South Indian Bank

2QFY2012 Result Update | Banking
October 17, 2011
South Indian Bank

Performance Highlights
ACCUMULATE
CMP Target Price
% chg (qoq) 26.2 16.2 15.1 2QFY11 197 125 76 % chg (yoy) 31.1 33.3 24.4
`23 `24 12 months
Particulars (` cr) NII Pre-prov. profit PAT
2QFY12 259 166 95
1QFY12 205 143 82
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 2,627 0.9 30/17 9,09,682 1 17,025 5,118 SIBK.BO SIB@IN
Source: Company, Angel Research
For 2QFY2012, South Indian Bank (SIB) reported healthy net profit growth of 24.4% yoy (15.1% qoq) to `95cr, better than our (`83cr) and street estimates (`88cr). NIM expansion coupled with lower slippages was the key highlight of the results. We maintain our Accumulate recommendation on the stock. Healthy NIM expansion with improving asset quality: During 2QFY2012, the banks business growth moderated in-line with overall industry trends; however, it remained comfortably ahead of the industry. Advances grew by 3.9% qoq vis--vis marginal 0.2% growth for the industry (up to September 23, 2011). Deposits showed traction, rising by 4.5% qoq as compared to 0.8% growth for the industry. CASA deposits grew by relatively lower 3.5% qoq, leading to a marginal 20bp qoq compression in CASA ratio to 21.3% (down from 23.9% in 2QFY2011). With the pass-through of higher interest rates and a larger share of higher-yielding gold loans, the bank was able to improve its yield on advances further by 36bp qoq and 150bp yoy to 12.1% (for 1HFY2012). With wholesale funding costs remaining largely stable, the banks cost of deposits went up only marginally (6bp qoq), leading to a healthy ~50bp qoq expansion in calculated NIM for 2QFY2012. Asset quality was also largely stable during 2QFY2012, with absolute gross and net NPAs declining by 2.5% and 8.2% qoq, respectively, and provision coverage ratio excluding technical write-offs improving to 74.7%. Slippages surprised positively, coming in at just 0.5% (annualized) vis--vis 0.8% in 1QFY2012 in spite of deterioration in the economic growth outlook. Outlook and valuation: SIB plans to raise ~`1,000cr in FY2012, which will enable it to maintain its strong growth, especially in its gold loan business. Currently, the stock is trading at moderate valuations of 1.1x FY13E ABV. In light of capital raising and strong expansion plans, we value the bank at 1.2x FY2013E ABV and maintain our Accumulate view on the stock with a target price of `24.
Shareholding Pattern (%) Promoters MF / Banks / Indian Fls FII / NRIs / OCBs Indian Public / Others 9.6 38.8 51.6
Abs. (%) Sensex SIB
3m (8.3) (3.9)
1yr (15.6) (14.4)
3yr 60.9 205.5
Key financials
Particulars (` cr) NII % chg Net profit % chg NIM (%) EPS (`) P/E (x) P/ABV (x) RoA (%) RoE (%)
FY2010 568 8.7 234 20.0 2.5 2.1 11.2 1.8 1.0 17.0
FY2011 791 39.2 293 25.1 2.8 2.6 9.0 1.6 1.0 18.5
FY2012E 991 25.3 379 29.7 2.9 3.4 6.9 1.3 1.1 20.6
FY2013E 1,090 10.0 391 3.1 2.7 3.5 6.7 1.1 1.0 18.2
Vaibhav Agrawal
022 3935 7800 Ext: 6808 vaibhav.agrawal@angelbroking.com
Shrinivas Bhutda
022 3935 7800 Ext: 6845 shrinivas.bhutda@angelbroking.com
Varun Varma
022 3935 7800 Ext: 6847 varun.varma@angelbroking.com
Please refer to important disclosures at the end of this report
South Indian Bank | 2QFY2012 Result Update
Exhibit 1: 2QFY2012 performance

