Banking Sector Sector: Name xxx Q4FY17 Review & …€¦ · Executive Summary Large Private Banks ... HDFC Bank, IndusInd Bank& Yes Bank occupied top three positions based in Q4FY17

Banks Q4FY17 quarter Result Analysis

We have reviewed the Q4FY17 quarterly results and have observed the performance of 28 public and private sector banks based

on last 12 quarters (Q1FY15 to Q4FY17).We have done a statistical exercise wherein we have evaluated their quarterly results on

a YoY basis based on 12 parameters namely.

I. Improvement in Net Interest Margins (NIMs)

II. Advances Growth

III. Deposits Growth

IV. PAT Growth

V. Net Interest Income Growth

VI. Improvement in Current Account Savings Account (CASA) ratio

VII. Decline in Cost to Income Ratio

VIII. Reduction in Gross NPA ratio

IX. Increase in Provision Coverage Ratio (PCR)

X. Reduction in Standard Restructured Loans as proportion of Net Advances

XI. Reduction in Net NPA as proportion of Net worth

XII. Improvement in Return on Assets

Further for comparison purposes, we have classified the 28 banks into 4 buckets namely:

1. Large Private Banks(6)

2. Other Private Banks(8)

3. Large PSU Banks(6)

4. Other PSU Banks(8)

Based on the above 12 parameters, we have adopted two methods to arrive at conclusion –

1. Based on performance improvement YoY for each parameter.

2. Based on relative performance to mean for each parameter.

We have given ranks with 1 being the highest rank amongst all other banks classified in that bucket for each parameter. Further

we have given equal weights to all the 12 parameters and worked out the total point so obtained by each bank and given

rankings to their performance on quarterly results with the 1 as highest.

Banking Sector

Q4FY17 Review & Analysis

Sector: Name xxx

CMP: ` xxx

6 June 2017

Research Associate:

Ritu Chaudhary

+91 22 42245183

[email protected]

Banking Sector Q4FY17 Review & Analysis 6 June 2017

2

Highlights of Q4FY17 Results:

Advances growth remains challenging in PSU banks. In large PSU category, avg advances growth was mere at 3.9%,

while in Other PSU category, avg advances growth was at -4.4%, barring OBC & Andhra Bank, all Banks in this bucket

have shown negative growth. Private banks continue to post strong Advances both in large & other private banks

category with avg ~15-18%. Advances growth is largely led by Retail Advances while corporate loan growth remains

sluggish.

PSU Banks lags behind in Deposits growth as well showing avg growth of 9% & 6% in large PSU and other PSU banks

category. Pvt banks showed growth of 21% & 17% in large Pvt & other Pvt Banks.

Higher Deposits growth was largely led by increase in CASA deposits. In Large Private Banks category, avg CASA ratio

stood at 44.4%. Incremental YoY CASA growth was higher in ICICI Bank, Kotak Mahindra Bank & Yes bank. ICICI Bank

leads with 50% CASA ratio. In Other Private Banks Category, avg CASA ratio stood at 29%, while incremental YoY CASA

growth was higher in Karur Vysya Bank, J &K bank & Lakshmi Vilas Bank.

In Large PSU Banks category, avg CASA ratio stood at 38% with SBI & PNB bank leading. However, incremental YoY CASA

growth was higher in PNB followed by Bank of India. In other PSU Banks category, avg CASA ratio stood at 34.6%, while

incremental YoY CASA growth was higher in Allahabad Bank & Indian Overseas Bank.

Pace of increase in NPA levels has slowed down on sequential or QoQ basis. In Large Private banks, avg Gross NPA

remains stable at 3.2%, only Yes Bank has witnessed sharp jump in NPA albeit low base. In Other Private Banks, avg

Gross NPA ratio stood 3.9% vs 4.1% in Q3FY17, barring Karur Vysya Bank, all banks in the category has seen reduction in

Gross NPA ratio. PSU banks continue to struggle with mounting NPAs leading to avg Gross NPA ratio of 10.7% & 14.8%

in large PSU & other PSU Banks, however there is marginal reduction on sequential basis. State-owned banks are

saddled with NPAs worth `6 lakh crore. Adding other restructured assets, the total stressed assets in the banking

system is pegged at ` 8-9 lakh crore.

Government & RBI remains focus to deal with NPA menace with several initiatives like 1) Prompt Corrective Action

(PCA) guidelines by RBI on Dena, IDBI & UCO Bank- which implies there would be no further growth in deposit base and

lending for the worst-capitalised banks 2) Expansion of oversight committee 3) Amending the Banking Regulation Act to

empower the RBI to direct banks to initiate proceedings for resolving and winding up pleas against defaulting

companies under the Bankruptcy code. 4) Consolidation measure in PSU Banks

Vijaya Bank, Ratnakar Bank & IDFC bank which is not part of our model due to unavailability of trends has shown

healthy performance in Q4FY17 results. Vijaya Bank showed 233.6%, 6.3% & 6.0% PAT, Advances & Deposits while

Gross NPA level stood at 7% in Q4FY17. Ratnakar Bank has showed 54%, 38% & 42% growth in PAT, Advances &

Deposits while Gross NPA level remain stable at 1.2% in Q4FY17. IDFC Bank showed 6.6%, 10.4% & 4x growth in PAT,

Advances & Deposits while NPA levels reduced to 3% from 7% due to sale of bad loans to ARCs.


3

Executive Summary

Large Private Banks Category Analysis based on performance improvement YoY for each parameter:-

Indusind Bank, Yes bank & Kotak Mahindra Bank occupied top three positions based on Q4FY17 results and in their last

12 quarters average.

Indusind Bank moved to top position from 3rd

rank in Q4FY17 due on account of improvement in NIMs, higher

Advances & Deposits growth, NII growth, strong improvement in CASA, lower incremental NPAs & higher ROA levels.

On last 12 quarters performance, it stood at 3rd

position.

Yes Bank occupied 2nd

position both in Q4FY17 results & last 12 quarters average. This performance is led by

improvement in NIMs, higher NII & PAT growth, improvement in CASA at 44%, reduction in cost to income, lower NPA

& stable ROA levels. It has witnessed strong jump in incremental NPA levels in Q4FY17 to 1.5%, +70bps vs historic

average of +10bps. On last 12 quarters performance, it stood at 3rd

position.

Kotak Mahindra Bank occupied 2nd

position in Q4FY17 results on account of improvement in NIMs, PAT growth,

significant improvement in CASA, reduction in cost to income & higher ROA levels. On last 12 quarters performance,

Kotak Mahindra bank ranked at 1st

position.

HDFC bank has been delivering consistent performance even at high base and stood at 4th

position in Q4FY17 results while

in terms of improvement it has shown outstanding performance in last 12 quarters also and occupied 4th

position.

ICICI Bank stood at 5th

position both in Q4FY17 results & last 12 qtrs average as it is facing pressure both in Advances &

Deposits growth. Reduction in NIM, lower NII & PAT growth, increase in cost to income & PCR ratio added to lower

ranking. Although ICICI Bank’s NPA is highest at 7.9% (highest among peers) is worrisome but no further increase in

NPA is encouraging and standard restructured standard assets also came down to 0.9% of Advances in Q4FY17.

Axis Bank continues to remain at 6th

position in Q4FY17 results. This was due to lowest advances & deposits growth,

negative PAT growth due to higher provisions on account of surge in NPA levels, increase in cost to income, reduction in

PCR & low ROA levels. It also stood at 6th

position based on last 12 quarters performance.

Analysis based on relative performance to mean for each parameter:-

HDFC Bank, IndusInd Bank& Yes Bank occupied top three positions based in Q4FY17 results and well above mean of

operating parameters in last 12 quarters

HDFC Bank continues to outshine even on relative performance to mean method reflecting consistent performance. It

stood at 1st

position in Q4FY17 results & on last 12 quarters performance it occupied 3rd

rank.

Indusind Bank stood at 2nd

position both on Q4FY17 results & 12 quarters performance led by improvements in NIMs,

higher Advances & PAT growth, higher NII growth & consistent ROA levels & lowest NPA levels (0.9% among peers).

YES Bank stood at 3rd

position in Q4FY17 results driven by higher advances and deposits growth, reduction in cost to

income ratio, strong increase in CASA & lower NPAs. On last 12 quarters relative performance to mean method, it

occupied 1st

position.

