july/august - 2009 - indusind bankindulge.indusind.com/content/dam/indusind/investor... ·...
TRANSCRIPT
July/August - 2009
22
Disclaimer
This presentation has been prepared by IndusInd Bank Limited (the “Bank”) and is being furnished to you, the recipient, solely for your information and may not be reproduced, delivered or transmitted (in whole or in part), directly or indirectly, by any means to any other person in any manner.
Certain statements in this presentation may not be based on historical financial information or facts and are or may be “forward-looking statements”. These statements are based on current expectations and assumptions and are based on currently available information. Actual results are subject to a number of risks and uncertainties, which could cause the Bank’s actual performance to differ materially from those anticipated, including future changes or developments in the Bank’s business, its competitive environment and political, economic, legal and social conditions. Any reference to past performance should not be taken as an indication of future performance. Due to the risks, uncertainties and assumptions inherent in forward-looking statements, prospective investors in the Bank’s securities should not place undue reliance on these forward-looking statements. The information contained in this presentation is only current as of its date. The Bank may alter, modify or otherwise change in any manner the content of this presentation, and the Bank does not intend or assume any obligation to update any of these statements.
This presentation is for general information purposes only, without regard to any specific objectives, financial situations or informational needs of any particular person. This presentation has been prepared for persons outside the United States and should not be released or distributed in the United States. This presentation does not constitute an offer or invitation to purchase or subscribe for any securities of the Bank by any person in any jurisdiction, including India and the United States. No part of this presentation should form the basis of or be relied upon in connection with any investment decision or any contract or commitment to purchase or subscribe for any securities. The Bank’s equity shares have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws in the United States and, as such, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to the registration requirements of the Securities Act.
33
Bank in Transformation Bank in Transformation –– Key TakeawaysKey Takeaways
Agenda
Overview of IndusInd BankOverview of IndusInd Bank
Financial PerformanceFinancial Performance
Overview of IndusInd BankOverview of IndusInd Bank
55
A New Generation Private Sector Bank
Overview
Incorporated in 1994
Widespread & loyal customer base of ~ 2.02 million as at June 30, 2009
Pan India presence through a network of 180 branches, 410 marketing offices, 378 ATMs, representative offices in Dubai and London and strategic alliances in UAE and Qatar as at June 30, 2009
Received RBI authorization for 30 new branches, 50 offsite ATMs (14 opened) and 6 mobile ATMs
2nd largest financier of Commercial Vehicles
Expertise in Commercial and Small Business Sectors; major player in cross border remittances
Strong enterprise risk management framework and a robust technology platform
Total Assets of Rs 278 billion as at June 30, 2009
CAR at 12.1% as at June 30, 2009
682 751
1,483
FY07 FY08 FY09
Net Profit
Income (Rs Mn) Net Profit (Rs Mn)
CAGR: 25.9%CAGR: 47.5%
209,271232,619
276,147
FY07 FY08 FY09
Total Assets
Total Assets (Rs Mn)
CAGR: 14.9%
14,60218,807
23,0952,842
2,976
4,563
FY07 FY08 FY09
Interest Income Other Income
66