Particulars (` cr) Interest earned - on Advances / Bills - on investments - on balance with RBI and others Interest expended Net interest income Other income Other income excl. treasury - Fee Income - Treasury Income - Others Operating income Operating expenses - Employee expenses - Other Opex Pre-provision profit Provisions & contingencies - Provisions for NPAs - Provisions for Investments - Provisions for Standard Assets - Other Provisions PBT Provision for tax PAT Effective tax rate (%)
2QFY12 1QFY12 % chg (qoq) 2QFY11 % chg (yoy) 877 702 152 24 618 259 53 42 7 11 35 312 146 88 58 166 24 5 11 7 1 143 48 95 33.4 769 610 144 15 564 205 52 37 9 15 27 257 113 69 44 143 21 3 4 14 0 122 40 82 32.6 14.1 15.1 5.2 62.2 9.7 26.2 2.8 13.8 (30.2) (24.1) 28.9 21.5 28.2 27.0 30.1 16.2 14.3 79.8 173.4 (46.4) 87.1 16.5 19.5 15.1 82bp 580 456 116 8 382 197 45 39 9 6 30 242 117 77 40 125 7 1 (3) 4 4 118 42 76 35.3 51.4 54.1 30.2 217.4 61.8 31.1 18.4 8.0 (22.9) 82.6 16.8 28.8 24.0 13.3 44.5 33.3 249.9 255.7 (475.2) 89.5 (86.8) 20.8 14.1 24.4 (196)bp
Exhibit 2: 2QFY2012 Actual vs. Angel estimates

Particulars (` cr) Net interest income Non-interest income Operating income Operating expenses Pre-prov. profit Provisions and cont. PBT Prov. for taxes PAT
Actual 259 53 312 146 166 24 143 48 95
Estimates 210 49 259 121 138 15 123 40 83
% chg 23.3 8.3 20.5 20.1 20.8 59.7 16.1 19.4 14.5
October 17, 2011
Exhibit 3: 2QFY2012 performance analysis

Particulars Balance sheet 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# Reported NIM Asset quality Gross NPAs (` cr) Gross NPAs (%) Net NPAs (` cr) Net NPAs (%) Provision coverage ratio (%) Slippage ratio (%) Loan loss provision to avg. assets (%) 231 1.0 58 0.3 74.7 0.5 0.1 236 1.1 63 0.3 73.1 0.8 0.0 (2.5) (8)bp (8.2) (4)bp 156bp (30)bp 2bp 228 1.3 67 0.4 70.5 0.7 0.0 1.2 (28)bp (13.1) (13)bp 417bp (12)bp 3bp
#
2QFY12 1QFY12 % chg (qoq) 2QFY11 % chg (yoy) 23,017 33,038 69.7 1,274 5,754 7,028 21.3 13.5 10.8 7.7 12.1 3.0 46.7 22,151 31,622 70.0 1,326 5,464 6,790 21.5 13.5 10.9 7.6 11.8 2.8 44.2 3.9 4.5 (38)bp (3.9) 5.3 3.5 (20)bp (3)bp (6)bp 6bp 36bp 20bp 244bp 17,718 25,060 70.7 1,091 4,888 5,979 23.9 15.9 13.1 6.3 10.6 3.0 48.5 29.9 31.8 (103)bp 16.8 17.7 17.5 (259)bp (238)bp (228)bp 132bp 150bp (3)bp (181)bp
Cost-to-income ratio
Source: Company, Angel Research; Note: #Reported cumulative figures
Business growth moderates; but remains above industry

During 2QFY2012, the banks business growth moderated in-line with overall industry trends; however, it remained comfortably ahead of the industry. Advances grew by 3.9% qoq vis--vis marginal 0.2% growth for the industry (up to September 23, 2011). Deposits showed traction, rising by 4.5% qoq as compared to 0.8% growth for the industry. The banks CASA deposits grew by relatively lower 3.5% qoq, leading to a marginal 20bp qoq compression in CASA ratio to 21.3% (down from 23.9% in 2QFY2011). CASA deposits and low-cost NRE deposits constituted ~30% of total deposits. The bank is witnessing good traction in NRI deposits on account of the recent sharp depreciation of INR vis--vis the USD. Growth in gold loan portfolio continued to be healthy, registering a healthy 18.9% increase on a sequential basis (robust 80% yoy growth). The share of gold loans in the loan book has now increased to 26.2% (from 22.9% in 1QFY2012 and 18.8% in 2QFY2011). On a sequential basis, excluding gold loans, the loan book contracted marginally by 0.6%. With rising interest rates and a larger share of higher-yielding gold loans, the bank was able to improve its yield on advances further by 36bp qoq and 150bp yoy to 12.1% (for 1HFY2012). With wholesale funding costs remaining benign, the banks cost of deposits went up only marginally (6bp qoq), leading to a healthy ~50bp qoq expansion in calculated
October 17, 2011
NIM for 2QFY2012. The expansion in NIM coupled with reasonable business growth led to NII beating our estimates by a comfortable 23.3%.
Exhibit 4: Business growth remains healthy

