Union Bank of India Result Updated

4QFY2012 Result Update | Banking
May 10, 2012
Union Bank of India

Performance Highlights
Particulars (` cr) NII Pre-prov. profit PAT

Source: Company, Angel Research
BUY
CMP Target Price
% chg (qoq) 5.4 24.5 292.5 4QFY11 1,717 870 598 % chg (yoy) 9.3 83.9 29.4
`203 `276
12 months
4QFY12 1,877 1,599 773
3QFY12 1,781 1,284 197
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 10,649 0.9 332/156 136,186 10 16,420 4,966 UNBK.BO UNBK@IN
For 4QFY2012, Union Bank of India reported strong net profit growth of 29.4% yoy, aided by considerably higher provisioning expenses, higher growth in fee income and lower employee expenses. We recommend a Buy rating on the stock due to its attractive valuations. Advances growth remains healthy; Slippages normalize: The banks advances, continuing the trend witnessed in the past few quarters, grew at a healthy pace of 17.8% yoy during 4QFY2012 as well. Deposits growth was relatively moderate, though at 10.1% yoy. Even on the CASA deposits front, growth remained sluggish at 8.4% on a yoy basis. CASA ratio decreased by 49bp yoy to 31.3% (126bp sequentially). Expansion in CD ratio coupled with relatively low growth in CASA led to an increase of 11bp qoq in cost of funds, which offset the 9bp qoq increase in yield on funds, resulting in sequentially flat reported NIM at 3.3% in 4QFY2012. On the asset-quality front, the banks slippages normalized to `607cr (annualized slippage ratio of 1.6%) from an average quarterly run rate of `890cr over the past four quarters. Gross and net NPA ratios improved by 32bp and 18bp qoq, respectively. Provision coverage ratio (including technical write-offs) dipped by 92bp qoq to 62.2%. The bank restructured advances worth `3,236cr during the quarter, taking the outstanding restructured book to `11,879cr (6.7% of loan book in 4QFY2012 as against 5.5% in 3QFY2012). Out of the total restructured book, the bank has till date witnessed slippages of 10.3%. In terms of restructuring pipeline, the bank expects one discom to be restructured in 1QFY2013 (exposure of ~`1,100cr). Outlook and valuation: Going ahead, we expect the bank to report reasonable earnings in FY2013, considering the asset quality improvement, as evident from normalization of slippages at 1.5-1.6%, much lower than the average quarterly run rate, minimal profitability impact of a sharp rise in restructuring and further cushion expected from pick-up in recoveries from technically slipped accounts. In our view, Union Bank of India, though structurally among the better large PSU banks, is trading at attractive valuations of 0.7x FY2014E P/ABV, much lower than peers. Hence, we recommend Buy on the stock with a target price of `276.
Shareholding Pattern (%) Promoters MF / Banks / Indian Fls FII / NRIs / OCBs Indian Public / Others 54.4 18.9 9.6 17.1
Abs. (%) Sensex Union BoI
3m (7.5) (19.0)
1yr (11.3) (36.1)
3yr 38.3 26.5
Key financials
Y/E March (` cr) NII % chg Net profit % chg NIM (%) EPS (`) P/E (x) P/ABV (x) RoA (%) RoE (%)
FY2011 6,216 48.3 2,082 0.3 3.0 39.6 5.1 1.0 1.0 20.9
FY2012 6,909 11.1 1,787 (14.2) 2.8 32.3 6.3 0.9 0.7 14.8
FY2013E 8,141 17.8 2,363 32.2 2.9 42.7 4.8 0.8 0.8 17.0
FY2014E 9,452 16.1 2,777 17.5 2.8 50.2 4.0 0.7 0.8 17.5
Vaibhav Agrawal
022 3935 7800 Ext: 6808 vaibhav.agrawal@angelbroking.com
Varun Varma
022 3935 7800 Ext: 6847 varun.varma@angelbroking.com
Sourabh Taparia
022 3935 7800 Ext: 6872 sourabh.taparia@angelbroking.com
Please refer to important disclosures at the end of this report
Union Bank of India | 4QFY2012 Result Update
Exhibit 1: 4QFY2012 performance

