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By
Witty Advisory
Outshining Vista
Introduction Key Points Important Definitions Revised Banking Rates Ratio Analysis Terms More Parameters Outlook on Various Banks Statement Overall Outlook on a banking sector Long Term Prospects About Witty Advisory
6/5/2012
The global financial system is still far away from a full recovery on account of a slowdown in the US economy as well as the Euro debt crisis. However, the Indian banking sector has been relatively well shielded by the central bank and has managed to sail through most of the crisis with relative ease. But, with the economic buoyancy the world over showing signs of cooling off, the investment cycle has been wavering in the country.
6/5/2012
Retail lending (especially mortgage financing) that formed a significant portion of the portfolio for most banks in the last two years lost some weightage on the banks portfolios due to their risk weightage. However, on the liabilities side, with better penetration in the semi urban and rural areas, banks garnered a higher proportion of low cost deposits thereby economizing on the cost of funds. However, the RBI recently deregulated the savings account deposit rate. However only a few smaller private sector banks have increased their rates while the others have maintained status quo.
6/5/2012
Bargaining power of suppliers High during periods of tight liquidity. Trade unions in public sector banks can be anti reforms. Depositors may invest elsewhere if interest rates fall.
6/5/2012
Bargaining power of customers For good creditworthy borrowers bargaining power is high due to the availability of large number of banks. Competition High- There are public sector banks, private sector and foreign banks along with non banking finance companies competing in similar business segments. Plus the RBI is planning to issue a few new banking licenses.
6/5/2012
Bank Rate- This is the rate at which RBI lends money to other banks (or financial institutions). Cash Reserve Ratio- Banks in India are required to hold a certain proportion of their deposits in the form of cash. However, actually Banks dont hold these as cash with themselves, but deposit such case with Reserve Bank of India (RBI) . Statutory Liquidity Ratio (SLR)- This term is used by bankers and indicates the minimum percentage of deposits that the bank has to maintain in form of gold, cash or other approved securities with themselves.
6/5/2012
Repo Rate under LAF- It is the rate at which the RBI lends shot-term money to the banks against securities. Reverse Repo Rate under LAF-It is the rate at which banks park their short-term excess liquidity with the RBI. Marginal Standing Facility (MSF)-Under this scheme, Banks will be able to borrow up to 1% of their respective Net Demand and Time Liabilities". The rate of interest on the amount accessed from this facility will be 100 basis points (i.e. 1%) above the Repo rate. This scheme is likely to reduce volatility in the overnight rates and improve monetary transmission.
6/5/2012
Bank Rate 9.00% Cash Reserve Ratio (CRR) 4.75% Statutory Liquidity Ratio (SLR) 24% Repo Rate under LAF 8.00% Reverse Repo Rate under LAF 7.00% Marginal Standing Facility 9.00%
6/5/2012
Earnings Per Share(EPS)- The portion of a company's profit allocated to each outstanding share of common stock. Earnings per share serves as an indicator of a company's profitability. Formula- Net Income-Dividend/Average outstanding charges
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10
Price-to-Earnings ratio(P/E) -In stock trading, it is the measure of the price paid for a share relative to the annual net income or profit earned by the firm per share. Formula-Market Ratio Per Share/Earnings Per Share
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11
Price/Cash flow ratio (also called priceto-cash flow ratio or P/C)- It is a ratio used to compare a company's market value to its cash flow. Formula- Market Capital/Cash Flow
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12
Book Value- In accounting,It is the value of an asset according to its balance sheet account balance. For assets, the value is based on the original cost of the asset less any depreciation, amortization or Impairment costs made against the asset.
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13
The Price-to-Book ratio(P/B ratio)- It is a financial ratio used to compare a company's book value to its current market price. Formula- (1)-Market Cap/Book Value (2)-CMP/Book Value Pr Share
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14
Dividend-They are the payments made by a corporation to its shareholder members. It is the portion of corporate profits paid out to stockholders. It is generally calculated in terms of percentage.
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15
Dividend Yield- It is the company's total annual dividend payments divided by its market capitalization, or the dividend per share, divided by the price per share. It is often expressed as a percentage.
