vijaya bank result updated
TRANSCRIPT
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8/3/2019 Vijaya Bank Result Updated
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Please refer to important disclosures at the end of this report 1
Particulars (` cr) 2QFY12 1QFY12 % chg (qoq) 2QFY11 % chg (yoy)NII 513 423 21.4 487 5.4Pre-prov. profit 340 326 4.4 296 14.8
PAT 204 72 181.8 144 41.0Source: Company, Angel Research;
For 2QFY2012, Vijaya Bank reported a decent set of numbers, which were
considerably higher than our expectations partly on account of lower effective tax rate
of 16.5%. Overall, results surprised positively with the absolute amount of gross and
net NPAs declining sequentially. We maintain our Neutral stance on the stock.Business growth momentum sustained; slippages elevated but more than offset byrecoveries and upgrades: For 2QFY2012, the banks advances growth washealthy on a yoy basis at 36.4% and deposits growth was also ahead of peers at
24.1% yoy. CASA ratio as of 2QFY2012 dipped by 105bp qoq and 275bp yoy to
23.0%. Reported NIM for the quarter improved by 40bp qoq on the back of a
51bp qoq expansion in yield on advances. Considering the banks weak deposit
franchise, cost of deposits increased by 36bp qoq to 7.6%. Non-interest income
declined by 10.2% yoy, primarily on account of a 75% yoy dip in treasury income.
On the asset-quality front, though the annualized slippage ratio came off from
5.0% witnessed in 1QFY2012, it remained elevated at 3.7%. However, aggressive
recoveries and stronger upgrades led to a 4.7% and 8.6% qoq decline in grossand net NPAs, respectively. Consequently, gross and net NPA ratios improved to
2.5% (from 2.8% in 1QFY2012) and 1.4% (from 1.7% in 1QFY2012),
respectively. Provision coverage ratio (including technical write-offs) improved by
266bp qoq to 66.1%.
Outlook and valuation:During 2QFY2012, Vijaya Banks asset-quality concernspersisted with slippages remaining elevated. However, in line with the
managements guidance, the bank did witness a rise in recoveries and upgrades
leading to a sequential decline in gross and net NPAs. Despite this, RoA is likely to
remain at low levels of ~0.4-0.5% for FY2012 and FY2013. Currently, the stock
is trading at 0.7x FY2013E ABV, which is slightly expensive compared to its peers
which have better return ratios. Hence, we remain Neutral on the stock.
Key financials
Y/E March (` cr) FY2010 FY2011 FY2012E FY2013ENII 1,449 1,947 1,981 2,136% chg 28.8 34.3 1.7 7.8
Net profit 507 524 540 558% chg 93.3 3.3 3.0 3.4
NIM (%) 2.3 2.6 2.3 2.2
EPS (`) 10.8 8.8 9.1 9.4P/E (x) 5.4 6.7 6.5 6.2
P/ABV (x) 1.0 0.9 0.8 0.7
RoA (%) 0.7 0.5 0.5 0.4
RoE (%) 18.8 13.8 12.3 11.7
Source: Company, ngel Research
NEUTRALCMP `59
Target Price -
Investment Period -
Stock Info
Sector Banking
Market Cap (` cr) 2,765
Beta 1.4
52 Week High / Low 115/52
Avg. Daily Volume 424,665
Face Value (`) 10
BSE Sensex 17,362
Nifty 5,221
Reuters Code VJBK.BO
Bloomberg Code VJYBK@IN
Shareholding Pattern (%)
Promoters 57.7
MF / Banks / Indian Fls 8.0
FII / NRIs / OCBs 5.2
Indian Public / Others 25.8
Abs. (%) 3m 1yr 3yr
Sensex 3.0 (17.1) 74.2
Vijaya Bank (1.8) (48.7) 107.1
Vaibhav Agrawal022 3935 7800 Ext: 6808
Shrinivas Bhutda022 3935 7800 Ext: 6845
Varun Varma022 3935 7800 Ext: 6847
Vijaya BankPerformance Highlights
2QFY2012 Result Update | Banking
November 9, 2011
