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Please refer to important disclosures at the end of this report 1
Pre-prov. profit 1,358 1,273 6.7 1,284 5.8
Source: Company, Angel Research
During 3QFY2013, Union Bank of India (UNBK) reported a moderate operating
profit growth of 5.8% yoy, which was in-line with our estimates. While, theearnings grew by a strong 53.5% yoy on a low base, but they were belowestimates as the management chose to make higher provisions, in order to
improve its PCR. Key highlight from the results was sequentially lower NPA levels,
on account of lower slippages, healthy recoveries/upgrades, and higher NPAprovisioning as PCR improved by 476bp qoq to 66.2%.
During 3QFY2013, the
banks advance book grew by a healthy 19% yoy. Its retail loan book grew at arelatively higher pace of 24.6% yoy, aided by reduced lending rates and waivedprocessing charges across various home and car loan products. Agri advances
were higher by 29.4% yoy. Reported CASA ratio improved sequentially by 75bp to31.3%. Reported NIM came in marginally lower by 7bp to 3.0%. The bank
witnessed a moderate 7.5% yoy growth on the non-interest income (excludingtreasury) front, largely on account of a 6.5% yoy growth in CEB income and also
due to higher recoveries. Slippages came in lower at `677cr (annualized slippagerate of 1.5%), compared to `792cr in 2QFY2013 (annualized slippage rate of
1.8%). Incremental slippages were largely granular in nature except for3 accounts worth `100cr or more. Going forward, the management hasguided for recovering these chunky slippages over the next two quarters.
Recoveries/upgrades came in at `453cr, lower than `627cr in 2QFY2013 and
`461cr in 1QFY2013. Due to aggressive provisioning, the PCR improvedsequentially by 476bp to 66.2% and hence net NPA levels declined sequentially
by much higher 11%. The Management has maintained its guidance for grossNPA ratio around 3.0% by FY2013 end. In line with the Managements guidance,
the bank restructured advances worth ~`1,200cr during 3QFY2013 (of which~`250 came from the steel sector), thereby taking its outstanding restructured
book to `10,696cr. The Management has guided for fresh restructuring ofaround `1,700cr in the next quarter.
We remain watchful of the banks performance on theasset quality front, particularly incremental slippages/restructuring andrecoveries/upgrades going ahead. At CMP, the stock trades at 0.8x FY2014 ABV,
which is below its eight year trading range of 0.9-1.5x and median of1.2x.
Key financials (standalone)
% chg 48.3 11.1 10.2 18.2
% chg 0.3 (14.2) 12.8 28.9
NIM (%) 3.0 2.8 2.8 2.8
P/E (x) 6.3 7.7 6.8 5.3
P/ABV (x) 1.2 1.1 1.0 0.8
RoA (%) 1.0 0.7 0.7 0.8
RoE (%) 20.9 14.8 14.6 16.6
Source: Company, Angel Research
CMP `249
Target Price `286
Investment Period 12 months
Stock Info
Sector Banking
Market Cap (` cr) 13,695
Beta 1.0
52 Week High / Low 288/150
Avg. Daily Volume 195,185
Face Value (`
) 10BSE Sensex 19,781
Nifty 5,999
Reuters Code UNBK.BO
Bloomberg Code UNBK@IN
Shareholding Pattern (%)
Promoters 54.4
MF / Banks / Indian Fls 20.5
FII / NRIs / OCBs 10.4Indian Public / Others 14.7
Abs. (%) 3m 1yr 3yr
Sensex 6.6 14.3 20.9
UNBK 20.5 6.2 (4.3)
022 3935 7800 Ext: 6808
022 3935 7800 Ext: 6872
Performance Highlights
3QFY2013 Result Update | Banking
February 1, 2013
