Indian Overseas Bank: Performance Highlights

2QFY2013 Result Update | Banking
October 30, 2012
Indian Overseas Bank

Performance Highlights
NEUTRAL
CMP Target Price `71 2QFY12 1,266 907 207 % chg (yoy) (1.6) (11.0) (23.6)
Particulars (` cr) NII Pre-prov. profit PAT
2QFY13 1,246 807 158
1QFY13 1,328 847 233
% chg (qoq) (6.2) (4.7) (32.1)
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 5,850 1.1 138/68 121,351 10 17,257 5,241 IOBK.BO IOB@IN
Source: Company, Angel Research
Indian Overseas Bank (IOB) reported a disappointing set of numbers with its net profit declining by 23.6% yoy to `158cr. A lower NIM and significantly higher slippages were the major disappointments. We recommend a Neutral rating on the stock. NIM lower on interest reversal; Slippages significantly higher for 2QFY2013: During 2QFY2013, the banks loan growth remained stronger than the system, with growth in advances coming in at 20.4% yoy. The growth in deposit was also reasonably healthy at 15.6% yoy. The CASA deposits growth rate stood at a moderate 5.3% yoy. While savings account deposits managed to increase by 10.2% yoy, the current account deposits declined by 9.5% yoy. The CASA ratio as of 2QFY2013 stood at 25.0%. During the quarter, the yield on advances came in lower by 48bp sequentially at 10.2%, primarily on account of interest rate reversals of `168cr. Overall the reported NIM was lower by 26bp and stood at 2.3%. During 2QFY2013, the growth in non-interest income (excluding treasury) was muted at `375cr. The fee income performance was weak as commissions, exchange and brokerage (CEB) income declined by 7.2% yoy to `201cr. Slippages surprised negatively at `1,854cr (5.3% annualised slippage ratio vs 2.5% in 1QFY2013), more than double the average slippage figures over the preceding six quarters. Some of the slippages were chunky in nature with 11 accounts contributing for around `750cr worth of slippages. The PCR ratio dropped by 858bp during 2QFY2013 and now stands at a weak 58.5%. Outlook and valuation: We remain wary of further incremental asset quality pressures and provisioning expenses that could arise due to banks continued aggressive lending over the last few quarters. Also, any further increase in provisioning expenses on standard restructuring advances (increased to 2.75% by the RBI) is expected to hit the bank materially owing to its high proportion of restructuring advances to overall loan book. Considering the overhang on asset quality as well as the relatively low tier-I capital adequacy, we recommend a Neutral rating on the stock. Key financials
Y/E March (` cr) NII % chg Net profit % chg NIM (%) EPS (`) P/E (x) P/ABV (x) RoA (%) RoE (%)
Shareholding Pattern (%) Promoters MF / Banks / Indian Fls FII / NRIs / OCBs Indian Public / Others 69.6 14.3 3.6 12.4
Abs. (%) Sensex IOB
3m (0.4) (16.0)
1yr (5.8) (46.6)
3yr 10.1 (16.2)
FY2011 4,208 35.1 1,073 51.7 2.8 17.3 4.1 0.6 0.7 14.8
FY2012 5,016 19.2 1,050 (2.1) 2.6 13.2 5.4 0.5 0.5 11.1
FY2013E 5,339 6.4 977 (7.0) 2.3 12.3 5.8 0.5 0.4 8.8
FY2014E 6,450 20.8 1,589 62.7 2.5 19.9 3.6 0.5 0.6 13.1
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 varun.varma@angelbroking.com
Please refer to important disclosures at the end of this report
Indian Overseas Bank | 2QFY2013 Result Update
Exhibit 1: 2QFY2013 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 - Provisions for Investments - Other Provisions PBT Exceptional items Provision for Tax PAT Effective Tax Rate (%)
2QFY13 5,104 3,868 1,092 72 71 3,858 1,246 411 375 201 36 64 110 1,657 850 562 288 807 552 454 (58) 155 255 97 158 38.0
1QFY13 5,026 3,909 1,035 83 3,698 1,328 377 401 230 (25) 58 113 1,705 858 562 296 847 520 332 51 138 326 93 233 28.5
% chg (qoq) 1.5 (1.0) 5.6 (12.5) 4.3 (6.2) 9.1 (6.5) (12.6) (246.7) 10.3 (3.0) (2.8) (0.9) 0.1 (2.8) (4.7) 6.0 37.1 (212.9) 12.5 (21.7) 4.4 (32.1) 951bp
2QFY12 4,395 3,334 985 76 3,129 1,266 427 378 217 49 64 97 1,694 787 527 260 907 636 463 75 99 270 63 207 23.3
% chg (yoy) 16.1 16.0 10.9 (5.2) 23.3 (1.6) (3.8) (0.8) (7.2) (26.6) (0.6) 13.1 (2.1) 8.1 6.8 10.7 (11.0) (13.3) (1.8) (177.0) 57.2 (5.5) 54.1 (23.6) 1470bp
1HFY2013 10,130 7,777 2,127 155 71 7,556 2,574 788 776 431 11 122 223 3,362 1,708 1,124 584 1,654 1,072 786 (7) 293 582 190 392 32.6
1HFY2012 8,381 6,336 1,878 167 5,927 2,454 766 733 395 34 164 174 3,220 1,511 1,029 482 1,709 1,181 898 128 155 528 115 413 21.8
% chg (yoy) 20.9 22.7 13.2 (7.1) 27.5 4.9 2.8 6.0 9.1 (66.1) (25.6) 28.6 4.4 13.1 9.3 21.2 (3.3) (9.3) (12.5) (105.1) 89.2 10.2 65.1 (5.1) 1086bp
Exhibit 2: Actual vs Angel estimates

