Download - UCO Bank Result Updated
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Please refer to important disclosures at the end of this report 1
Particulars (` cr) 4QFY12 3QFY12 % chg (qoq) 4QFY12 % chg (yoy)NII 1,051 1,033 1.7 844 24.4Pre-prov. profit 728 761 (4.3) 580 25.6
PAT 253 333 (24.0) 226 11.9Source: Company, Angel Research
For 4QFY2012, UCO Bank reported an 11.9% yoy increase (down 24.0%
qoq) in its net profit to `253cr, which was below our estimates, mostly due to
lower non-interest income and higher provisioning expenses than estimated
by us. We maintain our Neutral recommendation on the stock.Asset quality deteriorates during 4QFY2012: For FY2012, the banks advancesgrew by reasonably healthy 16.6% yoy (up 9.1% qoq); however, the banks
deposits growth was low at 6.0% yoy (up 7.6% qoq). CA deposit accretion picked
up during 4QFY2012 with 24.2% qoq growth (up 4.4% yoy); however, savings
accounts growth was moderate at 2.0% qoq (up 8.1% yoy). Reported CASA ratio
on a qoq basis remained stable at 22.0%. Reported NIM of the bank declined by
18bp qoq, as higher cost of funding bulk deposits increased cost pressures, while
interest reversals led to lower yield on advances. During 4QFY2012, fee income
increased by 10.4% qoq, primarily due to a sharp rise in recoveries from written-
off accounts. Slippages for the bank spiked up sharply during 4QFY2012 to
`841cr (slippage ratio of 3.4%). The banks PCR improved qoq by 317bp to54.4%, although it remains one of the lowest in the industry.
Outlook and valuation: Structurally, the bank has had a relatively high exposureto large corporates, low CASA of ~22% and low fee income. Going forward, we
expect the banks earnings to find support from its increasing exposure to the SME
and retail segments (gold loans etc.), improving other income and moderating
asset-quality pressures, aided by increasing recoveries. However, at the CMP, the
stock is trading at 0.7x FY2013E ABV, which we believe factors in the
improvement expected in earnings quality. Also, lower provisioning coverage ratio
(higher provisioning burden as the bank moves to 70%) and low core tier-I capital
(slower credit growth to accord with Basel-3 norms) are a further overhang.Hence, we maintain our Neutral recommendation on the stock. Key financials
Y/E March (` cr) FY2011 FY2012 FY2013E FY2014ENII 3,845 3,902 4,595 5,205% chg 65.4 1.5 17.7 13.3
Net profit 907 1,109 1,302 1,363% chg (10.4) 22.3 17.5 4.7
NIM (%) 2.6 2.3 2.4 2.4
EPS (`) 12.6 14.0 16.9 17.9P/E (x) 5.4 4.8 4.0 3.8
P/ABV (x) 1.0 0.8 0.7 0.7
RoA (%) 0.6 0.6 0.7 0.6
RoE (%) 20.7 16.2 16.5 15.4
Source: Company, Angel Research
NEUTRALCMP `68
Target Price -
Investment Period -
Stock Info
Sector Banking
Market Cap (` cr) 4,242
Beta 1.3
52 Week High / Low 102/45
Avg. Daily Volume 459,182
Face Value (`) 10BSE Sensex 16,293
Nifty 4,929
Reuters Code UCBK.BO
Bloomberg Code UCO@IN
Shareholding Pattern (%)
Promoters 65.2
MF / Banks / Indian Fls 14.7
FII / NRIs / OCBs 3.8
Indian Public / Others 16.3
Abs. (%) 3m 1yr 3yr
Sensex (8.2) (12.3) 39.5
UCO Bank (14.2) (32.4) 101.2
Vaibhav Agrawal022 3935 7800 Ext: 6808
Varun Varma022 3935 7800 Ext: 6847
Sourabh Taparia022 3935 7800 Ext: 6872
UCO BankPerformance Highlights
4QFY2012 Result Update | Banking
May 11, 2012
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Uco Bank | 4QFY2012 Result Update
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Exhibit 1:4QFY2012 performanceParticulars (` cr) 4QFY12 3QFY12 % chg (qoq) 4QFY11 % chg (yoy)Interest earned 3,965 3,738 6.1 3,068 29.2- on Advances / Bills 3,106 2,893 7.4 2,298 35.2- on investments 820 824 (0.5) 728 12.7
