United Bank of India 4Q FY 2013

4QFY2013 Result Update | Banking
May 20, 2013
United Bank of India

Performance Highlights
Particulars (` cr) NII Pre-prov. profit PAT
Source: Company, Angel Research;
ACCUMULATE
CMP Target Price
% chg (qoq) (11.1) (1.0) (26.1) 4QFY12 619 478 149 % chg (yoy) (8.9) 6.9 (79.1)
`58 `65 12 months
4QFY13 564 511 31
3QFY13 634 516 42
Investment Period
Stock Info Sector Market Cap (` cr) Beta 52 Week High / Low Avg. Daily Volume Face Value (`) BSE Sensex Nifty Reuters Code Bloomberg Code
Banking 2,156 1.3 85/50 86,251 10 20,286 6,187 UBOI.BO UNTDB@IN
United Bank reported subdued set of numbers for the quarter, as its operating profit grew by 6.9% yoy. The bank witnessed higher asset quality pressures during the quarter, which resulted in 147.4% yoy increase in the provisioning expenses and it reported PBT level loss of `268cr as compared to PBT level earnings of `171cr in 4QFY2012. However, aided by tax write-backs of `279cr during the quarter, as compared to tax expenses of `22cr during 4QFY2012, the bottom-line came in positive at `31cr, thereby registering a decline of 79.1% yoy. NIMs stable qoq; Slippages spike to 6.7%: During 4QFY2013, the bank witnessed moderate growth in its business, as its advances and deposits grew by 9.3% and 12.9% yoy respectively. Loan growth was largely aided by higher growth in Retail and MSME advances (22.9% yoy and 21.5% yoy, respectively). Current deposits degrew by 2.1% yoy, while growth in savings deposits came in moderate at 14.2% yoy. CASA ratio dipped 112bp yoy to 39.6%. Reported NIMs for the bank remained stable sequentially at 2.7%. Non-interest income grew by 47.6% yoy, largely aided by higher treasury gains which almost tripled on a yoy basis. On the asset quality front, slippages came in much higher sequentially at `1,057cr (annualized slippage ratio at 6.7%) compared to `680cr in 3QFY2013 (annualized slippage ratio at 4.3%). Recoveries during the quarter remained stable sequentially at `130cr. Gross and net NPA levels, on an absolute basis, were higher sequentially by 2.1% and 39.1%, respectively. Gross NPA ratio decreased by 17bp sequentially to 4.3%, while the net NPA ratio increased by 65bp to 2.9%. The banks PCR dipped sequentially by 475bp to 62.5% (lower by 665bp yoy). Additionally, the bank restructured advances worth `888cr during the quarter (higher than `629cr in 3QFY2013), thereby taking its outstanding restructured book to `4,555cr (6.6% of loan book). Outlook and valuation: The bank has witnessed higher asset quality pressures over the last few quarters, as slippages and incremental restructuring came in at elevated levels. Going ahead, we remain watchful of the banks performance on the asset quality front, particularly incremental slippages/restructuring and recoveries/upgrades. The bank is currently trading at an inexpensive valuation of 0.4x FY2015E ABV (one of the lowest in the industry). Most of the banks peers are trading at 0.6x-0.7x FY2015E ABV, in spite of having similar and in some cases much lower CASA ratios. Hence, we recommend an Accumulate rating on the stock with a target price of `65.
Shareholding Pattern (%) Promoters MF / Banks / Indian Fls FII / NRIs / OCBs Indian Public / Others 81.6 6.2 0.8 11.4
Abs. (%) Sensex UNTDB
3m 4.2 (14.0)
1yr 26.2 2.5
3yr 20.5 (26.5)
Vaibhav Agrawal
022 3935 7800 Ext: 6808 vaibhav.agrawal@angelbroking.com
Key financials (Standalone)

