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Please refer to important disclosures at the end of this report 1
Particulars (` cr) 4QFY12 3QFY12 % chg (qoq) 4QFY11 % chg (yoy)NII 1,337 1,325 0.9 1,161 15.1Pre-prov. profit 790 923 (14.3) 672 17.6
PAT 309 338 (8.5) 289 7.0Source: Company, Angel Research
Syndicate Bank reported a 22.0% yoy decline in its profit before tax (PBT) to `248cr,
despite healthy 17.6% growth in pre-provisioning profit on the back of higher
provisioning expenses, partly because the bank was one of the few PSU banks which
increased provision coverage sequentially. However, net profit grew by moderate 7.0%
yoy on the back of negative tax expense of `61cr during the quarter as against taxexpense of `30cr in 3QFY2012. We recommend a Buy rating on the stock.Business growth remains moderate; slippages surge: During the quarter, businessgrowth remained moderate. Advances grew by 15.8% yoy to `123,620cr, aided by
healthy growth of 17.6% and 29.7% yoy in agriculture and weaker section credit,
respectively. Growth in deposits was relatively high compared to advances growth at
16.5% yoy, mainly on account of 24.2% growth in term deposits to `108,606cr.
CASA deposits grew by 10.7% yoy on account of moderate growth of 9.9% yoy in
savings deposits and 12.9% yoy in current deposits. Consequently, CASA ratio
dipped by 154bp yoy to 29.4%. Reported NIM improved by 15bp qoq to 3.60%. The
banks asset quality deteriorated sequentially with slippages increasing to `1,059cr,
much above the average quarterly run rate of `591cr for the past four quarters.
Consequently, gross annualized slippage ratio for the bank increased substantially
on a sequential basis to 4.0% during 4QFY2012 as against 1.9% in 3QFY2012.
While gross NPAs increased from 2.3% to 2.5%, net NPA ratio increased from 0.9%
to 1.0%. The bank increased its provisioning coverage to 80.1% in 4QFY2012 from
78.5% in 3QFY2012. If the bank had not increased its provisioning coverage, PBT
would have been higher by`97cr (38.4% yoy). The bank restructured ~`1,700cr of
loans during the quarter (majorly Air Indias ~`1,000cr), taking its outstanding
restructured advances to ~`6,200cr (~4.8% of the overall loan book).
Outlook and valuation: The stock is currently trading at 0.5x FY2014E ABV (itsfive-year range of 0.61.1x and median of 0.8x). Also, valuations appear cheap
compared to its peers, which are trading at higher multiples, although they have
similar or poorer fundamentals. We value the stock at 0.7x FY2014E ABV andrecommend Buy on the stock with a target price of `131.Key financialsY/E March (` cr) FY2011 FY2012 FY2013E FY2014ENII 4,383 5,085 5,912 6,869% chg 60.0 16.0 16.3 16.2
Net profit 1,048 1,313 1,561 1,806% chg 28.8 25.3 18.9 15.7
NIM (%) 3.0 3.1 3.0 3.0
EPS (`) 18.3 21.8 25.9 30.0P/E (x) 5.0 4.2 3.5 3.0P/ABV (x) 0.8 0.6 0.6 0.5
RoA (%) 0.7 0.8 0.8 0.8
RoE (%) 17.6 17.2 16.9 17.1
Source: Company, Angel Research
BUYCMP `91
Target Price `131
Investment Period 12 Months
Stock Info
Sector Banking
Market Cap (` cr) 5,469
Beta 1.2
52 Week High / Low 125/67
Avg. Daily Volume 85,892
Face Value (`) 10
BSE Sensex 16,293
Nifty 4,929
Reuters Code SBNK.BO
Bloomberg Code SNDB@IN
Shareholding Pattern (%)
Promoters 66.2
MF / Banks / Indian Fls 17.5
FII / NRIs / OCBs 4.2
Indian Public / Others 12.1
Abs. (%) 3m 1yr 3yr
Sensex (8.2) (12.3) 39.5
Syndicate Bank (18.7) (20.2) 60.7
Vaibhav Agrawal022 3935 7800 Ext: 6808