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16
Results
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Shareholding Promoter's holding Institutional investors Private Corporate Bodies NRI's/OCB's/Foreign Others Government NPA (Non Performing Assets)
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18
EPS- 114.42 P/E- 18.49 P/C- 16.38 BOOK VALUE (Rs.)- 968.97 PRICE/BOOK- 2.18 DIV (%)- 300.00 DIV YIELD (%)- 1.42 NPA- 4.44%
Average
Average
Average Outstanding Outstanding Good Average Poor
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19
Profit MarginQuarterly(Q4)- Increased Half yearly- Increased Annual- Decreased Promoters Holding remains the same. FIIs have increased. Other Investors have increased. Total Debt increased from last year.
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20
Dividend has increased from last year. Profit Before Tax has increased. Unsecured loans have increased. Depreciation has increased. Operating Profit has increased. NPA has decreased sharply.
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21
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22
EPS- 52.18 P/E- 15.50 P/C- 15.09 BOOK VALUE (Rs.)- 477.88 PRICE/BOOK- 1.80 DIV (%)- 140.00 DIV YIELD (%)- 1.63 NPA (%)- 0.73
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23
Profit MarginQuarterly- Increased Half yearly- Increased Annual- Increased FIIs have increased. Other Investors have increased. Total Debt increased from last year.
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24
Dividend has increased from last year. Profit Before Tax has increased. Unsecured loans have increased. Depreciation has decreased. Operating Profit has increased. NPA has come down from 0.84% to 0.73%.
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25
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26
EPS- 96.44 P/E- 11.62 P/C- 10.83 BOOK VALUE (Rs.)- 459.86 PRICE/BOOK- 2.44 DIV (%)- 140.00% DIV YIELD (%)- 1.25% NPA (%)- )- 0.3%
Average Poor
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27
Profit MarginQuarterly- Increased Half yearly- Decreased Annual- Decreased FIIs have increased. Other Investors have Decreased. Total Debt increased from last year.
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28
Dividend has decreased from last year. Profit After Tax has increased. Unsecured loans have increased. Depreciation has increased. Operating Profit has increased. NPA has increased.
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29
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30
EPS- 20.15 P/E- 4.58 P/C- 4.39 BOOK VALUE (Rs.)- 99.29 PRICE/BOOK- 0.93 DIV (%)- 22.00% DIV YIELD (%)- 2.38% NPA (%)- 1.15%
Outstanding Outstanding
Good Good Better
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31
Profit MarginQuarterly- Increased Half yearly- Decreased Annual- Increased FIIs investment remain same. Other Investors have Increased. Total Debt Decreased from last year.
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32
Dividend has decreased from last year. Profit After Tax has increased. Unsecured loans have increased. Depreciation has increased. Operating Profit has increased. NPA has come down.
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33
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34
EPS- 41.56 P/E- 10.00 P/C- 9.29 BOOK VALUE (Rs.)- 298.34 PRICE/BOOK- 1.39 DIV (%)- 85.00 DIV YIELD (%)- 2.05 NPA (%)- 0.81%
Average Average
Average Good Outstanding Good Good
Better
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35
Profit MarginQuarterly- Increased Half yearly- Decreased Annual- Increased FIIs investment has increased. Other Investors have Increased. Total Debt has increased from last year.
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36
Dividend has increased from last year. Profit After Tax has increased. Unsecured loans have increased. Depreciation has increased. Operating Profit has decreased. NPA has come down.
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37
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38
EPS- 75.68 P/E- 5.77 P/C- 5.52 BOOK VALUE (Rs.)- 405.00 PRICE/BOOK- 1.08 DIV (%)- 110.00 DIV YIELD (%)- 2.52 NPA (%)- 1.73%
Average
Good Good Good Outstanding Good
Good Better
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39
Profit MarginQuarterly- Increased Half yearly- Decreased Annual- Increased FIIs investment has increased. Other Investors have Decreased. Total Debt has decreased from last year.
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40
Dividend has increased from last year. Profit After Tax has increased. Unsecured loans have increased. Depreciation has decreased. Operating Profit has increased. NPA has come down.