Y/E March (` cr) NII % chg Net profit available to eq. shareholders % chg NIM (%) EPS (`) P/E (x) P/ABV (x) RoA (%) RoE (%)
Source: Company, Angel Research
FY2012 2,479 14.3 546 19.4 2.7 15.1 3.8 0.5 0.7 14.2
FY2013 2,487 0.3 313 (42.7) 2.4 8.3 7.0 0.6 0.4 7.3
FY2014E 2,727 9.6 564 80.4 2.3 15.1 3.9 0.5 0.5 12.1
FY2015E 3,237 18.7 766 35.8 2.6 20.4 2.8 0.4 0.6 14.8
Sourabh Taparia
022 3935 7800 Ext: 6872 sourabh.taparia@angelbroking.com
Akshay Narang
022 3935 7800 Ext: 6829 akshay.narang@angelbroking.com
Harshal Patkar
022 3935 7800 Ext: 6847 harshal.patkar@angelbroking.com
Please refer to important disclosures at the end of this report
United Bank of India | 4QFY2013 Result Update
Exhibit 1: 4QFY2013 performance (Standalone)

Particulars (` cr) Interest earned - on Advances / Bills - on investments - on balance with RBI & others - on others Interest Expended Net Interest Income Other income Other income excl. treasury - Fee Income - Treasury Income - Income from Exchange transactions - Others (incl. recoveries) Operating income Operating expenses - Employee expenses - Other Opex Pre-provision Profit Provisions & Contingencies - Provisions for NPAs - Other provisions PBT Provision for Tax PAT Effective Tax Rate (%)
4QFY13 2,336 1,719 581 14 23 1,772 564 351 177 48 174 25 105 915 404 243 162 511 759 339 420 (248) (279) 31 112.6
3QFY13 2,341 1,699 611 31 0 1,707 634 258 145 47 114 26 71 892 377 239 137 516 450 314 136 66 24 42 35.8
% chg (qoq) (0.2) 1.2 (5.0) (53.7) 20,427.3 3.8 (11.1) 35.9 22.5 1.1 53.0 (6.8) 47.4 2.5 7.3 1.4 17.6 (1.0) 68.6 7.9 208.8 (26.1) 7674bp
4QFY12 2,132 1,606 491 7 29 1,513 619 238 180 48 58 131 857 379 234 146 478 307 342 1 171 22 149 12.8
% chg (yoy) 9.6 7.0 18.4 105.2 (21.8) 17.1 (8.9) 47.6 (1.2) (0.9) 198.3 (20.0) 6.8 6.6 3.8 11.0 6.9 147.4 (0.8) 29,479.6 (79.1) 9978bp
FY2013 9,251 6,899 2,259 63 29 6,764 2,487 1,067 599 195 467 107 297 3,554 1,504 933 571 2,050 1,759 1,011 748 291 (101) 392 (34.9)
FY2012 7,961 6,034 1,878 16 34 5,482 2,479 733 515 183 218 28 304 3,212 1,383 891 492 1,829 983 690 294 845 213 633 25.2
% chg (yoy) 16.2 14.3 20.3 308.6 (12.3) 23.4 0.3 45.5 16.3 6.6 114.8 14.3 (2.4) 10.6 8.7 4.6 16.1 12.1 78.9 46.5 155.0 (65.6) (38.0) (6007)bp
Exhibit 2: 4QFY2013 Actual vs. Angel estimates

Particulars (` cr) Net interest income Non-interest income Operating income Operating expenses Pre-prov. profit Provisions & cont. PBT Prov. for taxes PAT
Actual 564 351 915 404 511 759 (248) (279) 31
Estimates 661 232 893 419 474 309 165 50 115
% chg (14.7) 51.3 2.4 (3.6) 7.8 145.7 (250.2) (653.5) (72.8)
May 20, 2013
Exhibit 3: 4QFY2013 performance (Standalone)

Particulars Balance sheet Advances (` cr) Deposits (` cr) Credit-to-Deposit Ratio (%) Current deposits (` cr) Saving deposits (` cr) CASA deposits (` cr) CASA ratio (%) CAR (%) Tier I CAR (%) Profitability Ratios (%) Cost of deposits Yield on advances Calculated NIM Cost-to-income ratio Asset quality Gross NPAs (` cr) Gross NPAs (%) Net NPAs (` cr) Net NPAs (%) Provision Coverage Ratio (%) Slippage ratio (%) NPA to avg. assets (%)
4QFY13 68,909 100,652 68.5 9,533 30,372 39,905 39.6 11.7 8.4 7.1 11.3 2.7 44.2 2,964 4.3 1,970 2.9 62.5 6.7 1.2
3QFY13 64,427 92,086 70.0 7,822 28,997 36,819 40.0 11.9 8.5 7.0 11.3 2.7 42.2 2,902 4.4 1,416 2.2 67.3 4.3 1.2
%chg (qoq) 7.0 9.3 (150)bp 21.9 4.7 8.4 (34)bp (22)bp (9)bp 10bp 5bp (1)bp 196bp 2.1 (17)bp 39.1 65bp (475)bp 239bp 4bp
4QFY12 63,043 89,116 70.7 9,741 26,589 36,330 40.8 12.7 8.8 6.7 11.2 3.1 44.2 2,176 3.4 1,076 1.7 69.2 4.4 1.4
%chg (yoy) 9.3 12.9 (228)bp (2.1) 14.2 9.8 (112)bp (103)bp (39)bp 40bp 16bp (44)bp (7)bp 36.2 84bp 83.2 115bp (665)bp 230bp (16)bp
Advance growth remains moderate; NIMs stable qoq