With 15 years of Operating History
1st to implement the RBI - EFT scheme with MoneyGram International & Zoha Inc. USA; similar tie ups with exchange houses in Middle East
GDR - raised Rs 1,460 million, tied up with Cholamandalam MS for bancassuranceSigned an agreement with National Multi Commodity Exchange Ltd as clearing banker
Tied-up with Religare Securities for offering 3-in-1 account covering banking, depository & securities tradingTied up with Aviva Life Insurance for bancassurance
Signed an agreement with NCDEX as clearing bankerOpened its second representative office in London
Ashok Leyland Finance Ltd, a leading NBFC merged with the Bank (total 115 branches), opened representative office in Dubai
IndusInd Enterprises & Finance Ltd, a NBFC & one of the promoters of the Bank amalgamated with the BankIncreased branch network to 53
Incorporated in 1994; Promoted by a group of Non Resident Indians. Started operations with Rs 1000 Mn Capital
RBI approval received for 30 new branches and 50 off site ATMLaunched new Brand Campaign
Appointed as Clearing & Settlement Bank at all major Tea Auction centresTied up with BONY Mellon for on line remittances from United States to India
1994
1995
1997-00
2002
2003
2004
2005
2006
2007
2009
Raised Rs 1,000 million through preferential issue of shares
IPO - raised Rs 1,800 million, became clearing bank to First Commodities Clearing Corporation of India
Awards/Recognition: The Smart Workplace - Economic Times, Best CSR Practice Company – BSE/NASSCOM
New management team headed by Romesh Sobti inducted from ABN AMRO Bank NV
GDR Issue - raised Rs 2,222 million; Ratings: ICRA Highest A1+ - CDs, Crisil Highest P1+: CDs, FDs New Launch/Rollout: Mid market Investment Bank, 3rd Party Distribution Platform, Warehouse Receipt Finance
Extended microfinance to 300,000+ women by partnering leading MFIs like SKS MircofinanceExtensive deployment IT initiatives
Became clearing/settlement bank for NSE currency futures exchange
2008
1997,1998 – Ranked Best Bank by Financial Express. 2000 – Became clearing/settlement bank for BSE/NSE
77
In Growth Mode
1.4% 1.5%
2.0%
2.6%
FY07 FY08 FY09 Q1FY10
Net Interest Margin (NIM) RoA RoE
Cost to Income Ratio Net NPA Revenue/Employee (Rs Mn)
Significant improvement in operating metrics since the new management took charge in February 2008
0.3% 0.3%
0.6%
1.3%
FY07 FY08 FY09 Q1FY10
6.5% 6.8%
10.4%
22.8%
FY07 FY08 FY09 Q1FY10
66.7% 67.2%59.8%
48.8%
FY07 FY08 FY09 Q1FY10
2.5%2.3%
1.1% 1.0%
FY07 FY08 FY09 Q1FY10
2.0 2.1 2.2
3.0
FY07 FY08 FY09 Q1FY10
A Bank in Transformation A Bank in Transformation –– Key TakeawaysKey Takeaways
99
What Changed Since February 2008
New execution-focused management brought on board from a prominent foreign bank
Business segments reorganized to boost profitability
Ramped up workforce and branch network
Focus on improving the liability side of balance sheet
Right pricing the asset book
Thrust on fee income
Mission and measurable targets set
11
Achieving efficiency to boost profitability
Risk organization revamped
22
33
44
55
66
77
88
99
1010
New Execution-focused Management
Management TeamManagement Team DesignationDesignation Previous AssignmentsPrevious Assignments
Romesh Sobti Managing Director & CEO
Executive Vice President – Country Executive, India and Head, UAE & Sub-continent at ABN AMRO bank N.V.Has been associated with ANZ Grindlays Bank plc & State Bank of India in his 33 year career
Paul Abraham Chief Operating Officer MD of ABN AMRO Central Enterprise ServicesCOO of ABN AMRO Bank in India
Sumant Kathpalia Head – Consumer Banking Head - Consumer Banking, ABN AMRO Bank India
Suhail Chander Head – Corporate & Commercial Banking Head - Consumer & Commercial Banking, ABN AMRO Malaysia & Singapore