Advances qoq growth (%,) 12.0 10.0 8.0 6.0 4.0 Deposits qoq growth (%)
Exhibit 5: CASA continues at lower levels

(%) 26.0 23.0 20.0 23.9 22.4 21.5 21.5 21.3
4.9
7.4
8.3
7.7
6.8
8.1
6.4
3.9
4.5
2.0 -
10.1
17.0 14.0
2QFY11
3QFY11
4QFY11
1QFY12
2QFY12
2QFY11
3QFY11
4QFY11
1QFY12
2QFY12
Exhibit 6: Reported NIM rises by 20bp qoq....

(%) 3.1 3.0 3.0 3.1 3.0
Exhibit 7: ...due to rise in yield on advances

(%) 12.5 11.5 10.9 11.8 10.6 10.5 9.5 8.5 10.7 12.1
2.9 2.8 2.7
2.5 2QFY11 3QFY11 4QFY11 1QFY12 2QFY12
2QFY11
3QFY11
4QFY11
1QFY12
2QFY12
Source: Company, Angel Research; Note: Cumulative reported numbers
Source: Company, Angel Research; Note: Cumulative reported numbers
Non-interest income growth driven by treasury gains

Other income growth on a yoy basis (18.2%) for the bank was primarily driven by the sharp 82.6% rise in treasury gains. Fee income declined rather steeply (22.9% yoy) despite healthy 29.9% yoy growth in advances. With interest rates having an upward bias, we expect lower treasury gains in future.
Exhibit 8: Break-up of non-interest income

Particulars (` cr) Fee income Treasury gains Profit on exchange transactions Others Non-interest income Excluding treasury
2QFY12 1QFY12 % chg (qoq) 2QFY11 % chg (yoy) 7 11 7 28 53 42 9 15 5 22 52 37 (30.2) (24.1) 37.2 27.3 2.9 13.9 9 6 5 26 45 39 (22.9) 82.6 47.4 11.1 18.2 7.9
October 17, 2011
Asset quality surprises positively

The asset quality of the bank improved during 2QFY2012, with absolute gross and net NPAs declining by 2.5% and 8.2% qoq, respectively. The gross NPA ratio improved marginally to 1.0% from 1.1% in 1QFY2012. The provision coverage ratio (excluding technical write offs) also improved further to 74.7% from 73.1% in 1QFY2012. Slippages surprised positively, coming in at just 0.5% (annualized) vis--vis 0.8% in 1QFY2012 in spite of deterioration in the economic growth outlook over the past few quarters. During 2QFY2012, the bank restructured four MFI accounts of ~`81cr, taking cumulative restructured advances to ~`500cr. The banks provision expenses increased five-fold on a yoy basis, primarily due to provisioning expenses for investments (on account of hardening of yields) of `11cr compared to a write-back of ~`3cr in 2QFY2011. Provisions for NPAs (including those for restructured accounts) were higher at `5cr (`3cr in 1QFY2012).
Exhibit 9: NPA coverage comfortable at ~75%

Gross NPAs (` cr) 300 73.9 225 150 70.5 70.7 73.1 Net NPA (` cr) PCR (%, RHS) 74.7 80.0 75.0 70.0 65.0
Exhibit 10: Slippages well within control

(%) 1.5 1.2 0.9 0.6 0.3 2QFY11 3QFY11 4QFY11 1QFY12 2QFY12 0.7 1.2 0.8 0.8 0.5
228 67
254 74
230 60
236 63
2QFY11 3QFY11 4QFY11 1QFY12 2QFY12

231 58
75
60.0 55.0
Operating costs rise

Operating expenses increased sharply by 28.2% qoq, driven by a 27.0% increase in employee expenses and a 30.1% rise in other operating expenses. The increase in operating expenses was partly on account of certain one-offs pertaining to few employees opting for employee benefits but also attributable to fresh hiring and higher depreciation expenses on new properties acquired. Consequently, the banks cost-to-income ratio rose to 46.7% from 44.2% in 1QFY2012.
Exhibit 11: Opex to average assets improves materially

(%) 2.0 1.5 1.0 0.5 2QFY11 3QFY11 4QFY11 1QFY12 2QFY12 1.8 1.6 1.6 1.3 1.6
Exhibit 12: Cost-to-income ratio also improves