Kotak Mahindra bank stood at 4th

position in Q4FY17 results on relative performance to mean method despite showing

1st

position on improvement basis. This is largely due to higher base of NIMs, Advances & Deposits growth, lower

incremental growth of CASA, lower PCR has resulted into resulted in lower ranking.

ICICI Bank stood at 5th

position on Q4FY17 results while Axis Bank lags behind at last 6th

position in Q4FY17 led by

highest NPA levels, lowest PCR ratio and highest restructured advances ratio among peers

Conclusion

HDFC Bank continue to follow path of improvement despite having high base compared to Axis Bank & ICICI Bank of

comparable size while Yes Bank & IndusInd Bank has been growing at higher rate by maintaining operating efficiency

and asset quality. Hence, our best picks in this bucket are HDFC bank, Yes Bank & IndusInd. HDFC Bank & IndusInd Bank

continues to trade at 4.2x and 3.6x and 3.9x and 3.3x on FY18E and FY19E numbers, premium to the average private

banks valuation parameters while Yes Bank is trading at P/B of 2.7x and 2.3x on FY18E and FY19E numbers as per

consensus Bloomberg estimates.


4

Other Private Banks Analysis based on performance improvement YoY for each parameter:-

In this category, Federal bank, City Union Bank & Lakshmi Vilas Bank occupied top three positions based on Q4FY17

results and last 12 quarters average

Federal Bank showed maximum improvement and occupied 1st

position vs 3rd

position in Q2Y17. This performance is

led by improvement in NIMs, strong growth in Advances, Deposits & PAT growth, reduction in cost to income, stable

PCR, reduction in standard restructured advances, reduction in NPA levels & increase in ROA while on last 12 quarters

average it’s stood at 5th

position.

City Union Bank slipped to 4th

position vs 3rd

position in Q4F17 results largely due to high base, lower CASA growth, and

increase in cost to income. However, it occupied 2nd

position on last 12 quarters average due to consistent Advances&

Deposits growth, stable higher levels of NIMs & NPAs, reduction in standard restructured advances & higher ROA levels.

Laxmi Vilas Bank occupied 4th

position while on last 12 quarters average it stood at 1st

position. It has shown stable

performance across the quarters with healthy pace of Advances & Deposits growth, strong PAT growth, bringing down

its cost to income ratio, stable NPA & ROA levels. However, the key thing to watch out in coming qtrs would be how the

bank puts efforts to improve its CASA ratio (lowest among peers)

DCB Bank slipped to 6th

position in Q4FY17 from 3rd

in Q3FY17 results due to relatively lower performance than top

players, negative PAT due to higher opex, lower CASA growth, higher base of NIMs and lower ROA levels. Although,

performance is weak in the quarter, DCB has still demonstrated consistent performance with robust growth in

Advances, Deposits & PAT growth, improved PCR, lowest Restructured Advances, bringing NPA levels down in last 12

quarters. It occupied 3rd

position in last 12 quarters average.

South Indian Bank ranked 2nd

position largely led by decrease in cost to income, reduction in NPA, increase in PCR and

reduction in standard restructured advances. It stood at 7th

position on 12 last quarter’s average. Karur Vysya Bank

stood at 5th

in Q4FY17 results while it occupied 4th position on last 12 quarters average.

J&K Bank & Karnataka Bank is lagging behind at 7th

& 8th

position on Q4FY17 and last 12 quarters average led by lower

growth of Deposits & Advances growth, lower PAT growth, and higher cost to income, lower PCR ratio and higher NPA

levels. J&K bank continue to disappoint with mounting NPA levels, negative Advances & PAT growth, higher cost to

income, decline in PCR and negative ROA levels. It stood at 8th

position both on Q4FY17 results and last 12 quarters

average.


In this category, Federal bank, City Union Bank & DCB Bank occupied top three positions based on Q4FY17 results and

last 12 quarters relative performance to mean

Federal Bank inched up to 1st

position on Q4FY17 & stood at 3rd

position on last 12 quarters’ relative performance to

mean due to improvement in NIM, strong Advances, deposits & earnings growth, significant reduction in cost to income

ratio, improvement in CASA, stable NPA and ROA levels. City Union Bank stood at 3rd

position in Q4FY17 results & stood

at 2nd

on last 12 quarters relative performance led by higher NIMs, higher Advances, Deposits & PAT growth, lower cost

to income ratio and higher ROA’s

DCB Bank maintained its top ranking in relative performance to mean method also resulting into 1st

ranking in last 12

quarters average & 2nd

on Q4FY17 results. This performance is primarily led by Advances &Deposits (growing at +20%

YoY) across quarters, higher NIMs, strong PAT growth, reduction in NPA and declining cost to income.

Karur Vysya Bank occupied 4th position both on Q4FY17 results and last 12 qtrs relative performance led by healthy

growth in CASA, substantial decline in cost to income, stable PCR and improvement in ROA levels. Laxmi Vilas Bank

occupied 5th ranking both in Q4FY17 & last 12 quarters relative performance to mean. South Indian Bank, J&K bank &

Karnataka Bank has been consistently posting challenge in operational performance

Conclusion

Our top picks are City Union Bank, DCB Bank & Federal Bank as they have been able to deliver consistent performance

on both absolute improvement and relative performance to mean. Based on current valuation, City Union Bank trades

at P/B of 2.7x and 2.3x while DCB & Federal Bank trades at P/B of 2.4 and 2.1x & 2.0x and 1.8x on FY18E & FY19E

consensus estimates, respectively.


5

Large PSU Banks Analysis based on performance improvement YoY for each parameter:-

In this category, SBI & Punjab National Bank occupied top two positions based on Q4FY17 results and on last 12

quarters’ average.

SBI occupied 3rd

position in Q4FY17 results while it continues to remain in top at 1st

on last 12 quarters average. It

retained its 1st

position on last 12 quarters average on account of relatively higher Advances & Deposits growth,

positive NII growth and higher PAT growth compared to peers, decline in cost to income ratio & NPA, improved PCR

and highest ROA (0.4%) than peers. It has lowest NPA levels of 6.9% among Large PSU. It continues to remain clear

winner among large PSU’s.

Punjab National Bank occupied top position in Q4FY17 results largely due to higher Deposits growth, one time reversal

in employee expenses led to steep decline in cost to income and enhanced PAT growth & reduction in NPA levels(from

13.7% to 12.5%). It stood at 4th

position on last 12 quarters average due to lower NIMs, muted in Advances, higher NPA

levels (12.5% highest among peers). Its Net NPA% of Net worth is 78% in Q4FY17.

Bank of India occupied 2nd

position in Q4FY17 while its lags behind on last 12 quarters average. Q4FY17 performance is

largely led by improvement in NIMs, strong increase in CASA ratio, increase in PCR ratio & decline in cost to income

However, higher NPA levels, consistent negative Advances & net NPA to Net worth ratio of ~80% remains cause of

concern.

Union Bank of India stood at 4th

position in Q4FY17 results. It has shown stable performance across last 12 qtrs with 3rd

rank led by positive advances & Deposits growth, improvement in CASA & positive ROA levels. However, higher NPA

levels of 11.2% & Net NPA proportion of Net worth of ~80% is worrisome.

Bank of Baroda performance slipped to 4th

position vs 1st

position in Q4FY17 results due to muted Advances growth,

negative Pat growth, lower Deposits growth & lower reduction in NPA compared to peers. It stood at 5th

position on

last 12 quarters average.

Canara bank moved to 4th

in Q4FY17 in last quarter due to slower growth in Advances & Deposits growth vs peers,

negative PAT growth, higher cost to income & lower PCR ratio It stood at 2nd

position on last 12 quarters average.


In this category, SBI & Punjab National Bank occupies top 2 positions based on Q4FY17 results and last 12 quarters’

relative performance to mean.

SBI continues to remain at top position both in Q4FY17 results and last 12 quarters’ relative performance to mean

Punjab National Bank has shown maximum improvement & occupied 2nd rank both in Q4FY17 and last 12 quarters

relative performance to mean. However, its higher NPA levels, challenges in Advances growth are serious cause of

concern and overshadow the positives.

