Financee Data

PER SHARE DATA
EPS, adjusted
EPS
adj NAV
NAV
Dividend
Book value
Adj. book value
Cash flow
FY 2001
2.54
6.53
22.9
22.9
1.84
22.9
9.1
10.1
FY 2002
(3.02)
6.99
32.1
38.0
1.77
32.1
20.6
21.4
FY 2003
1.53
8.35
39.9
43.5
2.26
39.9
32.2
17.9
FY 2004
3.04
12.02
49.1
49.2
2.83
49.1
44.2
29.7
FY 2005
12.50
12.22
88.0
95.3
3.47
88.0
79.4
20.7
FY 2006
14.32
17.41
103.1
104.0
4.07
103.1
95.2
35.7
FRANCHISE VALUE
Share Price
Market capitalisation, mn
Market cap / banking deposits
Market cap / banking assets
FY 2001
24.55
3,238
5%
3%
FY 2002
39.90
7,653
8%
5%
FY 2003
40.15
9,242
6%
5%
FY 2004
146.75
33,984
18%
14%
FY 2005
242.05
66,272
25%
18%
FY 2006
356.35
99,311
29%
20%
FY 2001
9.7
3.8
1.1
1.1
1.1
2.7
2.4
7.5%
28.6%
11.1%
0.80%
0.31%
#REF!
FY 2002
(13.2)
5.7
1.2
1.1
1.2
1.9
1.9
4.4%
29.3%
-12.6%
1.07%
-0.46%
-0.79%
FY 2003
26.3
4.8
1.0
0.9
1.0
1.2
2.2
5.6%
25.1%
4.6%
1.13%
0.21%
0.30%
FY 2004
48.2
12.2
3.0
3.0
3.0
3.3
4.9
1.9%
27.1%
6.9%
1.27%
0.32%
0.44%
FY 2005
19.4
19.8
2.8
2.5
2.8
3.0
11.7
1.4%
18.9%
19.3%
1.08%
1.11%
1.53%
FY 2006
24.9
20.5
3.5
3.4
3.5
3.7
10.0
1.1%
18.4%
15.1%
1.11%
0.91%
1.20%
Fair Value
Long-term growth rate
Hurdle rate
Normal ROE
Fair Price to book
Fair Value
Liquidity / holding discount
Target fair value
Upside
Market capitalisation at Fair Value
PE at Fair Value
Price to NAV at Fair Value
FY 2001
FY 2002
FY 2003
FY 2004
28.6%
29.3%
25.1%
27.1%
0.0
0.0
0.0
0.0
FY 2005
4.0%
12.5%
18.9%
1.8
154.0
0%
154
-36%
42,152
12.3
1.8
FY 2006
4.0%
12.5%
18.4%
1.7
174.3
0%
174
-51%
48,568
12.2
1.7
SHAREHOLDING STRUCTURE
Total number of shares
Ave number of shares
Free float
FY 2001
132
132
FY 2002
192
162
FY 2003
230
211
FY 2004
232
231
FY 2005
274
253
FY 2006
279
276
Share performance
FY 2001
FY 2002
FY 2003
FY 2004
FY 2005
FY 2006
FY 2001
49%
65%
22%
2,205,401
1.20%
91
FY 2002
33%
66%
24%
3,580,360
1.43%
84
FY 2003
44%
66%
26%
3,141,164
1.65%
84
FY 2004
38%
53%
29%
3,211,208
1.92%
70
FY 2005
50.6%
50%
30%
2,414,179
1.88%
79
FY 2006
45.0%
48.5%
30%
2,761,434
1.86%
76
FY 2001
3,015
FY 2002
6,148
FY 2003
9,181
FY 2004
11,364
FY 2005
24,082
FY 2006
28,722
0
BASIC VALUATION
PE, adjusted
PE, reported
P/NAV adjusted
P/NAV stated
P/BV
P/adj. BV
P/Cash Flow
Dividend yield
ROE, stated
ROE, adjusted
ROA
RoA, adjusted
RORWA
EFFICIENCY
Cost to income
Cost to core income
Staff costs to total costs
Revenue per employee
Operating costs to total assets
Assets per employee
CAPITAL ADEQUACY
Tier 1
Tier 2
137185108.xls.ms_office Valuation & Forecast
3/31/2013
Total capital
Tier 1
Tier 2
CAR
RWA
Credit risk
Market risk - trading book
Market risk - others
Loans to deposits
74%
53%
50%
11,364
6.4%
4.77%
11.21%
176,463
0
0
0
51%
LIQUIDITY
Loans to deposits
Inv to deposits
Loans + Inv/Deposits
Inc. loans/Inc. Deposits
Inc. inv/Inc deposits
CRR
FY 2001
74%
64%
138%
13%
FY 2002
47%
59%
106%
15%
67%
9%
FY 2003
47%
52%
99%
47%
31%
10%
FY 2004
49%
41%
90%
57%
-1%
19%
FY 2005
54%
52%
106%
64%
74%
11%
FY 2006
60%
58%
118%
79%
76%
5%
ALM
Advances
< 6 mnths
6mn - 1yr
1 - 3yr
3 - 5yr
>5yr
FY 2001
48,211
25,855
3,888
18,257
210
1
FY 2002
53,523
17,103
5,909
18,880
7,328
4,303
FY 2003
71,799
18660
8216
24593
10639
9690
FY 2004
93,630
14350
13626
29403
23292
12959
FY 2005
156,029
43414
15745
59016
24418
13437
FY 2006
223,142
31019
16964
82681
42307
50172
Investments
< 6 mnths
6mn - 1yr
1 - 3yr
3 - 5yr
>5yr
41,926
11,902
7,173
10,529
9,568
2,754
66,302
26,861
18,433
9,858
7,132
4,019
78,410
46010
8168
17307
5733
1192
77,928
42481
10012
15990
3655
5789
142,750
62140
12268
36743
7937
23661
215,274
105075
21179
54806
15002
19212
Deposits
< 6 mnths
6mn - 1yr
1 - 3yr
3 - 5yr
>5yr
90,922
41,068
22,523
25,418
1,263
650
122,872
62,122
25,697
32,132
2,169
752
169,647
76856
29032
57211
4863
1686
209,539
79965
37939
60023
25316
6296
317,120
142596
51560
114059
6497
2408
401,135
151938
84075
153473
8363
3286
Borrowings
< 6 mnths
6mn - 1yr
1 - 3yr
3 - 5yr
>5yr
11,460
8,024
1,064
0
272
2,100
12,458
8,611
0
27
3,418
402
7,193
5334
1072
675
29
83
5,278
1315.3
815.2
454.2
2214.8
478
17,814
9130
15
6049
2195
426
26,809
13374
2013
11022
2
399
(23,237)
(19,699)
(7,161)
(1,325)
(2,749)
(53,630)
(19,788)
(13,279)
1,742
3,148
(63,530)
(21,887)
(33,292)
5,747
7,921
(66,930)
(25,128)
(31,073)
(4,240)
6,184
(108,311)
(35,831)
(61,092)
15,725
10,603
(134,293)
(69,124)
(81,815)
33,942
46,487
54%
8%
38%
0%
0%
32%
11%
35%
14%
8%
26%
11%
34%
15%
13%
15%
15%
31%
25%
14%
28%
10%
38%
16%
9%
14%
8%
37%
19%
22%
GAP (Advances - Deposits)

< 6 mnths
6mn - 1yr
1 - 3yr
3 - 5yr
>5yr
Advances
< 6 mnths
6mn - 1yr
1 - 3yr
3 - 5yr
>5yr
3,015
5.8%
3.2%
9.00%
51,618
6,148
6.4%
4.2%
10.65%
95,757
9,181
6.4%
4.5%
10.90%
142,564
24,082
8.87%
3.79%
12.66%
271,498
0
0
0
58%
28,722
7.26%
3.82%
11.08%
395,618
64%
Investments
3/31/2013
< 6 mnths
6mn - 1yr
1 - 3yr
3 - 5yr
>5yr
28%
17%
25%
23%
7%
41%
28%
15%
11%
6%
59%
10%
22%
7%
2%
55%
13%
21%
5%
7%
44%
9%
26%
6%
17%
49%
10%
25%
7%
9%
Deposits
< 6 mnths
6mn - 1yr
1 - 3yr
3 - 5yr
>5yr
45%
25%
28%
1%
1%
51%
21%
26%
2%
1%
45%
17%
34%
3%
1%
38%
18%
29%
12%
3%
45%
16%
36%
2%
1%
38%
21%
38%
2%
1%
FY 2001
1,935
478
156
156
0
FY 2002
2,258
1,947
1,997
1,433
1,433
0
FY 2003
2,822
666
856
1,388
1,388
0
FY 2004
2,289
1,938
2,409
323
1,951
(1,628)
FY 2005
2,747
1,077
1,291
214
927
(713)
FY 2006
3,111
1,278
1,732
799
1,100
(301)
2,258
1,814
2,822
1,854
2,289
1,620
4,375
1,122
3,824
2,169
4,044
2,176
4.7%
3.8%
5.3%
3.46%
3.2%
2.26%
4.7%
1.20%
2.5%
1.39%
1.8%
0.98%
0
229
0
0
0
0
0
0
0
0
0
683
2,600
1,628
1,656
1,656
44
713
987
987
895
301
1,581
0.47%
1.0%
-0.3%
-8.0%
0.0%
0%
3.75%
3.9%
-2.8%
-63.5%
3.8%
0%
1.44%
1.4%
-2.2%
-49.2%
1.1%
0%
2.94%
2.9%
-2.4%
-85.2%
2.3%
38%
0.02%
1.0%
-0.7%
-33.7%
0.9%
26%
0.67%
0.9%
-0.6%
-35.4%
0.7%
39%
0.1%
0.1%
0.3%
0.2%
0.5%
0.7%
FY 2001
FY 2002
Interest income
8,896
11,795
o/w lending and other
4,736
5,396
o/w investments
3,739
6,027
o/w interest on with Balances with RBI and Other404
Inter Bank Funds 306
o/w other income
17
67
FY 2003
14,648
7,361
5,762
368
1,156
FY 2004
15,867
7,675
6,389
329
1,473
FY 2005
19,242
9,788
7,869
320
1,265
FY 2006
28,888
15,280
12,857
416
334
ASSET QUALITY
Gross NPL - opening balance
Net additions
Additions - given
Less Reductions
o/w recoveries
o/w writeoffs
o/w upgrades
Gross NPL - Closing balance
Net NPL
Gross NPL ratio
Net NPL ratio
Gross NPAs
Substandard
Doubtful
Loss
Movement in provisions
Opening balance
Provisions made during the year
Writeoffs
Closing balance
Loans subjected to restructuring
Standard assets
Substandard assets
Doubtful
Loss
Total
PL provisions/Avg loans
Inc. NPA/Avg. loans
Recoveries/Avg. NPA
Recoveries/Gross NPA
Net inc. NPAs/Avg. laons
Loan loss coverage
Other provisions/Avg loans
FINANCIAL
FORECAST
3/31/2013
Interest expenses
o/w deposits
o/w interbank lending
o/w other
Yield on advances
Yield on advances - reported
Yield on investments
Yield on investments - reported
Cost of deposits
Cost of deposits - reported
Ave earnings assets yield
Ave earnings assets yield - reported
Ave bearing liabilities yield
Spread
Lending spread
Ave earnings assets