During 4QFY2013, the bank witnessed moderate growth in its business, as its advances and deposits grew by 9.3% and 12.9% yoy respectively. Loan growth was largely aided by higher Retail lending (22.9% yoy), MSME advances (21.5% yoy) and priority sector & agri credit (15% & 17.5% each). On the liabilities front, the current deposits de-grew by 2.1% yoy, while growth in savings deposits came in moderate at 14.2% yoy. Overall, CASA deposits grew by 9.8% yoy, however, CASA ratio dipped 112bp yoy to 39.6% (lower 34bp sequentially). Reported NIMs for the bank remained stable sequentially at 2.7%, aided by a 5bp sequential increase in the yield on advances at 11.3%, which offset a 10bp sequential increase in cost of deposits to 7.1%.
May 20, 2013
Exhibit 4: Business grew at a moderate pace

Adv. yoy chg (%) 25.0 20.0
15.0 10.0 70.7
Exhibit 5: CASA ratio remains healthy at 40% levels

CASA ratio 50.0
14.4
Dep. yoy chg (%)

70.0
CDR (%, RHS) 72.0

68.5
CASA yoy growth (%, RHS) 19.7 25.0 20.0 11.8 9.8
39.6
15.0 10.0
70.1
70.0
68.0 66.0
16.9
66.1
40.0
40.8 40.5 40.2
17.8 14.5
19.4 16.3
13.1 18.7
10.1 11.2
9.3 12.9
5.0 -
64.0 62.0 30.0
40.0
5.0 -
4QFY12 1QFY13 2QFY13 3QFY13 4QFY13

4QFY12
1QFY13
2QFY13
3QFY13
4QFY13
Exhibit 6: CoD increased by 10bp sequentially

(%) 7.20 6.95 6.90 6.68
6.60
Exhibit 7: NIMs stable sequentially

(%)
7.08
Cost of deposits 7.12

6.98
3.50 3.11 3.00 2.60 2.50 2.68 2.67 3.05
6.30 4QFY12 1QFY13 2QFY13 3QFY13 4QFY13
2.00 4QFY12 1QFY13 2QFY13 3QFY13 4QFY13
Strong growth in non-interest income aided by treasury gains

During the quarter the non-interest income (excluding treasury) de-grew by 1.2% yoy to `177cr. However, treasury gains almost tripled yoy to `174cr, thereby aiding a strong growth of 47.6% yoy in the overall non-interest income.
Asset quality pressures prevails, as slippages elevate to 6.7%

On the asset quality front, slippages came in much higher sequentially at `1,057cr (annualized slippage ratio at 6.7%) compared to `680cr in 3QFY2013 (annualized slippage ratio at 4.3%). Recoveries during the quarter remained stable sequentially at `130cr. Gross and net NPA levels, on an absolute basis, were higher sequentially by 2.1% and 39.1%, respectively. Gross NPA ratio decreased by 17bp sequentially to 4.3%, while the net NPA ratio increased by 65bp to 2.9%. The banks PCR dipped sequentially by 475bp to 62.5% (lower by 665bp yoy). Additionally, the fresh restructuring during the quarter was `888cr, higher than `629cr done in 3QFY2013. As of 4QFY2013, the banks outstanding restructured book stood at `4,555cr (6.6% of advances).
May 20, 2013
Exhibit 8: NPA ratios remain on the higher side