KS Sridhar Chief Risk Officer Country Risk Officer, ABN AMRO India
J Moses Harding Head – Global Markets GroupHead - Treasury, International & Capital Markets since 2003 at IndusIndVarious positions at State Bank & Centurion Bank
SV Parthasarathy Head – Consumer Finance Executive Director, Ashok Leyland Finance
Ramesh Ganesan Head - Transaction Banking Head - Transaction Banking, ABN AMRO India
SV Zaregaonkar Chief Financial Officer & Head - Investor Relations
Joined IndusInd in 1995 as Head OperationsVarious positions at Dena Bank
Suresh N Pai Head – Corporate Services & Communication Joined IndusInd in 1996Various positions at Corporation Bank
Zubin Modi Head – Human Resources HR head, ICICI Lombard
4,251 Employees as at March 31, 2009 vs.2,869 as at March 31, 2008; significantly ramped up client-facing employee base
Senior management team drawn from top private sector and foreign banks
Majority of the Board of Directors are Independent Directors
1111
Stated Ambition with Measurable Targets
Mission StatementMission StatementMission Statement
To position IndusInd Bank as a Top 3 performer in the new private bank space in 3 years
ProfitabilityProfitability
ProductivityProductivity
EfficiencyEfficiency
Mea
sure
d B
y
RoA
RoE
Net Interest Margins
Cost to Income Ratio
Revenue per Employee
Net NPAs
Obj
ectiv
es
1212
Reorganization of Business Segments
Global MarketsGlobal Markets Transaction BankingTransaction Banking
Product Groups
Client Groups
Consumer BankingConsumer Banking Corp. & Commercial BankingCorp. & Commercial Banking
Consumer Finance
Retail Liabilities
Corporate & Investment Banking
Commercial Banking
Business Banking
Financial Institutions & Public Sector
Reorganized business into client based units and product groups that work across client groups with the objective to enhance focus and customer orientation and service levels; also restructured geographical structure, regional offices and branch structure
Various initiatives undertaken within each business segment to enhance customer acquisition and visibility
Each vertical headed by competent personnel with extensive experience
Banking Channel Management & ServicesWealth Management & Third Party Distribution
1313
Revitalizing Distribution and Workforce
FY07FY07 FY08FY08 FY09FY09 Q1FY10Q1FY10
Branch Network 170 180 180 180
ATMs 178 336 356 378
Distribution Centres 410 410 410 410
2,6132,869
4,2514,500
FY07 FY08 FY09 Q1FY10
Ramped up work force (specially client-facing) to match its business expansion initiatives
Pool drawn from peer banks and foreign banks
Variable pay structure introduced in line with industry practices
Distribution infrastructure being strengthened
Branch/Representative OfficeStrategic Alliance
Work force additions to help drive business growth
No. of Employees
30 new Branches and 36 Off Site ATM licenses are on hand
1414
32,54631,220
26,788
23,307
20,788
24,456
Mar-08 Jun-08 Sep-08 Dec-08 Mar-09 June-09
Below 15 Lacs (Rs. Mn.)
Improving Liability side of Balance Sheet
42,549
29,88326,327
43,709
20.2%19.2%
15.7%14.9%
0
10,000
20,000
30,000
40,000
50,000
FY07 FY08 FY09 Q1FY1010%
12%
14%
16%
18%
20%
22%
CASA (Rs.Mn) Ratio
CASA Uptick
Structural Shift: Retailisation of Liability Products
Top priority of the management towardsBuilding CASAIncreasing the retail proportion in the term depositsBroad basing the wholesale depositsTenor mapping
New product launches, restructuring of branch network & focus on self employed and small business has accelerated the CASA momentum –evident in the rise in CASA ratio from 15.7% in FY08 to 20.2% in Q1FY10
Maturity profile of Deposits (Rs Mn)
42% 39% 38% 40%
30% 35% 37% 37%
14% 13% 12% 12%14% 12% 12% 12%
FY07 FY08 FY09 Q1FY10