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 - Recov. from written off a/cs - Others 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 (%)
4QFY12 3QFY12 % chg (qoq) 4QFY11 % chg (yoy) 5,743 4,384 1,223 58 79 3,867 1,877 755 628 403 127 162 63 2,632 1,033 595 438 1,599 517 226 291 1,082 308 773 28.5 5,375 4,030 1,143 112 90 3,594 1,781 592 491 323 101 90 78 2,373 1,089 701 388 1,284 973 425 548 311 114 197 36.7 6.9 8.8 7.0 (48.0) (13.1) 7.6 5.4 27.6 28.0 24.8 25.7 80.0 (19.3) 10.9 (5.1) (15.2) 13.1 24.5 (46.8) (46.8) (46.8) 247.3 169.6 292.5 (823)bp 4,615 3,458 1,034 60 64 2,899 1,717 601 489 332 112 98 59 2,317 1,448 1,053 395 870 153 98 55 716 119 598 16.6 24.4 26.8 18.3 (3.3) 22.4 33.4 9.3 25.8 28.6 21.7 13.4 65.3 6.8 13.6 (28.6) (43.5) 11.0 83.9 237.4 130.6 426.9 51.0 159.8 29.4 1194bp
Exhibit 2: 4QFY2012 Actual vs. Estimates

Particulars (` cr) NII Other income Operating income Operating expenses Pre-prov. profit Provisions & cont. PBT Prov. for taxes PAT
Actual 1,877 755 2,632 1,033 1,599 517 1,082 308 773
Estimates 1,857 597 2,454 1,105 1,349 591 758 158 600
Var. (%) 1.1 26.5 7.3 (6.5) 18.5 (12.5) 42.7 95.2 28.8
May 10, 2012
Exhibit 3: 4QFY2012 performance analysis

Particulars Balance sheet Advances (` cr) Deposits (` cr) Credit-to-Deposit Ratio (%) CASA deposits (` cr) Reported CASA ratio (%) CAR (%) Tier 1 CAR (%) Profitability Ratios (%) Yield on funds Cost of funds Reported NIM Cost-to-income ratio Asset quality Gross NPAs (` cr) Gross NPAs (%) Net NPAs (` cr) Net NPAs (%) Provision Coverage Ratio (%) Slippage ratio (%) LLP to avg. assets (%)
4QFY12
3QFY12
% chg (qoq)
4QFY11 % chg (yoy) 17.8 10.1 524bp 8.4 (49)bp (110)bp (32)bp 89bp 100bp (18)bp (2322)bp 50.4 64bp 67.7 51bp (536)bp 25bp 19bp
177,882 156,202 222,869 205,317 79.8 69,705 31.3 11.9 8.4 9.7 6.5 3.3 39.3 5,450 3.0 3,025 1.7 62.2 1.6 0.4 76.1 66,810 32.5 11.7 8.0 9.6 6.4 3.3 45.9 5,209 3.3 2,879 1.9 63.1 1.5 0.7
13.9 150,986 8.5 202,461 374bp 4.3 (126)bp 13bp 39bp 9bp 11bp (5)bp (663)bp 4.6 (32)bp 5.1 (18)bp (92)bp 11bp (36)bp 74.6 64,307 31.8 13.0 8.7 8.8 5.5 3.4 62.5 3,623 2.4 1,803 1.2 67.6 1.4 0.2
Advances growth remains healthy; NIM remains flat qoq

The banks advances, continuing the trend witnessed in the past few quarters, grew at a healthy pace of 17.8% yoy during 4QFY2012 as well. Deposits growth was relatively moderate, though at 10.1% yoy. Consequently, CD ratio surged by 524bp yoy (374bp sequentially). Even on the CASA deposits front, growth remained sluggish at 8.4% on a yoy basis. CASA ratio decreased by 49bp yoy to 31.3% (126bp sequentially). Going forward in FY2013, the bank has guided for 19% growth in advances and 17% growth in deposits.
Exhibit 4: Advances growth remains healthy