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41
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42
EPS- 15.89 P/E- 6.49 P/C- 6.49 BOOK VALUE (Rs.)- 117.31 PRICE/BOOK- 0.88 DIV (%)- 15.00 DIV YIELD (%)- 3.40 NPA (%)- 2.1%
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43
Profit MarginQuarterly- Increased Half yearly- Increased Annual- Increased FIIs investment has decreased. Other Investors have Decreased. Total Debt has decreased from last year.
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44
Dividend has decreased from last year. Profit After Tax has increased. Unsecured loans have increased. Depreciation has increased. Operating Profit has increased. NPA has increased.
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45
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46
EPS- 38.61 P/E- 9.20 P/C- 8.65 BOOK VALUE (Rs.)- 278.47 PRICE/BOOK- 1.28 DIV (%)- 70.00 DIV YIELD (%)- 1.97 NPA (%)- 1.47%
Better
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47
Profit MarginQuarterly- Increased Half yearly- Decreased Annual- Increased FIIs investment has decreased. Other Investors have Decreased. Total Debt has increased from last year.
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48
Dividend has Increased from last year. Profit After Tax has increased. Unsecured loans have increased. Depreciation has increased. Operating Profit has increased. NPA has decreased from 1.78% to 1.47%.
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49
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50
EPS- 22.02 P/E- 24.67 P/C- 24.67 BOOK VALUE (Rs.)- 108.17 PRICE/BOOK- 5.02 DIV (%)- 215.00 DIV YIELD (%)- 0.61 NPA (%)-0.2%
Poor
Poor Poor Average Average
Good
Poor Better
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51
Profit MarginQuarterly- Decreased Half yearly- Increased Annual- Decreased FIIs investment has decreased sharply. Other Investors have increased. Total Debt has increased from last year.
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52
Dividend has Increased from last year. Profit After Tax has increased. Unsecured loans have increased. Depreciation has increased. Operating Profit has increased. NPA has decreased.
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53
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54
EPS- 17.15 P/E- 19.07 P/C- 19.07 BOOK VALUE (Rs.)- 81.59 PRICE/BOOK- 4.01 DIV (%)- 22.00 DIV YIELD (%)- 0.61 NPA (%)-0.29%
Better
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55
Profit MarginQuarterly- Increased Half yearly- Increased Annual- Decreased FIIs investment has increased. Other Investors have increased. Total Debt has decreased from last year.
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56
Dividend has Increased from last year. Profit After Tax has increased. Unsecured loans have increased. Depreciation has increased. Operating Profit has increased. NPA has decreased.
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57
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58
EPS- 27.62 P/E- 12.69 P/C- 12.69 BOOK VALUE (Rs.)- 107.46 PRICE/BOOK- 3.26 DIV (%)- 40.00 DIV YIELD (%)- 0.71 NPA (%)- 0.47
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59
Profit MarginQuarterly (Q4)- Increased Half yearly- Decreased Annual- Decreased FIIs investment has increased. Other Investors have decreased. Total Debt has increased from last year.
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60
Dividend has Increased from last year. Profit After Tax has increased. Unsecured loans have increased. Depreciation has increased. Operating Profit has increased. NPA has remained the same.
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61
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62
EPS- 29.27 P/E- 7.66 P/C- 6.99 BOOK VALUE (Rs.)- 201.72 PRICE/BOOK- 1.11 DIV (%)- 80.00 DIV YIELD (%)- 3.57 NPA (%)-1.70%
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63
Profit MarginQuarterly - Decreased Half yearly- Decreased Annual- Decreased FIIs investment has Decreased. Other Investors have increased. Total Debt has decreased from last year.
6/5/2012
64
Dividend has Increased from last year. Profit After Tax has increased. Unsecured loans have increased. Depreciation has decreased. Operating Profit has decreased. NPA has decreased.
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65
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66
EPS- 137.42 P/E- 6.16 P/C- 5.84 BOOK VALUE (Rs.)- 591.43 PRICE/BOOK- 1.43 DIV (%)- 220.00 DIV YIELD (%)- 2.60 NPA (%)-1.51
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67
Profit MarginQuarterly - Decreased Half yearly- Decreased Annual- Decreased FIIs investment has Decreased. Other Investors have decreased. Total Debt has increased from last year.