Union Bank of India stood at 3rd position in Q4FY17 results led by higher Advances & Deposits growth, healthy NI &

PAT growth, lower restructured advances & declining cost to income while it stood at 4th position based in terms of

relative performance to mean in last 12 quarters average.

Bank of India occupied 4th

position in Q4FY17 results while its lagging behind at 6th

rank in last 12 qtrs performance

Canara Bank moved to 5th position in Q4FY17 results and occupied 3rd rank in terms of relative performance to mean

in last 12 quarters average. No improvement in NIMs, lower Deposits growth, low CASA ratio & higher cost to income

led to slippage in rank.

Bank of Baroda slipped to 6th position in Q4FY17 from 2nd rank due to no improvement in NIMs, muted advances

growth, lower Deposits growth, lower CASA & higher NPA levels.

Conclusion

Our top pick in this bucket is SBI. Based on current valuation, SBI trades at P/B of 1.3x and 1.1x on FY18E and FY19E

consensus estimates, respectively


6

Other PSU Banks Analysis based on performance improvement YoY for each parameter:-

In this category, Indian Bank, Corporation & Andhra Bank are the top 3 banks based on Q4FY17 results and on

improvement of parameters of last 12 quarters’ average.

Indian Bank continues to retain its top slot both in Q4FY17 results and last 12 quarters average. This performance is led

by improved NIMs, healthy growth in NII & PAT, strong improvement in CASA ratio, decline in cost to income ratio,

reduction in GNPA ratio & improvement in ROAs levels. Positives about Indian Bank include lowest NPA level (7.5%) &

lowest ~31% Net NPA proportion to Networth compared to peers.

Corporation Bank retained its 2nd

position on account of improved NIMs, healthy growth in deposits, NII & PAT, decline

in cost to income, improvement in CASA ratio, zero restructured standard advances, and increase in ROA levels. It stood

at 3rd

position on last 12 quarters average. Negative Advances growth from last 4 quarters, lowest CASA ratio (26.5%)

among peers and increase in NPA levels is worrisome.

Andhra bank moves to 4th

position from 3rd

position in Q4FY17 largely due to high base. It has shown consistent

performance across last 12 quarters with highest NIM(3.6%) in entire PSU, positive Advances & Deposits growth &

reduction in cost to income.

Allahabad Bank ranking inched up to 2nd

position in Q4FY17 results on account of improvement in NIMs, increase in

CASA ratio, reduction in NPA levels and rise in ROA. However, it occupied 5th

position on last 12 quarters average.

OBC, IDBI & IOB have been underperforming both in Q4FY17 and the last 12quarters’ average. These banks are facing

pressure due to lower muted Advances & Deposits growth, higher decline in PAT and huge surge in NPA levels and

steep reduction in ROA measure.


In this category, Indian Bank, Andhra Bank & Corporation Bank are the top 3 banks based on Q4FY17 results and on the

last 12quarters’relative performance to mean of operating parameters.

Indian Bank on relative comparison to mean method outshines with 1st

position in Q4FY17 and stood at 2nd

on last 12

quarters. This is due to stable NIMs, lowest NPA levels among peers, lowest Net NPA to Networth and ROA levels.

Andhra Bank performance improved and moved to 2nd

rank in Q4FY17 results and stood at 1st

position on last 12

quarters relative performance to mean.

Corporation Bank moved to 3rd

position on healthy growth in NII, decline in cost to income in CASA ratio, zero

restructured standard advances and increase in ROA levels. It stood at 4th

position on last 12 quarters average. Negative

Advances growth from last 4 quarters is worrisome.

OBC, Indian Overseas Bank, Central Bank of India & IDBI has been underperforming both in Q4FY17 and last 12

quarters relative performance to mean also. These banks are facing pressure due to muted Advances & Deposits

growth, higher NPA levels. Higher provisioning is dragging the PAT performances

Conclusion

Our top picks in this bucket are Indian Bank & Andhra Bank as they have been able to deliver consistent performance

both on absolute improvement and relative performance to mean. Based on current valuation, Indian Bank trades at

P/B of 1.0x & 0.9x while Andhra Bank trades at P/B of 0.4x on FY18E and FY19E Bloomberg consensus estimates,

respectively.


7

Ranking based on performance improvement YoY for each parameter

Large Private Banks

Overall Rank NIMs(%) Rank Advances Growth (YoY) Rank Deposits Growth (YoY) Rank PAT growth (YoY) Rank

Q4Y17

12Qtrs Avg

Q4FY16 Q3FY17 Q4FY17 Q4FY17 12Qtrs

Avg Q4FY16 Q3FY17 Q4FY17 Q4FY17

12Qtrs Avg



12Qtrs Avg

Indus Ind Bank 1 3 3.9 4.0 4.0 4 2 28.5 25.1 27.9 2 2 25.4 37.9 36.1 1 2 25.3 23.0 21.1 4 2

Kotak Mah bank 2 1 4.4 4.5 4.6 3 6 79.4 12.1 14.7 4 3 85.2 14.1 13.5 6 1 32.0 38.6 40.3 2 1

Yes Bank 2 2 3.4 3.5 3.6 1 1 30.0 38.7 34.7 1 1 22.5 30.5 27.9 2 3 27.4 30.6 30.1 3 2

HDFC Bank 4 4 4.6 4.1 4.3 6 5 27.1 13.4 19.4 3 4 21.2 21.1 17.8 3 4 20.2 15.1 18.3 5 4

ICICI Bank 5 5 3.4 3.1 3.6 2 3 12.3 5.2 6.7 6 6 16.6 14.2 16.3 4 5 (76.0) (19.1) 188.5 1 6

Axis Bank 6 6 4.0 3.4 3.8 5 4 20.5 2.5 8.2 5 5 11.0 3.6 15.8 5 6 (1.2) (73.1) (21.2) 6 5

Mean

3.9 3.8 4.0

33.0 16.2 18.6

30.3 20.2 21.2

4.6 2.5 46.2

Median

4.0 3.8 3.9

27.8 12.8 17.0

21.9 17.7 17.0

22.8 19.1 25.6

NII growth (YoY) Rank CASA Ratio Rank Cost Income Ratio (%) Rank Gross NPA Ratio Rank

Q4FY16 Q3FY17 Q4FY17 Q4FY17

12Qtrs Avg



12Qtrs Avg


Avg

Indus Ind Bank 37.1 34.3 31.4 2 2 35.2 37.0 37.0 6 4 47.2 47.5 45.4 3 6 0.9 0.9 0.9 1 1

Kotak Mah bank 65.4 16.1 16.4 4 4 38.0 42.0 44.0 2 1 53.0 48.4 46.2 1 3 2.4 2.4 2.6 3 3

Yes Bank 27.1 30.3 32.1 1 1 28.1 33.3 36.3 1 1 40.1 42.0 41.6 4 5 0.8 0.9 1.5 4 4

HDFC Bank 24.0 17.6 21.5 3 3 44.2 45.0 48.0 5 6 44.4 43.8 41.8 2 1 0.9 1.1 1.1 2 2

ICICI Bank 6.4 (1.6) 10.3 5 6 45.8 49.9 50.4 3 3 32.4 40.6 43.1 6 1 5.9 7.9 7.9 5 6

Axis Bank 19.8 (4.8) 4.7 6 5 47.0 48.0 51.0 4 5 39.3 40.0 43.5 5 4 1.7 5.2 5.0 6 5

Mean 30.0 15.3 19.4 39.7 42.5 44.4 42.7 43.7 43.6

2.1 3.1 3.2

Median 25.5 16.8 18.9 41.1 43.5 46.0 42.3 42.9 43.3

1.3 1.7 2.1

Net NPA % of Networth Rank Provision Coverage Ratio Rank

Restructured Loans as % of Advances

Rank Return on Asset (%) Rank


12Qtrs Avg



12Qtrs Avg


Avg

Indus Ind Bank 1.8 2.0 2.1 2 2 59.0 59.0 58.0 1 5 0.5 0.4 0.4 4 5 1.9 1.9 1.7 5 3

Kotak Mah bank 5.3 5.2 6.2 3 3 55.5 56.6 52.0 3 1 0.3 0.1 0.1 3 4 1.1 1.6 1.6 2 2