Adv. yoy chg (%) 30.0 76.1 Dep. yoy chg (%) CDR (%, RHS) 79.8 75.3 73.1 10.0 82.0 80.0 20.0 78.0 76.0 74.0 72.0 70.0 68.0 4QFY11 1QFY12 2QFY12 3QFY12 4QFY12
Exhibit 5: CASA ratio decreased marginally yoy

CASA ratio (%) 34.0 33.0 32.0 31.0 19.2 12.4 8.0 7.6 8.4 10.0 CASA yoy growth (%, RHS) 30.0
74.6
20.0
26.5 19.1
16.7 16.1
18.6 10.0
16.8 10.0
17.8 10.1
31.8
31.5
32.1
32.5
29.0 4QFY11 1QFY12 2QFY12 3QFY12 4QFY12
31.3
30.0
May 10, 2012
Expansion in CD ratio coupled with relatively low growth in CASA led to an increase of 11bp qoq in cost of funds to 6.5%. Yield on funds also went up by 9bp sequentially to 9.7%. Consequently, reported NIM remained flat to 3.3% in 4QFY2012. Management has guided for reported NIM to be above 3.0% for FY2013 as compared to 3.3% witnessed in FY2012.
Exhibit 6: Rise in cost of funds offset increase in yield on funds...

(%) 7.00 6.50 6.00 5.50 5.00 4.50 4QFY11 1QFY12 2QFY12 3QFY12 4QFY12 5.54 6.16 6.25 6.43
Exhibit 7: ...results in nearly flat NIM

(%) 3.50 3.30 3.10 2.90 2.70 4QFY11 1QFY12 2QFY12 3QFY12 4QFY12 3.10 3.44 3.31 3.21 3.26
6.54
Healthy growth in non-interest income in 4QFY2012

Non-interest income grew at a healthy pace of 28.6% yoy, partly aided by higher recoveries from written-off accounts (`162cr in 4QFY2012 as against `98cr in 4QFY2011). Treasury income grew by 13.4% yoy and 25.7% qoq to `127cr. Fee income showed traction during the quarter, with healthy growth of 21.7% yoy (24.8% qoq). We expect core fee income to grow by 16.0% and 17.0% in FY2013 and FY2014, respectively.
Exhibit 8: Non-interest income grew partly due to higher recoveries

Particulars (` cr) CEB Treasury Recoveries Others Other income Other income excl. treasury
4QFY12 3QFY12 403 127 162 63 755 628 323 101 90 78 592 491
% chg (qoq) 4QFY11 24.8 25.7 80.0 (19.2) 27.6 28.0 332 112 98 59 601 489
% chg (yoy) 21.7 13.4 65.3 6.8 25.8 28.6
Slippages normalize; restructured book up by 37.4% qoq on absolute basis

On the asset-quality front, the banks slippages normalized to `607cr (annualized slippage ratio of 1.6%) from an average quarterly run rate of `890cr over the past four quarters. Recoveries and upgrades at `255cr were also higher than the average quarterly run-rate of `211cr, which aided the bank to partially compensate the increase in gross slippages, leading to a 4.6% qoq increase in absolute gross NPAs and a 5.1% qoq increase in net NPAs. Consequently, gross and net NPA ratios improved by 32bp and 18bp qoq, respectively. Provision coverage ratio (including technical write-offs) dipped by 92bp qoq to 62.2%.
May 10, 2012
The bank restructured advances worth `3,236cr during the quarter, taking the outstanding restructured book to `11,879cr (6.7% of loan book in 4QFY2012 as against 5.5% in 3QFY2012). Out of the total restructured book, the bank has till date witnessed slippages of 10.3%. In terms of restructuring pipeline, the bank expects one discom to be restructured in 1QFY2013 (exposure of ~`1,100cr). Management sounded confident that the bank would take no NPV loss on any SEB restructuring. On the back of moderating asset-quality pressures evident from the stabilization in slippages from the high average run rate over the past four quarters, we have reduced our provisioning estimates for the bank by 7.7% for FY2013.
Exhibit 9: Slippages normalize at 1.6%