Particulars (` cr) NII Non-Interest Income Operating Income Operating Expenses Pre-Prov. Profit Provisions & Cont. PBT Prov. for Taxes PAT
Actual 1,246 411 1,657 850 807 552 255 97 158
Estimates 1,390 402 1,792 876 916 497 420 120 300
Variation (%) (10.4) 2.2 (7.5) (2.9) (11.9) 11.0 (39.1) (18.8) (47.2)
October 30, 2012
Exhibit 3: 2QFY2013 performance

Particulars (` cr) Advances (` cr) Deposits (` cr) Credit-to-Deposit Ratio (%) Current deposits (` cr) Saving deposits (` cr) CASA deposits (` cr) CASA ratio (%) CAR (%) Tier 1 CAR (%) Profitability Ratios (%) Cost of deposits Yield on advances Yield on investments 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 (%) NPA to avg. assets (%)
2QFY13
1QFY13
% chg (qoq)
2QFY12 % chg (yoy) 20.4 15.6 318bp (9.5) 10.2 5.3 (245)bp (36)bp 61bp 169bp 36bp 11bp 36bp 127bp (83)bp 485bp 52.1 80bp 124.5 104bp (1324)bp 171bp (16)bp
150,016 148,366 189,115 184,882 79.3 10,231 37,052 47,283 25.0 12.1 7.6 7.7 10.2 7.3 9.6 7.4 2.3 51.3 5,930 3.9 3,378 2.3 58.5 5.3 0.8 80.2 10,985 36,370 47,355 25.6 12.6 7.9 7.6 10.7 7.3 9.8 7.3 2.6 50.3 4,410 3.0 2,152 1.5 67.1 3.1 0.6
1.1 124,550 2.3 163,579 (92)bp (6.9) 1.9 (0.2) (61)bp (52)bp (29)bp 13bp (48)bp 1bp (21)bp 4bp (26)bp 97bp 34.5 90bp 57.0 77bp (858)bp 218bp 20bp 76.1 11,301 33,610 44,912 27.5 12.4 7.0 6.0 9.9 7.2 9.2 6.1 3.2 46.5 3,898 3.1 1,505 1.2 71.8 3.6 1.0
NIMs decline significantly on account of interest reversals