- on balance with RBI & others 16 16 (1.7) 20 (19.8)
- on others 24 6 310.0 24 (0.7)
Interest Expended 2,914 2,706 7.7 2,224 31.0Net Interest Income 1,051 1,033 1.7 844 24.4Other income 252 235 7.1 292 (13.7)Other income excl. treasury 219 198 10.4 265 (17.4)
Operating income 1,303 1,268 2.7 1,136 14.6Operating expenses 574 507 13.3 556 3.2- Employee expenses 369 348 5.9 381 (3.2)
- Other Opex 206 159 29.6 175 17.3
Pre-provision Profit 728 761 (4.3) 580 25.6Provisions & Contingencies 456 420 8.5 341 33.8- Provisions for NPAs 379 133 184.8 94 304.5
- Other Provisions 77 287 (73.1) 247 NA
PBT 272 341 (20.1) 239 13.8Provision for Tax 19 8 140.5 13 45.2PAT 253 333 (24.0) 226 11.9Effective Tax Rate (%) 7.1 2.3 471bp 5.5 153bp
Source: Company, Angel Research
Exhibit 2:4QFY2012 Actual vs. estimatesParticulars (` cr) Actual Estimates Var. (%)Net interest income 1,051 1,074 (2.2)
Other income 252 297 (15.1)
Operating income 1,303 1,370 (4.9)Operating expenses 574 554 3.7
Pre-prov. profit 728 816 (10.8)Provisions & cont. 456 400 14.0
PBT 272 416 (34.7)
Prov. for taxes 19 75 (74.3)
PAT 253 342 (26.0)Source: Company, Angel Research
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Exhibit 3:4QFY2012 performance analysisParticulars 4QFY12 3QFY12 % chg (qoq) 4QFY11 % chg (yoy)Advances (`cr) 115,540 105,919 9.1 99,071 16.6
Deposits (`
cr) 154,003 143,108 7.6 145,278 6.0Credit-to-Deposit Ratio (%) 75.0 74.0 101bp 68.2 683bp
Current deposits (`cr) 7,685 6,190 24.2 7,360 4.4
Saving deposits (`cr) 26,267 25,741 2.0 24,308 8.1
CASA deposits (`cr) 33,952 31,931 6.3 31,668 7.2
CASA ratio (%) 22.0 22.3 (27)bp 21.8 25bp
CAR (%) 12.4 12.3 2bp 13.8 (145)bp
Tier 1 CAR (%) 8.1 7.8 30bp 8.6 (52)bp
Profitability Ratios (%)Reported NIM 2.7 2.9 (18)bp 2.4 36bp
Cost-to-income ratio 44.1 40.0 411bp 43.3 77bp
Asset qualityGross NPAs (` cr) 4,086 3,696 10.6 3,150 29.7
Gross NPAs (%) 3.5 3.5 (1)bp 3.1 35bp
Net NPAs (`cr) 2,264 2,131 6.2 1,825 24.1
Net NPAs (%) 2.0 2.0 (8)bp 1.8 12bp
Provision Coverage Ratio (%) 54.4 51.2 317bp 51.6 279bp
Slippage ratio (%) 3.4 2.2 123bp 5.7 (229)bp
Credit cost (%) 0.9 0.3 54bp 0.2 63bp
Source: Company, Angel Research
Advances growth healthy; NIM declines sequentially
For FY2012, the banks advances grew by reasonably healthy 16.6% yoy (up 9.1%
qoq), but the banks deposit growth was moderately low at 6.0% yoy (up 7.6%
qoq).
Strong growth in advances on a qoq basis was primarily due to aggressive lending
though LC discounting (~`5,000cr added during last the 3-4 months) and
introduction of gold loan portfolio (`1,000cr build from scratch mostly over the last
quarter as per the management). On the deposits front, management cited lower
yearly growth as a strategy to reduce the banks dependence on bulk deposits.
Current account deposit accretion picked up during 4QFY2012, with 24.2% qoqgrowth (up 4.4% yoy), but savings accounts growth was moderate at 2.0% qoq (up
8.1% yoy). Reported CASA ratio on a qoq basis remained stable at 22.0%.
Reported NIM of the bank declined by 18bp qoq during the quarter. The bank has
a high dependence on bulk deposits for its funding, which led to higher cost of
borrowing for the bank during the quarter. Also, higher slippages during the
quarter led to interest reversal, which resulted in lower sequential yield on
advances for the bank.
Management has guided for advances growth in-line with RBIs projections of
16-17% for FY2013.