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Exhibit 1:2QFY2012 performanceParticulars (` cr) 2QFY12 1QFY12 % chg (qoq) 2QFY11 % chg (yoy)Interest earned 1,993 1,785 11.6 1,403 42.0- on Advances / Bills 1,503 1,331 12.9 996 50.8- on investments 458 446 2.7 400 14.6
- on balance with RBI & others - - (88.9) - (80.0)
- on others 32 8 314.1 7 376.2
Interest Expended 1,479 1,362 8.6 916 61.5Net Interest Income 513 423 21.4 487 5.4Other income 106 168 (37.3) 118 (10.2)Other income excl. treasury 100 114 (12.9) 94 6.4
- Fee Income 21 89 (76.4) 21 -
- Treasury Income 6 54 (88.9) 24 (75.0)
- Recoveries from written off a/cs 21 25 (16.0) 21 -
- Others 58 - - 52 11.6Operating income 619 591 4.7 605 2.3Operating expenses 279 266 5.0 309 (9.6)- Employee expenses 165 169 (2.5) 209 (21.0)
- Other Opex 114 96 18.3 100 14.1
Pre-provision Profit 340 326 4.4 296 14.8Provisions & Contingencies 96 231 (58.5) 102 (5.6)- Provisions for NPAs 59 154 (61.7) 126 (53.2)
- Provisions for Investments 38 77 (50.6) (23) -
- Other Provisions (1) - - (1) -PBT 244 94 158.8 194 25.5Provision for Tax 40 22 83.4 50 (19.3)PAT 204 72 181.8 144 41.0Effective Tax Rate (%) 16.5 23.3 (681)bp 25.7 (919)bp
Source: Company, Angel Research
Exhibit 2:2QFY2012 Actual vs. Angel estimatesParticulars (` cr) Actual Estimates % chgNet interest income 513 434 18.2
Non-interest income 106 120 (12.0)Operating income 619 554 11.7Operating expenses 279 323 (13.5)
Pre-prov. profit 340 232 46.7Provisions & cont. 96 106 (9.7)
PBT 244 125 94.6
Prov. for taxes 40 31 28.8
PAT 204 94 116.6Source: Company, Angel Research
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Exhibit 3:2QFY2012 performance analysisParticulars 2QFY12 1QFY12 %chg (qoq) 2QFY11 %chg (yoy)Balance sheetAdvances (`cr) 53,679 51,100 5.0 39,343 36.4Deposits (`cr) 77,802 76,000 2.4 62,668 24.1
Credit-to-Deposit ratio (%) 69.0 67.2 176bp 62.8 621bp
Current deposits (` cr) 4,596 - - 4,306 6.7
Saving deposits (`cr) 13,261 - - 11,800 12.4
CASA deposits (`cr) 17,857 18,240 (2.1) 16,106 10.9
CASA ratio (%) 23.0 24.0 (105)bp 25.7 (275)bp
CAR (%) 12.6 13.0 (41)bp 14.3 (162)bp
Tier 1 CAR (%) 9.2 - - 9.7 (47)bp
Profitability Ratios (%)Cost of deposits 7.6 7.3 36bp 5.6 198bp
Yield on advances 11.8 11.3 51bp 10.2 162bp
Reported NIM 2.7 2.3 40bp 3.2 (44)bp
Cost-to-income ratio 45.1 45.0 15bp 51.1 (597)bp
Asset qualityGross NPAs (`cr) 1,381 1,449 (4.7) 970 42.3
Gross NPAs (%) 2.5 2.8 (29)bp 2.4 10bp
Net NPAs (`cr) 761 833 (8.6) 521 46.2
Net NPAs (%) 1.4 1.7 (23)bp 1.3 10bp
Provision coverage ratio (%) 66.1 63.4 266bp 68.8 (269)bp
Slippage ratio (%) 3.7 5.0 (129)bp 2.3 148bp
Loan loss provision to avg. assets (%) 0.3 0.7 (47)bp 0.7 (43)bp
Source: Company, Angel Research
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Business growth momentum sustained; NIM rebounds by 40bp qoq
For 2QFY2012, the banks advances growth was healthy on a yoy basis at 36.4%
and deposits growth was also ahead of peers at 24.1% yoy. CASA deposits
declined sequentially (by 2.1%) for the second straight quarter; increased by muted
10.9% yoy. Consequently, CASA ratio as of 2QFY2012 dipped by 105bp qoq and
275bp yoy to 23.0%.
Exhibit 4:Business growth remains strong
Source: Company, Angel Research
Exhibit 5:CD ratio continues to expand
Source: Company, Angel Research
Reported NIM for the quarter improved by 40bp qoq on the back of a 51bp qoq
expansion in yield on advances. Considering the banks weak deposit franchise,
cost of deposits increased rather sharply by 36bp qoq to 7.6%.