Net interest margin
NIM - reported
Net interest income
Non-interest income
Net commission income
Income from forex transactions
Dividends from subsidiaries
Other operating income
Net trading profit
o/w sale of investments
o/w revaluation of investments
o/w equity
Operating revenue
Core revenue (ex net trading)
Staff
Administration
Rent, Taxes & Lighting
Printing & Stationary
Advertisng & publicity
Directors Fees, allowance and expenses
Auditors fees and expended
Law charges
Postages, telegram,telephones
Repairs and maintanace
Insurance
Other Expenses
Law charges
Insurance
Other Expenses
o/w sales & mkt expenses
o/w outsouricng fees
Depreciation
Total Costs
Operating profit before provisions
Core operating profit
(7,914)
(7,037)
(335)
(542)
(9,800)
(8,566)
(531)
(703)
(11,424)
(10,569)
(267)
(588)
(10,214)
(9,344)
(194)
(676)
(11,930)
(10,696)
(126)
(1,108)
(18,106)
(15,517)
(603)
(1,985)
9.82%
10.61%
11.75%
9.28%
7.84%
8.06%
8.92%
11.14%
7.96%
8.17%
6.89%
7.03%
10.78%
10.32%
8.61%
5.67%
4.70%
5.04%
8.70%
9.85%
9.06%
7.66%
6.64%
6.99%
7.73%
0.97%
8.25%
1.60%
0.29%
7.21%
1.86%
3.13%
5.07%
2.59%
3.61%
4.23%
2.41%
3.14%
4.6%
2.40%
3.02%
FY 2001
102,255
0.96%
FY 2002
119,797
1.67%
FY 2003
161,623
1.99%
2.09%
3,224
4,120
1,438
167
0
54
2,461
2,461
FY 2004
207,048
2.73%
3.12%
5,653
5,416
1,824
276
0
108
3,208
3,208
FY 2005
289,864
2.52%
2.90%
7,312
4,182
3,305
487
0
503
(113)
(113)
FY 2006
413,187
2.61%
2.85%
10,782
7,313
4,889
869
0
257
1,298
1,298
983
1,631
863
52
0
78
638
638
1,995
4,167
976
87
0
49
3,054
3,054
2,613
1,976
(285)
(785)
(264)
(44)
(56)
(2)
(2)
(18)
(84)
(102)
(41)
(173)
6,162
3,107
(496)
(1,193)
(360)
(67)
(66)
(2)
(3)
(22)
(141)
(189)
(64)
(279)
7,344
4,883
(852)
(1,887)
(485)
(131)
(75)
(2)
(3)
(27)
(188)
(315)
(92)
(568)
11,069
7,861
(1,213)
(2,361)
(658)
(159)
(108)
(3)
(4)
(22)
(230)
(467)
(115)
(594)
11,494
11,607
(1,769)
(3,229)
(869)
(192)
(115)
(5)
(4)
(23)
(306)
(741)
(220)
(755)
18,096
16,798
(2,402)
(4,817)
(1,137)
(282)
(171)
(5)
(4)
(60)
(426)
(950)
(346)
(1,436)
34%
6%
7%
0%
0%
2%
11%
13%
5%
22%
30%
6%
6%
0%
0%
2%
12%
16%
5%
23%
26%
7%
4%
0%
0%
1%
10%
17%
5%
30%
28%
7%
5%
0%
0%
1%
10%
20%
5%
25%
27%
6%
4%
0%
0%
1%
9%
23%
7%
23%
24%
6%
4%
0%
0%
1%
9%
20%
7%
30%
(217)
(1,288)
1,326
(366)
(2,055)
4,107
(489)
(3,229)
4,116
(619)
(4,192)
6,877
(816)
(5,814)
5,680
(922)
(8,141)
9,955
3/31/2013
Bad debt provisions

(229)
- provisions to operating income
17%
Other provisions
(52)
Provison for standard assets
(33)
Amortization of investments
0
Provision for HTM shifting
(40)
Depreciation on investments
21
Provision for wage arrears
0
Others/ Contingencies
0
Operating profit before tax and exceptionals 1,045
Result from sales of land etc
(1)
Exceptional Items
Pre-tax income
1,045
Tax
(183)
Effective tax rate
18%
Net profit
861
Profit brought forward
526
Others
0
Profit available for appropriations
1,387
Transfer to Statutory Reserve
258
Proposed dividend+interim dividend
242
Tax (including cess) on dividend
0
special rserve
0
Transfer to General Reserve
143
Transfer to Capital Reserve
0
Transfer to Investment Fluctuation Reserve
0
Balance carried over to Balance Sheet
744
Dividend payout ratio
28%
Dividend tax
0%
Profit adjustments
FY 2001
Net profit
861
One-off gains
638
One-off losses
0
Tax on net 'one-off' gains/loss
112
Adjusted net profit
335
BALANCE SHEET
GROUP ASSETS
Cash in hand
Balances with RBI
As % of deposits
Balances with banks
Loans to customers, net
o/w priority sector
o/w agri
o/w retail (net)
Housing
Commercial Vehicles
4- wheelers
2- Wheelers
Personal Loans
Others
o/w corporate and commercial
Large Corporates
Mid Corporates
SME's
Total
Avg. loans
FY 2001
Disbursals
housing Loans
Commercial Vehicles
479
8,334
12.8%
3,305
48,211
3,480
(1,906)
46%
(59)
(13)
0
(10)
3
0
(39)
2,142
(8)
(900)
22%
(188)
(46)
0
0
(53)
0
(89)
3,028
(15)
(2,436)
35%
(130)
(88)
0
0
(42)
0
0
4,311
(15)
(30)
1%
(588)
(131)
0
(483)
37
0
(11)
5,062
(24)
2,134
(792)
37%
1,341
744
24
2,085
335
287
0
0
0
0
700
786
21%
0%
FY 2002
1,341
3,054
0
1,134
(579)
3,013
(1,091)
36%
1,922
786
0
2,708
480
477
0
0
0
6
520
1,225
25%
0%
FY 2003
1,922
2,461
0
891
352
4,296
(1,513)
35%
2,783
1,225
0
4,008
696
653
0
0
0
138
700
1,821
23%
0%
FY 2004
2,783
3,208
0
1,130
705
5,038
(1,692)
34%
3,346
1,821
0
5,167
836
878
0
0
0
479
1,000
1,974
26%
0%
FY 2005
3,346
(113)
0
(38)
3,421
684
10,549
9.3%
6,281
53,523
8,675
FY 2003
1,126
14,875
9.8%
19,697
71,799
16,393
FY 2004
1,533
36,236
19.1%
18,863
93,629
24,562
FY 2005
2,729
31,758
11.0%
10,542
156,029
44,036
FY 2002
0
0
0
48,211
48,211
53,523
50,867
71,799
62,661
93,629
82,714
156,029
124,829
(1,271)
13%
(1,353)
(448)
0
(876)
(34)
0
4
7,331
(17)
0
7,314
(2,464)
34%
4,851
1,974
0
6,825
1,213
1,125
0
0
0
104
(2,928)
7,310
23%
0%
FY 2006
4,851
1,298
0
437
3,990
FY 2006
4,898
19,396
5.2%
12,124
223,142
19,602
19,630
64,900
26,609
18,821
6,036
454
8,437
4,543
138,640
91,250
29,010
18,380
223,142
189,586
26,609
18,821
3/31/2013
6,036
454
4-wheelers
2-wheelers
Proforma Loan break up
o/w priority sector
o/w agri
o/w retail (net)
Housing
Commercial Vehicles
4- wheelers
2- Wheelers
Personal Loans
Others
o/w corporate and commercial
Large Corporates
Mid Corporates
SME's
Total
Investments
Government Securities
Shares
Debentures & Bonds
Securitized assets
Subsidiary or joint venture
Others
Outside India
Avg. Investments
0%
100%
100%
23%
0%
0%
26%
0%
0%
28%
0%
0%
0%
0%
0%
0%
100%
0%
100%
0%
100%
9%
9%
29%
12%
8%
3%
0%
4%
2%
62%
41%
13%
8%
41,926
24,271
1,923
10,256
66,302
36,491
1,973
18,045
78,410
46,485
2,047
29,604
77,928
50,559
1,898
25,391
150,480
75,384
2,174
59,849
215,274
117,898
4,298
69,349
0
5,525
0
0
9,888
0
436
0
0
300
0
0
0
0
0
0
0
0
41,926
54,114
72,356
78,169
114,204
182,877
Proportion of existing book redeemed