Slippages (%) 6.0 4.5 3.0 1.5 4QFY11 1QFY12 2QFY12 3QFY12 4QFY12 0.2 0.9 0.6 0.7 0.4 Credit cost (%, RHS) 1.0
Exhibit 10: Asset quality improves slightly

Gross NPAs (%) 4.0 3.0 60.5 2.0 0.4 1.0 60.0 55.0 67.6 68.2 63.1 62.2 Net NPAs (%) PCR (%, RHS) 70.0 65.0
0.7
1.4
2.0
4.8
1.5
1.6
2.4 1.2
2.6 1.3
3.5 2.0
3.3 1.9
0.1
4QFY11 1QFY12 2QFY12 3QFY12 4QFY12

3.0 1.7
50.0
Exhibit 11: 185 branches added in FY2012

Branches 3,300 3,200 3,025 3,100 3,000 2,900 4QFY11 1QFY12 2QFY12 3QFY12 4QFY12
Exhibit 12: Cost ratios remain under control

Cost-to-income ratio (%) 4,100 3,800 3,500 3,200 2,900 2,600 2,300 2,000 75.0 60.0 45.0 30.0 1.5 1.6 2.6 1.8 1.6 Opex to average assets (%, RHS) 3.0 2.4 1.8 1.2
ATMs (RHS) 3,801
2,634
2,673
2,757
3,016
3,038
3,051
3,177
3,201
62.5
43.8
44.3
45.9
39.3
15.0 -
0.6 -
4QFY11 1QFY12 2QFY12 3QFY12 4QFY12

May 10, 2012
Investment argument
Asset-quality improves
Union Bank of India has managed to improve its asset quality in the past two quarters, as evident from gross annualized slippage rate of 1.6% as of 4QFY2012, much lower from the spate of high slippages witnessed a few quarters earlier. In fact, slippages went as high as 4.8% as of 2QFY2012.
Outlook and valuation

Going ahead, we expect the bank to report reasonable earnings in FY2013, considering the asset quality improvement, as evident from normalization of slippages at 1.5-1.6%, much lower than the average quarterly run rate, minimal profitability impact of a sharp rise in restructuring and further cushion expected from pick-up in recoveries from technically slipped accounts. In our view, Union Bank of India, though structurally among the better large PSU banks, is trading at attractive valuations of 0.7x FY2014E P/ABV, much lower than peers. Hence, we recommend a Buy rating on the stock with a target price of `276.
Exhibit 13: Key assumptions

Particulars (%) Credit growth Deposit growth CASA ratio NIMs Other income growth Growth in staff expenses Growth in other expenses Slippages Treasury gain/(loss) (% of investments)
Earlier estimates FY2013 13.0 13.0 32.7 2.8 4.3 (3.0) 10.0 3.5 63.0 FY2014 15.0 17.0 32.4 2.9 3.3 15.0 15.0 3.0 65.0
Revised estimates FY2013 16.0 20.0 29.8 2.9 (11.1) 15.0 15.0 2.0 70.0 FY2014 17.0 20.0 28.9 2.8 15.8 15.0 15.0 2.0 75.0
Exhibit 14: Change in estimates

Particulars (` cr) NII Non-interest income Operating income Operating expenses Pre-prov. profit Provisions & cont. PBT Prov. for taxes PAT Earlier estimates 8,126 2,225 10,352 4,616 5,735 2,310 3,425 1,111 2,314 FY2013 Revised estimates 8,141 % chg 0.2 Earlier estimates 9,441 2,547 11,987 5,309 6,679 2,517 4,161 1,350 2,811 FY2014 Revised estimates 9,452 % chg 0.1
2,074 (6.8) 10,215 (1.3) 4,586 (0.7) 5,630 (1.8) 2,132 (7.7) 3,498 1,135 2,363 2.1 2.1 2.1
2,402 (5.7) 11,854 (1.1) 5,273 (0.7) 6,581 (1.5) 2,470 (1.9) 4,111 (1.2) 1,334 (1.2) 2,777 (1.2)
May 10, 2012
Exhibit 15: P/ABV band