Yes Bank 2.1 2.1 4.9 4 4 62.0 66.0 46.9 6 6 0.5 0.4 0.7 6 6 1.8 1.8 1.8 3 1

HDFC Bank 1.8 1.8 2.1 1 1 70.0 70.1 68.7 2 2 0.1 0.1 0.1 5 2 1.7 1.7 1.7 4 5

ICICI Bank 14.4 20.4 25.5 6 6 61.0 57.1 53.6 5 3 2.0 1.4 0.9 1 1 0.4 1.3 1.1 1 4

Axis Bank 4.7 15.2 15.5 5 5 72.0 64.0 65.0 4 4 2.3 1.6 1.3 2 3 1.7 0.4 0.8 6 6

Mean 5.0 7.8 9.4

63.3 62.1 57.4

0.9 0.7 0.6

1.4 1.4 1.5

Median 3.4 3.6 5.5

61.5 61.5 55.8

0.5 0.4 0.6

1.7 1.6 1.6


8

Ranking based on relative performance to mean for each parameter

Large Private Banks


Q4FY17

12Qtrs Avg



12Qtrs Avg



12Qtrs Avg

HDFC Bank 1 3 4.6 4.1 4.3 2 2 27.1 13.4 19.4 3 4 21.2 21.1 17.8 3 4 20.2 15.1 18.3 5 4

Indus Ind Bank 2 2 3.9 4.0 4.0 3 3 28.5 25.1 27.9 2 2 25.4 37.9 36.1 1 2 25.3 23.0 21.1 4 2

Yes Bank 3 1 3.4 3.5 3.6 5 6 30.0 38.7 34.7 1 1 22.5 30.5 27.9 2 3 27.4 30.6 30.1 3 2

Kotak Ma bank 4 4 4.4 4.5 4.6 1 1 79.4 12.1 14.7 4 3 85.2 14.1 13.5 6 1 32.0 38.6 40.3 2 1

ICICI Bank 5 6 3.4 3.1 3.6 6 5 12.3 5.2 6.7 6 6 16.6 14.2 16.3 4 5 (76.0) (19.1) 188.5 1 6

Axis Bank 6 5 4.0 3.4 3.8 4 4 20.5 2.5 8.2 5 5 11.0 3.6 15.8 5 6 (1.2) (73.1) (21.2) 6 5

Mean

3.9 3.8 4.0

33.0 16.2 18.6

30.3 20.2 21.2

4.6 2.5 46.2

Median

4.0 3.8 3.9

27.8 12.8 17.0

21.9 17.7 17.0

22.8 19.1 25.6



12Qtrs Avg



12Qtrs Avg


Avg

HDFC Bank 24.0 17.6 21.5 3 3 44.2 45.0 48.0 3 3 44.4 43.8 41.8 2 4 0.9 1.1 1.1 2 3

Indus Ind Bank 37.1 34.3 31.4 2 2 35.2 37.0 37.0 5 5 47.2 47.5 45.4 5 5 0.9 0.9 0.9 1 2

Yes Bank 27.1 30.3 32.1 1 1 28.1 33.3 36.3 6 6 40.1 42.0 41.6 1 3 0.8 0.9 1.5 3 1

Kotak Ma bank 65.4 16.1 16.4 4 4 38.0 42.0 44.0 4 4 53.0 48.4 46.2 6 6 2.4 2.4 2.6 4 5

ICICI Bank 6.4 (1.6) 10.3 5 6 45.8 49.9 50.4 2 2 32.4 40.6 43.1 3 1 5.9 7.9 7.9 6 6

Axis Bank 19.8 (4.8) 4.7 6 5 47.0 48.0 51.0 1 1 39.3 40.0 43.5 4 2 1.7 5.2 5.0 5 4

Mean 30.0 15.3 19.4

39.7 42.5 44.4

42.7 43.7 43.6

2.1 3.1 3.2

Median 25.5 16.8 18.9

41.1 43.5 46.0

42.3 42.9 43.3

1.3 1.7 2.1





12Qtrs Avg



12Qtrs Avg


Avg

HDFC Bank 1.8 1.8 2.1 1 2 70.0 70.1 68.7 1 2 0.1 0.1 0.1 2 1 1.7 1.7 1.7 3 4

Indus Ind Bank 1.8 2.0 2.1 2 3 59.0 59.0 58.0 3 4 0.5 0.4 0.4 3 4 1.9 1.9 1.7 2 1

Yes Bank 2.1 2.1 4.9 3 1 62.0 66.0 46.9 6 3 0.5 0.4 0.7 4 3 1.8 1.8 1.8 1 4

Kotak Ma bank 5.3 5.2 6.2 4 5 55.5 56.6 52.0 5 6 0.3 0.1 0.1 1 2 1.1 1.6 1.6 4 3

ICICI Bank 14.4 20.4 25.5 6 6 61.0 57.1 53.6 4 5 2.0 1.4 0.9 5 6 0.4 1.3 1.1 5 2

Axis Bank 4.7 15.2 15.5 5 4 72.0 64.0 65.0 2 1 2.3 1.6 1.3 6 5 1.7 0.4 0.8 6 6

Mean 5.0 7.8 9.4

63.3 62.1 57.4

0.9 0.7 0.6

1.4 1.4 1.5

Median 3.4 3.6 5.5

61.5 61.5 55.8

0.5 0.4 0.6

1.7 1.6 1.6


9

Ranking based on performance improvement YoY for each parameter Other Private Banks


Q4FY17

12Qtrs Avg



12Qtrs Avg



12Qtrs Avg

Federal Bank 1 5 3.3 3.3 3.4 5 4 13.3 32.0 26.2 2 3 11.8 23.3 23.4 2 4 (96.3) 26.4 2,400.9 1 5

South Indian Bank 2 7 2.6 2.7 2.7 4 7 9.9 10.9 12.9 5 6 7.3 19.0 18.7 4 6 347.1 10.0 3.5 7 7

City Union bank 3 2 4.0 4.2 4.2 3 2 25.7 21.8 26.9 1 4 17.3 19.4 17.6 5 2 19.7 13.5 19.5 5 2

Lakshmi Vilas bank 4 1 2.8 2.7 3.1 2 6 20.1 8.5 20.8 4 2 15.8 15.9 20.1 3 2 22.5 70.2 6.3 6 1

Karur Vysya Bank 5 4 3.6 3.7 4.0 1 1 8.2 1.5 4.7 7 7 12.1 16.3 7.2 7 7 6.8 (32.3) 57.7 3 5

DCB Bank 6 3 3.9 4.0 4.0 6 3 23.5 24.3 22.4 3 1 18.4 33.8 29.2 1 1 10.4 24.5 (23.2) 8 3

Karnataka Bank 7 6 2.4 2.5 2.2 8 5 7.0 8.7 9.1 6 5 9.7 15.6 12.4 6 5 (20.6) (29.3) 29.6 4 3

J & K Bank 8 8 3.6 3.0 3.5 7 8 12.6 (3.5) (0.8) 8 8 3.9 15.3 4.4 8 8 (155.1) (523.7) 889.5 2 8

Mean

3.3 3.3 3.4

15.0 13.0 15.3

12.0 19.8 16.6

16.8 (55.1) 423.0

Median

3.3 3.3 3.5

12.9 9.8 16.9

11.9 17.7 18.1

8.6 11.8 24.5



12Qtrs Avg



12Qtrs Avg


Avg

Federal Bank 10.0 30.8 22.8 4 6 32.5 34.7 32.6 8 6 56.8 55.0 51.2 3 6 2.8 2.8 2.3 2 3

South Indian Bank 7.8 2.7 17.3 6 7 22.4 25.9 23.8 6 7 56.7 44.2 51.3 4 5 3.8 4.0 2.5 1 7

City Union bank 28.2 37.3 29.3 3 2 20.4 23.9 23.4 4 3 39.7 39.2 43.3 7 2 2.4 3.0 2.8 4 5

Lakshmi Vilas bank 24.4 14.1 31.9 1 3 17.4 21.4 20.5 3 4 62.2 49.7 50.4 2 4 2.0 2.8 2.7 5 1

Karur Vysya Bank 18.9 15.5 22.7 5 4 23.3 30.8 27.7 2 1 49.6 51.3 37.6 1 1 1.3 2.7 3.6 7 5