Gross NPAs (%) 5.0 4.0 3.0
2.0
Exhibit 9: Slippages elevate to 6.7%

Slippages (%) 8.0 7.0
6.0 5.0 4.0
Net NPAs (%)
PCR (%, RHS) 80.0 1.4
Credit cost (%, RHS) 1.6

1.2
69.3 69.2
69.2
1.2
1.4
1.2 1.0 0.8
67.3
62.5
70.0 60.0 50.0
0.9 0.5
4.4 2.9 4.3
1.9 6.7
3.0 2.0 1.0 40.0 4QFY12 1QFY13 2QFY13 3QFY13 4QFY13 4QFY12
3.4 1.7 3.5 1.8 3.9 2.0 4.4 2.2 4.3 2.9
0.6 0.4 0.2 -
1.0 -
1QFY13
2QFY13
3QFY13
4QFY13
Exhibit 10: Cost-to-income ratio trends

Cost-to-income ratio (%)
46.0
Exhibit 11: Fee income (excl. treasury) growth trends

Fee income to avg assets (%) 0.8 0.6 0.4 0.2 4QFY12 1QFY13 2QFY13 3QFY13 4QFY13 (1.2)
0.7 0.5 0.5 0.5 0.6
39.1
Opex to average assets (%, RHS)

1.6
Fee income yoy chg (%, RHS) 50.0

40.0
1.5 1.5 1.4 1.4

1.4
44.0 42.0
40.0
1.5
30.2
24.5
22.9
30.0 20.0
10.0 -
1.4
43.7 42.2 44.2
44.2
39.2
38.0 36.0
1.3 1.2
(10.0)
4QFY12
1QFY13
2QFY13
3QFY13
4QFY13
May 20, 2013
Investment arguments
Structurally stronger CASA than peers
UTDBK has historically had a strong CASA ratio. The banks average CASA ratio during FY200513 has been 41.2%. Even during 4QFY2013, the bank had maintained a strong CASA ratio of 39.6%, which is the highest among its peers, which consists of banks like UCO Bank, Allahabad Bank, Dena Bank and Syndicate Bank. Of the total CASA deposits, saving deposits, which are less volatile, accounted for 30.2% of the total deposits, while current deposits accounted for 9.5%. This high proportion of CASA deposits is mainly because of a large retail customer base spread across the eastern and northeastern regions. Of the total branch network of ~1,730 branches, 80% is concentrated in the eastern and northeastern regions. Moreover, 58% of UTDBKs branches are located in rural and semi-urban areas, giving the bank an access to low-cost deposits.
leading to stable NIMs

In 4QFY2010, UTDBK reported an NIM of 2.48%. However, measures taken by the Management in the form of shedding high-cost bulk deposits (11.7% in 4QFY2013 as against nearly 30% two years ago), improvement in CASA ratio by ~155bp from 38.1% in 4QFY2010 to 39.6% in 4QFY2013 and a substantial increase in CD ratio (~10 percentage points increase over the last two years) have resulted in stabilizing the NIMs at 2.7% in 4QFY2013, despite facing asset quality pressures. Further, we believe with a strong CASA ratio, the bank is better placed than its peers to improve its NIMs, going forward.
Investment concerns
Lower other income compared to peers
Over FY2011-13, the bank other income excluding treasury grew at a CAGR of 16.9% yoy, at a higher pace than its loan book CAGR of 13.5% over the same period. On account of the decent growth witnessed, other income (excluding treasury) as a percentage of average assets, grew from 0.5% as of FY2011 to 0.6% as of FY2013, however, it still remain on the lower side compared to peers.
Outlook and valuation

The bank has witnessed higher asset quality pressures over the last few quarters, as slippages and incremental restructuring came in at elevated levels. Going ahead, we remain watchful of the banks performance on the asset quality front, particularly incremental slippages/restructuring and recoveries/upgrades. The bank is currently trading at an inexpensive valuation of 0.4x FY2015E ABV (one of the lowest in the industry). Most of the banks peers are trading at 0.6x-0.7x FY2015E ABV, in spite of having similar and in some cases much lower CASA ratios. Hence, we recommend an Accumulate rating on the stock with a target price of `65.
May 20, 2013
Exhibit 12: Key assumptions