Exhibit 6:Uptick in yield on advances...
Source: Company, Angel Research
Exhibit 7:...leads to rise in reported NIM
Source: Company, Angel Research
Other income declines on lower treasury gains
For 2QFY2012, non-interest income declined by 10.2% yoy, primarily due to a
75% yoy dip in treasury income. Fee income and recoveries from written-off
accounts were virtually flat on a yoy basis. We are building in core fee income
growth of 17% and 14% for FY2012 and FY2013, respectively.
Slippages remain elevated but offset by recoveries and upgrades
On the asset-quality front, though the annualized slippage ratio came off from the
5.0% witnessed in 1QFY2012, it remained elevated at 3.7%. However, aggressive
recoveries and stronger upgrades led to a 4.7% qoq decline in gross NPAs. Net
(6.2
)1
6.4
6.4
4.9
5.0
(0.0
)
9
.7
6
.6
3
.8
2
.4
(10.0)
(5.0)
-
5.0
10.0
15.0
20.0
2QFY11 3QFY11 4QFY11 1QFY12 2QFY12
Adv. qoq chg (%) Dep. qoq chg (%)
62.8
66.6 66.567.2
69.0
58.0
60.0
62.0
64.0
66.0
68.0
70.0
2QFY11 3QFY11 4QFY11 1QFY12 2QFY12
(%)
10.20 10.3210.48
11.31
11.82
9.00
9.50
10.00
10.50
11.00
11.50
12.00
2QFY11 3QFY11 4QFY11 1QFY12 2QFY12
(%)
3.16
3.44
2.82
2.32
2.72
1.70
2.00
2.30
2.60
2.90
3.20
3.50
2QFY11 3QFY11 4QFY11 1QFY12 2QFY12
(%)
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NPAs also declined by 8.6% qoq. Consequently, gross and net NPA ratios
improved to 2.5% (from 2.8% in 1QFY2012) and 1.4% (from 1.7% in 1QFY2012),
respectively. Provision coverage ratio (including technical write-offs) improved by
266bp qoq to 66.1%.
The bank had completed the switchover to system-based NPA recognition platform
in 1QFY2012 itself. We were expecting recoveries and upgrades to pick up in
2QFY2012, and (in-line with our expectations) they did witness a rise during the
quarter.
Exhibit 8:Asset quality improves a bit
Source: Company, Angel Research
Cost ratios remain under control
Operating expenses declined by 9.6% yoy, primarily due to a 21.0% yoy decrease
in employee expenses. The sharp fall in employee expense on a yoy basis was
likely due to a high base effect because of pension costs related to retired
employees. However, with overall operating expenses under control, cost ratios
remained stable sequentially.
Exhibit 9:Cost-to-income ratio improves by ~600bp yoy
Source: Company, Angel Research
2.4
2.5
2.6
2.8
2.5
1.3
1.4
1.5
1.7
1.4
68.8 67.8
63.7 63.466.1
30.0
40.0
50.0
60.0
70.0
-
0.5
1.0
1.5
2.0
2.5
3.0
2QFY11 3QFY11 4QFY11 1QFY12 2QFY12
Gross NPAs (%) Net NPAs (%) PCR (%, RHS)
51.1
48.8
82.3
45.0
45.1
1.7 1.7
2.5
1.3 1.3
-
0.6
1.2
1.8
2.4
3.0
-
30.0
60.0
90.0
2QFY11 3QFY11 4QFY11 1QFY12 2QFY12
Cost-to-income rat io (%) Opex to average assets (%, RHS)
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Investment concerns
Unfavorable deposit mixVijaya Banks CASA ratio as of 2QFY2012 stood at 23.0%, which is on the lower
side. In fact, with the persistence of higher FD interest rates, the banks CASA ratio
has been witnessing a declining trend over the past few quarters. The banks CASA
ratio has fallen from 25.7% in 2QFY2011 to 23.0% as of 2QFY2012. The bank
also has a high proportion of bulk deposits at ~33% as of FY2011. Owing to an
unfavorable deposit mix and high prevailing interest rates, we expect the banks
NIM to remain under pressure in the short term. The only positive surprise on the
NIM front can come in the form of recognition of interest income, which was
reversed at the time of switchover to system-based NPA recognition platform.