Varun Varma022 3935 7800 Ext: 6847
Sourabh Taparia022 3935 7800 Ext: 6872
Syndicate BankPerformance Highlights
4QFY2012 Result Update | Banking
May 11, 2012
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Syndicate Bank | 4QFY2012 Result Update
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Exhibit 1:4QFY2012 performanceParticulars (` cr) 4QFY12 3QFY12 % chg (qoq) 4QFY11 % chg (yoy)Interest earned 4,125 3,974 3.8 3,162 30.4- on Advances / Bills 3,300 3,212 2.7 2,593 27.2- on investments 755 733 3.1 574 31.7
- on balance with RBI & others 70 18 278.9 0 43,525.0
- on others - 10 (100.0) (5) (100.0)
Interest Expended 2,788 2,649 5.2 2,001 39.3Net Interest Income 1,337 1,325 0.9 1,161 15.1Other income 300 240 24.6 255 17.7Other income excl. treasury 286 235 21.6 247 16.1
- Fee Income 159 143 11.1 160 (0.7)
- Treasury Income 13 5 168.4 8 67.8
- Profit on exchange transactions 30 31 2.7 24 27.2
- Others 98 61 59.3 63 56.3
Operating income 1,636 1,565 4.5 1,416 15.6Operating expenses 846 643 31.6 744 13.7- Employee expenses 594 394 50.7 521 14.1
- Other Opex 252 248 1.3 223 12.9
Pre-provision Profit 790 923 (14.3) 672 17.6Provisions & Contingencies 542 544 (0.3) 353 53.6- Provisions for NPAs 321 386 (17.0) 176 82.1
- Provisions for Investments (12) 10 (221.5) 2 (606.3)
- Other Provisions 234 148 58.3 175 33.9
PBT 248 379 (34.5) 319 (22.2)Provision for Tax (61) 41 (249.5) 30 (306.0)PAT 309 338 (8.5) 289 7.0Effective Tax Rate (%) (24.6) 10.8 (3544)bp 9.3 (3395)bp
Source: Company, Angel Research
Exhibit 2:4QFY2012 Actual vs. Angel estimatesParticulars (` cr) Actual Estimates % chgNet interest income 1,337 1,368 (2.3)
Non-interest income 300 283 6.0
Operating income 1,636 1,651 (0.9)Operating expenses 846 689 22.7
Pre-prov. profit 790 962 (17.8)Provisions & cont. 542 432 25.6
PBT 248 530 (53.2)
Prov. for taxes (61) 201 (130.4)
PAT 309 329 (6.0)Source: Company, Angel Research
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Exhibit 3:4QFY2012 performanceParticulars 4QFY12 3QFY12 % chg (qoq) 4QFY11 % chg (yoy)Balance sheetAdvances (`cr) 123,620 114,817 7.7 106,782 15.8Deposits (`cr) 157,941 143,128 10.3 135,596 16.5
Credit-to-Deposit Ratio (%) 78.3 80.2 (195)bp 78.8 (48)bp
Current deposits (`cr) 12,129 11,020 10.1 10,739 12.9
Saving deposits (`cr) 34,295 32,994 3.9 31,207 9.9
CASA deposits (`cr) 46,424 44,014 5.5 41,946 10.7
CASA ratio (%) 29.4 30.8 (136)bp 30.9 (154)bp
CAR (%) 12.2 11.5 76bp 13.0 (80)bp
Tier 1 CAR (%) 8.9 8.4 59bp 9.3 (37)bp
Profitability Ratios (%)Cost of deposits 6.9 6.9 1bp 5.8 112bp
Yield on advances 11.0 11.1 (10)bp 9.9 116bp
Reported NIM 3.6 3.5 15bp 3.4 17bp
Cost-to-income ratio 51.7 41.1 1064bp 52.5 (84)bp
Asset qualityGross NPAs (` cr) 3,183 2,674 19.0 2,599 22.5
Gross NPAs (%) 2.5 2.3 24bp 2.4 13bp
Net NPAs (`cr) 1,185 993 19.4 1,031 15.0
Net NPAs (%) 1.0 0.9 10bp 1.0 (1)bp
Provision Coverage Ratio (%) 80.1 78.5 156bp 77.2 288bp
Slippage ratio (%) 4.0 1.9 209bp 2.4 157bp
NPA to avg. assets (%) 0.7 0.9 (20)bp 0.5 26bp
Source: Company, Angel Research
Business growth remains moderate; NIM improves by 15bp qoq
During the quarter, business growth for the bank remained moderate. Advances
grew by 15.8% yoy to `123,620cr, aided by healthy growth of 17.6% and 29.7%
yoy in agriculture and weaker section credit, respectively. Growth in deposits was
relatively high compared to growth in advances at 16.5% yoy, mainly on account
of 24.2% growth in term deposits to `108,606cr.