DCB Bank 30.1 30.5 30.9 2 1 23.0 26.0 24.0 7 8 57.9 60.2 59.4 6 3 1.5 1.6 1.6 3 2

Karnataka Bank 23.5 23.5 (2.1) 8 5 26.3 30.2 29.0 5 5 53.7 59.3 50.4 5 7 3.4 4.3 4.2 6 4

J & K Bank (5.2) (13.6) 1.2 7 8 44.1 47.4 51.7 1 2 51.6 58.4 56.9 8 8 8.3 11.8 11.2 8 8

Mean 17.2 17.6 19.3

26.2 30.0 29.1

53.5 52.1 50.0

3.2 4.1 3.9

Median 21.2 19.5 22.8

23.2 28.1 25.9

55.2 53.8 50.9

2.6 2.9 2.8


10





12Qtrs Avg



12Qtrs Avg


Avg

Federal Bank 12 13 11 2 5 72.1 71.1 72.0 5 5 2.7 2.1 1.6 4 1 0.1 0.8 0.9 1 5

South Indian Bank 31 26 14 1 7 40.3 50.2 55.1 1 3 2.3 1.5 1.2 3 2 0.5 0.6 0.4 5 6

City Union bank 11 11 11 4 3 60.0 62.0 61.0 4 7 1.0 0.9 0.6 5 3 1.5 1.5 1.5 4 2

Lakshmi Vilas bank 13 18 21 6 1 76.5 59.9 62.2 7 1 4.6 4.5 4.5 6 6 0.7 1.0 0.6 6 1

Karur Vysya Bank 5 13 20 7 6 82.5 67.1 57.8 8 2 3.5 3.3 2.1 2 4 1.0 0.7 1.4 2 3

DCB Bank 7 6 6 3 2 77.6 75.6 73.8 6 6 0.3 0.2 0.2 7 7 1.5 0.9 0.9 7 7

Karnataka Bank 22 27 24 5 4 32.6 31.7 38.5 3 4 5.3 4.5 3.7 1 5 0.8 0.7 0.9 3 3

J & K Bank 34 51 51 8 8 56.2 61.7 66.9 2 8 6.4 11.9 12.8 8 8 (0.3) (2.4) (2.4) 8 8

Mean 16.7 20.4 19.6

62.2 59.9 60.9

3.3 3.6 3.3

0.7 0.5 0.5

Median 12.4 15.4 16.9

66.0 61.9 61.6

3.1 2.7 1.8

0.7 0.8 0.9


11

Ranking based on relative performance to mean for each parameter Other Private Banks


Q4FY17

12Qtrs Avg



12Qtrs Avg



12Qtrs Avg

Federal Bank 1 3 3.3 3.3 3.4 5 5 13.3 32.0 26.2 2 3 11.8 23.3 23.4 2 4 (96.3) 26.4 2,400.9 1 5

DCB Bank 2 1 3.9 4.0 4.0 2 1 23.5 24.3 22.4 3 1 18.4 33.8 29.2 1 1 10.4 24.5 (23.2) 8 3

City Union bank 3 2 4.0 4.2 4.2 1 2 25.7 21.8 26.9 1 4 17.3 19.4 17.6 5 2 19.7 13.5 19.5 5 2

Karur Vysya Bank 4 4 3.6 3.7 4.0 2 4 8.2 1.5 4.7 7 7 12.1 16.3 7.2 7 7 6.8 (32.3) 57.7 3 5

Lakshmi Vilas bank 5 5 2.8 2.7 3.1 6 6 20.1 8.5 20.8 4 2 15.8 15.9 20.1 3 2 22.5 70.2 6.3 6 1

South Indian Bank 6 7 2.6 2.7 2.7 7 7 9.9 10.9 12.9 5 6 7.3 19.0 18.7 4 6 347.1 10.0 3.5 7 7

J & K Bank 7 8 3.6 3.0 3.5 4 3 12.6 (3.5) (0.8) 8 8 3.9 15.3 4.4 8 8 (155.1) (523.7) 889.5 2 8

Karnataka Bank 7 6 2.4 2.5 2.2 8 8 7.0 8.7 9.1 6 5 9.7 15.6 12.4 6 5 (20.6) (29.3) 29.6 4 3

Mean

3.3 3.3 3.4

15.0 13.0 15.3

12.0 19.8 16.6

16.8 (55.1) 423.0

Median

3.3 3.3 3.5

12.9 9.8 16.9

11.9 17.7 18.1

8.6 11.8 24.5



12Qtrs Avg



12Qtrs Avg


Avg

Federal Bank 10.0 30.8 22.8 4 6 32.5 34.7 32.6 2 2 56.8 55.0 51.2 5 5 2.8 2.8 2.3 2 6

DCB Bank 30.1 30.5 30.9 2 1 23.0 26.0 24.0 5 4 57.9 60.2 59.4 8 8 1.5 1.6 1.6 1 1

City Union bank 28.2 37.3 29.3 3 2 20.4 23.9 23.4 7 7 39.7 39.2 43.3 2 1 2.4 3.0 2.8 5 4

Karur Vysya Bank 18.9 15.5 22.7 5 4 23.3 30.8 27.7 4 4 49.6 51.3 37.6 1 3 1.3 2.7 3.6 6 2



J & K Bank (5.2) (13.6) 1.2 7 8 44.1 47.4 51.7 1 1 51.6 58.4 56.9 7 2 8.3 11.8 11.2 8 8

Karnataka Bank 23.5 23.5 (2.1) 8 5 26.3 30.2 29.0 3 3 53.7 59.3 50.4 4 4 3.4 4.3 4.2 7 7

Mean 17.2 17.6 19.3

26.2 30.0 29.1

53.5 52.1 50.0

3.2 4.1 3.9

Median 21.2 19.5 22.8

23.2 28.1 25.9

55.2 53.8 50.9

2.6 2.9 2.8


12





12Qtrs Avg



12Qtrs Avg


Avg

Federal Bank 11.7 12.7 10.5 2 3 72.1 71.1 72.0 2 1 2.7 2.1 1.6 4 4 0.1 0.8 0.9 3 4

DCB Bank 7.3 5.6 6.2 1 1 77.6 75.6 73.8 1 2 0.3 0.2 0.2 1 1 1.5 0.9 0.9 3 2

City Union bank 10.6 10.8 11.5 3 4 60.0 62.0 61.0 5 5 1.0 0.9 0.6 2 2 1.5 1.5 1.5 1 1

Karur Vysya Bank 4.7 12.9 20.0 5 2 82.5 67.1 57.8 6 3 3.5 3.3 2.1 5 5 1.0 0.7 1.4 2 3



J & K Bank 33.7 50.5 50.6 8 8 56.2 61.7 66.9 3 6 6.4 11.9 12.8 8 6 (0.3) (2.4) (2.4) 8 7

Karnataka Bank 21.6 26.6 23.5 7 7 32.6 31.7 38.5 8 8 5.3 4.5 3.7 6 8 0.8 0.7 0.9 5 5

Mean 16.7 20.4 19.6

62.2 59.9 60.9

3.3 3.6 3.3

0.7 0.5 0.5

Median 12.4 15.4 16.9

66.0 61.9 61.6

3.1 2.7 1.8

0.7 0.8 0.9


13

Ranking based on performance improvement YoY for each parameter Large PSU Banks


Q4FY17

12Qtrs Avg



12Qtrs Avg



12Qtrs Avg

PNB Bank 1 4 2.6 2.3 2.6 4 6 8.4 (1.8) 1.7 5 2 10.3 11.6 12.4 2 2 (1,850) 306.0 (104.9) 5 4

Bank of India 2 6 2.1 2.2 2.4 1 2 (10.7) (5.4) 2.0 4 5 (3.6) 2.6 5.3 4 5 6,289.5 (106.8) (70.9) 3 6

SBI 3 1 3.0 2.8 2.8 6 5 12.6 4.1 7.3 1 1 9.8 22.1 18.1 1 1 (66.2) 83.8 122.7 1 1

Bank of Baroda 4 5 2.2 2.5 2.2 3 3 (10.3) (8.9) (0.1) 6 6 (7.0) 0.0 4.8 5 6 (639.8) (107.6) (104.2) 4 5

Canara Bank 4 2 2.2 2.2 2.2 2 1 (1.6) (0.1) 5.3 3 4 1.3 4.0 3.2 6 3 (737.2) 278.8 (105.5) 6 3