Lower return ratiosThe banks RoA and RoE at 0.5% and 13.8% in FY2011 are on the lower side.
This is mainly on account of lower other income excluding treasury (at 0.55% of
average assets as of FY2011) and high operating expenses (at 1.65% of average
assets excluding pension-related provisions with respect to retired employees as of
FY2011). The bank is also facing asset-quality pressures, as evident in its higher
slippages (5.0% in 1QFY2012 and 3.7% for 2QFY2012) and lower provision
coverage ratio of 66.1% as of 2QFY2012.
Outlook and valuation
We have tweaked our estimates to factor in the better-than-expected NIM trajectory
witnessed in 2QFY2012, a lower effective tax rate and a slightly lower other
income growth. The sustainability of cost ratios at relatively lower levels has led us
to cut our operating expenses forecast by ~6% each for FY2012 and FY2013. In
spite of the upward revision in our earnings forecasts, the CAGR growth in EPS is
expected to be a muted 3.9% over FY2011-13E.
During 2QFY2012, Vijaya Banks asset-quality concerns persisted with slippages
remaining elevated. However, in line with the managements guidance, the bank
did witness a rise in recoveries and upgrades leading to a sequential decline in
gross and net NPAs. Despite this, RoA is likely to remain at low levels of ~0.4-0.5% for FY2012 and FY2013. Currently, the stock is trading at 0.7x FY2013E
ABV, which is slightly expensive compared to its peers which have better return
ratios. Hence, we maintain our Neutral recommendation on the stock.
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Exhibit 10:Key assumptionsParticulars (%) Earlier estimates Revised estimatesFY2012 FY2013 FY2012 FY2013Credit growth 18.0 21.0 21.0 18.0Deposit growth 15.0 14.0 14.0 14.0
CASA ratio 24.9 24.8 25.1 25.0
NIMs 2.1 2.1 2.3 2.2
Other income growth 4.7 16.1 2.8 14.0
Growth in staff expenses (17.0) 12.0 (25.0) 12.0
Growth in other expenses 10.0 13.0 10.0 13.0
Slippages 2.6 2.3 2.5 2.2
Coverage ratio 63.0 63.0 68.0 68.0
Source: Angel Research
Exhibit 11:Change in estimatesParticulars (` cr) FY2012 FY2013Earlierestimates Revisedestimates Var. (%) Earlierestimates Revisedestimates Var. (%)NII 1,775 1,981 11.6 2,022 2,136 5.7
Non-interest income 558 548 (1.8) 648 625 (3.6)
Operating income 2,334 2,529 8.4 2,670 2,761 3.4Operating expenses 1,304 1,223 (6.2) 1,465 1,374 (6.2)
Pre-prov. profit 1,030 1,306 26.8 1,205 1,387 15.1Provisions & cont. 506 605 19.6 466 561 20.2
PBT 524 701 33.8 739 826 11.8Prov. for taxes 131 161 23.1 240 268 11.8
PAT 393 540 37.3 499 558 11.8Source: Angel Research
Exhibit 12:P/ABVband
Source: Company, Angel Research
0
20
40
60
80
10 0
12 0
14 0
Mar-02
Oct-02
May-0
3
Dec-0
3
Jul-04
Feb-0
5
Sep-0
5
Apr-06
Nov-0
6
Jun-0
7
Jan-0
8
Aug-0
8
Mar-09
Oct-09
May-1
0
Dec-1
0
Jul-11
Feb-1
2
Price (`) 0.4x 0.7x 1x 1.3x 1.6x