(%) 50.0 47.5 45.0 42.5 40.0 2QFY11 3QFY11 4QFY11 1QFY12 2QFY12 43.9 48.5 45.7 44.2 46.7
October 17, 2011
Healthy capital adequacy

The banks capital adequacy ratio (CAR) stood at healthy 13.5% as of 2QFY2012, with tier-I ratio at 10.8% (forming 80.1% of the total CAR). The bank had indicated a comfortable tier-I CAR level of 14.0%. The bank is planning to raise ~`1,000cr of equity capital during FY2012, which would further increase tier-I ratio, enabling the bank to achieve its growth targets. As fund-raising timelines are not concrete yet, we have not factored the same in our estimates at present. However, if any QIP is done at the CMP, the book value as of FY2013E could see an increase of ~4.0%.
Exhibit 13: Trends in CAR

(%)
20.0 15.9 16.0 12.0 8.0 4.0 2QFY11 3QFY11 4QFY11 1QFY12 2QFY12 2.8 14.9 2.6 14.0 2.7 13.5 2.7 13.5 2.7 Tier-I CAR Tier-II CAR
13.1
12.3
11.3
10.9
10.8
Investment arguments
Strong business growth
The bank grew its advances and deposits at a strong rate of 27.1% and 29.2% yoy, respectively, in FY2011. Business growth has further accelerated in 2QFY2012, with advances growing by 29.9% yoy and deposits rising by 31.8% yoy. The banks gold loan portfolio has increased at an 84% CAGR over FY2009-11 to reach `4,633cr. The gold loan portfolio has continued its pace in 2QFY2012 and now constitutes ~26% of the overall loan book. The bank had indicated its plans to set up a gold loan NBFC to tap customers who are willing to pay higher interest rates in lieu of higher LTVs and faster service. For this, the bank was planning to deploy ~`300cr of the QIP proceeds towards the NBFC to capitalize on the opportunity currently being exploited by players such as Muthoot Finance and Mannapuram. However, the bank has put the gold loan NBFC plan on hold as of now, considering the uncertain regulatory environment for NBFCs. The `1,000cr QIP amounts to 59.0% of FY2011 net worth, which will provide the bank with substantial capital to maintain its strong growth. We have not factored in the impact of raising ~`1,000cr funds at present; however, if any QIP is done at the CMP, the book value as of FY2013E could see an increase of ~4.0%
October 17, 2011
Outlook and valuation

The banks NIM rebounded in 2QFY2012 despite its relatively lower CASA deposits base on the back of higher share of better-yielding gold loans. Going forward, we believe the bank may be able to sustain its NIM at the current levels on the back of better traction in low-cost NRI deposits (due to the recent sharp depreciation of the INR) and increased focus on its gold loan portfolio. However, on the asset-quality front, we believe going forward the bank may not be able to sustain its NPAs at the current healthy levels and have conservatively factored in higher slippages for FY2012 and FY2013 as compared to FY2011. That said, the bank plans to raise ~`1,000cr during FY2012, which will enable it to maintain its strong growth, especially in its gold loan business. Currently, the stock is trading at moderate valuations of 1.1x FY2013E ABV. In light of capital raising and strong expansion plans, we value the bank at 1.2x FY2013E ABV and maintain our Accumulate rating on the stock with a target price of `24.
Exhibit 14: Key assumptions

Particulars (%) Credit growth Deposit growth CASA ratio NIMs Other income growth Growth in staff expenses Growth in other expenses Slippages Treasury gain/(loss) (% of investments)
Source: Angel Research
Earlier estimates FY2012 19.0 15.0 21.6 2.5 6.0 7.5 15.0 1.1 0.3 FY2013 19.0 16.0 21.5 2.4 16.8 15.0 15.0 1.1 0.3
Revised estimates FY2012 22.0 15.0 21.6 2.9 7.9 18.0 28.0 1.1 0.3 FY2013 19.0 18.0 21.1 2.7 16.0 17.0 17.0 1.4 0.3
Exhibit 15: Change in estimates