CASA deposits grew by 10.7% yoy on account of moderate growth of 9.9% yoy insavings deposits and 12.9% yoy in current deposits. Consequently, CASA ratio
dipped by 154bp yoy to 29.4%. Even, on a sequential basis, CASA ratio declined
by 136bp on the back of a 3.9% qoq increase in savings deposits, despite a
healthy 10.1% qoq increase in current deposits.
Cost of deposits remained flat sequentially at 6.92%. Yield on investment grew by
57bp qoq to 8.04%, while yield on advances declined by 10bp qoq to 11.01%.
Reported NIM for the bank improved by 15bp qoq to 3.60%.
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Exhibit 4:Business growth remains moderate
Source: Company, Angel Research
Exhibit 5:CASA ratio dips by 136bp qoq
Source: Company, Angel Research
Exhibit 6:CoD remains flat on a qoq basis
Source: Company, Angel Research
Exhibit 7:NIM improves by 15bp qoq
Source: Company, Angel Research
Asset quality deteriorates sequentially; slippages surge
The banks asset quality deteriorated sequentially with slippages increasing to
`1,059cr, much above the average quarterly run rate of `591cr for the past four
quarters. Consequently, gross annualized slippage ratio for the bank increased
substantially on a sequential basis to 4.0% during 4QFY2012 as against 1.9% in
3QFY2012. On an absolute basis, both gross and net NPAs for the bank
increased by ~19% sequentially. While gross NPAs increased from 2.3% to 2.5%,
net NPA ratio increased from 0.9% to 1.0%.
The bank increased its provisioning coverage (one of the few PSU banks to do so)
to 80.1% in 4QFY2012 from 78.5% in 3QFY2012. If the bank had not increased
its provisioning coverage, PBT would have been higher by`97cr (38.4% yoy).
The bank restructured ~`1,700cr of loans during the quarter (majorly Air Indias
~`1,000cr), taking its outstanding restructured advances to ~`6,200cr (~4.8% of
the overall loan book). In terms of CDR restructuring pipeline, management
specified a sum of `1,050cr pertaining to seven accounts, which are under active
stage of CDR discussion.
18.1
15.8
18.9
14.9
15.8
15.9
22.4
21.5
14.9
16.5
78.8
82.0
79.880.2
78.3
76.0
77.0
78.0
79.0
80.0
81.082.0
83.0
-
5.0
10.0
15.0
20.0
25.0
4QFY11 1QFY12 2QFY12 3QFY12 4QFY12
Adv. yoy chg (%) Dep. yoy chg (%) CDR (%, RHS)
30.9
31.1
30.5
30.8
29.4
14.8
5.8 6.4 6.6
10.7
-
7.5
15.0
22.5
25.0
27.5
30.0
32.5
4QFY11 1QFY12 2QFY12 3QFY12 4QFY12
CASA ratio CASA yoy growth (%, RHS)
5.80
6.366.69
6.91 6.92
4.00
6.00
8.00
4QFY11 1QFY12 2QFY12 3QFY12 4QFY12
3.43
3.16
3.44 3.453.60
2.00
2.50
3.00
3.50
4.00
4QFY11 1QFY12 2QFY12 3QFY12 4QFY12
(%)
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Exhibit 8:Slippages surge in 4QFY2012
Source: Company, Angel Research
Exhibit 9:NPA ratio deteriorates slightly on a qoq basis
Source: Company, Angel Research; Note: PCR including tech. write-offs
Operating expenses increased by 13.7% yoyFor 4QFY2012, the banks operating expenses increased on a yoy basis by 13.7%,
driven by a 14.1% yoy increase in staff expenses. Cost-to-income ratio further
increased to 51.7% in 4QFY2012 from 41.1% witnessed in 3QFY2012. Operating
expense to average assets increased to 1.9% in 4QFY2012 from 1.6% in
3QFY2012.