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Exhibit 13:Recommendation summaryCompany Reco. CMP(`) Tgt. price(`) Upside(%) FY2013EP/ABV (x) FY2013ETgt P/ABV (x) FY2013EP/E (x) FY2011-13EEPS CAGR (%) FY2013ERoA (%) FY2013ERoE (%) AxisBk Buy 1,112 1,41427.2 1.8 2.3 9.7 17.7 1.5 20.0
FedBk Accumulate 403 444 10.1 1.1 1.2 8.2 19.5 1.2 14.0
HDFCBk Neutral 477 - - 3.2 - 16.6 30.5 1.7 20.9
ICICIBk* Buy 862 1,114 29.2 1.6 2.0 12.7 23.3 1.4 15.4
SIB Accumulate 23 24 5.3 1.1 1.2 6.7 15.6 1.0 18.2
YesBk Buy 307 355 15.9 1.9 2.3 10.2 19.9 1.3 20.8
AllBk Neutral 166 -- 0.8 - 4.4 12.2 1.0 18.4
AndhBk Neutral 114 -- 0.8 - 5.1 (1.0) 0.9 15.6
BOB Buy 789 918 16.3 1.1 1.3 5.6 14.2 1.2 20.7
BOI Accumulate 325 346 6.4 1.0 1.0 5.6 13.4 0.7 16.9
BOM Accumulate 49 55 13.0 0.6 0.7 4.2 38.1 0.6 16.5
CanBk Accumulate 477 523 9.8 0.9 1.0 5.6 (3.0) 0.9 17.2CentBk Neutral 100 - - 0.7 - 5.1 (16.1) 0.5 13.9
CorpBk Buy 424 498 17.4 0.7 0.8 4.3 1.5 0.8 16.6
DenaBk Neutral 77 - - 0.6 - 3.6 7.5 0.8 16.4
IDBI# Neutral 111 - - 0.7 - 5.2 12.3 0.7 14.0
IndBk Accumulate 213 227 6.5 0.8 0.9 4.8 7.4 1.3 19.4
IOB Accumulate 101 107 6.2 0.6 0.7 4.0 20.0 0.6 15.9
J&KBk Neutral 817 - - 0.9 - 5.1 12.0 1.3 17.8
OBC Neutral 297 - - 0.7 - 5.2 5.1 0.8 14.1
PNB Accumulate 968 1,106 14.2 1.1 1.3 5.7 9.9 1.1 20.6
SBI* Buy 1,863 2,194 17.8 1.5 1.7 8.0 33.9 0.9 20.0
SynBk Buy 103 123 19.3 0.7 0.8 4.5 11.8 0.7 16.3
UcoBk Neutral 71 - - 0.8 - 4.2 15.9 0.7 16.7
UnionBk Accumulate 224 245 9.2 0.8 0.9 5.1 5.2 0.8 17.0
UtdBk Buy 70 82 17.1 0.6 0.7 4.1 13.4 0.6 14.1
VijBk Neutral 59 - - 0.7 - 6.2 3.9 0.4 11.7Source: Company, Angel Research; Note:*Target multiples=SOTP Target Price/ABV (including subsidiaries), #Without adjusting for SASF
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Income statementY/E March (` cr) FY07 FY08 FY09 FY10 FY11 FY12E FY13ENII 1,072 830 1,125 1,449 1,947 1,981 2,136- YoY Growth (%) 10.2 (22.6) 35.5 28.8 34.3 1.7 7.8Other Income 336 532 699 679 533 548 625- YoY Growth (%) (8.9) 58.3 31.3 (2.8) (21.5) 2.8 14.0
Operating Income 1,408 1,362 1,824 2,129 2,480 2,529 2,761- YoY Growth (%) 5.0 (3.3) 33.9 16.7 16.5 2.0 9.2
Operating Expenses 650 701 925 1,072 1,433 1,223 1,374- YoY Growth (%) 4.3 7.9 31.9 15.9 33.8 (14.7) 12.4
Pre - Provision Profit 758 661 899 1,057 1,047 1,306 1,387- YoY Growth (%) 5.5 (12.8) 36.0 17.6 (1.0) 24.8 6.2
Prov. & Cont. 410 383 357 356 439 605 561- YoY Growth (%) (23.9) (6.6) (6.8) (0.4) 23.3 37.9 (7.3)
Profit Before Tax 348 278 541 701 608 701 826- YoY Growth (%) 93.8 (20.2) 95.1 29.5 (13.3) 15.3 17.9
Prov. for Taxation 16 (84) 279 194 84 161 268- as a % of PBT 4.7 (30.1) 51.5 27.6 13.8 23.0 32.4
PAT 331 361 262 507 524 540 558- YoY Growth (%) 161.1 9.0 (27.3) 93.3 3.3 3.0 3.4
Balance sheetY/E March (` cr) FY07 FY08 FY09 FY10 FY11 FY12E FY13EShare Capital 434 434 934 934 1,673 1,673 1,673Reserves & Surplus 1,463 2,026 2,216 2,542 3,144 3,463 3,799
Deposits 37,605 47,952 54,535 61,932 73,248 83,503 95,194