Proportion of book 'new'
Yield on existing book
Reduction I yield on existing book
Yield on incremental book
Overall yield
Residual maturity profile of coupon bearing securities
<1yr
1 - 5yrs
5 - 10yrs
>10yrs
Gsec/NDTL
HTM
AFS
Proportion of book in HTM
HTM/deposits
HTM/Gsec
AFS/Gsec
AFS duration
HTM duration
Total portfolio duration
Interest earnings assets
Ave interest earning assets
Tangible assets
Other assets
TOTAL ASSETS
102,255
102,255
2,345
3,059
107,659
137,340
119,797
2,605
3,801
143,745
185,907
161,623
3,055
7,170
196,132
228,189
207,048
4,351
8,961
241,502
351,539
289,864
5,184
20,714
377,437
474,834
413,187
5,677
16,800
497,311
Off balance sheet

GROUP LIABILITIES
Deposit from banks
FY 2001
25,642
FY 2002
22,166
FY 2003
24,954
FY 2004
24,806
FY 2005
47,007
FY 2006
54,931
37%
36%
32%
27%
28%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
34%
.
0%
0%
3/31/2013
Deposit from customers

o/w demand
o/w savings
o/w time
o/w retail
o/w wholesale
o/w demand
o/w savings
o/w time
o/w retail
o/w wholesale
65,280
8,153
5,694
51,434
o/w demand
o/w savings
o/w time
o/w borrowings
o/w retail
o/w corporate
% (time+borrowings)/total funding
No Of Savings Bank Account
Savings bank rate
Cost of savings deposits
Implied cost of term deposits
100,707
10,810
8,758
81,139
144,693
23,691
14,232
106,770
184,733
51,917
25,845
106,971
270,113
68,328
48,909
152,876
346,204
75,306
80,654
190,244
12%
9%
79%
11%
9%
81%
16%
10%
74%
28%
14%
58%
25%
18%
57%
22%
23%
55%
4.97%
0%
0%
0%
5.07%
0%
0%
0%
4.70%
0%
0%
0%
0%
0%
0%
0%
0%
0%
3.86%
27%
14%
56%
3%
3.62%
0%
0%
3.78%
24%
17%
53%
6%
3.91%
0%
0%
3.83%
20%
22%
51%
7%
3.97%
0%
0%
75%
59%
59%
58%
(71)
10%
(129)
9%
(245)
7%
(403)
8%
(28)
14%
(44)
11%
Borrowings
Subordinated debt
Interest bearing liabilities
Ave interest bearing liabilities
Other liabilities
TOTAL LIABILITIES
11,460
0
102,382
102,382
2,262
104,644
12,458
0
135,330
118,856
2,267
137,598
7,193
4,886
181,726
158,528
5,224
186,951
5,278
6,386
221,203
201,464
8,935
230,137
17,814
7,886
342,820
282,011
10,535
353,355
26,809
17,886
445,831
394,325
22,759
468,589
Capital
Reserves and surplus
Statutory Reserves
Capital Reserve
Share Premium Account
General reserve
Balance in profit loss account
Amalgamation reserve
OTHERS
Special Reserve
Investment Fluctation Reserve
TOTAL SHAREHOLDER EQUITY
TOTAL LIABILITIES + EQUITY
check
1,319
1,696
639
0
162
0
744
0
143
0
8
3,015
107,659
0
1,918
4,230
974
0
1,618
0
786
0
143
0
708
6,148
143,745
0
2,302
6,879
1,454
6
2,823
143
1,225
0
0
0
1,228
9,181
196,132
0
2,316
9,048
2,150
144
2,862
143
1,821
0
0
0
1,928
11,364
241,502
0
2,738
21,344
2,987
623
12,689
143
1,974
0
0
0
2,928
24,082
377,437
0
2,787
25,935
4,199
727
13,555
143
7,310
0
1
0
(0)
28,722
497,311
(0)
FY 2001
0.45%
8%
3%
45%
39%
2%
3%
100%
FY 2002
0.48%
7%
4%
37%
46%
2%
3%
100%
FY 2003
0.57%
8%
10%
37%
40%
2%
4%
100%
FY 2004
0.63%
15%
8%
39%
32%
2%
4%
100%
FY 2005
0.72%
8%
3%
41%
40%
1%
5%
100%
FY 2006
0.98%
4%
2%
45%
43%
1%
3%
100%
24%
61%
11%
0%
15%
70%
9%
0%
13%
74%
4%
2%
10%
76%
2%
3%
12%
72%
5%
2%
11%
70%
5%
4%
Balance Sheet - PROFORMA

Cash in hand
Balances with RBI
Balances with banks
Loans to customers, net
Financial investments
Tangible assets
Other assets
Assets
Deposit from banks
Deposit from customers
Debt issued
Subordinated debt
3/31/2013
Other liabilities
Equity
Total liabilities
Dupont analysis
Net Interest income
Non-interest income
o/w trading profit
Operating income
Operating costs
Pre-provision profits
Loan loss provisions
Other provisions
Total provisions
PBT
PBT - core
Tax
Net profit - RoA
Leverage (Equity/Assets)
RoE
2%
3%
100%
2%
4%
100%
3%
5%
100%
FY 2001
FY 2002
FY 2003
FY 2004
0.91%
1.59%
1.90%
1.51%
3.31%
2.42%
0.80%
0.78%
0.85%
0.05%
0.07%
0.10%
0.00%
0.00%
0.00%
0.07%
0.04%
0.03%
0.59%
2.43%
1.45%
0.59%
2.43%
1.45%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
2.43%
4.90%
4.32%
1.84%
2.47%
2.87%
#VALUE!
1.07%
1.13%
#VALUE!
27.44
22.17
#VALUE!
29.28%
25.07%
NET ASSET VALUE (mn EUR)

Stated shareholders funds
Plus: Unrealised gains
Adjusted NAV (incl unrealised gains)
FY 2001
3,015
0
3,015
Staff
Staff
FY 2001
Branch Network
Branches
FY 2001
FY 2002
6,148
0
6,148
FY 2002
1,185
FY 2002
86
FY 2005
5%
6%
100%
FY 2006
2.36%
1.35%
-0.04%
3.71%
-1.88%
1.84%
-0.01%
-0.19%
-0.20%
1.64%
1.67%
-0.55%
1.08%
17.46
18.88%
2.47%
1.67%
0.30%
4.14%
-1.86%
2.28%
-0.29%
-0.31%
-0.60%
1.68%
1.38%
-0.56%
1.11%
16.57
18.37%
FY 2003
9,181
0
9,181
FY 2004
11,364
0
11,364
FY 2005
24,082
0
24,082
FY 2006
28,722
0
28,722
2,338
FY 2004
3,447
FY 2005
4,761
FY 2006
6,553
192
FY 2004
252
FY 2005
339
FY 2006
339
FY 2003
111
3%
6%
100%
2.58%
2.48%
1.47%
5.06%
-1.92%
3.14%
-1.11%
-0.06%
-1.17%
1.97%
0.50%
-0.69%
1.27%
21.30
27.09%
FY 2003
1,721
4%
5%
100%
3/31/2013
31st March/ Rs Mn
Assets
Advances growth rates
FY2002
FY2002
FY2003
FY2004
FY2005
FY2006
FY2007
11.0%
34.1%
30.4%
66.6%
43.0%
65.3%
58.1%
18.3%
-0.6%
93.1%
43.1%
24.9%
47%
59%
15%
9%
47%
52%
47%
10%
49%
41%
57%
19%
54%
52%
64%
11%
60%
58%
79%
5%
64%
47%
84%
7%
54.3%
32.6%
53.8%
57.8%
43.7%
119.2%
62.5%
31.6%
27.7%
119.1%
81.6%
0.2%
46.2%
31.6%
89.2%
42.9%
28.2%
10.2%
64.9%
24.4%
50.2%
40.2%
50.3%
54.2%
9%
-42%
-27%
238%
50%
94%
9.82%
8.92%
8.70%
10.61%
11.14%
9.85%
11.75%
7.96%
9.06%
9.28%
8.17%
7.66%
7.84%
6.89%
6.64%
8.06%
7.03%
6.99%
9.13%
7.15%
7.72%
10.78%
7.73%
10.32%
8.25%
8.61%
7.21%
5.67%
5.07%
4.70%
4.23%
5.04%
4.59%
5.73%
5.41%
NIM
0.96%
1.67%
1.99%
2.73%
2.52%
2.61%
2.65%
NII / Operating income