6/5/2012
68
Dividend has Increased from last year. Profit After Tax has increased. Unsecured loans have increased. Depreciation has increased. Operating Profit has increased. NPA has increased.
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69
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70
EPS- 115.99 P/E- 6.62 P/C- 6.27 BOOK VALUE (Rs.)- 534.43 PRICE/BOOK- 1.44 DIV (%)- 165.00 DIV YIELD (%)- 2.15 NPA (%)-0.51%
Outstanding
Good Good Better
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71
Profit MarginQuarterly - increased Half yearly- Decreased Annual- increased FIIs investment remains the same. Other Investors have remained the same. Total Debt has decreased from last year.
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72
Dividend has Increased from last year. Profit After Tax has increased. Unsecured loans have increased. Depreciation has increased. Operating Profit has increased. NPA has decreased.
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73
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74
EPS- 41.48 P/E- 5.54 P/C- 5.15 BOOK VALUE (Rs.)- 349.97 PRICE/BOOK- 0.66 DIV (%)- 104.00 DIV YIELD (%)- 4.53 NPA (%)- 2.1%
Better
6/5/2012
75
Profit MarginQuarterly(Q4) Decreased Half yearly- Decreased Annual- increased FIIs investment increased. Other Investors have increased. Total Debt has decreased from last year.
6/5/2012
76
Dividend has Increased from last year. Profit After Tax has increased. Unsecured loans have increased. Depreciation has increased. Operating Profit has increased. NPA has decreased.
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77
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78
EPS- 34.48 P/E- 4.87 P/C- 4.69 BOOK VALUE (Rs.)- 153.33 PRICE/BOOK- 1.09 DIV (%)- 60.00 DIV YIELD (%)- 3.58 NPA (%)- 1.77%
6/5/2012
79
Profit MarginQuarterly increased Half yearly- increased Annual- Decreased FIIs investment decreased. Other Investors have decreased. Total Debt has decreased from last year.
6/5/2012
80
Dividend has Increased from last year. Profit After Tax has decreased. Unsecured loans have increased. Depreciation has decreased. Operating Profit has decreased. NPA has decreased.
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81
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82
EPS- 7.25 P/E- 7.53 P/C- 6.50 BOOK VALUE (Rs.)- 51.68 PRICE/BOOK- 1.06 DIV (%)- 20.00 DIV YIELD (%)- 3.66 NPA (%)- 2.2%
Poor
Poor Poor Excellent Outstanding
Average
Good Better
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83
Profit MarginQuarterly increased Half yearly- increased Annual- Decreased FIIs investment increased. Other Investors have decreased. Total Debt has decreased from last year.
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84
Dividend has remained the same. Profit After Tax has decreased. Unsecured loans have increased. Depreciation has decreased. Operating Profit has decreased. NPA has decreased.
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85
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86
EPS- 11.99 P/E- 7.31 P/C- 6.59 BOOK VALUE (Rs)- 104.68 PRICE/BOOK- 0.84 DIV (%)- 50.00 DIV YIELD (%)- 5.70 NPA (%)- 1.33%
Average
Average Average Excellent Outstanding Good
Outstanding Better
6/5/2012
87
Profit MarginQuarterly Decreased Half yearly- Decreased Annual- increased FIIs investment decreased. Other Investors have decreased. Total Debt has increased from last year.
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88
Dividend has increased. Profit After Tax has increased. Unsecured loans have increased. Depreciation has decreased. Operating Profit has increased. NPA has decreased.
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89
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90
EPS- 23.55 P/E- 5.06 P/C- 4.68 BOOK VALUE (Rs)- 116.02 PRICE/BOOK- 1.03 DIV (%)- 55.00 DIV YIELD (%)- 4.62 NPA (%)- 1.48%
Average
Average
Good Outstanding Outstanding Good Excellent Better
6/5/2012
91
Profit MarginQuarterly Decreased Half yearly- Decreased Annual- increased FIIs investment decreased. Other Investors have decreased. Total Debt has increased from last year.