- Growth (%) 35.7 27.5 13.7 13.6 18.3 14.0 14.0
Borrowings 198 1,919 619 289 525 1,409 1,601
Tier 2 Capital 950 1,650 1,650 1,650 1,500 1,815 2,142
Other Liab & Prov. 1,708 2,204 2,428 2,877 1,600 2,051 2,293
Total Liabilities 42,358 56,184 62,382 70,222 81,691 93,913 106,701Cash balances 3,400 5,662 5,730 4,100 4,882 5,428 6,188
Bank balances 1,670 436 1,942 1,450 542 1,878 2,134
Investments 12,018 16,617 17,388 21,107 25,139 24,910 25,716
Advances 24,224 31,689 35,468 41,522 48,719 58,943 6
- Growth (%) 45.4 30.8 11.9 16.8 17.6 21.0 18.0
Fixed Assets 186 508 493 493 486 542 597
Other Assets 859 1,273 1,361 1,551 1,924 2,212 2,513
Total Assets 42,358 56,184 62,382 70,222 81,691 93,913 106,701- Growth (%) 34.3 32.6 11.0 12.5 16.4 15.0 13.6
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Ratio analysis
Y/E March FY07 FY08 FY09 FY10 FY11 FY12E FY13EProfitability ratios (%)NIMs 3.0 1.7 2.0 2.3 2.6 2.3 2.2Cost to Income Ratio 46.2 51.5 50.7 50.3 57.8 48.4 49.8
RoA 0.9 0.7 0.4 0.7 0.5 0.5 0.4
RoE 19.1 18.3 11.9 18.8 13.8 12.3 11.7
B/S ratios (%)CASA Ratio 30.8 27.3 24.0 24.6 25.3 25.1 25.0
Credit/Deposit Ratio 64.4 66.1 65.0 66.9 66.5 70.6 73.1
CAR 11.2 11.2 12.3 11.6 12.9 14.6 14.0
- Tier I 7.1 5.7 7.2 7.1 9.2 8.6 8.1
Asset Quality (%)Gross NPAs 2.3 1.6 1.9 2.4 2.6 3.1 3.7
Net NPAs 0.6 0.6 0.8 1.4 1.5 2.1 2.4
Slippages 2.3 1.7 2.1 3.4 3.3 2.5 2.2
Loan Loss Prov. /Avg. Assets 0.3 0.2 0.2 0.7 0.5 0.5 0.5
Provision Coverage 74.5 64.5 58.2 41.5 41.1 34.0 35.7
Per Share Data (`)EPS 7.6 8.3 6.1 10.8 8.8 9.1 9.4
ABVPS (75% cover.) 42.6 47.3 50.8 57.4 65.3 73.3 79.4
DPS 2.0 2.0 1.0 2.5 2.5 2.0 2.0
Valuation RatiosPER (x) 7.7 7.0 9.7 5.4 6.7 6.5 6.2
P/ABVPS (x) 1.4 1.2 1.2 1.0 0.9 0.8 0.7
Dividend Yield 3.4 3.4 1.7 4.3 4.3 3.4 3.4
DuPont AnalysisNII 2.9 1.7 1.9 2.2 2.6 2.3 2.1
(-) Prov. Exp. 1.1 0.8 0.6 0.5 0.6 0.7 0.6
Adj. NII 1.8 0.9 1.3 1.6 2.0 1.6 1.6
Treasury 0.2 0.4 0.5 0.4 0.2 0.1 0.1
Int. Sens. Inc. 2.0 1.3 1.8 2.1 2.1 1.6 1.6
Other Inc. 0.7 0.7 0.7 0.6 0.5 0.6 0.6
Op. Inc. 2.7 2.0 2.5 2.7 2.7 2.2 2.2
Opex 1.8 1.4 1.6 1.6 1.9 1.4 1.4PBT 0.9 0.6 0.9 1.1 0.8 0.8 0.8
Taxes 0.0 (0.2) 0.5 0.3 0.1 0.2 0.3
RoA 0.9 0.7 0.4 0.7 0.5 0.5 0.4Leverage 21.3 24.9 26.8 26.6 25.4 25.2 26.3
RoE 19.1 18.3 11.9 18.8 13.8 12.3 11.7
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Research Team Tel: 022 - 39357800 E-mail: [email protected] Website: www.angelbroking.com
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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 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.
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 thelatest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Limited and its affiliates may haveinvestment positions in the stocks recommended in this report.
Disclosure of Interest Statement Vijaya 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