Exhibit 10:Staff expenses increase by 14.1% yoy
Source: Company, Angel Research
Exhibit 11:Cost ratios deteriorate sequentially
Source: Company, Angel Research
2.4
1.3
3.6
1.9
4.0
-
1.0
2.0
3.0
4.0
5.0
4QFY11 1QFY12 2QFY12 3QFY12 4QFY12
(%)
2.4
2.4
2.4
2.3
2.5
1.0
0.9
0.9
0.9
1.0
77.2 78.4 78.5 78.5 80.1
50.0
60.0
70.0
80.0
90.0
-
0.5
1.0
1.5
2.0
2.5
4QFY11 1QFY12 2QFY12 3QFY12 4QFY12
Gross NPAs (%) Net NPAs (%) PCR (%, RHS)
521
454
449
394
594
(20.0)
(10.0)
-
10.0
20.0
30.0
40.0
50.0
-
200
400
600
800
1,000
4QFY11 1QFY12 2QFY12 3QFY12 4QFY12
Staff expenses (` cr) YoY change (%)
52.
5
47.
0
42.
8
41.
1
51.
7
2.01.7 1.7
1.6
1.9
-
0.5
1.0
1.5
2.0
2.5
-
15.0
30.0
45.0
60.0
4QFY11 1QFY12 2QFY12 3QFY12 4QFY12
Cost-to-income ratio (%) Opex to average assets (%, RHS)
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Syndicate Bank | 4QFY2012 Result Update
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Investment argument
Better asset quality and moderate NIM to drive profitability
The bank witnessed a surge in slippages in 4QFY2012 to 4.0%. Though slippagesare likely to remain above average levels due to the deteriorating domestic macro
environment, we believe asset-quality pressures are likely to be well within
manageable levels for Syndicate Bank, as evident from the comfortable
provisioning coverage for the bank at 80.1% as of FY2012. The banks
conservative lending, visible in its low yield on advances (11.0% in FY2012) and
moderate advances growth (16.9% CAGR over FY2010-12), is expected to lead to
better asset quality than peers. Accordingly, we expect slippages to be at 2.7%
both for FY2013 and FY2014. Moreover, the banks reported its NIM at healthy
levels of 3.43% in FY2012. We expect the banks NIM to be at 3.0% in FY2013.
Outlook and valuation
We expect Syndicate Bank to deliver RoEs of 16.9% and 17.1% in FY2013 and
FY2014, respectively, on the back of its better asset-quality outlook than peers and
moderate NIM. The bank has a modest CASA franchise with a CASA ratio of
29.4% (as of 4QFY2012), while fee income is also modest at 0.6% of average
assets (as of FY2012).
However, that said, the banks cheaper valuations and lower
asset-quality concerns turn the tide in the stocks favor. The stock is currently
trading at 0.5x FY2014E ABV (its five-year range of 0.61.1x and median of 0.8x).