Non NII Core income / Total income
Trading profit / Operating income
37.6%
38.0%
24.4%
32.4%
18.0%
49.6%
43.9%
22.6%
33.5%
51.1%
19.9%
29.0%
63.6%
37.4%
-1.0%
59.6%
33.2%
7.2%
60.7%
36.9%
2.4%
49.3%
65.2%
22.1%
60%
#REF!
33.3%
66.1%
24.1%
57%
#REF!
44.0%
66.1%
26.4%
30%
#REF!
37.9%
53.3%
28.9%
39%
#REF!
50.6%
50.1%
30.4%
40%
#REF!
45.0%
48.5%
29.5%
49%
#REF!
47.1%
48.2%
31.4%
4.7%
3.8%
0%
1.0%
0.5%
#REF!
5.3%
3.5%
0%
3.9%
3.7%
#REF!
3.2%
2.3%
0%
1.4%
1.4%
#REF!
4.7%
1.2%
38%
2.9%
2.9%
#REF!
2.5%
1.4%
26%
1.0%
0.0%
#REF!
1.8%
1.0%
39%
0.9%
0.7%
#REF!
1.4%
0.7%
30%
0.6%
0.2%
#REF!
Other provisions/ Avg loans
0.1%
0.1%
0.3%
0.2%
0.5%
0.7%
1.0%
Tax rate
18%
37%
36%
35%
34%
34%
34%
Return Ratios
RoE
RoE (Adj.)
RoA
RoA (adj.)
28.6%
11.1%
0.80%
0.31%
29.3%
-12.6%
1.07%
-0.46%
25.1%
4.6%
1.13%
0.21%
27.1%
6.9%
1.27%
0.32%
18.9%
19.3%
1.08%
1.11%
18.4%
15.1%
1.11%
0.91%
21.0%
19.8%
1.07%
1.01%
Market Capitalisation
3,238
7,653
9,242
Advances composition
Investments growth
Loan/Deposit
Investments/Deposits
Inc. Loans/ Inc. deposits
CRR
74%
64%
0%
13%
Liabilities
Deposits growth
Demand
Savings
Term
Borrowings
Spread Analysis
Yield on Advances
Yields on Investments
Yield on Interest Earning Assets
Cost of Deposits
Cost of Interest Bearing Liabilities
Cost ratios
Cost growth
Recurring costs growth
Cost/Income
Cost/Core income
Staff costs/ Total costs
Provisions
Gross NPA
Net NPA
Loan loss coverage
Inc. NPA/Avg. Loans
PL provisions/Avg. Loans
Recoveries/Gross NPA
33,984
66,272
99,311
138,041
P/E (adj.)
P/BV (adj.)
Dividend Yield
Dividend pay out
10
1.1
7.5%
28.1%
(13)
1.2
4.4%
21.4%
26
1.0
5.6%
24.8%
48
3.0
1.9%
23.5%
19
2.8
1.4%
26.2%
25
3.5
1.1%
23.2%
22
4.1
1.1%
22.6%
Tier 1
CAR
5.84%
9.00%
6.42%
10.65%
6.44%
10.90%
6.44%
11.21%
8.87%
12.66%
7.26%
11.08%
6.42%
11.57%
PL
31st March/ Rs Mn
FY2001
FY2002
FY2003
FY2004
FY2005
8,896
11,795
14,648
15,867
19,242
7,914
9,800
11,424
10,214
11,930
983
1,995
3,224
5,653
7,312
638
3,054
2,461
3,208
992
1,104
1,643
2,193
4,272
2,613
6,154
7,329
11,054
11,470
285
496
852
1,213
1,769
1,002
1,559
2,376
2,980
4,045
1,288
2,055
3,229
4,192
5,814
1,325
4,099
4,100
6,862
5,656
281
1,966
1,087
2,566
618
PBT
1,045
2,134
3,013
4,296
5,038
Tax
183
792
1,091
1,513
1,692
PAT
861
1,341
1,922
2,783
3,346
Add profit bought forward
526
744
786.4
1,225
1,821
Less deferred Tax liability bought forward
786
1,225
1,821
Interest Income
YoY%
Interest Expenses
YoY%
Net Interest Income
YoY%
Other Income
Treasury Profit
(113)
YoY%
Other Income
YoY%
Net Income
YoY%
Operating Expense
Staff Cost
YoY%
Other Operating Cost
YoY%
Total
YoY%
PPP
YoY%
Provisions
NPA's
YoY%
Others
YoY%
526
744
526
768
786
1,225
1,821
1,387.20
2,109.00
2,708
4,008
5,167
Excess provisios made for tax on distributed profits wrtten off
24
Appropiations Transfer to
Statutory Reserves
258
335
480
696
836
% of profits
30%
25%
25%
25%
25%
138
479
700
520
700
1,000
242
287
477
653
878
744
786.40
1,225
1,821
1,974
Capital Reserve
Transfer to revenue and other reserves
IFR
Special Reserve
Other reserves
143
Interim Dividend
Proposed Dividend
Dividend Tax
Balance carried forward to the balance sheet
FY2006
FY2007
28,888
45,604
18,106
29,933
10,782
15,671
1,298
609
5,998
9,492
18,079
25,772
2,402
3,813
5,738
8,333
8,141
12,146
9,938
13,626
2,624
3,661
7,314
9,965
2,464
3,375
4,851
6,590
1,974
7,310
1,974
7,310
1,974
7,310
6,825
13,901
1,213
1,648
25%
25%
104
156
(2,928)
318
1,125
1,488
7,310
10,291
PL Schedules
31st March/ Rs Mn
FY2001
FY2002
FY2003
FY2004
Interest/Discount on Advances/Bills
4,736
5,396
7,361
7,675
Income on Investments
3,739
6,027
5,762
6,389
404
306
368
329
17
67
1,156
1,473
8,896
11,795
14,648
15,867
Interest Income
Interest on with Balances with RBI and Other Inter Bank Funds
Others
Total Interest Income
YoY%
25%
19%
8%
Other Income
Commission, exchange and brokerage
863
976
1,438
1,824
Profit/(Loss) on sale of Investments/Derivative transaction (net)
638
3,054
2,461
3,208
Profit on exchange transactions (net)
52
87
167
276
Profit/(Loss) on sale of fixed assets (net)
(1)
(8)
(15)
(15)
Income earned by way of dividends etc. from subsidiaries/companies and/or joint venture -abroad/in India.
-
Lease rentals
57
36
40
Miscellaneous income
22
13
15
86
1,630
4,159
4,105
5,401
Total
YoY%
155%
-1%
22
32%
Interest Expended
Interest on Deposits
7,037
8,566
10,569
9,344
Interest on RBI/ Interbank borrowings
335
531
267
194
Others
542
703
588
676
7,914
9,800
11,424
10,214
Total Interest Cost

YoY%
24%
17%
-11%
285
496
852
1,213
Operating Expenses
Staff Cost
Other Operating Expenses
264
360
485
658
44
67
131
159
56
66
75
108
217
366
489
619
18
22
27
22
Deprecaition on banks Property
Law charges
Insurance
Other Expenses
Other Operating Expenses
84
141
188
230
102
189
315
467
41
64
92
115
173
279
568
594
1,002
1,559
2,376
2,980
1,288
2,055
YoY%
Operating Expenses
56%
YoY%
52%
3,229
60%
57%
13
46
25%
4,192
30%
Provisons
Provison for standard assets
33
Provision for standard assets II
Bad & Doubtful Debt
229
Depreciation on Investments
(21)
(3)
40
10
1,906
900
53
88
2,436
42
Provision for NPA Investments

Provision for HTM shifting
Provision for wage arrears
Others/ Contingencies
Taxation
183
YoY%
39
89
792
1,091
332%
38%
1,513
39%
Provision for deferred tax

464
YoY%
2,758
495%
2,178
-21%
4,079
87%
Less: excess provision written back

Depreciation on investments
Provision on NPA investments
Others
0
464
2,758
2,178
4,079
Opening Balance
1,935
2,258
2,822
2,289
Additions for the year
478.3
1,997
856
2,409
2,414
4,255
3,678
4,698
1,388
1,951
Movement in NPA
Gross NPA
Less Reduction during the year

Amounts Recovered
Amounts written off
Upgradation
Reductions during the year
156
1,433
1,388
1,951
Balance at end of the year
2,258
2,822
2,289
2,747
Net NPA
1,814
1,854
1,620
1,122
Movement in Provisions for NPAs

Opening Balance
Add: provisiona made during the year
683
2,600
Transfer from 90 day norm

Less write off write back of provisions
1,628
Transferred to provision for restructured accounts