<1 Year 1-3 Years 3-5 Years >5 Years
176,448 190,374 221,103 216,388
1515
Right Pricing of Asset Book impacting NII
Differential risk-based loan pricing for each customer segment
Increased focus on Small Business & Mid - Corporates
Strong traction in the high yielding consumer finance division
Churning of old loans with new higher yielding loans
Priority Sector Lending
Achieved the RBI-prescribed target as well as sub-targets for Priority Sector Advances
Direct agricultural advances, warehouse financing, finance to small enterprise and micro
finance
1616
Thrust on Driving Revenues from Fee Income
(Rs Mn)(Rs Mn) FY08FY08 FY09FY09 GrowthGrowth Q1FY09Q1FY09 Q1FY10Q1FY10 GrowthGrowth
L/C, BG, FIBC/FOBC 324 414 27.7% 102 104 2.1%
Processing fees 435 471 8.2% 60 114 89.1%
Foreign exchange profit 289 719 148.8% 119 174 45.4%
Insurance 386 638 65.3% 122 172 40.3%
Mutual funds 31 36 16.1% 9 24 164.4%
AQB, collection, etc 392 519 32.4% 92 114 24.3%
Others 322 430 33.6% 194 240 23.2%
Total core fee 2,179 3,227 48.1% 700 940 34.3%
Committed to broaden the fee income base and its contribution to the profits
Introduction of dedicated product portfolio to provide cash management, trade and financing, supply chain financing, global remittances, commodity financing, and electronic banking services to clients across business groups
Realignment of pricing on its basic products such as demand drafts and lockers and increased focus on building momentum in the third party sales of insurance and mutual funds
Thrust on cross selling to existing client base using Relationship Managers and Managed Sales
Witnessed considerable acceleration in fees from transactional services, third party distribution fees, trade and foreign exchange fees, as well as basic services like loan processing charges, and average quarterly balance penalties over the last fiscal year
1717
Achieving Efficiency to Boost Profitability
Cost to Income Ratio Net NPA Revenue/Employee (Mn)
70.9%65.5%
58.3%51.8% 48.8%
Q1FY09 Q2FY09 Q3FY09 Q4FY09 Q1FY10
2.4%2.2%
1.3%1.1% 1.0%
Q1FY09 Q2FY09 Q3FY09 Q4FY09 Q1FY10
2.1 2.02.4
2.9 3.0
Q1FY09 Q2FY09 Q3FY09 Q4FY09 Q1FY10
Cost to Income ratio has improved considerably on the back of centralization of operations and rationalization of distribution channels
Thrift mind set and various cost control measures adopted by the management has also helped to curtail costs
Rationalization of compensation structure to a variable pay model has boosted productivity
Employees have been re-deployed / retrained for suitable job roles to improve productivity
Consequently, the bank has achieved a 42% rise in revenue per employee in Q1FY10 as compared to Q1FY09
Centralized risk functions and strong risk management systems has helped to keep credit risk in check
Net NPA has come down significantly over the last fiscal as the management has reinforced risk management systems with best industry practices and resolved some long standing NPLs
1818
Employee Efficiency - Key Metrics
FY08FY08 FY09FY09 GrowthGrowth Q1FY09Q1FY09 Q1FY10Q1FY10 GrowthGrowth
Revenue / Employee 2.09 2.15 3.2% 2.06 3.02 47.0%
Staff Cost / Employee 0.43 0.44 3.5% 0.49 0.54 11.1%
Staff Cost / Revenue 20.4% 20.5% 0.4% 23.6% 17.9% -24.4%
(Rs Mn)
1919
Revamped Risk Organisation
- All Risk Classes Unified – Integrated Risk Management
- New Functions CreatedRisk OrganisationRisk Organisation
Credit Approval & Credit Approval & MonitoringMonitoring Credit Risk MgmtCredit Risk Mgmt Market Risk Mgmt Market Risk Mgmt
& ALM& ALMOperational Risk Operational Risk
MgmtMgmtFin Restr & Fin Restr & ReconstnnReconstnn
CQA & Loan CQA & Loan ReviewReview