During 2QFY2013, the banks loan growth remained stronger than the system, with growth in advances coming in at 20.4% yoy. Growth in deposits was also reasonably healthy at 15.6% yoy. The growth in advances was driven by growth in corporate (25.1% yoy) and agri based loans (21.1% yoy). On the liability side, the CASA deposits growth rate stood at a moderate 5.3% yoy. While savings account deposits managed to increase by 10.2% yoy, the current account deposits declined by 9.5% yoy. The CASA ratio as of 2QFY2013 stood at 25.0%. The banks tier 1 capital ratio is on the lower end (7.63% as of 2QFY2013) and hence the management has given a lower growth target of 16% yoy for the loan book expansion. As per the management the bank will focus on retail, agri (including priority sector) and working capital loans to grow its balance sheet ahead. During the quarter, the yield on advances came in lower by 48bp sequentially to 10.2%, primarily on account of interest rate reversals of `168cr. The domestic NIM was also lower by 23bp to 2.4%. The banks overseas NIM declined by 43bp to 1.5% as the bank has yet to deploy the excess capital raised overseas. Overall, the reported NIM was lower by 26bp and stood at 2.3%.
October 30, 2012
Exhibit 4: Business growth remain healthy

Adv. qoq chg (%) 10.0 8.0 6.0 4.0 79.4 76.1 78.9 Dep. qoq chg (%) 80.2 CDR (%, RHS) 85.0 79.3 80.0 75.0 70.0
Exhibit 5: CASA growth moderates

CASA ratio 32.0 24.0 16.0 14.9 13.7 7.5 CASA yoy growth (%, RHS) 24.0 18.0 12.0 5.3
12.8
27.5
26.2
26.4
25.5
4.5 8.2
6.4 2.1
6.2 6.8
5.4 3.6
2QFY12 3QFY12 4QFY12 1QFY13 2QFY13

1.1 2.3
2.0
65.0 60.0
25.0
8.0
6.0 -
Exhibit 6: Interest reversal leads to 48bp decline in reported NIM

(%) 11.20 10.80 10.40 10.00 9.60 2QFY12 3QFY12 4QFY12 1QFY13 2QFY13 10.91 10.81 10.94 10.69 10.21
Exhibit 7: Overall NIMs lower by 26bp

(%) 3.00 2.70 2.40 2.10 1.80 1.50 2QFY12 3QFY12 4QFY12 1QFY13 2QFY13 2.86 2.61 2.74
2.59 2.33
Non-interest income disappoints too

During 2QFY2013, growth in non-interest income (excluding treasury) was muted at `375cr. Recoveries from written off accounts came in at `64cr. The fee income performance was weak as the CEB income declined by 7.2% yoy to `201cr. Treasury income was lower too at `36cr compared to `49cr in 2QFY2012.
Exhibit 8: Break-up of non-interest income

Particulars (` cr) CEB Treasury Recoveries from written-off a/c Others Other income Other income excl. treasury
2QFY13 1QFY13 201 36 64 110 411 375 230 (25) 58 113 377 401
% chg (qoq) 2QFY12 (12.6) (246.7) 10.3 (3.0) 9.1 (6.5) 217 49 64 97 427 378
% chg (yoy) (7.2) (26.6) (0.6) 13.1 (3.8) (0.8)
October 30, 2012
Slippages surprise negatively

Slippages surprised negatively at `1,854cr, more than double the average slippage figures over the preceding six quarters. Some of the slippages were chunky in nature with 11 accounts contributing around `750cr worth of slippages. The sectors which saw the highest slippages included agri (`217cr), automobiles (`115cr), services (`109cr), engineering (`105cr), and metals (`102cr). There were also overseas slippages worth `227cr during the quarter. On an absolute basis, the gross and the net NPA figures increased by 34.5% and 57.0% respectively. The bank restructured `1,581cr worth of accounts during the quarter, taking the overall restructuring to `14,775cr (at 9.8% of the overall advances, its one of the highest in the industry). The management has guided for an overall `4,000cr of slippages (~`1,300cr expected in 2HFY2013) and `2,000cr of recoveries (including written of accounts) in FY2013 (~`1,500cr in 2HFY2013).
Exhibit 9: Slippages number higher significantly