1,656
Movement in Provisions for depreciation on investments

Opening Balance
Add: provisions made during the year
Less write off write back of provisions
FY2005
FY2006
FY2007
9,788
15,280
27,029
7,869
12,857
17,315
320
416
773
1,265
334
488
19,242
28,888
45,604
21%
3,305
(113)
50%
4,889
58%
7,790
1,298
609
487
869
1,248
(24)
(17)
(29)
35
35
35
468
223
449
4,158
7,296
10,101
-23%
75%
38%
10,696
15,517
24,809
126
603
1,688
1,108
1,985
3,436
11,930
18,106
29,933
17%
52%
65%
1,769
2,402
3,813
869
1,137
1,591
192
282
376
115
171
296
816
922
1,119
23
60
64
306
426
701
741
950
1,289
220
346
548
755
1,436
2,339
4,045
5,738
8,333
36%
5,814
42%
8,141
45%
12,146
39%
40%
49%
131
448
1224
30
(37)
483
-
1271
737
34
670
876
988
-
11
1692
12%
2,310
-43%
(4)
2,464
46%
5,087
43
3,375
37%
7,036
120%
38%
0
2,310.400
5,087
7,036
2,747
3,111
3,743
1,291
1,732
1,730
4,038
4,843
5,473
927
1,100
1,286
927
1,100
1,286
3,111
3,743
4,187
2,169
2,176
2,663
1,656
987
1,581
44
895
768
713
301
826
987
1,581
1,523
190
153
187
34
670
187
857
37
153
BL Schedules
31st March/ Rs Mn
FY2001
FY2002
FY2003
FY2004
FY2005
FY2006
1,319
1,918
2,302
2,316
2,738
2,787
Capital
YoY%
45%
20%
1%
18%
2%
Reserves and Surplus

Statutory Reserves
Opening Balance
380
639
974
1,454
2,150
2,987
Addition During the year
258
335
480
696
836
1,213
Total
639
974
1,454
2,150
2,987
4,199
53%
49%
48%
39%
41%
Capital Reserve
Opening Balance
Additions during the year
144
623
138
479
104
144
623
727
subtractions
Total
Others
Opening Balance
143
143
Subtraction
143
143
143
Total
143
1
1
Share Premium Account

Opening Balance
162

deductions
Total
162
162
1,618
2,823
2,862
12,689
1,506
1,257
39
10,090
914
50
52
1,618
2,823
263
49
2,862
12,689
13,555
Revaluation reserve
Opening Balance
Deductions during the year
Total
Revenue & Other Reserves

Balance in profit loss account
744
Opening Balance
1,225
1,821
1,974
7,310
786
143
143
143
Addittions during the year

Less transferred to deferred tax liability
Provision for leave enchashment
Foreign currency translation reserve
Opening Balance
Less deductions
Genral reserve
Opening Balance
143
Less deductions
-
143
143
143
143
Special Reserve
Opening Balance
Addittion
-
Investment Fluctation Reserve
2,928
708
1,228
1,928
700
520
700
1,000
1,228
1,928
2,928
4,230
6,879
9,048
21,344
149.5%
62.6%
31.5%
135.9%
Less amount drawn towards depreciation on investments

8
2,928
708
(0)
Amalgamation reserve
Opening Balance
Addittion
Deferred Tax Reserve

Total
1,696
YoY%
25,935
21.5%
Deposits
Demand Deposits
From Banks
137
705
1,165
2,021
3,220
4,395
From Others
8,153
10,810
23,691
51,917
68,328
75,306
Total
8,290
11,515
24,855
53,937
71,548
79,701
-28.0%
199.8%
117.0%
8,758
14,232
25,845
YoY%
Saving Bank Deposits
5,694
YoY%
53.8%
62.5%
81.6%
32.7%
48,909
89.2%
11.4%
80,654
64.9%
Term Deposits
From Banks
From Others
21,461
23,789
22,785
43,787
50,536
51,434
25505
81,139
106,770
106,971
152,876
190,244
76,938
102,599
130,559
129,757
196,663
240,780
YoY%
Total Deposits
33.4%
90,922
YoY%
122,872
35.1%
27.3%
169,647
38.1%
-0.6%
209,539
23.5%
51.6%
317,120
51.3%
22.4%
401,135
26.5%
Deposits of Branches
In India
90,922
YoY%
Outside India
YoY%
122,872
169,647
209,539
317,120
401,135
35.1%
38.1%
23.5%
51.3%
26.5%
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
Borrowings
Reserve Bank of India
720
510
Other banks
5,051
4,645
2,465
983
1,703
8,680
Other Institutions
4,190
4,348
4,111
3,027
11,299
12,238
Borrowings outside India& bonds

Total
1,500
2,955
617
1,268
4,812
5,891
11,460
12,458
7,193
5,278
17,814
26,809
-42.3%
-26.6%
237.5%
YoY%
8.7%
50.5%
Other Liabilities & Provisions

Bills Payable
930
1,022
2,331
4,385
4,871
11,353
Interest Accrued
500
161
207
314
478
645
4,886
6,386
Inter Office adjustment

Sub-ordinated debt
7,886
17,886
Deferred tax liability

Others (including provisions)/proposed dividend
829
1,078
2,676
4,218
5,052
10,626
Total
2,267
10,102
15,305
18,287
40,510
2,262
YoY%
0.2%
345.7%
51.5%
19.5%
121.5%
684
1,126
1,533
2,729
4,898
10,549
14,875
36,236
31,758
19,396
11,233
16,000
37,769
34,487
24,294
Cash and Balances with RBI

Cash in hand
479
Balances with RBI

in current accounts
8334
in other accounts
Total
8,813
YoY%
27.5%
42.4%
136.1%
-8.7%
-29.6%
Balances with banks & money at call/ short/ notice

In India
Balance with Banks
In current accounts
In other accounts
Total
881
1,148
1,207
1,130
2,970
3,109
86
13,542
13,847
2,095
1,200
882
1,234
14,749
14,977
5,065
4,309
39.8%
1095.6%
-66.2%
-14.9%
4,102
6,998
YoY%
1.5%
Money call
with banks
2,153
4,580
4,342
3,139
with other institutions

Total
500
2,153
YoY%
Total
3,035
YoY%
4,580
4,342
3,139
4,602
6,998
112.7%
-5.2%
-27.7%
46.6%
52.1%
5,813
19,092
91.5%
228.4%
18,116
-5.1%
9,667
-46.6%
11,306
17.0%
Outside India
In current accounts
In other Deposit Accounts
(383)
333
605
653
135
91
218
147
656
656
671
Money at Call
Total
270
YoY%
3,305
468
605
747
875
818
73.6%
29.3%
23.4%
17.1%
-6.5%
6,281
19,697
90.1%
213.6%
18,863
-4.2%
10,542
-44.1%
12,124
15.0%
Investments
Investments In India: Gross
41,975
66,397
78,572
78,148
150,677
49
95
161
220
197
201
Net Investments in India
41,926
66,302
78,410
77,928
150,480
215,274
24,271
36,491
46,485
50,559
75,384
117,898
Less: provisions for deprecaition
Other approved securities

Shares
Debentures & Bonds
1,923
1,973
2,047
1,898
2,174
4,298
10,256
18,045
29,604
25,391
59,849
69,349
436
300
5,525
9,888
13,270
23,930
Subsidiary or joint venture

Others
UTI
units
institutional investors scheme
other schemes
canbank mutal fund
canbank venture capital fund
other mf
RIDF
CP
215,475
Total
41,975
YoY%
66,397
58.2%
78,572
18.3%
78,148
-0.5%
150,677
92.8%
215,475
43.0%
Held to Maturity
YoY%
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
Available for sale

YoY%
Held for Trading
YoY%
YoY%
% composition
HTM
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
AFS
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
HFT
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
Investments Outside India Gross
Provision for depreciation

YoY%
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
Subsidiaries/ JV
Other Investments
YoY%
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
Held to Maturity
YoY%
Available for sale
YoY%
Held for Trading
YoY%
YoY%
% composition
HTM
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
AFS
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
HFT
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
Total
41,926
YoY%
66,302
78,410
77,928
150,480
215,274
58.1%
18.3%
-0.6%
93.1%
43.1%
1,659
2,099
2,585
7,427
5,838
Advances
Bills Purchased and Discounted
% of Total
16,552
34.3%
YoY%
Cash Credit/OD/LRonD
% of Total
21,132
43.8%
YoY%
Term Loans
% of Total
YoY%
10,527
21.8%
3.1%
2.9%
2.8%
4.8%
2.6%
-90.0%
26.5%
23.2%
187.3%
-21.4%
44,548
60,466
25,966
30,614
31,197
48.5%
42.6%
33.3%
28.6%
22.9%
17.9%
1.9%
42.8%
25,898
39,086
59,847
104,054
27.1%
35.7%
156,838
48.4%
54.4%
63.9%
66.7%
70.3%
146.0%
50.9%
53.1%
73.9%
50.7%
Total
48,211
YoY%
Secured by tangible assets
53,523
11.0%
71,799
34.1%
93,629
30.4%
156,029
66.6%
223,142
43.0%
30,239
42,258
63,174
82,391
134,785
7,317
666
583
880
1,000
2,665
Unsecured
10,656
10,599
8,043
10,358
20,244
22,588
Total
48,211
53,523
71,799
93,629
156,029
223,142
Covered by bank guarantees
YoY%
11.0%
34.1%
30.4%
66.6%
197,889
43.0%
Advances in India
Priority Sector
3,480
8,675
16,393
24,562
44,036
77,299
Public Sector
4,299
130
1,115
145
383
636
Banks
33
20
252
Others
40,431
44,685
54,292
68,920
111,590
144,955
Total
48,211
53,523
71,799
93,629
156,029
223,142
YoY%
11.0%
34.1%
30.4%
66.6%
#DIV/0!
#DIV/0!
#DIV/0!
43.0%
Advances ouside India