Risk and Self Control Assessment (RCSA)Key Risk Indicators (KRIs.)Loss Data CollectionRisk Profiling of branchesOperational Risk Assessment Process for New ProductsBusiness Continuity Plan (BCP)
Separate group monitors NPLsAccount-wise monitoring & recovery mechanism
Quality check on entire credit processRevalidation of credit ratingTracking of portfolio quality
Proactive Monitoring of Risk & exposuresDaily valuation VaR & PV01 Based Limit.Online monitoring of Risk parameterLiquidity Gaps monitoring – DailyParallel monitoring of intra-day liquidity position.Duration based gap approachStress testing for Liquidity, interest and foreign exchange riskRobust ALM system Fund Transfer Pricing (FTP)
Risk Rating Models revised and benchmarked against external ratingBasel II implementation ICAAP Stress testingPortfolio Mgmt & Credit Quality Monitoring reinforced
Credit Appraisal/ Approval process revampedCredit standards tightenedCredit Admin reinforced and centralised in hubsEarly waning signals/ Exceptions trackingEnhanced monitoring mechanism
Financial PerformanceFinancial Performance
2121
Profit and Loss Account
FY08FY08 FY09FY09 GrowthGrowth Q1FY09Q1FY09 Q1FY10Q1FY10 GrowthGrowth
Net Interest Income 3,008 4,590 52.6% 929 1,674 80.1%
Non Interest Income 2,976 4,563 53.3% 649 1,728 166.1%
Total Net Income 5,984 9,153 53.0% 1,579 3,401 115.5%
Operating Expenses 4,022 5,470 36.0% 1,120 1,658 48.1%
Operating Profit 1,962 3,683 87.7% 459 1,743 280.0%
Provisions & Contingencies 819 1,408 71.9% 154 343 123.0%
Profit before Tax 1,143 2,275 99.1% 305 1,400 359.2%
Provision for Tax 392 792 101.8% 114 535 369.9%
Profit after Tax 751 1,483 97.6% 191 865 352.8%
(Rs Mn)
2222
Balance Sheet
FY08FY08 FY09FY09 GrowthGrowth Q1FY09Q1FY09 Q1FY10Q1FY10 GrowthGrowth
Capital & Liabilities
Capital 3,200 3,552 11.0% 3,552 3,552 0.0%
Reserves and Surplus 10,297 13,092 27.1% 12,294 13,952 13.5%
Deposits 190,374 221,102 16.1% 181,160 216,388 19.4%
Borrowings 10,954 18,565 69.5% 29,134 23,413 -19.6%
Other Liabilities and Provisions 17,793 19,836 11.5% 17,501 20,667 18.1%
TOTAL 232,618 276,147 18.7% 243,641 277,972 14.1%
Assets
Cash and Balances with RBI 15,263 11,908 -22.0% 16,295 14,024 -14.0%
Balances with Banks 6,518 7,329 12.4% 5,160 6,218 20.5%
Investments 66,297 80,834 21.9% 72,704 75,845 4.3%
Advances 127,953 157,706 23.3% 132,682 164,516 24.0%
Fixed Assets 6,251 6,232 -0.3% 6,280 6,213 -1.1%
Other Assets 10,336 12,1438 17.4% 10,520 11,156 6.1%
TOTAL 232,618 276,147 18.7% 243,641 277,972 14.1%
Core Banking (Advances + Deposit) 318,327 378,808 19.0% 313,842 380,904 21.4%
(Rs Mn)
2323
Other Income
FY08FY08 FY09FY09 GrowthGrowth Q1FY09Q1FY09 Q1FY10Q1FY10 GrowthGrowth
Fee Based Income 1,890 2,509 32.7% 523 715 36.7%
Profit on Exchange Transactions 289 719 148.8% 120 174 45.5%
Profit on Sale of Investments 194 1,216 525.3% (51) 868 1801.2%
Profit/(Loss) on sale of assets (7) (306) (63) (86)
NPA Recovery 423 238 63 5
Lease Rentals 187 187 57 52
Total 2,976 4,563 53.3% 649 1,728 166.1%
(Rs Mn)
2424
Operating Metrics
Net Interest Margin (NIM) RoA RoE
Cost to Income Ratio Net NPA Revenue/Employee (Rs Mn)
QoQ delivery of strong operating performance
1.7%1.8% 2.0%
2.5% 2.6%
Q1FY09 Q2FY09 Q3FY09 Q4FY09 Q1FY10
0.3%
0.5%0.7% 0.8%
1.3%
Q1FY09 Q2FY09 Q3FY09 Q4FY09 Q1FY10
5.7%
9.8%12.6%
14.1%
22.8%
Q1FY09 Q2FY09 Q3FY09 Q4FY09 Q1FY10
70.9%65.5%
58.3%51.8% 48.8%
Q1FY09 Q2FY09 Q3FY09 Q4FY09 Q1FY10
2.4%2.2%
1.3%1.1% 1.0%
Q1FY09 Q2FY09 Q3FY09 Q4FY09 Q1FY10
2.1 2.02.4
2.9 3.0
Q1FY09 Q2FY09 Q3FY09 Q4FY09 Q1FY10
25252525
Well Diversified Asset Book
1.1%
1.9%
1.8%
1.6%
1.1%
2.9%
2.1%
3.0%3.7%
4.3%3.7%
1.6%
1.8%
32.1%
37.4%
ConstructionGems & Jew ellery SteelNBFCs(Excl. HFCs) Trading - Wholesale PharmaceuticalsReal EstateFood Credit TextilesPetroleum & Products TelecomMFI Engg. & Mach. Other IndustryConsumer Finance
