiliates or its directors or its employees or its representatives or its clients or their relatives may have position(s), make market, act as principal or engage in transactions of securities of companies referred to in this report and they may have used the research material prior to publication. We may from time to time solicit or perform investment banking or other services for any company mentioned in this document.
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