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Union Bank of India 3QFY2013 Result Update
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Exhibit 1:3QFY2013 performance (standalone)
- on Advances / Bills 4,775 4,581 4.2 4,030 18.5 14,085 11,643 21.0- on investments 1,478 1,432 3.3 1,143 29.3 4,176 3,347 24.7
- on balance with RBI & Others 41 62 (34.2) 112 (63.1) 156 273 (42.7)
- on others 26 35 (26.0) 90 (71.4) 83 138 (40.0)
Other income excl. treasury 528 471 12.0 491 7.4 1,435 1,263 13.6
- Fee Income 344 351 (2.0) 323 6.5 990 873 13.4
- Treasury Income 112 75 49.3 101 10.9 242 314 (22.9)
- Recov. from written off a/cs 109 56 94.6 90 21.1 223 191 16.8
- Others 75 64 16.7 78 (4.5) 222 199 11.4
- Employee expenses 733 679 7.9 701 4.5 2,091 1,884 11.0
- Other Opex 440 445 (1.1) 388 13.5 1,251 1,070 16.9
- Provisions for NPAs 553 354 56.2 425 30.1 1,344 1,285 4.6
- Provisions for Investments 41 (46) - 73 (43.8) 44 163 (73.0)
- Other Provisions 263 179 47.0 475 (44.5) 475 576 (17.5)
Provision for Tax 199 231 (14.0) 114 73.6 667 617 8.0
Effective Tax Rate (%) 39.6 29.4 1024bp 36.7 290bp 32.8 37.8 (508)bp
Source: Company, Angel Research
Exhibit 2:3QFY2013 Actual vs EstimatesNII 1,891 1,925 (1.7)
Other income 640 581 10.0
Operating expenses 1,173 1,158 1.3
Provisions & cont. 857 500 71.4
PBT 501 848 (40.9)
Prov. for taxes 199 275 (27.8)
Source: Company, Angel Research
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Exhibit 3:3QFY2013 performance analysis (standalone)
Advances (`cr) 185,885 172,901 7.5 156,202 19.0Deposits (`cr) 239,355 226,095 5.9 205,317 16.6
Credit-to-Deposit Ratio (%) 77.7 76.5 119bp 76.1 158bp
Current deposits (`cr) 20,331 15,652 29.9 18,310 11.0
Savings deposits (`cr) 54,470 53,311 2.2 48,500 12.3
CASA deposits (` cr) 74,801 68,963 8.5 66,810 12.0
Reported CASA ratio (%) 31.3 30.5 75bp 32.5 (129)bp
CAR (%) 10.8 11.4 (61)bp 11.7 (94)bp
Tier 1 CAR (%) 7.4 8.2 (77)bp 8.0 (58)bp
Yield on funds 9.1 9.2 (3)bp 9.5 (38)bp
Cost of funds 6.4 6.4 2bp 6.4 (3)bp
Reported NIM 3.0 3.0 (7)bp 3.3 (36)bp
Cost-to-income ratio 46.3 46.9 (55)bp 45.9 44bp
Gross NPAs (` cr) 6,384 6,470 (1.3) 5,209 22.6
Gross NPAs (%) 3.4 3.7 (30)bp 3.3 3bp
Net NPAs (`cr) 3,169 3,559 (11.0) 2,879 10.1
Net NPAs (%) 1.7 2.1 (36)bp 1.9 (18)bp
Provision Coverage Ratio (%) 66.2 61.5 476bp 63.1 307bp
Slippage ratio (%) 1.5 1.8 (26)bp 1.5 2bp
LLP to avg. assets (%) 0.8 0.5 26bp 0.7 8bp
Source: Company, Angel Research
Healthy business growth; NIMs decline 7bp sequentially
During 3QFY2013, the advance book for the bank grew at a healthy pace of 19%
yoy. Aided by reduced lending rates and waived processing charges across various
home and car loan products, the retail loan book for the bank grew at a relatively
higher pace of 24.6% yoy. The bank also witnessed strong traction in its Agri book,
which grew by 29.4% yoy. The Management has maintained its credit growth
guidance for FY2013E at ~16-17% yoy.
On the deposits front, the bank witnessed a healthy growth of 16.6% yoy. CASA
deposits grew by 12.0% yoy, on back of 11.0% yoy growth in current deposits and
12.3% yoy growth in saving deposits. Reported CASA ratio for the bank improved
sequentially by 75bp to 31.3%. As of 3QFY2013, the share of high cost deposits
(incl. CDs) for the bank stood at around 10.5%, well within the regulatory
requirement.