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Exhibit 4:Healthy growth in loan book in 4QFY2012
Source: Company, Angel Research
Exhibit 5:YoY trend in business
Source: Company, Angel Research
Exhibit 6:YoA (calc.) down sequentially
Source: Company, Angel Research
Exhibit 7:NIM declines sequentially
Source: Company, Angel Research
Higher recoveries led to healthy qoq growth in non-interest
income
During 4QFY2012, fee income increased by 10.4% qoq, primarily due to a sharp
rise in recoveries from written-off accounts (`42cr in 4QFY2012 compared to
`12cr in 3QFY2012). Growth in CEB income was, however, muted sequentially at
1.6% qoq, as the banks income through underwriting and syndication was lower
on account of slower corporate activities.
On an annual basis, fee income performance was weak, declining by 7.7%
compared to FY2011. We have factored in fee income growth of 17.3% for both
FY2013 and FY2014.
Slippages jump up; Restructuring pipeline heavy
The banks asset quality deteriorated during 4QFY2012, with gross and net NPA
levels increasing by 10.6% and 6.2% sequentially, respectively. The banks
slippages spiked up sharply during 4QFY2012 to `841cr (annualized slippage
ratio of 3.4%). The banks PCR improved qoq by 317bp to 54.4%, but it remainsone of the lowest in the industry.
10.7
(3.0
)
(0.6
)
10.9
9.
1
20.3
(12.2
)
3.
0
9.
0
7.
6
68.2
75.372.8
74.0 75.0
60.0
64.0
68.0
72.0
76.0
80.0
(20.0)
(10.0)
-
10.0
20.0
30.0
4QFY11 1QFY12 2QFY12 3QFY12 4QFY12
Adv. qoq chg (%) Dep. qoq chg (%) CDR (%, RHS)
18.8
17.5
12.4
18.4
16.6
18.7
7.3
8.5
18.5
6.0
-
5.0
10.0
15.0
20.0
4QFY11 1QFY12 2QFY12 3QFY12 4QFY12
Adv. yoy chg (%) Dep. yoy chg (%)
9.75
10.78
11.50 11.4911.22
8.50
9.00
9.50
10.00
10.50
11.00
11.50
12.00
4QFY11 1QFY12 2QFY12 3QFY12 4QFY12
2.352.46
2.84 2.89
2.71
1.50
1.90
2.30
2.70
3.10
4QFY11 1QFY12 2QFY12 3QFY12 4QFY12
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The bank restructured accounts amounting to ~`1,000cr during FY2012, of
which restructuring in 4QFY2012 contributed only ~`200cr for the bank
(much lesser than what other PSU banks have witnessed). However, the
pipeline looks heavy currently, with Air India (~`
1,000cr) and couple of SEBs(total SEB exposure at `5,000cr-`6,000cr) expected to restructure in the
coming few quarters (Air India from 1QFY2013).
Exhibit 8:Slippage ratio spikes up in 4QFY2012
Source: Company, Angel Research
Exhibit 9:NPA levels high for UCO Bank
Source: Company, Angel Research; note*excluding technical write-offs
Exhibit 10:59 branches opened during 4QFY2012
Source: Company, Angel Research
Exhibit 11:Opex and cost-to-income ratio trends
Source: Company, Angel Research
5.7
2.1 2.1 2.2
3.4
0.2
-
0.7
0.3
0.9
-
0.2
0.4
0.6
0.8
1.0
-
1.5
3.0
4.5
6.0
4QFY11 1QFY12 2QFY12 3QFY12 4QFY12
Slippages (%) Credit cost (%, RHS)
3.1
3.5
3.6
3.5
3.5
1.8
2.2
2.1
2.0
2.0
-
0.4
0.8
1.2
1.6
2.0
2.4
2.8
3.2
4QFY11 1QFY12 2QFY12 3QFY12 4QFY12
Gross NPAs (%) Net NPAs (%)
2,2
02
2,2
09
2,2
31
2,2
60
2,3
19
2,100
2,150
2,200
2,250
2,300
2,350
4QFY11 1QFY12 2QFY12 3QFY12 4QFY12
Branches
49.
0
43.
6
41.
4
40.
0
44.
1
1.46
1.23
1.35
1.27
1.33
1.10
1.20
1.30
1.40
1.50
30.0
35.0
40.0
45.0
50.0
4QFY11 1QFY12 2QFY12 3QFY12 4QFY12
Cost-to-income ratio (%) Opex to average assets (%, RHS)
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Uco Bank | 4QFY2012 Result Update
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Investment arguments
Improvement in core profitability
The bank had relatively lower NIM of 1.9% in FY2010 due to low CASA ratio of
~22% and high exposure to relatively low-yielding corporate loans, which
constituted 65% of its total loan book. While reported NIM has risen to 2.8% in
FY2012 due to a decline in cost of wholesale deposits, going forward, an increase
in retail and SME loans and introduction of gold loan portfolio are expected to
lead to sustainable NIMs for the bank, going ahead.