Also, valuations appear cheap compared to its peers, which are tradingat higher multiples, although they have similar or poorer fundamentals. We value
the stock at 0.7x FY2014E ABV and recommend Buy on the stock with a targetprice of `131.Exhibit 12:Key assumptionsParticulars (%) Earlier estimates Revised estimatesFY2013 FY2014 FY2013 FY2014Credit growth 13.5 14.0 17.0 17.0
Deposit growth 16.0 16.0 19.0 18.0
CASA ratio 28.2 27.4 27.4 26.2
NIMs 3.1 3.0 3.0 3.0
Other income growth 10.0 11.9 13.5 13.5
Growth in staff expenses 13.0 13.0 14.0 14.0
Growth in other expenses 13.0 13.0 14.0 14.0
Slippages 3.0 3.2 2.7 2.7
Coverage ratio 82.5 80.0 79.0 77.5
Source: Angel Research
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Exhibit 13:Change in estimatesParticulars (` cr) FY2013 FY2014Earlierestimates Revisedestimates Var. (%) Earlierestimates Revisedestimates Var. (%)NII 5,904 5,912 0.1 6,658 6,869 3.2
Non-interest income 1,165 1,221 4.8 1,304 1,386 6.3
Operating income 7,069 7,133 0.9 7,961 8,255 3.7Operating expenses 3,003 3,208 6.8 3,393 3,657 7.8
Pre-prov. profit 4,066 3,925 (3.5) 4,568 4,598 0.7Provisions & cont. 1,832 1,786 (2.5) 1,928 1,924 (0.2)
PBT 2,234 2,139 (4.3) 2,640 2,674 1.3
Prov. for taxes 725 577 (20.3) 857 867 1.3
PAT 1,509 1,561 3.4 1,784 1,806 1.3Source: Angel Research
Exhibit 14:P/ABV band
Source: Company, Angel Research
0
40
80
120
160
200
240
Apr-06
Oct-06
Apr-07
Oct-07
Apr-08
Oct-08
Apr-09
Oct-09
Apr-10
Oct-10
Apr-11
Oct-11
Apr-12
Oct-12
Price (`) 0.5x 0.7x 0.9x 1.1x 1.3x
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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 - - 1.0 - 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 - - 1.0 - 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 14.4 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 - 3.8 100.1 0.5 14.4
CorpBk Buy 405 504 24.4 0.5 0.7 3.6 5.3 0.8 16.5
DenaBk Buy 85 111 30.7 0.5 0.7 3.2 6.6 0.9 17.0
IDBI# Buy 92 117 27.0 0.6 0.7 3.8 22.7 0.9 14.8
IndBk Buy 180 218 21.6 0.6 0.8 3.7 5.4 1.2 18.2
IOB Buy 82 96 18.0 0.5 0.6 3.8 28.3 0.6 13.9
J&KBk Neutral 846 - - 0.7 - 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 1,066 43.0 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 91 131 43.9 0.5 0.7 3.0 17.3 0.8 17.1UcoBk Neutral 68 - - 0.7 - 3.8 13.0 0.6 15.4
UnionBk 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) FY08 FY09 FY10 FY11 FY12 FY13E FY14ENet Interest Income 2,073 2,548 2,740 4,383 5,085 5,912 6,869- YoY Growth (%) (3.6) 22.9 7.5 60.0 16.0 16.3 16.2Other Income 940 915 1,167 915 1,076 1,221 1,386- YoY Growth (%) 44.3 (2.7) 27.6 (21.6) 17.6 13.5 13.5
Operating Income 3,012 3,462 3,907 5,298 6,161 7,133 8,255- YoY Growth (%) 7.5 14.9 12.8 35.6 16.3 15.8 15.7
Operating Expenses 1,495 1,791 2,034 2,548 2,814 3,208 3,657- YoY Growth (%) 7.5 19.8 13.5 25.3 10.4 14.0 14.0
Pre - Provision Profit 1,518 1,671 1,874 2,750 3,347 3,925 4,598- YoY Growth (%) 7.6 10.1 12.1 46.8 21.7 17.3 17.2
Prov. & Cont. 512 635 700 1,464 1,920 1,786 1,924- YoY Growth (%) (25.5) 24.0 10.2 109.3 31.1 (6.9) 7.7
Profit Before Tax 1,006 1,036 1,174 1,285 1,427 2,139 2,674- YoY Growth (%) 39.0 3.1 13.3 9.5 11.0 49.8 25.0
Prov. for Taxation 157 124 361 237 114 577 867- as a % of PBT 15.7 11.9 30.7 18.5 8.0 27.0 32.4
PAT 848 913 813 1,048 1,313 1,561 1,806- YoY Growth (%) 18.4 7.6 (10.9) 28.8 25.3 18.9 15.7
Balance sheetY/E March (` cr) FY08 FY09 FY10 FY11 FY12 FY13E FY14EShare Capital 522 522 522 573 602 602 602Reserve &Surplus
3,769 4,488 5,105 6,478 8,439 9,650 11,037
Deposits 95,171 115,885 117,026 135,596 157,941 187,950 221,781
- Growth (%) 21.0 21.8 1.0 15.9 16.5 19.0 18.0
Borrowings 1,306 2,190 8,555 6,010 7,005 8,308 9,775
Tier 2 Capital 2,585 3,224 3,618 3,518 3,585 4,194 4,907
Other Liab. &Prov.