Yield on advances for the bank came off sequentially by 5bp, as the bank had
reduced lending rates in certain categories of retail, SME and agri advances. Yield
on investments remained stable sequentially at 7.38%. Hence, the overall yield on
funds was lower marginally by 3bp sequentially. Cost of funds inched up slightly by
2bp qoq. The reported NIM for the bank came in marginally lower by 7bp to
3.0%. Going forward, the Management expects the NIMs for the bank to stabilize
at around 3.0%.
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Exhibit 4:Business growth picks up in 3QFY2013
Source: Company, Angel Research
Exhibit 5:CASA ratio improves sequentially
Source: Company, Angel Research
Exhibit 6:3bp fall in YoF, coupled with 2bp higher CoF...
Source: Company, Angel Research
Exhibit 7:...results in 7bp sequential fall in NIMs
Source: Company, Angel Research
Moderate growth in non-interest income (excl. treasury)
During 3QFY2013, the bank witnessed a moderate growth of 7.5% yoy on the
non-interest income (excluding treasury) front, which was largely on account of a
6.5% yoy growth in income from the commission, exchange and brokerage (CEB)
segment and also due to higher recoveries. Recoveries on written-off accounts
came in at `109cr, registering a growth of 21.1% yoy, while income from treasury
segment grew by 10.9% yoy to`
112cr. The overall other income for the bank grewby a moderate 8.1% yoy to `640cr.
Exhibit 8:Moderate growth in Non-interest income (excl. treasury)CEB 344 351 (2.0) 323 6.5
Treasury 112 75 49.3 101 10.9
Recoveries 109 56 94.6 90 21.1
Others 75 64 17.2 78 (3.8)
Other income excl. treasury 528 471 12.1 491 7.5
Source: Company, Angel Research
16.8
17.8
19.5
17.4
19.0
10.0
10.1
11.5
15.6
16.6
76.1
79.8
78.3
76.5
77.7
74.0
76.0
78.0
80.0
82.0
-
10.0
20.0
30.0
3QFY12 4QFY12 1QFY13 2QFY13 3QFY13
Adv. yoy chg (%) Dep. yoy chg (%) CDR (%, RHS)
32.5
31.3
30.9
30.5
31.3
7.68.4
9.6 9.9
12.0
-
10.0
20.0
29.0
30.0
31.0
32.0
33.0
34.0
3QFY12 4QFY12 1QFY13 2QFY13 3QFY13
CASA ratio (%) CASA yoy growth (%, RHS)
9.51
9.71
9.34
9.16 9.13
8.50
9.00
9.50
10.00
3QFY12 4QFY12 1QFY13 2QFY13 3QFY13
(%)
3.313.26
3.01 3.022.95
2.70
2.90
3.10
3.30
3.50
3QFY12 4QFY12 1QFY13 2QFY13 3QFY13
(%)
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Lower slippages, healthy recoveries/upgrades and higher
provisioning resulted in sequentially lower NPA levels
During 3QFY2013, slippages for the bank came in lower at `677cr (annualized
slippage rate of 1.5%), compared to `792cr in 2QFY2013 (annualized slippage
rate of 1.8%). Incremental slippages were largely granular in nature except for 3
accounts worth `100cr or more. Going forward, the Management has guided for
recovering these chunky slippages (3 accounts worth `100cr or more) over the next
two quarters. Recoveries/upgrades during the quarter came in at `453cr, lower
than `627cr in 2QFY2013 and `461cr in 1QFY2013.
Healthy recoveries/upgrades coupled with lower slippages, resulted in a sequential
decline in gross NPA levels, on an absolute basis, by 1.3%. Due to aggressive
provisioning, the PCR improved sequentially by 476bp to 66.2% and hence net
NPA levels declined sequentially by a much higher 11%. The Management has
maintained its guidance for 70% PCR by the next two quarters. Gross and net NPA
ratios declined on a sequential basis by 30bp and 36bp, to 3.4% and 1.7%,
respectively. The Management reiterated its guidance for gross NPA ratio to be
around 3.0% by FY2013 end.
In line with the Managements guidance, the bank restructured advances worth
~`1,200cr during 3QFY2013 (of which ~`250 came from the steel sector),
thereby taking its outstanding restructured book to `10,696cr. The Management
has guided for fresh restructuring of around `1,700cr in the next quarter.