Slippages (%) 6.0 5.0 4.0 3.0 2.0 1.0 0.8 0.6 0.5 0.6 0.6 0.3 Credit cost (%, RHS) 1.2 0.9
Exhibit 10: Asset quality deteriorated sequentially

Gross NPAs (%) 4.5 3.6 2.7 1.8 71.8 71.7 67.7 67.1 58.5 Net NPAs (%) PCR (%, RHS) 80.0 70.0 60.0 50.0
3.6
2.5
3.6
2.5
5.3
3.1 1.2
3.0 1.2
2.7 1.4
3.0 1.5

3.9 2.3
40.0
1.0
0.9
Tier-1 CAR relatively low at 7.6%

The banks tier-1 capital adequacy ratio (CAR) stood relatively low at 7.6%, due to aggressive growth, inspite of 29% dilution already witnessed in FY2012 (raised a substantial `1,783cr). The bank may require further dilution sooner than peers, if current growth persists, at book-dilutive valuations.
Investment concerns
Restructuring book to lead to higher provisioning
The pace of business growth for the bank, which had picked up since 2HFY2011, has continued even in 2HFY2013, despite of domestic macro headwinds. This has lead to increased pressures on the asset quality front for the bank as evidenced in the increasing rate of slippages over the last year. The slippages were significantly higher in 2QFY2013 at `1,854cr, which were double than the average slippages over the preceding six quarters. Also as a result of high pace of balance sheet expansion, the banks restructured book has more than doubled in the last 12 months. We have lowered our bottomline estimates for FY2013 and FY2014 by 23.2% and 6.3%, respectively on
October 30, 2012
account of the recent Reserve Bank of India (RBI)s directive of increasing the provisioning expenses on restructured standard advances from 2.0% to 2.75%. The RBI has proposed to increase this provisioning to 5% by FY2014 (which will lead to 9.4% impact on the revised FY2014 PBT) and then eventually remove the distinction between restructuring and NPA advances. Banks such as IOB are expected to be the biggest losers from this transition as it has one of the highest proportions of restructuring books to its advances (9.8% as of 2QFY2013) within the banking industry.
Outlook and valuation

The bank had faced substantial asset quality issues in FY2010 due to which RoEs were depressed to 11.5%. From this low base, we expect RoEs to improve to 13.1% in FY2014. However, we remain wary of further incremental asset quality pressures and provisioning expenses that could arise due to banks continued aggressive lending over the last few quarters. Also any further increase in provisioning expenses on standard restructuring advances is expected to hit the bank materially owing to its high proportion of restructuring advances to overall loan book. Considering the overhang on asset quality as well as the relatively low tier-I capital adequacy, we recommend a Neutral rating on the stock.
Exhibit 11: Key assumptions

Particulars (%) Credit growth Deposit growth CASA ratio NIMs Other income growth Growth in staff expenses Growth in other expenses Slippages
Source: Angel Research
Earlier estimates FY2013 16.0 16.0 25.0 2.5 1.8 13.0 13.0 2.8 FY2014 11.0 12.0 24.5 2.5 8.9 10.0 10.0 2.5
Revised estimates FY2013 16.0 16.0 25.0 2.3 1.8 10.0 13.0 3.1 FY2014 11.0 12.0 24.5 2.5 8.9 10.0 10.0 2.8
Exhibit 12: Change in estimates

FY2013 Particulars (` cr) NII Non-interest income Operating income Operating expenses Pre-prov. profit Provisions & cont. PBT Prov. for taxes PAT
Source: Angel Research
FY2014 Earlier estimates 6,528 1,863 8,391 3,932 4,459 1,948 2,512 815 1,697 Revised Var. (%) estimates 6,450 1,862 8,313 3,863 4,450 2,098 2,352 763 1,589 (1.2) (0.0) (0.9) (1.7) (0.2) 7.7 (6.3) (6.3) (6.3)
Earlier estimates 5,632 1,711 7,343 3,574 3,769 1,988 1,781 508 1,274
Revised Var. (%) estimates 5,339 1,711 7,050 3,512 3,538 2,173 1,366 389 977 (5.2) (0.0) (4.0) (1.7) (6.1) 9.3 (23.3) (23.3) (23.3)
October 30, 2012
Exhibit 13: P/ABV band