Improvement in operating environment to lower credit cost
The banks gross and net NPAs stood at 3.5% and 2.0%, respectively, in
4QFY2012, with outstanding restructured advances at `7,300cr as of 4QFY2012.
Although the restructuring pipeline looks heavy, it is expected to be mostly fromstate-owned entities, which should only lead to marginal NPV hit (only in case of
Air India). Also, going forward, we expect stronger recoveries and lower slippages,
which are expected to result in a decline in provisioning expenses, as a percentage
of average assets, to 0.8% for FY2013 from 1.0% in FY2012.
Outlook and valuation
Structurally, the bank has had a relatively high exposure to large corporates, low
CASA of ~22% and low fee income. Going forward, we expect the banks
earnings to find support from its increasing exposure to the SME and retail
segments (gold loans etc.), improving other income and moderating asset-qualitypressures, aided by increasing recoveries. However, at the CMP, the stock is
trading at 0.7x FY2013E ABV, which we believe factors in the improvement
expected in earnings quality.
Also, lower provisioning coverage ratio (higher provisioning burden as the bank
moves to 70%) and low core tier-I capital (slower credit growth to accord with
Basel-3 norms) are a further overhang. Hence, we maintain our Neutralrecommendation on the stock.
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Exhibit 12:Key assumptionsParticulars (%) Earlier estimates Revised estimatesFY2013 FY2014 FY2013 FY2014Credit growth 15.0 15.0 15.0 15.0Deposit growth 16.0 15.0 16.0 15.0
CASA ratio 21.1 20.7 21.1 20.7
NIMs 2.4 2.4 2.4 2.4
Other income growth 6.6 14.3 6.6 14.3
Growth in staff expenses 15.0 15.0 15.0 15.0
Growth in other expenses 15.0 15.0 15.0 15.0
Slippages 2.4 2.3 2.4 2.3
Coverage ratio 56.0 57.0 56.0 57.0
Source: Angel Research
Exhibit 13:Change in estimatesParticulars (` cr)
FY2013 FY2014Earlierestimates Revisedestimates Var. (%) Earlierestimates Revisedestimates Var. (%)
NII 4,634 4,595 (0.9) 5,196 5,205 0.2
Non-interest income 1,092 1,029 (5.8) 1,247 1,176 (5.7)
Operating income 5,727 5,623 (1.8) 6,443 6,380 (1.0)Operating expenses 2,341 2,365 1.0 2,692 2,719 1.0
Pre-prov. profit 3,385 3,259 (3.7) 3,751 3,661 (2.4)Provisions & cont. 1,580 1,522 (3.6) 1,655 1,643 (0.7)
PBT 1,806 1,736 (3.8) 2,096 2,018 (3.7)
Prov. for taxes 451 434 (3.8) 680 655 (3.7)
PAT 1,354 1,302 (3.8) 1,416 1,363 (3.7)Source: Angel Research
Exhibit 14:P/ABV band
Source: Company, Angel Research
0
20
40
60
80
100
120
140
160
180
200
Mar-04
Sep-0
4
Mar-05
Sep-0
5
Mar-06
Sep-0
6
Mar-07
Sep-0
7
Mar-08
Sep-0
8
Mar-09
Sep-0
9
Mar-10
Sep-1
0
Mar-11
Sep-1
1
Mar-12
Sep-1
2
Mar-13
Price (`) 0.5x 0.8x 1.1x 1.4x 1.7x