6/5/2012
92
Dividend has increased. Profit After Tax has increased. Unsecured loans have increased. Depreciation has decreased. Operating Profit has increased. NPA has increased from last quarter.
6/5/2012
93
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94
EPS- 42.82 P/E- 5.20 P/C- 5.00 BOOK VALUE (Rs)- 184.44 PRICE/BOOK- 1.21 DIV (%)- 75.00 DIV YIELD (%)- 3.37 NPA (%)- 2.4%
Average
Good Good Excellent Outstanding Good
Good Poor
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95
Profit MarginQuarterly increased Half yearly- Decreased Annual- Decreased FIIs investment increased. Other Investors have decreased. Total Debt has increased from last year.
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96
Dividend has increased. Profit After Tax has increased. Unsecured loans have increased. Depreciation has decreased. Operating Profit has increased. NPA has increased from last quarter.
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97
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98
EPS- 16.27 P/E- 4.75 P/C- 4.42 BOOK VALUE (Rs)- 77.97 PRICE/BOOK- 0.99 DIV (%)- 30.00 DIV YIELD (%)- 3.88 NPA (%)- 3.49%
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99
Profit MarginQuarterly increased Half yearly- Decreased Annual- Decreased FIIs investment increased. Other Investors have decreased. Total Debt has decreased from last year.
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100
Dividend has increased. Profit After Tax has decreased. Unsecured loans have increased. Depreciation has increased. Operating Profit has increased. NPA has increased from last quarter.
6/5/2012
101
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102
EPS- 18.52 P/E- 3.86 P/C- 3.63 BOOK VALUE (Rs)- 154.33 PRICE/BOOK- 0.46 DIV (%)- 20.00 DIV YIELD (%)- 2.80 NPA (%)- 0.63%
Average
Good Good Good Outstanding Good
Good Better
6/5/2012
103
Profit MarginQuarterly Decreased Half yearly- Decreased Annual- Decreased FIIs investment Decreased. Other Investors have remained the same. Total Debt has decreased from last year.
6/5/2012
104
Dividend has increased. Profit After Tax has decreased. Unsecured loans have increased. Depreciation has increased. Operating Profit has increased. NPA has decreased.
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105
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106
EPS- 21.48 P/E- 4.83 P/C- 4.57 BOOK VALUE (Rs)- 111.07 PRICE/BOOK- 0.93 DIV (%)- 37.00 DIV YIELD (%)- 3.58 NPA (%)- 1.1%
Average
Good Good Good Outstanding Good
Good Better
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107
Profit MarginQuarterly increased Half yearly- increased Annual- increased FIIs investment increased. Other Investors have decreased. Total Debt has decreased from last year.
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108
Dividend has increased. Profit After Tax has increased. Unsecured loans have increased. Depreciation has decreased. Operating Profit has increased. NPA has decreased.
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109
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110
EPS- 10.47 P/E- 8.98 P/C- 7.78 BOOK VALUE (Rs)- 94.42 PRICE/BOOK- 1.00 DIV (%)- 25.00 DIV YIELD (%)- 2.66 NPA (%)- 1.37%
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111
Profit MarginQuarterly decreased Half yearly- decreased Annual- decreased FIIs investment increased. Other Investors have decreased. Total Debt has decreased from last year.
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112
Dividend has increased. Profit After Tax has increased. Unsecured loans have increased. Depreciation has increased. Operating Profit has increased. NPA has increased from last quarter.
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113
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114
EPS- 2.29 P/E- 18.25 P/C- 18.25 BOOK VALUE (Rs)- 27.34 PRICE/BOOK- 1.53 DIV (%)- 0.00 DIV YIELD (%)- 0.00 NPA (%)- 0.57%
Poor
Poor Poor Good Good Blank
Blank Better
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115
Profit MarginQuarterly increased Half yearly- increased Annual- increased FIIs investment increased. Other Investors have increased. Total Debt has increased from last year.
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116
Dividend has increased. Profit After Tax has increased. Unsecured loans have increased. Depreciation has decreased. Operating Profit has decreased. NPA has decreased.