Exhibit 9:Slippages remain at normalised levels
Source: Company, Angel Research
Exhibit 10:NPA ratios improve sequentially
Source: Company, Angel Research
1.5
1.6
3.7
1.8
1.5
0.7
0.4
0.7
0.5
0.8
-
0.3
0.6
0.9
-
1.5
3.0
4.5
3QFY12 4QFY12 1QFY13 2QFY13 3QFY13
Slippages (%) Credit cost (%, RHS)
3.3
3.0
3.8
3.7
3.4
1.9
1.7
2.2
2.1
1.7
63.162.2
59.0
61.5
66.2
50.0
55.0
60.0
65.0
70.0
-
1.0
2.0
3.0
4.0
3QFY12 4QFY12 1QFY13 2QFY13 3QFY13
Gross NPAs (%) Net NPAs (%) PCR (%, RHS)
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Union Bank of India 3QFY2013 Result Update
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Exhibit 11:Steady network expansion continues
Source: Company, Angel Research
Exhibit 12:Cost ratios remain stable sequentially
Source: Company, Angel Research
3,1
77
3,2
01
3,2
39
3,3
11
3,3
95
3,025
3,801
4,139 4,1854,300
2,000
2,300
2,600
2,900
3,200
3,500
3,800
4,100
4,400
4,700
3,000
3,100
3,200
3,300
3,400
3,500
3QFY12 4QFY12 1QFY13 2QFY13 3QFY13
Branches ATMs (RHS)
45.9
39.3
45.2
46.9
46.3
1.81.6 1.6
1.7 1.7
-
0.4
0.8
1.2
1.6
2.0
-
10.0
20.0
30.0
40.0
50.0
3QFY12 4QFY12 1QFY13 2QFY13 3QFY13
Cost-to-income ratio (%) Opex to average assets (%, RHS)
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Union Bank of India 3QFY2013 Result Update
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Investment argument
Incremental slippages/restructuring and recoveries/upgrades
remain the key monitorable going ahead
The bank witnessed heavy slippages during the switchover to system based NPA
recognition (during 2QFY2012). Although higher recoveries were expected post
the complete switchover, the recoveries remained moderate in 2HFY2012. During
9MFY2013, recoveries/upgrades were higher and the bank has witnessed reduced
non-chunky slippages. Performance on the asset quality front, particularly in terms
of incremental slippages/restructuring and recoveries/upgrades, in our view,
remains the key monitorable for the bank, in the near term.
Outlook and valuation
We remain watchful of the banks performance on the asset quality front,
particularly incremental slippages/restructuring and recoveries/upgrades going
ahead. At CMP, the stock trades at a valuation of 0.8x FY2014 ABV, which is
below its eight year trading range of 0.9-1.5x and median of 1.2x.
Exhibit 13:Key assumptions
Credit growth 12.0 15.0 15.0 15.0
Deposit growth 14.0 17.0 14.0 17.0
CASA ratio 30.7 29.8 31.0 30.1
NIMs 2.8 2.9 2.8 2.8
Other income growth (0.3) 10.2 2.6 6.8
Growth in staff expenses 15.0 15.0 15.0 14.0
Growth in other expenses 12.0 12.0 14.0 12.0
Slippages 2.7 2.5 2.2 2.1
Coverage ratio 64.0 67.5 70.0 75.0
Source: Company, Angel Research
Exhibit 14:Change in estimates