Particulars (` cr) NII Non-interest income Operating income Operating expenses Pre-prov. profit Provisions & cont. PBT Prov. for taxes PAT
Source: Angel Research
Earlier estimates
863 208 1,072 510 562 68 494 160 334
FY2012 FY2013 Revised Revised Earlier Var. (%) Var. (%) estimates estimates estimates
991 212 1,203 563 640 79 562 182 379 14.8 1.8 12.3 10.4 14.0 16.2 13.7 13.7 13.7 933 243 1,176 587 589 77 513 166 346 1,090 246 1,336 659 678 99 579 188 391 16.9 1.1 13.6 12.3 15.0 28.4 13.0 13.0 13.0
October 17, 2011
Exhibit 16: P/ABV band

Price (`) 35 30 25 20 15 10 5 0
Oct-08 Feb-07 Nov-10 Sep-06 May-08 Dec-07 Mar-09 Aug-09 Feb-12 Sep-11 Jan-10 Jun-10 Apr-06 Apr-11 Jul-07
0.5x
0.8x
1.1x
1.4x
1.7x
Exhibit 17: 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 Accumulate Accumulate Buy Accumulate Accumulate Accumulate Neutral Buy Accumulate Buy Neutral Neutral Buy Accumulate Neutral Accumulate Accumulate Neutral Accumulate Buy Buy Buy Neutral Accumulate Buy Neutral CMP (`) 1,120 386 478 898 23 289 154 121 759 339 47 457 104 418 76 106 209 99 809 305 971 1,892 103 68 250 73 55 Tgt. price (`) 1,426 422 517 1,146 24 321 174 943 371 57 489 81 220 104 325 1,129 2,335 125 286 91 Upside (%) 27.2 9.2 8.3 27.5 5.3 11.0 12.9 24.3 9.3 21.7 17.0 6.0 5.4 5.1 6.4 16.2 23.4 21.1 14.3 25.0 FY2013E P/ABV (x) 1.81 1.1 3.23 1.6 1.1 1.8 0.7 0.8 1.0 0.9 0.6 0.9 0.7 0.7 0.6 0.7 0.9 0.6 0.9 0.7 1.1 1.4 0.7 0.8 0.9 0.6 0.7 FY2013E Tgt P/ABV (x) 2.3 1.2 3.5 2.1 1.2 2.1 0.8 1.3 1.0 0.8 0.8 0.6 0.9 0.7 0.8 1.3 1.8 0.9 1.1 0.8 FY2013E P/E (x) 9.4 8.0 16.9 13.0 6.7 9.8 4.3 5.5 5.7 5.6 4.4 5.3 5.1 4.2 3.7 5.1 5.3 4.0 5.6 5.3 6.0 7.3 4.7 4.2 5.3 4.4 6.7
#
FY2011-13E EPS CAGR (%) 20.4 18.3 29.3 24.1 15.6 18.9 8.9 (0.9) 10.6 15.2 31.8 (2.8) (14.6) 2.3 5.8 11.3 0.2 20.3 6.7 5.4 7.2 41.4 9.1 14.0 9.6 11.7 (3.2)
FY2013E RoA (%) 1.5 1.2 1.7 1.4 1.0 1.2 0.9 0.9 1.1 0.7 0.6 0.9 0.5 0.8 0.8 0.7 1.1 0.6 1.2 0.8 1.0 1.0 0.6 0.6 0.8 0.6 0.4
FY2013E RoE (%) 20.8 13.8 20.6 15.6 18.2 20.6 17.7 15.8 19.6 17.1 15.1 17.1 14.2 16.8 16.2 13.9 17.4 15.9 16.4 13.9 20.0 21.9 15.7 16.5 18.1 13.8 10.5
Source: Company, Angel Research; Note:*Target multiples=SOTP Target Price/ABV (including subsidiaries), Without adjusting for SASF
October 17, 2011
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. and Cont. - YoY Growth (%) Profit Before Tax - YoY Growth (%) Prov. for Taxation - as a % of PBT PAT - YoY Growth (%) FY07 368 18.5 122 68.1 489 27.9 219 (1.4) 270 68.4 124 41.5 146 100.7 42 28.9 104 89.5 FY08 394 7.2 143 17.3 537 9.7 248 13.4 289 6.8 57 (54.0) 232 58.3 80 34.6 152 45.6 FY09 523 32.7 164 15.2 687 28.0 328 32.4 359 24.3 57 0.7 301 30.0 107 35.4 195 28.4 FY10 568 8.7 208 26.9 777 13.0 366 11.5 411 14.5 43 (24.5) 367 21.9 134 36.4 234 20.0 FY11 791 39.2 197 (5.6) 988 27.2 463 26.3 525 27.9 80 84.4 446 21.3 153 34.3 293 25.1 FY12E 991 25.3 212 7.9 1,203 21.8 563 21.7 640 21.9 79 (1.2) 562 26.1 182 32.4 379 29.7 FY13E 1,090 10.0 246 16.0 1,336 11.0 659 17.0 678 5.8 99 25.1 579 3.1 188 32.4 391 3.1