Union Bank of India 4 3 2.3 2.0 2.3 5 4 4.6 3.5 7.1 2 3 8.2 16.0 10.4 3 4 (78.3) 32.4 12.6 2 2

Mean

2.4 2.3 2.4

0.5 (1.4) 3.9

3.1 9.4 9.0

486.2 81.1 (41.7)

Median

2.3 2.3 2.3

1.5 (1.0) 3.7

4.7 7.8 7.8

(359.1) 58.1 (87.5)



12Qtrs Avg



12Qtrs Avg


Avg

PNB Bank (27.0) (9.4) 33.1 1 6 34.3 47.0 46.0 1 4 44.9 49.5 8.2 1 3 12.9 13.7 12.5 1 5

Bank of India 12.0 5.7 8.8 5 5 34.2 41.0 39.8 2 1 61.8 46.9 40.1 2 5 13.1 13.4 13.2 2 6

SBI 3.9 8.4 18.2 2 1 43.8 46.6 43.5 6 6 45.4 48.6 43.6 5 1 6.5 7.2 6.9 4 1

Bank of Baroda 5.0 15.9 7.6 6 2 26.6 33.3 32.2 3 5 49.6 47.1 45.7 4 4 10.0 11.4 10.5 5 3

Canara Bank (4.5) 8.4 14.1 4 4 27.4 32.1 32.9 4 2 50.7 51.3 48.9 6 6 9.4 10.0 9.6 3 2

Union Bank of India (1.7) 7.0 14.5 3 3 32.3 36.8 34.4 5 2 54.3 46.8 44.3 3 2 8.7 11.7 11.2 6 4

Mean (2.1) 6.0 16.0

33.1 39.5 38.1

51.1 48.4 38.4

10.1 11.2 10.7

Median 1.1 7.7 14.3

33.2 38.9 37.1

50.1 47.9 43.9

9.7 11.6 10.8





12Qtrs Avg



12Qtrs Avg


Avg

PNB Bank 92.5 82.5 78.1 1 5 51.1 54.3 58.6 2 1 4.9 4.5 4.1 3 1 (3.2) 0.1 0.1 1 4

Bank of India 86.6 80.3 82.3 2 6 51.1 58.7 61.5 1 4 3.6 3.6 3.1 5 5 (2.2) 0.1 (0.6) 3 6

SBI 19.8 33.6 31.0 5 1 60.7 62.9 66.0 5 2 2.7 2.4 2.3 6 6 0.2 0.4 0.4 5 1

Bank of Baroda 48.3 46.3 44.9 3 2 60.1 64.5 66.8 3 2 3.6 4.0 2.8 4 2 (1.9) 0.2 0.1 2 4

Canara Bank 65.9 68.6 66.2 4 3 50.1 52.2 55.6 4 5 4.0 3.5 2.9 2 2 (0.5) 0.2 0.2 4 3

Union Bank of India 61.3 78.2 80.3 6 4 51.0 50.6 51.4 6 6 3.2 2.1 2.0 1 4 0.1 0.1 0.1 6 2

Mean 62.4 64.9 63.8

54.0 57.2 60.0

3.7 3.3 2.9

(1.2) 0.2 0.0

Median 63.6 73.4 72.2

51.1 56.5 60.0

3.6 3.5 2.8

(1.2) 0.1 0.1


14

Ranking based on relative performance to mean for each parameter Large PSU Banks


Q4FY17

12Qtrs Avg



12Qtrs Avg



12Qtrs Avg

SBI 1 1 3.0 2.8 2.8 1 1 12.6 4.1 7.3 1 1 9.8 22.1 18.1 1 1 (66.2) 83.8 122.7 1 1

PNB 2 2 2.6 2.3 2.6 2 2 8.4 (1.8) 1.7 5 2 10.3 11.6 12.4 2 2 (1,850) 306.0 (104.9) 5 4

Union Bank of India 3 4 2.3 2.0 2.3 4 3 4.6 3.5 7.1 2 3 8.2 16.0 10.4 3 4 (78.3) 32.4 12.6 2 2

Bank of India 4 6 2.1 2.2 2.4 3 6 (10.7) (5.4) 2.0 4 5 (3.6) 2.6 5.3 4 5 6,289 (106.8) (70.9) 3 6

Canara Bank 5 4 2.2 2.2 2.2 5 5 (1.6) (0.1) 5.3 3 4 1.3 4.0 3.2 6 3 (737.2) 278.8 (105.5) 6 3

Bank of Baroda 6 3 2.2 2.5 2.2 6 4 (10.3) (8.9) (0.1) 6 6 (7.0) 0.0 4.8 5 6 (639.8) (107.6) (104.2) 4 5

Mean

2.4 2.3 2.4

0.5 (1.4) 3.9

3.1 9.4 9.0

486.2 81.1 (41.7)

Median

2.3 2.3 2.3

1.5 (1.0) 3.7

4.7 7.8 7.8

(359.1) 58.1 (87.5)



12Qtrs Avg



12Qtrs Avg


Avg

SBI 3.9 8.4 18.2 2 1 43.8 46.6 43.5 2 1 45.4 48.6 43.6 3 4 6.5 7.2 6.9 1 2

PNB (27.0) (9.4) 33.1 1 6 34.3 47.0 46.0 1 2 44.9 49.5 8.2 1 1 12.9 13.7 12.5 5 6

Union Bank of India (1.7) 7.0 14.5 3 3 32.3 36.8 34.4 4 4 54.3 46.8 44.3 4 4 8.7 11.7 11.2 4 4

Bank of India 12.0 5.7 8.8 5 5 34.2 41.0 39.8 3 3 61.8 46.9 40.1 2 6 13.1 13.4 13.2 6 5

Canara Bank (4.5) 8.4 14.1 4 4 27.4 32.1 32.9 5 5 50.7 51.3 48.9 6 3 9.4 10.0 9.6 2 1

Bank of Baroda 5.0 15.9 7.6 6 2 26.6 33.3 32.2 6 5 49.6 47.1 45.7 5 2 10.0 11.4 10.5 3 3

Mean (2.1) 6.0 16.0

33.1 39.5 38.1

51.1 48.4 38.4

10.1 11.2 10.7

Median 1.1 7.7 14.3

33.2 38.9 37.1

50.1 47.9 43.9

9.7 11.6 10.8





12Qtrs Avg



12Qtrs Avg


Avg

SBI 19.8 33.6 31.0 1 1 60.7 62.9 66.0 2 1 2.7 2.4 2.3 2 2 0.2 0.4 0.4 1 1

PNB 92.5 82.5 78.1 4 5 51.1 54.3 58.6 4 3 4.9 4.5 4.1 6 7 (3.2) 0.1 0.1 3 3

Union Bank of India 61.3 78.2 80.3 5 4 51.0 50.6 51.4 6 6 3.2 2.1 2.0 1 3 0.1 0.1 0.1 4 5

Bank of India 86.6 80.3 82.3 6 6 51.1 58.7 61.5 3 5 3.6 3.6 3.1 5 4 (2.2) 0.1 (0.6) 6 6

Canara Bank 65.9 68.6 66.2 3 3 50.1 52.2 55.6 5 4 4.0 3.5 2.9 4 6 (0.5) 0.2 0.2 2 4

Bank of Baroda 48.3 46.3 44.9 2 2 60.1 64.5 66.8 1 2 3.6 4.0 2.8 3 5 (1.9) 0.2 0.1 5 2

Mean 62.4 64.9 63.8

54.0 57.2 60.0

3.7 3.3 2.9

(1.2) 0.2 0.0

Median 63.6 73.4 72.2

51.1 56.5 60.0

3.6 3.5 2.8

(1.2) 0.1 0.1


15

Ranking based on performance improvement YoY for each parameter Other PSU Banks


Q4FY17

12Qtrs Avg



12Qtrs Avg



12Qtrs Avg

Indian Bank 1 2 2.4 2.5 2.7 2 3 2.5 (0.1) (1.0) 4 5 5.4 5.2 2.4 6 5 (54.6) 782.9 241.7 1 2

Corporation Bank 2 3 1.9 2.3 2.1 3 1 (3.3) (5.2) 0.0 3 6 2.9 13.0 7.5 4 4 (1,233) (140.9) (131.3) 7 3