NII 7,638 7,612 (0.3) 8,975 9,001 0.3
Non-interest income 2,325 2,394 3.0 2,561 2,557 (0.2)
Operating expenses 4,540 4,571 0.7 5,171 5,176 0.1
Provisions & cont. 2,084 2,452 17.7 2,537 2,536 (0.0)
PBT 3,339 2,984 (10.6) 3,829 3,846 0.5
Prov. for taxes 1,083 968 (10.6) 1,242 1,248 0.5
Source: Company, Angel Research
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Union Bank of India 3QFY2013 Result Update
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Exhibit 15:P/ABV band
Source: Company, Angel Research
0
100
200
300
400
500
600
A
pr-06
S
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6
F
eb-0
7
Jul-07
D
ec-0
7
M
ay-0
8
O
ct-08
M
ar-09
A
ug-0
9
J
an-1
0
J
un-1
0
N
ov-1
0
A
pr-11
S
ep-1
1
F
eb-1
2
Jul-12
D
ec-1
2
Price (`) 0.7x 1x 1.3x 1.6x 1.9x
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Union Bank of India 3QFY2013 Result Update
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Exhibit 16: Recommendation summary
AxisBk Buy 1,508 1,753 16.2 2.0 2.4 10.8 16.4 1.6 20.1
FedBk Accumulate 511 557 8.9 1.2 1.4 9.9 6.4 1.2 13.1
HDFCBk Neutral 640 - - 3.6 - 17.7 28.1 1.8 22.1
ICICIBk* Buy 1,171 1,404 19.9 1.9 2.2 13.8 22.8 1.5 15.9
SIB Buy 28 34 21.9 1.1 1.4 6.8 6.9 1.0 17.7
YesBk Accumulate 532 576 8.4 2.7 2.9 12.5 24.1 1.5 23.6
AllBk Buy 160 188 18.0 0.7 0.8 4.8 (5.2) 0.8 14.7
AndhBk Neutral 111 - - 0.8 - 5.1 (4.6) 0.8 13.8
BOB Neutral 867 - - 1.0 - 6.3 6.5 1.0 17.1
BOI Accumulate 354 380 7.4 0.9 1.0 5.4 18.2 0.8 16.0
BOM Neutral 59 - - 0.7 - 4.5 44.3 0.6 16.9
CanBk Accumulate 472 516 9.2 0.9 1.0 5.9 4.1 0.8 14.7CentBk Neutral 83 - - 0.7 - 4.1 95.5 0.5 14.3
CorpBk Buy 428 517 20.7 0.7 0.8 4.3 (3.1) 0.8 14.8
DenaBk Buy 108 132 22.6 0.7 0.8 4.4 3.5 0.8 15.9
IDBI# Buy 106 122 15.1 0.7 0.8 4.7 18.4 0.9 14.1
IndBk Buy 203 245 20.9 0.7 0.9 4.7 4.4 1.1 16.8
IOB Accumulate 80 88 10.2 0.5 0.6 4.0 23.9 0.6 13.4
J&KBk Neutral 1,377 - - 1.2 - 7.0 9.2 1.4 18.0
OBC Neutral 322 - - 0.7 - 5.4 23.2 0.8 13.5
PNB Buy 899 1,053 17.1 0.9 1.1 5.4 8.0 1.0 17.5
SBI* Accumulate 2,410 2,600 7.9 1.6 1.7 9.4 21.5 1.0 17.7
SynBk Buy 133 157 17.5 0.7 0.9 4.8 12.4 0.7 16.4
UcoBk Neutral 75 - - 0.8 - 5.0 2.6 0.5 13.5
UtdBk Buy 74 87 17.5 0.5 0.6 3.4 19.6 0.7 16.1
VijBk Accumulate 58 62 6.8 0.7 0.7 5.3 9.7 0.5 12.6
Source: Company, Angel Research; Note:*Target multiples=SOTP Target Price/ABV (including subsidiaries), #Without adjusting for SASF
Company Background
Union Bank of India (UNBK) is the seventh largest public sector bank, with a
balance sheet size of over `2.8lakh cr. The bank has a reasonably large pan-India
presence with nearly 3,400 branches and 4,300 ATMs. The bank was one of the
early adopters of core banking technology amongst PSU banks.