350 300 250 200 150 100 50 0 Price (`) 0.4x 0.8x 1.2x 1.6x 2x
Oct-06
Oct-07
Oct-08
Oct-09
Oct-10
Oct-11
Source: Company; Angel Research
October 30, 2012
Oct-12
Apr-06
Apr-07
Apr-08
Apr-09
Apr-10
Apr-11
Apr-12
Exhibit 14: 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 Neutral Buy Accumulate Buy Neutral Reduce Buy Accumulate Neutral Accumulate Neutral Accumulate Neutral Buy Accumulate Neutral Neutral Neutral Buy Accumulate Accumulate Accumulate Buy Buy Neutral CMP (`) 1,185 480 634 1,045 23 408 131 103 719 273 53 396 69 397 105 92 168 71 1,120 298 730 2,074 116 72 193 63 53 Tgt. price (`) 1,476 1,270 25 492 97 838 304 449 447 108 181 843 2,353 122 76 226 78 Upside (%) 25 22 9 21 (6) 17 11 13 13 17 8 15 13 5 5 17 22 FY2014E P/ABV (x) 1.6 1.2 3.6 1.7 1.0 2.1 0.5 0.6 0.8 0.7 0.7 0.7 0.6 0.6 0.6 0.6 0.6 0.5 1.0 0.6 0.8 1.3 0.7 0.7 0.7 0.4 0.6 FY2014E Tgt. P/ABV (x) 2.0 2.0 1.1 2.5 0.6 1.0 0.8 0.8 0.7 0.7 0.7 0.9 1.5 0.7 0.8 0.8 0.6 FY2014E P/E (x) 8.6 9.3 17.6 12.6 5.9 9.7 3.6 4.2 5.2 4.3 4.4 4.6 3.3 3.9 4.3 4.0 4.0 3.6 6.0 4.6 4.4 8.0 4.3 4.4 4.2 2.9 4.7 FY2012-14E EPS CAGR (%) 16.0 6.7 27.9 21.7 4.2 23.5 (0.4) 1.0 6.4 16.9 38.9 7.2 100.1 (2.2) 3.1 20.1 2.8 23.0 6.5 29.0 6.8 21.7 11.5 7.9 19.8 20.7 12.1 FY2014E RoA (%) 1.6 1.1 1.9 1.5 0.9 1.5 0.9 0.9 1.0 0.8 0.7 0.9 0.6 0.8 0.8 0.9 1.1 0.6 1.3 0.9 1.0 1.0 0.7 0.6 0.8 0.7 0.5 FY2014E RoE (%) 20.2 13.3 22.0 15.7 16.9 23.5 15.7 15.3 17.0 15.8 16.1 15.3 14.7 15.1 15.9 14.4 16.3 13.1 17.7 14.4 17.3 17.7 16.6 14.4 16.3 16.2 13.0
Source: Company, Angel Research; Note:*Target multiples=SOTP Target Price/ABV (including subsidiaries), #Without adjusting for SASF
Company background
Indian Overseas Bank is a mid-sized PSU bank with a balance sheet size of ~`2.2lakh cr. The bank has a network of 2,000+ domestic branches and over 1,500 ATMs, mainly concentrated in the southern states (~59%), with majority being in the parent state of Tamil Nadu (~38%). The bank has a sizeable presence overseas, with over 12% of its advances coming from overseas branches.
October 30, 2012
Income statement
Y/E March (` cr) Net Interest Income - 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 2,870 7.1 1,713 59.3 4,583 22.0 1,942 30.7 2,641 16.4 687 11.7 1,954 18.1 629 32.2 1,326 10.3 FY10 3,114 8.5 1,197 (30.2) 4,311 (5.9) 2,466 27.0 1,845 (30.2) 866 26.1 979 (49.9) 272 27.8 707 (46.7) FY11 4,208 35.1 1,225 2.4 5,433 26.0 2,573 4.3 2,861 55.1 1,268 46.5 1,592 62.7 520 32.6 1,073 51.7 FY12 5,016 19.2 1,681 37.2 6,697 23.3 3,163 23.0 3,534 23.5 2,236 76.3 1,298 (18.5) 248 19.1 1,050 (2.1) FY13E 5,339 6.4 1,711 1.8 7,050 5.3 3,512 11.0 3,538 0.1 2,173 (2.9) 1,366 5.3 389 28.5 977 (7.0) FY14E 6,450 20.8 1,862 8.9 8,313 17.9 3,863 10.0 4,450 25.8 2,098 (3.5) 2,352 72.2 763 32.4 1,589 62.7