Allahabad Bank 2 5 2.2 2.3 2.5 1 6 1.7 (0.4) (1.1) 5 3 3.7 9.3 0.6 7 8 (386.8) (115.5) (119.1) 6 7

Andhra Bank 4 1 3.4 3.2 3.6 5 2 3.8 4.5 4.6 2 1 12.4 12.2 12.1 2 1 (72.1) 64.5 (31.9) 4 1

Central Bank of India

4 4 2.8 2.3 2.5 8 7 (4.5) (12.9) (22.6) 8 7 4.2 13.7 11.5 3 3 (615.3) (27.6) (34.1) 5 5

Indian Overseas Bank

6 7 1.9 2.1 2.1 4 4 (6.3) (14.2) (12.7) 7 8 (8.8) (8.6) (5.9) 8 7 (2,736) (61.1) (31.0) 3 6

OBC 7 7 2.7 2.1 2.5 6 8 2.5 (2.7) 5.9 1 4 2.4 2.0 5.0 5 6 (112.1) (69.5) (3,088) 8 8

IDBI 8 6 2.0 0.9 1.8 7 5 5.9 4.3 (8.7) 6 2 0.6 27.1 14.4 1 2 (412.5) 3.3 87.6 2 4

Mean

2.4 2.2 2.5

0.3 (3.3) (4.4)

2.9 9.2 6.0

(702.9) 54.5 (388.3)

Median

2.3 2.3 2.5

2.1 (1.5) (1.1)

3.3 10.7 6.2

(399.6) (44.3) (33.0)



12Qtrs Avg



12Qtrs Avg


Avg

Indian Bank 2.4 12.2 22.1 1 3 31.9 38.7 37.7 4 3 50.0 44.7 45.7 5 3 6.7 7.7 7.5 1 1

Corporation Bank (11.1) 22.1 (5.7) 8 2 22.1 24.2 26.5 6 8 50.8 38.2 41.1 2 2 10.0 11.3 11.7 3 5

Allahabad Bank (12.6) (16.4) 6.9 5 7 36.3 44.1 45.8 1 1 52.2 54.9 49.1 6 5 9.8 12.5 11.5 2 3

Andhra Bank 9.4 (10.5) 12.3 3 1 26.1 31.6 29.3 8 5 40.5 40.8 38.6 7 1 8.4 11.9 12.3 4 2

Central Bank of India (18.6) (13.7) 9.7 4 5 35.5 40.8 39.2 7 6 88.7 73.9 59.0 1 7 12.0 14.1 17.8 7 4

Indian Overseas Bank 4.1 (1.0) 1.2 6 8 29.1 36.2 36.1 2 2 64.2 58.4 55.8 3 6 17.4 22.4 22.4 6 8

OBC 4.3 (17.3) (2.2) 7 6 25.2 32.3 30.5 5 7 52.4 37.8 46.4 4 4 9.6 13.8 13.7 5 7

IDBI (14.0) (45.3) 14.4 2 4 25.0 28.4 31.5 3 3 47.6 87.0 48.4 8 8 8.9 15.2 21.3 8 5

Mean (4.5) (8.7) 7.3

28.9 34.5 34.6

55.8 54.5 48.0

10.3 13.6 14.8

Median (4.3) (12.1) 8.3

27.6 34.2 33.8

51.5 49.8 47.4

9.7 13.2 13.0


16





12Qtrs Avg



12Qtrs Avg


Avg

Indian Bank 33.3 33.4 31.7 1 1 53.0 56.5 58.1 3 5 4.9 4.7 3.3 5 2 0.2 0.7 0.6 4 2

Corporation Bank 80.6 82.2 92.0 2 7 55.1 56.9 55.2 6 2 6.2 - - 1 4 (0.2) 0.3 0.3 2 1

Allahabad Bank 69.8 88.1 93.0 4 4 48.2 49.4 50.1 5 4 5.3 4.2 2.9 4 3 (1.0) 0.1 0.2 1 5

Andhra Bank 54.9 84.3 92.7 6 2 56.9 52.1 51.0 7 1 8.7 5.9 5.6 3 4 0.1 0.1 0.1 6 3

Central Bank of India 77.0 93.1 94.1 3 2 51.5 55.0 58.4 1 3 6.1 7.0 5.4 7 1 (1.2) (0.8) (0.8) 3 4

Indian Overseas Bank 122.6 154.7 161.6 7 8 47.4 52.2 53.6 2 6 6.2 5.4 5.2 6 6 (1.3) (0.8) (0.9) 5 7

OBC 65.2 89.1 99.8 5 5 51.2 49.4 53.6 4 8 7.9 4.5 3.8 2 7 0.0 (0.2) (2.0) 8 6

IDBI 59.6 92.6 129.8 8 6 62.9 54.6 55.0 8 7 7.0 6.3 6.5 8 8 (2.6) (2.3) (3.4) 7 8

Mean 70.4 89.7 99.3

53.3 53.3 54.4

6.5 4.7 4.1

(0.8) (0.4) (0.7)

Median 67.5 88.6 93.6

52.2 53.4 54.3

6.2 5.0 4.5

(0.6) (0.1) (0.3)


17

Ranking based on relative performance to mean for each parameter Other PSU Banks


Q4FY17

12Qtrs Avg



12Qtrs Avg



12Qtrs Avg

Indian Bank 1 2 2.4 2.5 2.7 2 5 2.5 (0.1) (1.0) 4 5 5.4 5.2 2.4 6 5 (54.6) 782.9 241.7 1 2

Andhra Bank 2 1 3.4 3.2 3.6 1 1 3.8 4.5 4.6 2 1 12.4 12.2 12.1 2 1 (72.1) 64.5 (31.9) 4 1

Corporation Bank 3 4 1.9 2.3 2.1 6 6 (3.3) (5.2) 0.0 3 6 2.9 13.0 7.5 4 4 (1,233) (140.9) (131.3) 7 3

Allahabad Bank 4 6 2.2 2.3 2.5 3 2 1.7 (0.4) (1.1) 5 3 3.7 9.3 0.6 7 8 (386.8) (115.5) (119.1) 6 7

IDBI 5 3 2.0 0.9 1.8 8 8 5.9 4.3 (8.7) 6 2 0.6 27.1 14.4 1 2 (412.5) 3.3 87.6 2 4

OBC 6 5 2.7 2.1 2.5 3 4 2.5 (2.7) 5.9 1 4 2.4 2.0 5.0 5 6 (112.1) (69.5) (3,088) 8 8

Central Bank of India

6 6 2.8 2.3 2.5 5 3 (4.5) (12.9) (22.6) 8 7 4.2 13.7 11.5 3 3 (615.3) (27.6) (34.1) 5 5

Indian Overseas Banks

8 8 1.9 2.1 2.1 7 7 (6.3) (14.2) (12.7) 7 8 (8.8) (8.6) (5.9) 8 7 (2,736) (61.1) (31.0) 3 6

Mean

2.4 2.2 2.5

0.3 (3.3) (4.4)

2.9 9.2 6.0

(702.9) 54.5 (388.3)

Median

2.3 2.3 2.5

2.1 (1.5) (1.1)

3.3 10.7 6.2

(399.6) (44.3) (33.0)



12Qtrs Avg



12Qtrs Avg


Avg

Indian Bank 2.4 12.2 22.1 1 3 31.9 38.7 37.7 3 3 50.0 44.7 45.7 3 5 6.7 7.7 7.5 1 1

Andhra Bank 9.4 (10.5) 12.3 3 1 26.1 31.6 29.3 7 5 40.5 40.8 38.6 1 1 8.4 11.9 12.3 4 4

Corporation Bank (11.1) 22.1 (5.7) 8 2 22.1 24.2 26.5 8 8 50.8 38.2 41.1 2 3 10.0 11.3 11.7 3 2

Allahabad Bank (12.6) (16.4) 6.9 5 7 36.3 44.1 45.8 1 1 52.2 54.9 49.1 6 5 9.8 12.5 11.5 2 3