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- YoY Growth (%) 23.6 9.9 48.3 11.1 10.2 18.2
- YoY Growth (%) 20.3 33.2 3.2 14.4 2.6 6.8
- YoY Growth (%) 22.6 16.4 33.9 11.9 8.3 15.5
- YoY Growth (%) 39.0 13.3 57.5 0.9 14.6 13.2
- YoY Growth (%) 13.1 18.7 17.6 22.0 3.5 17.4
- YoY Growth (%) (16.2) 13.9 63.3 88.3 (3.5) 3.4
- YoY Growth (%) 26.7 20.2 4.3 (8.2) 10.0 28.9
- as a % of PBT 26.7 26.8 29.6 34.1 32.4 32.4
- YoY Growth (%) 24.5 20.2 0.3 (14.2) 12.8 28.9
Share Capital 505 505 635 662 662 662Reserves & Surplus 8,235 9,919 12,129 13,972 15,528 17,540
Deposits 138,703 170,040 202,461 222,869 254,071 297,263
- Growth (%) 33.5 22.6 19.1 10.1 14.0 17.0
Borrowings 3,885 3,125 7,126 11,719 18,105 21,058
Tier 2 Capital 4,890 6,090 6,190 6,190 6,035 5,884
Other Liab & Prov. 4,757 5,483 7,443 6,800 7,346 8,553
Cash balances 8,992 12,468 17,610 11,634 11,433 11,891
Bank balances 6,993 3,308 2,488 4,042 4,651 5,409
Investments 42,997 54,404 58,399 62,364 73,940 90,175
Advances 96,534 119,315 150,986 177,882 204,564 235,249
- Growth (%) 29.8 23.6 26.5 17.8 15.0 15.0
Fixed Assets 2,335 2,305 2,293 2,336 2,607 2,942
Other Assets 3,124 3,361 4,208 3,955 4,551 5,293
- Growth (%) 29.7 21.2 20.9 11.1 15.1 16.3
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NIMs 2.8 2.4 3.0 2.8 2.8 2.8Cost to Income Ratio 41.8 40.7 47.8 43.1 45.7 44.8
RoA 1.2 1.2 1.0 0.7 0.7 0.8
RoE 27.2 26.2 20.9 14.8 14.6 16.6
CASA Ratio 30.1 31.7 31.8 31.3 31.0 30.1
Credit/Deposit Ratio 69.6 70.2 74.6 79.8 80.5 79.1
CAR 12.0 12.5 13.0 11.9 11.1 10.4
- Tier I 7.4 7.9 8.7 8.4 8.0 7.8
Gross NPAs 2.0 2.2 2.4 3.0 3.2 3.8
Net NPAs 0.3 0.8 1.2 1.7 1.4 1.3
Slippages 1.6 1.8 2.4 2.5 2.2 2.1
Loan Loss Prov./Avg. Assets 0.4 0.4 0.6 0.6 0.6 0.7
Provision Coverage 83.1 74.0 67.6 62.2 70.0 75.0
EPS 34.2 41.1 39.6 32.2 36.4 47.0
ABVPS 139.7 173.6 203.4 217.3 255.4 300.7
DPS 5.0 5.5 8.0 8.0 7.0 9.0
PER (x) 7.3 6.1 6.3 7.7 6.8 5.3
P/ABVPS (x) 1.8 1.4 1.2 1.1 1.0 0.8
Dividend Yield 2.0 2.2 3.2 3.2 2.8 3.6
NII 2.7 2.4 2.9 2.8 2.7 2.8
(-) Prov. Exp. 0.5 0.5 0.6 1.0 0.9 0.8
Adj. NII 2.2 1.9 2.3 1.8 1.8 2.0
Treasury 0.2 0.3 0.2 0.2 0.1 0.1
Int. Sens. Inc. 2.4 2.2 2.5 1.9 1.9 2.0
Other Inc. 0.8 0.8 0.7 0.8 0.7 0.7
Op. Inc. 3.2 3.0 3.2 2.7 2.7 2.8
Opex 1.6 1.4 1.8 1.6 1.6 1.6PBT 1.7 1.6 1.4 1.1 1.1 1.2
Taxes 0.4 0.4 0.4 0.4 0.3 0.4
RoA before pref. div. 1.2 1.2 1.0 0.7 0.7 0.8
Pref. div. - - 0.0 0.0 0.0 0.0
Leverage (x) 22.5 22.5 21.7 20.7 20.5 21.0
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Research Team Tel: 022 - 39357800 E-mail: [email protected] Website: www.angelbroking.com
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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 reliablesources 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 thisdocument is for general guidance only. Angel Broking Limited or any of its affiliates/ group companies shall not be in any wayresponsible 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. WhileAngel 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.
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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.
Disclosure of Interest Statement Union Bank of India
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
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