Price (`) 600 500 400 300 200 100 0
Apr-06 Apr-07 Apr-08 Apr-09 Apr-10 Apr-11 Oct-06 Oct-07 Oct-08 Oct-09 Oct-10 Oct-11 Apr-12 Oct-12
0.7x
1x
1.3x
1.6x
1.9x
May 10, 2012
Exhibit 16: 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 Accumulate Buy Neutral Buy Accumulate Neutral Buy Buy Buy Buy Neutral Buy Buy Buy Buy Buy Neutral Buy Buy Buy Buy Neutral Buy Buy Neutral CMP (`) 979 408 517 813 23 326 152 105 641 353 48 419 77 404 84 92 196 82 854 220 754 1,844 91 68 203 58 53 Tgt. price (`) 1,587 567 1,201 470 166 925 411 57 522 504 118 117 240 101 285 1,117 2,593 128 276 85 Upside (%) 62.1 9.7 47.8 43.9 9.3 44.5 16.3 18.7 24.7 24.7 39.8 26.5 22.4 23.7 29.6 48.1 40.6 41.1 35.9 46.3 FY2014E P/ABV (x) 1.3 1.0 3.0 1.3 1.1 1.7 0.6 0.6 0.7 0.7 0.6 0.7 0.7 0.5 0.5 0.6 0.7 0.5 0.8 0.5 0.7 1.1 0.5 0.8 0.7 0.4 0.6 FY2014E Tgt. P/ABV (x) 2.2 3.3 1.9 2.4 0.7 1.1 1.0 0.7 0.9 0.7 0.7 0.7 0.8 0.6 0.6 1.1 1.6 0.8 0.9 0.6 FY2014E P/E (x) 7.0 7.1 14.6 10.0 6.1 7.9 3.6 4.1 4.3 4.4 3.7 4.5 3.9 3.6 3.3 3.9 4.0 3.8 4.4 3.4 4.3 6.8 3.3 4.7 4.0 2.7 4.3 FY2012-14E EPS CAGR (%) 16.4 13.0 27.0 20.4 4.5 22.5 6.2 3.3 11.1 23.3 45.3 11.8 45.7 5.3 6.2 22.7 5.4 28.3 8.8 27.7 10.3 23.6 8.7 7.0 24.8 11.4 13.5 FY2014E RoA (%) 1.5 1.3 1.7 1.5 0.8 1.4 0.9 0.9 1.1 0.8 0.7 0.9 0.5 0.8 0.9 0.9 1.2 0.6 1.4 0.8 1.0 1.0 0.8 0.5 0.8 0.7 0.5 FY2014E RoE (%) 20.3 14.5 22.1 16.0 17.5 23.3 17.6 16.0 18.2 16.9 17.2 16.4 13.8 16.5 16.9 14.8 18.2 13.9 18.6 14.3 18.1 19.1 17.1 13.4 17.5 15.9 13.7
Source: Company, Angel Research; Note:*Target multiples=SOTP Target Price/ABV (including subsidiaries), #Without adjusting for SASF
May 10, 2012
Income statement
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 (%) FY09 3,814 23.6 1,483 20.3 5,296 22.6 2,214 39.0 3,082 13.1 725 (16.2) 2,357 26.7 630 26.7 1,727 24.5 FY10 4,192 9.9 1,975 33.2 6,167 16.4 2,508 13.3 3,659 18.7 826 13.9 2,833 20.2 758 26.8 2,075 20.2 FY11 6,216 48.3 2,039 3.2 8,255 33.9 3,950 57.5 4,305 17.6 1,350 63.3 2,955 4.3 873 29.6 2,082 0.3 FY12 6,909 11.1 2,332 14.4 9,241 11.9 3,988 1.0 5,254 22.0 2,541 88.3 2,713 (8.2) 926 34.1 1,787 (14.2) FY13E 8,141 17.8 2,074 (11.1) 10,215 10.5 4,586 15.0 5,630 7.2 2,132 (16.1) 3,498 28.9 1,135 32.4 2,363 32.2 FY14E 9,452 16.1 2,402 15.8 11,854 16.0 5,273 15.0 6,581 16.9 2,470 15.9 4,111 17.5 1,334 32.4 2,777 17.5