Bills Purchased and Discounted
Syndicated Loans
Others
Total
0
-
YoY%
#DIV/0!
0
#DIV/0!
Fixed Assets
Premises
Gross Block
85
85
86
87
289
202
48
85
86
87
289
337
337
10
14
23
39
56
15
17
76
73
266
299
282
5.0%
5.0%
3.2%
4.6%
5.0%
80
76
73
266
299
282
Gross Block
936
1,824
2,551
3,521
4,913
6,545
Additions
919
756
1,019
1,437
1,728
1,487
30
29
48
46
95
148
1,824
2,551
3,521
4,913
6,545
7,884
Depreciation Till Date
426
724
1,141
1,684
2,408
3,190
Depreciation for the year
297
417
543
724
782
1,828
2,381
3,229
4,138
4,694
11.7%
11.8%
11.1%
11.1%
9.9%
746
513
459
734
765
275
31
Additions
337
Deductions
Gross Blcok
Depreciation Till Date
Depreciation for the year
Net block
80
Deprecaition rate
Add construction work in progress
Other fixed Assets
Deductions
Gross Blcok
Net block
Deprecaition rate
1,398
0.0%
Leased Assets
Opening
Add
753
Deduction
Gross
Depreciation till date
233
54
746
513
459
734
765
765
55
100
92
140
173
208
46
(8)
47
34
34
Dep for the year
Net Block
691
Dep Rate
413
367
595
592
557
8.9%
-1.8%
6.5%
4.4%
4.5%
Add Terminal adjustment account
288
235
262
156
867
701
601
857
748
701
2,265
2,528
2,982
4,086
4,886
5,395
2,345
2,605
3,055
4,351
5,184
5,677
11.1%
17.3%
42.4%
19.1%
Gross Block
Amortization Till Date
Net Block
176
YoY%
144
9.5%
Intangible assets
Goodwill
Opening balance
Additions
Deductions
Amortizaton for the year
#VALUE!
#DIV/0!
-
#DIV/0!
-
#DIV/0!
-
#DIV/0!
-
Gross Block
Amortization Till Date
Net block
Amortization rate
#DIV/0!
Computer software
Opening balance
Additions
Deductions
Amortizaton for the year
#VALUE!
Net block
#DIV/0!
-
#DIV/0!
-
#DIV/0!
-
#DIV/0!
-
Amortization rate
#DIV/0!
Other Assets
Inter office adjustments
Interest accured
1,207
1,637
2,087
2,109
2,673
3,971
450
548
824
968
1,095
Tax paid in advance/deducted at source
85
Deferred tax asset
17
Stationary
12
1,756
1,690
4,529
6,022
17,066
11,726
3,059
3,801
7,170
8,961
20,714
16,800
24.2%
88.6%
25.0%
131.2%
-18.9%
365
357
397
1,018
1,796
57,803
111,760
346,221
485,618
905,375
8,645
9,837
14,093
29,446
5,283
8,717
15,347
30,627
41,862
94
10
210
500
7,175
72,190
130,681
362,174
531,857
985,654
Non banking Assets

Others
YoY%
Contingent liabilities
Claims against the bank not acknoweledged
262as debts
Liability on account of partly paid investments
Liability on account of outstanding forex
48,213
contracts
Gurantess given on behalf of constituents
In India
7,270
Outside India
Acceptances, endorsements and other obligations
4,839
Other items for which the bank is contingently
149 liable
YoY%
60,734
18.9%
81.0%
177.1%
46.9%
85.3%
FY2007
2,816
1%
4,199
1,648
5,847
39%
727
156
884
1
5
(4)
13,555
402
13,956
10,291
-
143
143
(0)
(0)
31,116
20.0%
7,490
105,553
113,043
41.8%
121,259
50.3%
60,207
293,347
353,554
46.8%
587,856
46.5%
585,729
46.0%
2,127
6,000
12,039
33,917
51,956
93.8%
13,095
1,773
21,279
22,591
58,738
45.0%
8,368
38,243
0
46,610
91.9%
6,242
524
6,767
57.1%
12,138
12,138
18,904
67.2%
2,903
679
86
3,668
348.4%
22,573
86.2%
264,276
923
263,353
164,308
4,628
70,449
100
24,791
264,276
22.6%
5,619
5,619
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
268,972
24.9%
12,737
3.5%
118.2%
98,866
26.8%
63.5%
257,162
69.7%
64.0%
368,765
65.3%
305,023
14,489
49,253
368,765
65.3%
131,963
215
277
210,554
343,009
53.7%
2,914
2,442
20,400
25,756
7781056.8%
337
337
72
17
265
5.0%
265
7,884
2,121
119
9,887
4,191
1,001
5,696
10.1%
765
765
242
34
523
4.5%
248
771
6,467
6,732
18.6%
#DIV/0!
-
6,419
1,036
8
11,457
18,921
12.6%
1,708
1,734,304
43,814
50
54,772
7,000
1,841,648
86.8%
BL Schedules
31st March/ Rs Mn
FY2001
FY2002
FY2003
FY2004
FY2005
FY2006E
Capital & Liabilities

Share Capital
1,319
YoY%
Reserves & Surplus
45%
1,696
YoY%
Employee stock options outstanding
90,922
Borrowings
YoY%
Subordinated debt
YoY%
Other Liabilities & Provisions
YoY%
Total Capital and liabilities
YoY%
18%
62.6%
31.5%
135.9%
1
122,872
12,458
2,267
0.2%
107,659
2,738
149.5%
#DIV/0!
2,262
1%
21,344
8.7%
-
2,316
9,048
35.1%
11,460
20%
6,879
#DIV/0!
YoY%
2,302
4,230
YoY%
Deposits
1,918
143,745
33.5%
8
1072.7%
169,647
16
98.7%
209,539
134
722.6%
317,120
2%
25,935
21.5%
134
0.2%
401,135
38.1%
23.5%
7,193
5,278
17,814
-42.3%
-26.6%
237.5%
4,886
6,386
7,886
17,886
23.5%
126.8%
#DIV/0!
30.7%
5,216
8,919
130.1%
71.0%
196,132
36.4%
241,502
23.1%
51.3%
2,787
10,401
16.6%
377,437
56.3%
26.5%
26,809
50.5%
22,624
117.5%
497,311
31.8%
Assets
Cash & Balances with RBI
8,813
YoY%
Balances with banks & Call etc
27.5%
19,697
90.1%
213.6%
41,926
66,302
48,211
53,523
58.1%
YoY%
Fixed Assets
2,345
YoY%
Other Assets
3,059
YoY%
Total Assets
YoY%
42.4%
6,281
YoY%
Advances
16,000
3,305
YoY%
Investments
11,233
107,659
78,410
18.3%
71,799
37,769
136.1%
18,863
-4.2%
77,928
-0.6%
93,629
34,487
-8.7%
10,542
-44.1%
150,480
93.1%
156,029
24,294
-29.6%
12,124
15.0%
215,274
43.1%
223,142
11.0%
34.1%
30.4%
66.6%
43.0%
2,605
3,055
4,351
5,184
5,677
11.1%
17.3%
42.4%
19.1%
3,801
7,170
8,961
20,714
16,800
24.2%
88.6%
25.0%
131.2%
-18.9%
143,745
33.5%
196,132
36.4%
241,502
23.1%
377,437
56.3%
9.5%
497,311
31.8%
FY2007
2,816
1%
31,116
20.0%
90
-33.2%
587,856
46.5%
51,956
93.8%
21,279
19.0%
37,459
65.6%
732,572
47.3%
46,610
91.9%
22,573
86.2%
268,972
24.9%
368,765
65.3%
6,732
18.6%
18,921
12.6%
732,572
47.3%
Q2FY06 Q1FY07
Net interest income
#REF!
#REF!
Non-interest income
#REF!
#REF!
Trading gains/(losses)
#REF!
#REF!
Operating income
#REF!
#REF!
Core operating income
#REF!
#REF!
Operating expenses
#REF!
#REF!
Operating profit
#REF!
#REF!
Provision Charges
#REF!
#REF!
Profit before tax and exceptionals
#REF!
#REF!
Exceptionals
Profit before tax
#REF!
#REF!
Tax provided
#REF!
#REF!
Net profit
#REF!
#REF!
Tax rate
#REF!
#REF!
Q2FY07A
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
Net advances
#REF!
#REF!
#REF!
Q2FY07E
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
YoY
QoQ
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
Income statement
Interest income
- on advances
- on investments
- on RBI/bank balances
- on others
Interest expense
Net interest income
Non-interest income
Fee/Commission income
Operating income
Operating expenses
Employee expenses
Administrative expenses
Depreciation
Operating profit
Provision Charges
Bad and doubtful debts charge
Other provisions
Exceptionals
Profit before tax
Tax provided
Net profit
Adjusted profit
FY03
FY04
FY05
FY06
FY07
FY08E
14,648
7,361
5,762
368
1,156
(11,424)
3,224
4,120
1,438
221
2,461
7,344
4,883
(3,229)
(852)
(1,887)
(489)
4,116
(1,087)
(900)
(188)
3,028
(15)
3,013
(1,091)
1,922
352
15,867
7,675
6,389
329
1,473
(10,214)
5,653
5,416
1,824
384
3,208
11,069
7,861
(4,192)
(1,213)
(2,361)
(619)
6,877
(2,566)
(2,436)
(130)
4,311
(15)
4,296
(1,513)
2,783
705
19,242
9,788
7,869
320
1,265
(11,930)
7,312
4,182
3,305
990
(113)
11,494
11,607
(5,814)
(1,769)
(3,229)
(816)
5,680
(618)
(30)
(588)
5,062
(24)
5,038
(1,692)
3,346
3,421
28,888
15,280
12,857
416
334
(18,106)
10,782
7,313
4,889
1,126
1,298
18,096
16,798
(8,141)
(2,402)
(4,817)
(922)
9,955
(2,624)
(1,271)
(1,353)
7,331
(17)
7,314
(2,464)
4,851
3,990
45,604
27,029
17,315
773
488
(29,933)
15,671
10,130
7,790
1,732
609
25,801
25,192
(12,146)
(3,813)
(7,214)
(1,119)
13,655
(3,661)
(737)
(2,924)
9,994
(29)
9,965
(3,375)
6,590
6,188
69,946
47,161
20,768
1,237
780
(43,934)
26,012
15,304
12,074
2,131
1,100
41,316
40,216
(19,652)
(6,102)
(12,264)
(1,286)
21,665
(2,822)
(1,859)
(964)
18,843
0
18,843
(6,280)
12,562
11,829
21,366
58,218
28,216
560,523
0
0
319,295
233,318
85,977
Balance sheet
Cash
1,126
Balances with RBI
14,875
Balances with other banks
19,697
Net advances
71,799
Retail assets
0
Agriculture assets
0
Investments
78,410
Investments in government securities
46,485
Other investments
31,925
Other interest earning assets
Interest earning assets
185,907
Fixed assets
3,055
Other assets
7,170
Total assets
196,132
1,533
36,236
18,863
93,629
0
0
77,928
50,559
27,368
2,729
31,758
10,542
156,029
0
0
150,480
75,384
75,096
4,898
19,396
12,124
223,142
64,900
19,630
215,274
117,898
97,376
8,368
38,243
22,573
368,765
89,280
40,740
268,972
164,308
104,663
228,189
4,351
8,961
241,502
351,539
5,184
20,714
377,437
474,834
5,677
16,800
497,311
706,919
987,617
6,732
7,540
18,921
21,191
732,572 1,016,348
Deposits from banks