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 545 6,606 18.7 6,548 3,946 3,312 5,940 4,981 31,215 74,885 23.9 1,710 2,341 18.9 FY10 545 6,980 10.7 4,111 4,871 3,795 7,666 2,158 37,651 79,004 5.5 1,700 2,918 8.3 FY11 619 8,706 145,229 31.1 12,517 6,838 4,875 178,784 10,011 2,008 48,610 111,833 41.6 1,681 4,641 178,784 36.4 FY12 797 11,131 178,434 22.9 16,812 6,802 5,673 219,648 10,199 6,062 55,566 140,724 25.8 1,744 5,353 219,648 22.9 FY13E 797 11,876 206,984 16.0 19,861 6,632 6,732 252,882 9,314 6,979 65,237 163,240 16.0 1,948 6,163 252,882 15.1 FY14E 797 13,094 231,822 12.0 22,150 6,466 7,692 282,022 9,273 7,784 74,789 181,197 11.0 2,107 6,873 282,022 11.5
100,116 110,795
121,073 131,097
121,073 131,097
October 30, 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 Leverage (x) RoE 2.6 0.6 2.0 0.6 2.5 1.0 3.5 1.7 1.8 0.6 1.2 20.9 24.8 2.5 0.7 1.8 0.2 2.0 0.7 2.7 2.0 0.8 0.2 0.6 20.5 11.5 2.7 0.8 1.9 0.0 1.9 0.8 2.7 1.7 1.0 0.3 0.7 21.4 14.8 2.5 1.1 1.4 0.1 1.5 0.8 2.2 1.6 0.7 0.1 0.5 21.0 11.1 2.3 0.9 1.3 0.0 1.4 0.7 2.1 1.5 0.6 0.2 0.4 21.2 8.8 2.4 0.8 1.6 0.0 1.6 0.7 2.3 1.4 0.9 0.3 0.6 22.0 13.1 2.9 0.7 6.3 5.5 0.7 4.9 4.1 0.6 7.0 5.4 0.5 6.3 5.8 0.5 3.5 3.6 0.5 5.6 24.3 99.5 4.5 13.0 99.8 3.5 17.3 128.7 5.0 13.2 129.9 4.5 12.3 134.7 2.5 19.9 149.1 4.0 2.5 1.3 3.7 0.3 48.0 4.5 2.5 4.1 0.7 54.0 2.7 1.2 2.7 0.7 70.5 2.7 1.4 2.8 0.7 67.7 4.0 1.8 3.1 0.8 66.0 5.1 2.1 2.8 0.7 67.5 30.3 74.8 12.7 7.6 32.5 71.3 14.8 8.7 30.2 77.0 14.6 8.2 26.4 78.9 13.3 8.4 25.0 78.9 12.0 7.7 24.5 78.2 11.4 7.7 2.7 42.4 1.2 24.8 2.6 57.2 0.6 11.5 2.8 47.3 0.7 14.8 2.6 47.2 0.5 11.1 2.3 49.8 0.4 8.8 2.5 46.5 0.6 13.1 FY09 FY10 FY11 FY12 FY13E FY14E
October 30, 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
Indian Overseas Bank 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%)
October 30, 2012
11

Indian Overseas Bank: Performance Highlights

Uploaded by

Document Information

Original Description:

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Indian Overseas Bank: Performance Highlights

Uploaded by

Copyright:

Available Formats

2QFY2013 Result Update | Banking

October 30, 2012