Balance sheet
Y/E March (` cr) Share Capital Reserve & 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 (%) FY07 70 654 27.8 33 174 483 700 1,246 3,430 24.3 90 268 26.1 FY08 90 1,071 23.8 28 155 590 974 729 4,572 32.0 113 249 25.2 FY09 113 1,191 19.4 257 155 571 998 1,038 6,075 13.3 136 284 19.2 FY10 113 1,372 27.2 1 330 706 1,391 597 7,156 33.6 153 415 25.3 FY11 113 1,734 29.2 25 265 962 1,828 638 8,924 29.5 357 585 28.5 FY12E 113 2,035 34,179 15.0 29 305 1,082 37,743 2,222 755 8,688 24,996 22.0 410 672 37,743 15.0 FY13E 113 2,347 40,331 18.0 34 360 1,351 44,537 2,622 891 10,001 29,746 19.0 484 794 44,537 18.0
12,239 15,156 18,092 23,012 29,721
13,653 17,090 20,379 25,534 32,820
7,919 10,454 11,848 15,823 20,489
13,653 17,090 20,379 25,534 32,820
October 17, 2011
Ratio Analysis
Y/E March Profitability ratios (%) NIMs Cost to Income ratio RoA RoE B/S ratios (%) CASA ratio Credit/Deposit ratio Net worth/ Assets CAR - Tier I Asset Quality (%) Gross NPAs Net NPAs Slippages NPA prov / avg. assets Provision Coverage Per Share Data (`) EPS ABVPS (75% cover) 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 RoE 3.0 1.0 2.0 0.3 2.2 0.7 3.0 1.8 1.2 0.3 0.9 18.2 15.5 2.6 0.4 2.2 0.2 2.4 0.7 3.1 1.6 1.5 0.5 1.0 16.6 16.4 2.8 0.3 2.5 0.2 2.7 0.7 3.4 1.8 1.6 0.6 1.0 15.4 16.0 2.5 0.2 2.3 0.3 2.6 0.6 3.2 1.6 1.6 0.6 1.0 16.7 17.0 2.7 0.3 2.4 0.1 2.6 0.5 3.1 1.6 1.5 0.5 1.0 18.4 18.5 2.8 0.2 2.6 0.1 2.6 0.5 3.2 1.6 1.6 0.5 1.1 19.1 20.6 2.7 0.2 2.4 0.1 2.5 0.5 3.0 1.6 1.4 0.5 1.0 19.1 18.2 15.7 2.3 1.1 13.9 1.8 1.3 13.5 2.2 1.3 11.2 1.8 1.7 9.0 1.6 2.2 6.9 1.3 2.6 6.7 1.1 2.6 1.5 10.0 0.2 1.7 12.6 0.3 1.7 10.8 0.3 2.1 12.9 0.4 2.6 15.0 0.5 3.4 17.7 0.6 3.5 20.4 0.6 3.9 1.0 2.2 0.7 75.8 1.8 0.3 0.7 0.1 82.0 2.2 1.1 1.6 0.1 48.4 1.3 0.4 1.5 0.2 70.8 1.1 0.3 0.7 0.1 73.9 0.9 0.2 1.1 0.1 74.5 0.8 0.2 1.4 0.2 73.9 23.9 64.7 18.2 11.1 8.8 24.1 69.0 16.6 13.8 12.1 23.8 65.5 15.4 14.8 13.2 23.1 68.8 16.7 15.4 12.4 21.5 68.9 18.4 14.0 11.3 21.6 73.1 19.1 12.9 10.6 21.1 73.8 19.1 12.6 10.4 3.1 44.8 0.9 15.5 2.6 46.2 1.0 16.4 2.9 47.8 1.0 16.0 2.5 47.1 1.0 17.0 2.8 46.8 1.0 18.5 2.9 46.8 1.1 20.6 2.7 49.3 1.0 18.2 FY07 FY08 FY09 FY10 FY11 FY12E FY13E
October 17, 2011
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
South Indian 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 17, 2011
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2QFY2012 Result Update | Banking

October 17, 2011