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Exhibit 15:Recommendation summaryCompany Reco. CMP(`) Tgt. price(`) Upside(%) FY2014EP/ABV (x) FY2014ETgt P/ABV (x) FY2014EP/E (x) FY2012-14EEPS CAGR (%) FY2014ERoA (%) FY2014ERoE (%)AxisBk Buy 1,001 1,587 58.5 1.4 2.2 7.2 16.4 1.5 20.3
FedBk Neutral 415 - 0.6 - - 7.3 13.0 1.3 14.5
HDFCBk Accumulate 511 567 10.9 2.9 3.3 14.4 27.0 1.7 22.1
ICICIBk* Buy 813 1,201 47.8 1.3 1.9 10.0 20.4 1.5 16.0
SIB Neutral 22 - 2.2 - - 5.8 4.5 0.8 17.5
YesBk Buy 329 470 42.6 1.7 2.4 7.9 22.5 1.4 23.3
AllBk Accumulate 148 166 12.3 0.6 0.7 3.5 6.2 0.9 17.6
AndhBk Neutral 105 - - 0.6 - 4.1 3.3 0.9 16.0
BOB Buy 649 925 42.6 0.7 1.1 4.3 11.1 1.1 18.2
BOI Buy 353 411 16.3 0.7 1.0 4.5 23.3 0.8 16.9
BOM Accumulate 48 55 14.5 0.6 0.7 3.7 45.3 0.7 17.2
CanBk Buy 419 522 24.6 0.7 0.9 4.5 11.8 0.9 16.4CentBk Neutral 78 - - 0.7 - 3.9 45.7 0.5 13.8
CorpBk Buy 405 504 24.4 0.5 0.7 3.6 5.3 0.8 16.5
DenaBk Buy 85 114 34.3 0.5 0.7 3.3 6.2 0.9 16.9
IDBI# Buy 92 117 27.0 0.6 0.7 3.8 22.7 0.9 14.8
IndBk Buy 180 233 29.7 0.6 0.8 3.7 5.4 1.2 18.2
IOB Buy 82 101 23.9 0.5 0.6 3.8 28.3 0.6 13.9
J&KBk Accumulate 846 932 10.2 0.7 0.8 4.3 8.8 1.4 18.6
OBC Buy 219 274 25.1 0.5 0.6 3.4 27.7 0.8 14.3
PNB Buy 746 1,117 49.8 0.7 1.1 4.3 10.3 1.0 18.1
SBI* Buy 1,852 2,511 35.6 1.2 1.6 6.9 23.6 1.0 19.1
SynBk Buy 91 128 41.3 0.5 0.8 3.3 8.7 0.8 17.1
UcoBk Neutral 68 - - 0.7 - 3.8 13.0 0.6 15.4UnionBk Buy 206 276 34.3 0.7 0.9 4.1 24.8 0.8 17.5
UtdBk Buy 58 78 33.6 0.4 0.6 2.6 22.5 0.7 16.5
VijBk Neutral 53 - - 0.6 - 4.3 13.5 0.5 13.7
Source: Company, Angel Research; Note:*Target multiples=SOTP Target Price/ABV (including subsidiaries), #Without adjusting for SASF
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Income statement
Y/E March (` cr) FY09 FY10 FY11 FY12 FY13E FY14ENet Interest Income 1,645 2,324 3,845 3,902 4,595 5,205- YoY Growth (%) 10.5 41.3 65.4 1.5 17.7 13.3Other Income 1,020 966 925 966 1,029 1,176- YoY Growth (%) 32.1 (5.3) (4.2) 4.3 6.6 14.3
Operating Income 2,665 3,290 4,770 4,868 5,623 6,380- YoY Growth (%) 17.9 23.5 45.0 2.0 15.5 13.5
Operating Expenses 1,613 1,718 2,075 2,056 2,365 2,719- YoY Growth (%) 23.5 6.5 20.8 (0.9) 15.0 15.0
Pre - Provision Profit 1,052 1,572 2,695 2,811 3,259 3,661- YoY Growth (%) 10.2 49.4 71.5 4.3 15.9 12.3
Prov. & Cont. 488 600 1,781 1,661 1,522 1,643- YoY Growth (%) (15.2) 23.1 196.8 (6.7) (8.4) 7.9
Profit Before Tax 564 972 914 1,150 1,736 2,018- YoY Growth (%) 48.9 72.3 (5.9) 25.8 51.0 16.2
Prov. for Taxation 6 (41) 8 42 434 655- as a % of PBT 1.1 (4.2) 0.8 3.6 25.0 32.4
PAT 558 1,012 907 1,109 1,302 1,363- YoY Growth (%) 35.3 81.5 (10.4) 22.3 17.5 4.7
Balance sheetY/E March (` cr) FY09 FY10 FY11 FY12 FY13E FY14EShare Capital 1,249 1,699 2,451 2,488 2,488 2,488- Equity 549 549 628 665 665 665
- Preference 700 1,150 1,823 1,823 1,823 1,823
Reserve & Surplus 2,708 3,511 4,969 6,126 7,016 7,971
Deposits 100,222 122,416 145,278 154,003 178,644 205,441