3,779 3,946 4,225 4,364 4,896 5,683 6,502
Total Liabilities 107,132 130,256 139,051 156,539 182,468 216,387 254,604Cash Balances 10,375 12,543 7,189 10,443 8,809 7,518 8,871
Bank Balances 1,282 1,861 5,545 1,523 5,076 6,020 7,083Investments 28,076 30,537 33,011 35,068 40,815 53,343 63,750
Advances 64,051 81,532 90,406 106,782 123,620 144,635 169,223
- Growth (%) 24.0 27.3 10.9 18.1 15.8 17.0 17.0
Fixed Assets 770 742 701 693 1,351 1,554 1,774
Other Assets 2,579 3,040 2,198 2,031 2,797 3,317 3,903
Total Assets 107,132 130,256 139,051 156,539 182,468 216,387 254,604- Growth (%) 20.0 21.6 6.8 12.6 16.6 18.6 17.7
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Ratio analysis
Y/E March FY08 FY09 FY10 FY11 FY12 FY13E FY14EProfitability ratios (%)NIMs 2.2 2.2 2.1 3.0 3.1 3.0 3.0Cost to Income Ratio 49.6 51.7 52.0 48.1 45.7 45.0 44.3
RoA 0.9 0.8 0.6 0.7 0.8 0.8 0.8
RoE 24.0 21.6 16.6 17.6 17.2 16.9 17.1
B/S ratios (%)CASA Ratio 30.9 27.6 31.2 30.9 29.4 27.4 26.2
Credit/Deposit Ratio 67.3 70.4 77.3 78.8 78.3 77.0 76.3
CAR 11.2 12.7 12.7 13.0 13.7 13.3 13.0
- Tier I 6.6 7.9 8.2 9.3 10.1 9.6 9.3
Asset Quality (%)Gross NPAs 2.7 1.9 2.2 2.4 2.5 3.7 4.6
Net NPAs 1.0 0.8 1.1 1.0 1.0 1.5 2.0
Slippages 2.4 1.5 1.8 1.7 2.7 2.7 2.7
Loan Loss Prov. /Avg. Assets 0.4 0.3 0.4 0.6 0.8 0.8 0.7
Provision Coverage 62.6 58.1 73.3 75.7 80.1 79.0 77.5
Per Share Data (`)EPS 16.2 17.5 15.6 18.3 21.8 25.9 30.0
ABVPS (75% cover.) 69.9 82.9 98.8 116.1 143.6 163.8 186.8
DPS 2.8 3.0 3.0 3.7 3.8 5.0 6.0
Valuation RatiosPER (x) 5.6 5.2 5.8 5.0 4.2 3.5 3.0
P/ABVPS (x) 1.3 1.1 0.9 0.8 0.6 0.6 0.5
Dividend Yield 3.1 3.3 3.3 4.1 4.2 5.5 6.6
DuPont AnalysisNII 2.1 2.1 2.0 3.0 3.0 3.0 2.9
(-) Prov. Exp. 0.5 0.5 0.5 1.0 1.1 0.9 0.8
Adj. NII 1.6 1.6 1.5 2.0 1.9 2.1 2.1
Treasury 0.3 0.2 0.3 0.0 0.1 0.0 0.0
Int. Sens. Inc. 1.9 1.8 1.8 2.0 1.9 2.1 2.1
Other Inc. 0.6 0.6 0.6 0.6 0.6 0.6 0.6
Op. Inc. 2.5 2.4 2.4 2.6 2.5 2.7 2.7
Opex 1.5 1.5 1.5 1.7 1.7 1.6 1.6PBT 1.0 0.9 0.9 0.9 0.8 1.1 1.1
Taxes 0.2 0.1 0.3 0.2 0.1 0.3 0.4
RoA 0.9 0.8 0.6 0.7 0.8 0.8 0.8Leverage 27.8 28.1 27.4 24.9 22.2 21.6 22.3
RoE 24.0 21.6 16.6 17.6 17.2 16.9 17.1
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7/31/2019 Syndicate Bank Result Updated
11/11
Syndicate 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 Syndicate 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
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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