Particulars (%) Credit growth Deposit growth CASA ratio NIMs Other income growth Growth in staff expenses Growth in other expenses Slippages Provision Coverage
Source: Angel Research
Earlier estimates FY2014E 15.0 10.0 43.4 2.6 (24.6) 15.0 12.5 2.4 72.5 15.0 11.0 44.1 2.7 4.5 10.0 10.0 2.2 75.0
Revised estimates 15.0 9.0 40.0 2.3 (32.8) 15.0 10.0 2.3 66.0 15.0 9.0 41.4 2.6 6.2 10.0 10.0 2.0 70.0
FY2015E FY2014E FY2015E
Exhibit 13: Change in estimates

FY2014E Particulars (` cr) NII Non-interest income Operating income Operating expenses Pre-prov. profit Provisions & cont. PBT Prov. for taxes PAT
Source: Angel Research
FY2015E Var. (%) (5.4) 0.3 (4.3) (1.8) (6.5) 2.7 (14.1) (31.7) (5.0) Earlier Revised estimates estimates 3,262 746 4,008 1,906 2,102 799 1,303 443 860 3,237 761 3,998 1,871 2,127 847 1,280 435 845 Var. (%) (0.7) 2.0 (0.2) (1.8) 1.2 6.0 (1.7) (1.7) (1.7)
Earlier Revised estimates estimates 2,883 714 3,597 1,733 1,864 839 1,026 349 677 2,727 717 3,443 1,701 1,742 861 881 238 643
Exhibit 14: P/ABV band

160 140 120 100
80 60 40 Price (`)
0.5x
0.65x
0.8x
0.95x
1.1x
May 20, 2013
Mar-10 May-10 Jul-10 Sep-10 Nov-10 Jan-11 Mar-11 May-11 Jul-11 Sep-11 Nov-11 Jan-12 Mar-12 May-12 Jul-12 Sep-12 Nov-12 Jan-13 Mar-13 May-13 Jul-13 Sep-13 Nov-13 Jan-14 Mar-14
Exhibit 15: Recommendation summary

Company AxisBk FedBk HDFCBk ICICIBk* SIB YesBk AllBk AndhBk BOB BOI BOM CanBk CentBk CorpBk DenaBk IDBI# IndBk IOB J&KBk OBC PNB SBI* SynBk UcoBk UnionBk UtdBk VijBk Reco. Buy Neutral Neutral Buy Neutral Neutral Accumulate Neutral Buy Accumulate Accumulate Accumulate Accumulate Buy Neutral Accumulate Buy Accumulate Neutral Neutral Buy Accumulate Accumulate Neutral Accumulate Accumulate Neutral CMP (`) 1,530 470 715 1,209 25 530 130 92 737 322 58 446 70 420 95 91 159 64 1,316 273 834 2,413 133 81 241 58 55 Tgt. price (`) 1,853 1,444 149 851 361 64 481 75 495 98 185 70 993 2,669 142 260 65 Upside (%) 21.1 19.5 14.3 15.4 12.3 9.4 7.9 7.0 18.1 7.8 16.1 8.3 19.2 10.6 6.7 7.6 12.4 FY2015E P/ABV (x) 1.7 1.0 3.4 1.7 0.9 2.2 0.5 0.6 0.8 0.7 0.6 0.7 0.6 0.5 0.5 0.5 0.6 0.4 1.0 0.6 0.8 1.3 0.7 0.8 0.7 0.4 0.6 FY2015E Tgt. P/ABV (x) 2.0 2.1 0.6 0.9 0.8 0.7 0.8 0.7 0.7 0.6 0.7 0.5 0.9 1.5 0.7 0.8 0.5 FY2015E P/E (x) 10.0 7.6 16.8 12.6 5.6 11.1 3.6 4.0 5.2 4.7 4.3 5.2 3.9 3.9 3.7 4.0 3.8 3.1 6.5 4.3 4.7 8.6 4.4 5.6 5.0 2.8 4.8 FY2013-15E EPS CAGR (%) 17.3 12.4 22.8 15.5 9.5 14.9 12.6 (0.3) 15.9 21.6 13.4 15.1 48.4 7.1 5.0 26.5 8.8 83.4 (3.8) 18.4 14.8 16.4 (4.4) 36.9 15.7 56.5 9.6 FY2015E RoA (%) 1.6 1.2 1.8 1.5 1.0 1.3 0.8 0.7 0.9 0.7 0.7 0.8 0.6 0.7 0.7 0.8 1.0 0.7 1.1 0.8 1.1 1.0 0.7 0.6 0.7 0.6 0.4 FY2015E RoE (%) 17.6 14.2 21.8 15.6 17.0 22.1 14.2 13.0 15.7 15.0 16.0 14.2 13.8 14.5 15.1 13.4 15.1 13.4 16.1 13.3 16.5 17.0 15.9 12.6 15.4 14.8 12.0
Source: Company, Angel Research; Note:*Target multiples=SOTP Target Price/ABV (including subsidiaries) # without adjusting for SASF
Company Background
United Bank of India is a mid-sized public sector bank, with operations mostly concentrated in the eastern and northeastern states of India (80%). These states have contributed to the bank's high CASA deposits, though low credit demand especially in the northeast has prompted the bank to so far rely more on large corporate loans, including in consortium.
May 20, 2013
Income statement (Standalone)