- Growth (%) 25.4 22.1 18.7 6.0 16.0 15.0
Borrowings 2,062 1,889 1,100 2,256 2,608 2,980
Tier 2 Capital 3,075 4,375 4,375 10,645 12,242 13,160
Other Liab. & Prov. 2,348 3,430 5,227 4,980 5,647 6,370
Total Liabilities 111,664 137,319 163,398 180,498 208,645 238,410Cash Balances 6,589 7,243 10,404 7,812 7,146 8,218
Bank Balances 4,265 862 6,576 5,792 6,695 7,651
Investments 29,385 43,521 42,927 45,771 55,506 62,428
Advances 68,804 82,505 99,071 115,540 132,871 152,802
- Growth (%) 24.9 19.9 20.1 16.6 15.0 15.0
Fixed Assets 719 710 739 802 899 996
Other Assets 1,903 2,479 3,681 4,782 5,527 6,316
Total Assets 111,664 137,319 163,398 180,498 208,645 238,410- Growth (%) 24.4 23.0 19.0 10.5 15.6 14.3
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Ratio analysis
Y/E March FY09 FY10 FY11 FY12 FY13E FY14EProfitability ratios (%)NIMs 1.7 1.9 2.6 2.3 2.4 2.4Cost to Income Ratio 60.5 52.2 43.5 42.2 42.1 42.6
RoA 0.6 0.8 0.6 0.6 0.7 0.6
RoE 21.1 31.6 20.7 16.2 16.5 15.4
B/S ratios (%)CASA Ratio 24.1 24.7 22.0 22.1 21.1 20.7
Credit/Deposit Ratio 68.7 67.4 68.2 75.0 74.4 74.4
CAR 11.9 13.2 13.8 21.1 20.7 19.7
- Tier I 6.5 7.1 8.6 9.4 9.0 8.6
Asset Quality (%)Gross NPAs 2.2 2.0 3.1 3.5 4.1 4.6
Net NPAs 1.2 1.2 1.8 2.0 2.1 2.2
Slippages 1.2 1.6 3.3 2.4 2.4 2.3
Loan Loss Prov. /Avg. Assets 0.3 0.3 0.8 0.4 0.4 0.4
Provision Coverage 47.2 50.0 50.4 54.4 56.0 57.0
Per Share Data (`)EPS 10.2 18.4 12.6 14.0 16.9 17.9
ABVPS (75% cover.) 43.1 56.8 67.2 80.0 90.6 101.7
DPS 1.1 2.3 3.0 3.0 3.0 3.0
Valuation RatiosPER (x) 6.7 3.7 5.4 4.8 4.0 3.8
P/ABVPS (x) 1.6 1.2 1.0 0.8 0.7 0.7
Dividend Yield 1.6 3.4 4.4 4.4 4.4 4.4
DuPont AnalysisNII 1.6 1.9 2.6 2.3 2.4 2.3
(-) Prov. Exp. 0.5 0.5 1.2 1.0 0.8 0.7
Adj. NII 1.1 1.4 1.4 1.3 1.6 1.6
Treasury 0.3 0.2 0.1 0.1 0.1 0.1
Int. Sens. Inc. 1.5 1.6 1.4 1.4 1.6 1.6
Other Inc. 0.7 0.6 0.6 0.4 0.5 0.5
Op. Inc. 2.2 2.2 2.0 1.9 2.1 2.1
Opex 1.6 1.4 1.4 1.2 1.2 1.2PBT 0.6 0.8 0.6 0.7 0.9 0.9
Taxes 0.0 (0.0) 0.0 0.0 0.2 0.3
RoA 0.6 0.8 0.6 0.6 0.7 0.6Leverage 38.2 38.9 34.3 29.9 28.7 29.0
RoE * 21.1 31.6 20.7 16.2 16.5 15.4Note: * RoE calculated on PAT for equity share holders post preference dividend
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Uco Bank | 4QFY2012 Result Update
May 11, 2012 11
Research Team Tel: 022 - 39357800 E-mail: [email protected] Website: www.angelbroking.com
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Disclosure of Interest Statement UCO Bank
1. Analyst ownership of the stock No
2. Angel and its Group companies ownership of the stock No
3. Angel and its Group companies' Directors ownership of the stock No
4. Broking relationship with company covered No
Ratings (Returns): Buy (> 15%) Accumulate (5% to 15%) Neutral (-5 to 5%)Reduce (-5% to -15%) Sell (< -15%)
Note: We have not considered any Exposure below `1 lakh for Angel, its Group companies and Directors