Asset Book (Rs Mn)
Risk Diversification – Analysis of Bank’s Exposure (incl NFB)
Industry-wise Corp. & Comm. Banking Exposure Segment-wise Cons. Finance Exposure
0.3%5.2%
18.4%
4.3%3.5% 2.5%2.7%
62.5%
0.7% Commercial Vehicles
Equipment Financing
Tw o w heelers
Three w heelers
Car Loans
Utility Vehicles
Housing Loans
Staff Loans, Personal Loans & Others
CCB Advances
44.2% 45.2%56.8%58.5%
41.543.2%
54.8% 55.8%
164,516157,706127,953
110,842
FY07 FY08 FY09 Q1FY10
Consumer Finance Division Corporate & Commercial Banking
2626
Favourable Yield / Cost Movement
Yield on Advances
13.4%13.2%
11.8%
9.8%
0%
2%
4%
6%
8%
10%
12%
14%
16%
FY07 FY08 FY09 Q1FY10
Cost of Deposits
7.7%8.2%
7.8%
6.7%
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
FY07 FY08 FY09 Q1FY10
2727
Loan Portfolio - Movement in NPA
FY08FY08 FY09FY09 Q1FY10Q1FY10
CCBCCB CFDCFD TotalTotal CCBCCB CFDCFD TotalTotal CCBCCB CFDCFD TotalTotal
Opening Balance 1,898 1,529 3,427 2,234 1,689 3,923 756 1,795 2,551
Additions 539 1016 1,555 926 1,264 2,190 86 397 483
Deduction 203 857 1,060 2,404 1,158 3,562 278 345 623
Gross NPA 2,234 1,689 3,923 756 1,795 2,551 564 1,847 2,411
Provisions 566 447 1,013 339 420 759 343 403 746
Net NPA 1,669 1,241 2,910 411 1,374 1,792 221 1,444 1,665
Total Advances 55,333 72,620 1,27,953 86,432 71,274 1,57,706 91,729 72,787 1,64,516
% of Gross NPA 4.0% 2.3% 3.0% 0.9% 2.5% 1.6% 0.6% 2.5% 1.5%
% of Net NPA 3.0% 1.7% 2.3% 0.5% 1.9% 1.1% 0.2% 2.0% 1.0%
Provision Coverage 25.3% 26.5% 25.8% 44.9% 23.4% 29.8% 60.8% 21.8% 30.9%
(Rs Mn)
CCB - Corporate and Commercial Banking
CFD - Consumer Finance Division
2828
CFD - Segment wise NPA
Q1FY10Q1FY10 CV CV CE CE 3W 3W TW TW CarsCars BILLS BILLS HL HL TOTAL TOTAL
Net Book Assets 41,361 10,166 6,213 8,356 5,161 111 1,444 72,812
Add: Provision 217 29 8 95 54 - - 403
Gross Book Assets 41,578 10,195 6,221 8,451 5,215 111 1,444 73,214
Gross NPA Asset 920 158 44 463 262 - - 1,847
Net NPA Asset 703 129 36 367 209 - - 1,444
Gross NPA Asset / Gross Book Asset 2.2% 1.5% 0.7% 5.5% 5.0% 0.0% 0.0% 2.5%
Net NPA Asset / Net Book Asset 1.7% 1.3% 0.6% 4.4% 4.0% 0.0% 0.0% 2.0%
(Rs Mn)
CFD - Consumer Finance Division
2929
Loan Portfolio – Restructured Standard Advances
Q1Q1--10*10* Q1Q1--0909 Q4Q4--09*09*
No.No. Rs MnRs Mn No.No. Rs MnRs Mn No.No. Rs MnRs Mn
Restructured Loans (Net) 129 760 18 20 126 380
Advances 164,520 134,680 157,710
Restructured Loans 0.5% 0.0% 0.2%
* Includes restructuring of consumer / vehicle loans – 118 borrowal accounts involving Rs 72.9 Mn
3030
Shareholding Pattern
Shares held by Custodians & against w hich Depository Receipts have
been issued18.2%
NRIs / Director / Others5.5%
Individuals17.1%
Private Corporates12.7%
FIIs18.3%
MFs / Banks / Insurance Co2.6%
Promoters25.6%
As at June 30, 2009
3131
Management Outlook
Continued focus on Productivity, Profitability & Efficiency
Expected to derive benefit from the current interest rate scenario with
Consumer Loan portfolio carrying historically high fixed yields
Benefit is expected to accrue from the short tenor bulk liability book due to re-pricing
Other income from core business is expected to grow significantly
Increased thrust on Wealth Management (including Non Resident coverage) & third party distribution of investment / products
Significant growth expected in forex revenue with special emphasis on small and mid size business clients
Investment Banking business expected to grow with the infrastructure in place
Focus on garnering a decent market share in debt and equity raising program of mid sized corporate clients
Continue to manage the credit risk of both corporate and Consumer Finance portfolios to keep delinquencies under control
Thank youThank you