Y/E March (` cr) NII - YoY Growth (%) Other Income - YoY Growth (%) Operating Income - YoY Growth (%) Operating Expenses - YoY Growth (%) Pre - Provision Profit - YoY Growth (%) Prov. & Cont. - YoY Growth (%) Profit Before Tax - YoY Growth (%) Prov. for Taxation - as a % of PBT PAT - YoY Growth (%) Preference Dividend PAT for Eqty.SH - YoY Growth (%) FY09 1,162 28.4 491 5.5 1,652 20.6 1,045 15.7 607 30.0 431 49.7 176 (1.6) 62 35.0 115 (20.9) 115 (20.9) FY10 1,391 19.8 559 13.8 1,950 18.0 1,074 2.8 876 44.2 465 8.0 411 132.6 88 21.5 322 181.0 17 305 166.1 FY11 2,169 55.9 637 14.0 2,806 43.9 1,299 21.0 1,507 72.1 838 80.1 669 63.0 145 21.7 524 62.5 67 457 49.7 FY12 2,479 14.3 733 15.0 3,212 14.5 1,383 6.5 1,829 21.4 980 17.0 849 26.8 216 25.5 633 20.7 87 546 19.4 FY13 2,487 0.3 1,067 45.5 3,554 10.6 1,504 8.7 2,050 12.1 1,759 79.5 291 (65.8) (101) (34.9) 392 (38.0) 79 313 (42.7) FY14E 2,727 9.6 717 (32.8) 3,443 (3.1) 1,701 13.1 1,742 (15.0) 861 (51.1) 881 203.3 238 27.0 643 64.1 79 564 80.4 FY15E 3,237 18.7 761 6.2 3,998 16.1 1,871 10.0 2,127 22.1 847 (1.6) 1,280 45.3 435 34.0 845 31.4 79 766 35.8
Balance sheet (Standalone)

Y/E March (` cr) Share Capital Equity Preference Reserves & Surplus Deposits - Growth (%) Borrowings Tier 2 Capital Other Liab & Prov. Total Liabilities Cash balances Bank balances Investments Advances - Growth (%) Fixed Assets Other Assets Total Assets - Growth (%) FY09 1,782 1,532 250 1,295 54,536 16.1 457 1,525 2,436 62,031 4,532 1,878 17,924 35,394 27.0 624 1,679 62,031 14.2 FY10 866 316 550 3,037 25.0 915 1,525 2,481 4,707 1,671 FY11 1,144 344 800 3,877 14.2 2,887 1,525 2,763 5,943 1,385 FY12 1,161 361 800 4,419 14.5 3,195 1,725 2,394 5,092 2,185 29,059 63,043 17.8 805 1,826 13.3 FY13 1,175 375 800 4,709 12.9 3,261 1,682 3,137 3,847 5,142 33,463 68,909 9.3 857 2,397 12.4 FY14E 1,175 375 800 5,143 9.0 3,547 1,640 3,456 4,937 2,493 34,483 79,245 15.0 904 2,608 8.8 FY15E 1,175 375 800 5,734 119,584 9.0 3,857 1,599 3,633 135,583 5,381 2,712 32,568 91,132 15.0 954 2,836 135,583 8.8
68,180 77,845
89,116 100,652 109,710
77,005 90,041 102,010 114,615 124,671
26,068 26,259 42,330 53,502 19.6 651 1,578 24.1 26.4 819 2,133 16.9
77,005 90,041 102,010 114,615 124,671
May 20, 2013
Ratio analysis (Standalone)