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117
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118
EPS- 3.19 P/E- 7.26 P/C- 6.83 BOOK VALUE (Rs)- 14.96 PRICE/BOOK- 1.55 DIV (%)- 50.00 DIV YIELD (%)- 2.16 NPA (%)- 0.25%
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119
Profit MarginQuarterly increased Half yearly- increased Annual- decreased FIIs investment increased. Other Investors have increased. Total Debt has decreased.
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120
Dividend has increased. Profit After Tax has increased. Unsecured loans have increased. Depreciation has increased. Operating Profit has decreased. NPA has increased.
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121
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122
EPS- 14.65 P/E- 37.01 P/C- 35.39 BOOK VALUE (Rs)- 92.27 PRICE/BOOK- 5.88 DIV (%)- 10.00 DIV YIELD (%)- 0.09 NPA (%)- 0.72%
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123
Profit MarginQuarterly decreased Half yearly- decreased Annual- increased FIIs investment increased. Other Investors have decreased. Total Debt has decreased from last year.
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124
Dividend is poor. Profit After Tax has increased. Unsecured loans have increased. Depreciation has increased. Operating Profit has increased. NPA has decreased.
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125
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126
EPS- 6.87 P/E- 6.77 P/C- 6.87 BOOK VALUE (Rs)-24.67 PRICE/BOOK- 1.88 DIV (%)- 85.00 DIV YIELD (%)- 1.83 NPA (%)- 0.44%
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127
Profit MarginQuarterly decreased Half yearly- decreased Annual- decreased FIIs investment increased. Other Investors have increased. Total Debt has increased from last year.
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128
Dividend is good. Profit After Tax has increased. Unsecured loans have increased. Depreciation has increased. Operating Profit has increased. NPA has come down.
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129
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130
The banking sector is under a tremendous pressure due to bad Non Performing Assets(NPAs). The Inflation is another big factor which is pulling the banking sector down. The government is in a fix between controlling the inflation and increasing the industrial output because recent IIP nos. showed a great downfall of industrial growth. The rating agencies downgrading the banks are creating further negativity in the market. .
The global cues are affecting the Indian market in a big way. The strengthening of Dollar against Rupee is making the Indian economy fall and deviating the fiscal deficit target as proposed by FM. THE GAAR problems have postponed for an year, now it will be implemented in FY14 which is a good news for the banking sector as now FIIs would start entering into the market more often than not.
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Although the banking sector is burning with pressure but still the RBI is making a clear effort of increasing the cash flow in the market as recently it has surprised the market by reducing the Repo and Reverse Repo rate by 50 bps. The IIP nos. have forced the government to take this very step despite of huge Inflation rate. The inflation nos. have shown some improvement recently so that would definitely encourage RBI to reduce rates further especially CRR.
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Our outlook is positive for banking sector in the long run. We expect further cuts in the rates by RBI. Expect some new policies to be implemented by the government which would enhance the cash flow in the country. Banks are improving with their NPA nos. which is a good sign for the sector.
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Investing in stock market has long been an exciting and able way to build wealth and nurture investments. Everyday thousands of companies offer shares for sale on national and international exchanges. But there are some mental loopholes which have derailed their investments. Research, Patience, Advice, Timings, Trust are all factors being successful with investing in companies existed on stock exchanges. We at Witty Advisory offer wise stock tips solution to help you become an expert investor.
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Advantages CustomersOur greatest Assets. Our TeamFrom every corner of the world, Diversity of backgrounds share their experience, skill to nurture our clients ProfessionalismWe never treat our customers as friends because that would abolish our strength as Witty Advisory . CommitmentTo provide service, par extrovert to nurture the inner strength of investors.
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Vision Our vision serves as the framework for our guidebook and directs every aspect of our business by describing what we need to accomplish in order to continue achieving sustainable, Quality growth
Target -
To access the whole market within our reach. Our Working Moto Be close to your friends but be closer to your enemies. Mission Our guide map for success starts with our mission which is Outshining Vista.
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Each member of the team involved in the preparation of the grading report, hereby affirms that there exists no conflict of interest that can bias the grading recommendation of the company. The team is not liable for any mishap on the part of Witty Advisory.
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