IDBI (14.0) (45.3) 14.4 2 4 25.0 28.4 31.5 5 7 47.6 87.0 48.4 5 4 8.9 15.2 21.3 7 6

OBC 4.3 (17.3) (2.2) 7 6 25.2 32.3 30.5 6 6 52.4 37.8 46.4 4 2 9.6 13.8 13.7 5 4

Central Bank of India (18.6) (13.7) 9.7 4 5 35.5 40.8 39.2 2 2 88.7 73.9 59.0 8 8 12.0 14.1 17.8 6 7

Indian Overseas Banks 4.1 (1.0) 1.2 6 8 29.1 36.2 36.1 4 4 64.2 58.4 55.8 7 7 17.4 22.4 22.4 8 8

Mean (4.5) (8.7) 7.3

28.9 34.5 34.6

55.8 54.5 48.0

10.3 13.6 14.8

Median (4.3) (12.1) 8.3

27.6 34.2 33.8

51.5 49.8 47.4

9.7 13.2 13.0


18





12Qtrs Avg



12Qtrs Avg


Avg

Indian Bank 33.3 33.4 31.7 1 1 53.0 56.5 58.1 2 2 4.9 4.7 3.3 3 2 0.2 0.7 0.6 8 6

Andhra Bank 54.9 84.3 92.7 3 4 56.9 52.1 51.0 7 5 8.7 5.9 5.6 7 7 0.1 0.1 0.1 5 4

Corporation Bank 80.6 82.2 92.0 2 5 55.1 56.9 55.2 3 3 6.2 - - 1 1 (0.2) 0.3 0.3 7 8

Allahabad Bank 69.8 88.1 93.0 4 6 48.2 49.4 50.1 8 8 5.3 4.2 2.9 2 5 (1.0) 0.1 0.2 6 7

IDBI 59.6 92.6 129.8 7 2 62.9 54.6 55.0 4 1 7.0 6.3 6.5 8 3 (2.6) (2.3) (3.4) 1 5

OBC 65.2 89.1 99.8 6 3 51.2 49.4 53.6 6 4 7.9 4.5 3.8 4 6 0.0 (0.2) (2.0) 2 1

Central Bank of India 77.0 93.1 94.1 5 6 51.5 55.0 58.4 1 5 6.1 7.0 5.4 6 8 (1.2) (0.8) (0.8) 4 3

Indian Overseas Banks 122.6 154.7 161.6 8 8 47.4 52.2 53.6 5 7 6.2 5.4 5.2 5 4 (1.3) (0.8) (0.9) 3 2

Mean 70.4 89.7 99.3

53.3 53.3 54.4

6.5 4.7 4.1

(0.8) (0.4) (0.7)

Median 67.5 88.6 93.6

52.2 53.4 54.3

6.2 5.0 4.5

(0.6) (0.1) (0.3)

Note: Company data, Trust Research


19

Valuation Summary New Age Private Banks

CMP M Cap EPS (``) BVPS (`) ROE (%) PE (x) P/B (x)

` `crs FY18e FY19e FY18e FY19e FY18e FY19e FY18e FY19e FY18e FY19e

Axis Bank 510 122,138 26 39 249 280 10.6% 13.9% 19.2x 13.1x 2.0x 1.8x

HDFC Bank 1,639 421,029 69 82 394 458 17.5% 18.0% 23.9x 19.9x 4.2x 3.6x

ICICI Bank 319 185,671 17 22 178 194 9.8% 11.4% 18.4x 14.5x 1.8x 1.6x

Indus Ind Bank 1,509 90,296 62 77 391 457 15.7% 16.9% 24.5x 19.5x 3.9x 3.3x

Kotak Mahindra bank 966 183,785 26 32 176 208 14.5% 15.4% 37.8x 30.1x 5.5x 4.6x

Yes Bank 1,508 68,906 93 116 553 650 16.7% 17.9% 16.3x 13.0x 2.7x 2.3x

Mean

48.7 61.4 323.6 374.4 14.1% 15.6% 23.3x 18.3x 3.3x 2.9x

Median

44.0 58.0 320.0 368.3 15.1% 16.2% 21.5x 17.0x 3.3x 2.8x

Other Private Banks

CMP M Cap EPS (`) BVPS (` ROE (%) PE (x) P/B (x)


City Union bank 170 10,215 9 11 63 72 14.4% 15.2% 18.6x 15.5x 2.7x 2.3x

DCB Bank 197 6,050 8 10 82 93 9.8% 11.2% 24.5x 19.0x 2.4x 2.1x

Federal Bank 113 19,415 6 8 57 64 11.1% 12.8% 17.7x 13.8x 2.0x 1.8x

J & K Bank 83 4,345 7 11 109 117 6.3% 9.2% 12.3x 7.7x 0.8x 0.7x

Karnataka Bank 174 5,879 19 23 173 187 10.7% 12.2% 9.4x 7.6x 1.0x 0.9x

Karur Vysya Bank 128 7,735 11 14 89 99 12.2% 14.1% 11.8x 9.1x 1.4x 1.3x

South Indian Bank 28 4,986 3 4 27 31 10.7% 11.7% 9.4x 7.6x 1.0x 0.9x

Laxmi Vilas Bank 189 3,633 16 21 115 133 13.5% 15.5% 12.2x 9.2x 1.7x 1.4x

Mean

10 13 89 100 11.1% 12.7% 14.5x 11.2x 1.6x 1.4x

Median

9 11 86 96 10.9% 12.5% 12.2x 9.2x 1.5x 1.4x

Large PSU Banks

CMP M Cap EPS (`) BVPS (`) ROE (%) PE (x) P/B (x)


Bank of India 143 15,050 9 16 262 280 3.3% 5.6% 16.7x 9.2x 0.5x 0.5x

Bank of Baroda 174 40,173 15 21 173 191 8.6% 11.0% 11.7x 8.3x 1.0x 0.9x

Canara Bank 358 21,368 32 49 481 523 6.6% 9.3% 11.4x 7.4x 0.7x 0.7x

SBI 287 233,077 19 26 229 251 8.1% 10.4% 15.5x 11.0x 1.3x 1.1x

Punjab national Bank 150 31,845 13 20 190 206 6.8% 9.5% 11.6x 7.7x 0.8x 0.7x

Union Bank of India 158 10,831 20 28 309 330 6.4% 8.6% 7.9x 5.5x 0.5x 0.5x

Mean

18 27 274 297 6.7% 9.2% 13.4x 8.7x 0.9x 0.8x

Median

19 28 276 300 6.8% 9.5% 11.7x 8.3x 0.8x 0.7x

Other PSU Banks

CMP M Cap EPS (`) BVPS (`) ROE (%) PE (x) P/B (x)


OBC 151 5,215 3 19 378 386 0.8% 5.0% 47.4x 7.9x 0.4x 0.4x

Indian Overseas Banks 26 6,296 (1) 1 51 52 -1.6% 2.2% -31.3x 22.1x 0.5x 0.5x

Corporation Bank 51 5,793 na na na na na na na na na na

IDBI 60 12,322 6 9 114 121 5.6% 7.1% 9.4x 7.0x 0.5x 0.5x

Andhra Bank 59 3,988 9 8 132 150 6.6% 5.6% 6.7x 7.0x 0.4x 0.4x

Allahabad Bank 70 5,236 6 6 140 144 4.5% 4.2% 11.2x 11.6x 0.5x 0.5x

Central Bank of India 100 19,098 na na na na na na na na na na

Indian Bank 311 14,925 34 43 315 353 10.9% 12.3% 9.1x 7.1x 1.0x 0.9x

Mean

9 14 188 201 4.5% 6.1% 8.7x 10.5x 0.6x 0.5x

Median

6 8 136 147 5.1% 5.3% 9.2x 7.5x 0.5x 0.5x

Note: Bloomberg Estimates


20

Institutional Equity Team

Names Designation Sectors Email ID's Desk-Number

Naren Shah Head Of Equity

[email protected] +91-22-4084-5074

Sales Trading & Dealing

Rajesh Ashar Sales Trader


Dealing Desk


Research Team

Binyam Taddese Analyst Rates & Credit Research [email protected] +91-22-4224-5037

Naushil Shah Analyst Technology, Media & Telecom [email protected] +91-22-4224-5125

Tushar Chaudhari Analyst Commodities, Auto & Mid-caps [email protected] +91-22-4224-5119

Ritu Chaudhary Associate FMCG &Consumer Durable [email protected] +91-22-4224-5183


21

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