Y/E March Profitability ratios (%) NIMs Cost to Income Ratio RoA RoE B/S ratios (%) CASA Ratio Credit/Deposit Ratio CAR - Tier I Asset Quality (%) Gross NPAs Net NPAs Slippages Loan Loss Prov. /Avg. Assets Provision Coverage Per Share Data (`) EPS ABVPS (75% cover.) DPS Valuation Ratios PER (x) P/ABVPS (x) Dividend Yield DuPont Analysis NII (-) Prov. Exp. Adj. NII Treasury Int. Sens. Inc. Other Inc. Op. Inc. Opex PBT Taxes RoA Preference Dividend ROA after Pref Div Leverage RoE 2.0 0.7 1.3 0.4 1.6 0.5 2.1 1.8 0.3 0.1 0.2 0.2 25.7 5.1 2.0 0.7 1.3 0.3 1.6 0.5 2.1 1.5 0.6 0.1 0.5 0.0 0.4 26.4 11.6 2.60 1.00 1.59 0.24 1.83 0.53 2.36 1.56 0.80 0.17 0.63 0.08 0.55 25.84 14.14 2.6 1.0 1.6 0.2 1.8 0.5 2.3 1.4 0.9 0.2 0.7 0.1 0.6 24.9 14.2 2.3 1.6 0.7 0.4 1.1 0.6 1.7 1.4 0.3 (0.1) 0.4 0.1 0.3 25.2 7.3 2.3 0.7 1.6 0.1 1.6 0.5 2.2 1.4 0.7 0.2 0.5 0.1 0.5 25.7 12.1 2.5 0.7 1.8 0.0 1.9 0.5 2.4 1.4 1.0 0.3 0.6 0.1 0.6 25.2 14.8 77.6 4.3 6.0 0.7 3.4 4.4 0.6 3.8 3.8 0.5 4.1 7.0 0.6 3.6 3.9 0.5 5.2 2.8 0.4 6.9 0.7 13.6 0.0 9.6 86.3 2.0 13.3 101.2 2.2 15.1 109.0 2.4 8.3 101.0 2.1 15.1 116.2 3.0 20.4 137.5 4.0 2.8 1.5 2.9 0.3 48.5 3.2 1.8 2.7 0.4 68.0 2.5 1.4 2.3 0.5 72.1 3.4 1.7 3.6 0.7 69.2 4.2 2.9 3.9 0.9 62.5 4.5 2.5 2.3 0.5 66.0 4.6 2.1 2.0 0.5 70.0 37.8 64.9 13.3 7.6 38.1 62.1 12.8 8.2 40.8 68.7 13.1 8.9 40.8 70.7 12.7 8.8 39.6 68.5 11.7 8.3 40.0 72.2 11.4 8.3 41.4 76.2 11.3 8.4 2.1 63.3 0.2 5.1 2.1 55.1 0.5 11.6 2.7 46.3 0.6 14.1 2.7 43.1 0.7 14.2 2.4 42.3 0.4 7.3 2.3 49.4 0.5 12.1 2.6 46.8 0.6 14.8 FY09 FY10 FY11 FY12 FY13 FY14E FY15E
May 20, 2013
10
Research Team Tel: 022 - 39357800
E-mail: research@angelbroking.com
Website: www.angelbroking.com
DISCLAIMER
This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment decision. 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 reliable sources 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 this document is for general guidance only. Angel Broking Limited or any of its affiliates/ group companies shall not be in any way responsible 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. While Angel 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 the latest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Limited and its affiliates may have investment positions in the stocks recommended in this report.
Disclosure of Interest Statement 1. Analyst ownership of the stock 2. Angel and its Group companies ownership of the stock 3. Angel and its Group companies' Directors ownership of the stock 4. Broking relationship with company covered
United Bank of India No No No No
Note: We have not considered any Exposure below ` 1 lakh for Angel, its Group companies and Directors
Ratings (Returns):
Buy (> 15%) Reduce (-5% to -15%)
Accumulate (5% to 15%) Sell (< -15%)
Neutral (-5 to 5%)
May 20, 2013
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4QFY2013 Result Update | Banking

May 20, 2013