Deposits from customers
Demand deposits
Savings deposits
Time deposits
Borrowings
Other interest bearing liabilities
Other liabilities
Total liabilities
24,806
184,733
51,917
25,845
106,971
5,278
6,386
221,203
#REF!
230,137
47,007
270,113
68,328
48,909
152,876
17,814
7,886
342,820
#REF!
353,355
54,931
346,204
75,306
80,654
190,244
26,809
17,886
445,831
#REF!
468,589
67,697
520,159
105,553
121,259
293,347
51,956
21,279
661,091
#REF!
698,640
24,954
144,693
23,691
14,232
106,770
7,193
4,886
181,726
#REF!
186,951
77,852
716,489
147,774
169,762
398,953
59,749
24,471
878,561
#REF!
927,374
Shareholders funds
Capital
Reserves and surpluses
Total liabilities and equity
9,181
2,302
6,879
196,132
11,364
2,316
9,048
241,502
24,082
2,738
21,344
377,437
28,722
2,787
25,935
497,311
230
211
232
231
274
253
279
276
8.35
1.53
2.26
39.89
12.02
3.04
2.83
49.07
12.22
12.50
3.47
87.96
17.41
14.32
4.07
103.06
23.40
21.97
5.31
120.49
37.10
34.93
7.42
262.75
25.1%
4.6%
1.13%
0.21%
27.1%
6.9%
1.27%
0.32%
18.9%
19.3%
1.08%
1.11%
18.4%
15.1%
1.11%
0.91%
21.0%
19.8%
1.07%
1.01%
20.4%
19.2%
1.44%
1.35%
51%
61%
30%
67%
45%
44%
99%
23%
30%
4%
48%
39%
-17%
20%
2%
311%
79%
67%
57%
45%
40%
75%
45%
42%
15%
17%
43%
43%
50%
49%
37%
36%
34%
53%
17%
65%
60%
60%
62%
59%
91%
59%
59%
118%
52%
11.75%
7.96%
9.06%
8.61%
7.21%
1.99%
1.86%
9.28%
8.17%
7.66%
5.67%
5.07%
2.73%
2.59%
7.84%
0.00%
6.64%
4.70%
4.23%
2.52%
2.41%
8.06%
0.00%
6.99%
5.04%
4.59%
2.61%
2.40%
9.13%
7.15%
7.72%
5.73%
5.41%
2.65%
2.31%
10.15%
7.06%
8.26%
6.15%
5.71%
3.07%
2.55%
Efficiency ratios
Cost-income ratio
Core cost-income ratio
Operating costs to assets
Assets per employee
44%
66%
26%
1.65%
84
38%
53%
29%
1.92%
70
51%
50%
30%
1.88%
79
45%
48%
30%
1.86%
76
47%
48%
31%
1.98%
73
48%
49%
31%
2.25%
70
Dupont analysis
Net interest income
Non-interest income
Trading profit
Operating income
Operating costs
1.90%
2.42%
0.85%
0.10%
0.00%
2.58%
2.48%
1.47%
5.06%
-1.92%
2.36%
1.35%
-0.04%
3.71%
-1.88%
2.47%
1.67%
0.30%
4.14%
-1.86%
2.55%
1.65%
0.10%
4.20%
-1.98%
2.97%
1.75%
0.13%
4.72%
-2.25%
Basic data
No. of shares outstanding
Avg. no. of shares outstanding
Market capitalisation
Per share data
EPS
Adj. EPS
DPS
BVPS
Profitability
RoE
Adj. RoE
RoA
Adj. RoA
Growth ratios
Operating income growth
Core operating income growth
Operating cost growth
Operating profit growth
Net profit growth
EPS growth
Adj. EPS growth
BVPS growth
Advances Growth
Yields
Yield on advances
Yield on interest earning assets
Cost of deposits
Cost of liabilities
NIM
Interest spread
33,932
88,974
2,816
48,160
31,116
40,814
732,572 1,016,348
282
280
339
339
Provisions
Bad debt provisions
Other provisions
PBT
Tax
ROA
Leverage
ROE
Asset quality
Gross NPLs
Net NPLs
Gross NPLs (%)
Net NPLs (%)
PL provisions/avg. loans
Inc. NPA/avg. loans
Capitalisation ratios
Tier 1 capital
Tier 2 capital
CAR
Risk Weighted Assets
Tier 1 ratio
Tier 2 ratio
CAR
Liquidity ratios
Loans/Deposits
Investment/Deposits
Inc. loans/deposits ratio
Valuations
P/E
P/Adj. E
P/BV
Dividend yield
Price (Rs)
Face Value (Rs)
Target Price (Rs)
Rating
Bloomberg Ticker
Operating data
No. of employees
No. of branches
No. of ATMs
Addendum data
Adj. BV
P/Adj.BV
0.03%
2.90%
1.45%
1.45%
0.00%
2.87%
1.13%
22.17
25.07%
3.14%
-1.17%
-1.11%
-0.06%
1.97%
-0.69%
1.27%
21.30
27.09%
1.84%
-0.20%
-0.01%
-0.19%
1.64%
-0.55%
1.08%
17.46
18.88%
2.28%
-0.60%
-0.29%
-0.31%
1.68%
-0.56%
1.11%
16.57
18.37%
2.22%
-0.60%
-0.12%
-0.48%
1.63%
-0.55%
1.07%
19.63
21.04%
2.48%
-0.32%
-0.21%
-0.11%
2.15%
-0.72%
1.44%
14.23
20.44%
2,289
1,620
3.19%
2.26%
1.44%
1.37%
4,375
1,122
4.67%
1.20%
2.94%
2.91%
3,824
2,169
2.45%
1.39%
0.02%
1.03%
4,044
2,176
1.81%
0.98%
0.67%
0.91%
5,013
2,663
1.36%
0.72%
0.25%
0.58%
9,659
5,451
1.72%
0.97%
0.40%
0.60%
9,181
0
9,181
142,564
6.44%
4.46%
10.90%
11,364
0
11,364
176,463
6.44%
4.77%
11.21%
24,082
0
24,082
271,498
8.87%
3.79%
12.66%
28,722
0
28,722
395,618
7.26%
3.82%
11.08%
36,362
29,183
65,545
566,388
6.42%
5.15%
11.57%
88,974
43,774
132,748
860,910
10.33%
5.08%
15.42%
47%
52%
47%
49%
41%
57%
54%
52%
64%
60%
58%
79%
64%
47%
84%
72%
41%
98%
44.1
174.2
10.8
0.5
43.4
42.4
6.0
0.7
30.4
37.0
5.1
0.8
22.6
24.1
4.4
1.0
14.3
15.2
2.0
1.4
3,447
252
1,244
4,761
339
1,599
6,553
339
1,891
9,980
508
2,341
14,471
651
2,764
63.5
346.8
13.3
0.4
530
10
770
PNB IN
2,338
192
822
32.2
16.5
44.2
12.0
79.4
6.7
95.2
5.6
111.0
4.8
246.6
2.1
FY09E
95,890
67,369
25,293
1,979
1,249
(57,614)
38,276
22,173
18,111
2,562
1,500
60,448
58,948
(27,191)
(8,542)
(17,169)
(1,479)
33,258
(5,068)
(4,002)
(1,065)
28,190
0
28,190
(9,396)
18,794
17,794
FY10E
126,580
89,844
31,571
3,166
1,998
(73,568)
53,012 0.453374 0.659902
32,967
28,072
3,095
1,800
85,980
84,180
(35,984)
(11,105)
(23,178)
(1,701)
49,995
(6,494)
(5,337)
(1,157)
43,501
0
43,501
(14,499)
29,002
27,802
(13,166)
(26,319)
83,822
107,040
32,448
37,316
773,521 1,005,577
0
0
0
0
397,490
497,496
303,313
394,307
94,176
103,188
1,274,115 1,621,109
8,294
9,123
23,310
25,641
1,305,719 1,655,874
93,422
112,106
947,312 1,218,434
199,495
265,328
229,179
304,808
518,638
648,298
68,712
79,019
29,365
36,706
1,138,811 1,446,265
#REF!
#REF!
1,199,828 1,522,536
0.488771 0.397072
105,891
133,338
50,568
55,625
55,323
77,713
1,305,719 1,655,874
396
396
453
453
47.50
44.98
9.50
267.65
64.07
61.42
12.81
294.58
19.3%
18.3%
1.62%
1.53%
24.2%
23.2%
1.96%
1.88%
46%
47%
38%
54%
50%
28%
29%
2%
38%
42%
43%
32%
50%
54%
35%
37%
10%
30%
10.10%
7.06%
8.48%
6.11%
5.71%
3.38%
2.77%
10.10%
7.06%
8.74%
6.04%
5.69%
3.66%
3.05%
45%
46%
31%
2.34%
69
42%
43%
31%
2.43%
68
3.30%
1.91%
0.13%
5.21%
-2.34%
3.58%
2.23%
0.12%
5.81%
-2.43%
2.86%
-0.44%
-0.34%
-0.09%
2.43%
-0.81%
1.62%
11.92
19.29%
3.38%
-0.44%
-0.36%
-0.08%
2.94%
-0.98%
1.96%
12.38
24.25%
15,662
7,452
2.02%
0.96%
0.60%
0.50%
24,558
11,010
2.44%
1.09%
0.60%
0.60%
105,891
133,338
61,284
79,669
167,175
213,007
1,188,055 1,544,472
8.91%
8.63%
5.16%
5.16%
14.07%
13.79%
76%
39%
92%
78%
38%
86%
11.2
11.8
2.0
1.8
8.3
8.6
1.8
2.4
18,812
781
3,179
248.8
2.1
24,456
937
3,655
270.3
2.0
Q1
Income statement
Interest income
- on advances
- on investments
- on RBI/bank balances
- on others
Interest expense
Net interest income
Non-interest income
Fee/Commission income
Operating income
Operating expenses
Employee expenses
Administrative expenses
Depreciation
Operating profit
Provision Charges
Bad and doubtful debts charge
Other provisions
Exceptionals
Profit before tax
Tax provided
Net profit
Adjusted profit
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
Balance sheet
Cash
#REF!
Balances with RBI
#REF!
Balances with other banks
#REF!
Net advances
#REF!
Retail assets
#REF!
Agriculture assets
#REF!
Investments
#REF!
Investments in government securities
#REF!
Other investments
#REF!
Other interest earning assets
Interest earning assets
#REF!
Fixed assets
#REF!
Other assets
#REF!
Total assets
#REF!
Deposits from banks
Deposits from customers
Demand deposits
Savings deposits
Time deposits
Borrowings
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
Q2
Q3
Q4
Q1
Q2
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
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Other interest bearing liabilities