Balance sheet
Y/E March (` cr) Share Capital 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 505 8,235 138,703 33.5 3,885 4,890 4,757 160,976 8,992 6,993 42,997 96,534 29.8 2,335 3,124 160,976 29.7 FY10 505 9,919 170,040 22.6 3,125 6,090 5,483 195,162 12,468 3,308 54,404 119,315 23.6 2,305 3,361 195,162 21.2 FY11 635 12,129 202,461 19.1 7,126 6,190 7,443 235,984 17,610 2,488 58,399 150,986 26.5 2,293 4,208 235,984 20.9 FY12 662 13,971 222,869 10.1 7,918 9,992 6,800 262,211 11,634 4,042 62,364 177,882 17.8 2,336 3,955 262,211 11.1 FY13E 662 15,780 267,443 20.0 9,451 11,590 8,071 312,997 10,698 4,824 83,706 206,343 16.0 2,705 4,721 312,997 19.4 FY14E 662 17,906 320,931 20.0 11,296 13,561 9,709 374,064 12,837 5,766 105,262 241,422 17.0 3,135 5,642 374,064 19.5
May 10, 2012
Ratio analysis
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 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 before pref. div. Pref. div. RoA Leverage (x) RoE 2.7 0.5 2.2 0.2 2.4 0.8 3.2 1.6 1.7 0.4 1.2 1.2 22.5 27.2 2.4 0.5 1.9 0.3 2.2 0.8 3.0 1.4 1.6 0.4 1.2 1.2 22.5 26.2 2.9 0.6 2.3 0.2 2.5 0.7 3.2 1.8 1.4 0.4 1.0 0.0 1.0 21.7 20.9 2.8 1.0 1.8 0.3 2.0 0.7 2.7 1.6 1.1 0.4 0.7 0.0 0.7 20.7 14.8 2.8 0.7 2.1 0.1 2.2 0.7 2.8 1.6 1.2 0.4 0.8 0.0 0.8 20.8 17.0 2.8 0.7 2.0 0.1 2.1 0.6 2.7 1.5 1.2 0.4 0.8 0.0 0.8 21.7 17.5 5.9 1.5 2.5 4.9 1.2 2.7 5.1 1.0 3.9 6.3 0.9 3.9 4.8 0.8 4.2 4.0 0.7 4.9 34.2 139.7 5.0 41.1 173.6 5.5 39.6 202.6 8.0 32.3 216.6 8.0 42.7 259.1 8.5 50.2 306.7 10.0 2.0 0.3 1.6 0.4 83.1 2.2 0.8 1.8 0.4 74.0 2.4 1.2 2.4 0.6 66.8 3.0 1.7 2.5 0.6 62.2 3.6 1.4 2.0 0.7 70.0 4.1 1.3 2.0 0.6 75.0 30.1 69.6 12.0 7.4 31.7 70.2 12.5 7.9 31.8 74.6 13.0 8.7 31.3 79.8 15.4 8.9 29.8 77.2 13.7 7.8 28.9 75.2 13.2 7.4 2.8 41.8 1.2 27.2 2.4 40.7 1.2 26.2 3.0 47.8 1.0 20.9 2.8 43.1 0.7 14.8 2.9 44.9 0.8 17.0 2.8 44.5 0.8 17.5 FY09 FY10 FY11 FY12 FY13E FY14E
May 10, 2012
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
Union 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 10, 2012
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4QFY2012 Result Update | Banking

May 10, 2012