Other liabilities
Total liabilities
Shareholders funds
Capital
Reserves and surpluses
Total liabilities and equity
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Basic data
No. of shares outstanding
Avg. no. of shares outstanding
Market capitalisation
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Per share data

EPS
Adj. EPS
DPS
BVPS
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Profitability
RoE
Adj. RoE
RoA
Adj. RoA
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Growth ratios
Operating income growth
Core operating income growth
Operating cost growth
Operating profit growth
Net profit growth
EPS growth
Adj. EPS growth
BVPS growth
Advances Growth
Yields
Yield on advances
Yield on interest earning assets
Cost of deposits
Cost of liabilities
NIM
Interest spread
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Efficiency ratios
Cost-income ratio
Core cost-income ratio
Operating costs to assets
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Assets per employee
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Dupont analysis
Net interest income
Non-interest income
Trading profit
Operating income
Operating costs
Provisions
Bad debt provisions
Other provisions
PBT
Tax
ROA
Leverage
ROE
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Asset quality
Gross NPLs
Net NPLs
Gross NPLs (%)
Net NPLs (%)
PL provisions/avg. loans
Inc. NPA/avg. loans
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Capitalisation ratios
Tier 1 capital
Tier 2 capital
CAR
Risk Weighted Assets
Tier 1 ratio
Tier 2 ratio
CAR
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Liquidity ratios
Loans/Deposits
Investment/Deposits
Inc. loans/deposits ratio
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Valuations
P/E
P/Adj. E
P/BV
Dividend yield
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Price (Rs)
Face Value (Rs)
Target Price (Rs)
Rating
Bloomberg Ticker
698.4
10
HDFCB IN
Operating data
No. of employees
No. of branches
No. of ATMs
2,338
192
822
3,447
252
1,244
4,761
339
1,599
6,553
339
1,891
9,980
508
2,341
14,471
651
2,764
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
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No. of years
final growth rate
Initial growth rate
Initial payout ratio
Final payout ratio
Risk free rate
Step decrease in growth rate
Step decrease in payout ratio
Earnings in the last forecast period
Sustainable ROE
P/BV
Earnings
growth rate
Payout ratio
Dividend
Discount factor
Discounted value of dividend
Value of equity
Less net NPL
Adj. value of equity
Value per share
growth rate in dividends
Sensitivity Analysis
5
7%
40%
23%
57%
13.0%
5.500%
5.773%
6,590
16.0%
4.1
2007
6,590
23%
1487.919
1
1
1487.919
364533.9
2008
2009
2010
12,562
17,587
23,655
91%
40%
35%
25%
27%
30%
3140.615 4748.61 7096.534
0.884956 0.783147 0.69305
2779.305 3718.858 4918.254
1301.16
111%
51%
49%
2011
2012
2013
2014 terminal value
30,515
37,686
44,470
50,028
53,530
29%
24%
18%
13%
7%
32%
35%
37%
40%
70%
9764.831 13190.15 16453.77 20011.34
668237.0935
0.613319 0.54276 0.480319 0.480319
0.480318527
5988.954 7159.085 7903.051 9611.819
320966.6567
38%
35%
25%
22%
Earnings
growth rate
Payout ratio
Dividend
Discount factor
1
Value of equity
#REF!
Less net NPL
Value per share
#REF!
2007
6,590
2008
12,562
0.906232
#REF!
0.3
#REF!
3768.738
1 #REF!
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2009
#REF!
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0.2
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2010
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2011
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2012
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2013
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2014 terminal value

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No. of years
Initial growth rate
Final growth rate
Initial payout ratio
Final payout ratio
Risk free rate
Step decrease in growth rate
Step decrease in payout ratio
Earnings in the last forecast period
Sustainable ROE
P/BV
5
30%
5%
23%
57%
13.0%
5.000%
5.773%
6,590
21.0%
3.4
#NAME?
#NAME?
Earnings
growth rate
Payout ratio
Dividend
growth rate
Discount factor
Value of equity
Less net NPL
Value per share
Earnings
growth rate
Payout ratio
Dividend
Discount factor
Value of equity
Less net NPL
Value per share
0.151025 0.151025 0.1510253 0.151025 0.179792

2006
2007
2008
2009
2010
2011
4,851
6,590
12,562
18,794
23,493
28,191
37%
91%
30%
25%
20%
20%
20%
20%
20%
5%
1,715
2,512
3,759
4,699
1,342
#DIV/0!
46%
50%
-71%
1
0.88
0.78
0.69
0.61
0
1,715
2,223
2,944
3,256
823
204,818
5,451
199,367
722
938.219
2007
6,590
23%
1,488
1
1,488
(50,822)
0
(50,822)
-181
16.20%
16.40%
0.98
0.1280%
0.02
0.064
2008
12,562
91%
20%
2,512
0.88
2,223
2009
18,794
50%
20%
3,759
0.78
2,944
2010
29,002
45%
20%
5,800
0.69
4,020
2011
40,489
40%
-89%
(35,874)
0.61
(22,002)
0.134844 0.089896
2012
2013 Terminal value
2015
32,420
35,662
37,445 37445.15
15%
10%
5%
0%
29%
52%
76%
100%
9,263
18,680
374,451 288039.6
590%
102%
1905%
0.54
0.48
0.48 0.480319
5,028
8,972
179,856 138350.8
2012
54,500
35%
-65%
(35,312)
0.54
(19,166)
2013 Terminal value

2015
70,636
88,017
88,017
30%
25%
-41%
-17%
(28,948)
(15,115)
0.48
0.43
(13,904)
(6,425)

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137185108.xls.ms_office Valuation & Forecast

GAP (Advances - Deposits)

137185108.xls.ms_office Valuation & Forecast

137185108.xls.ms_office Valuation & Forecast

Ave earnings assets

137185108.xls.ms_office Valuation & Forecast

Bad debt provisions

137185108.xls.ms_office Valuation & Forecast

Proportion of existing book redeemed

Off balance sheet

137185108.xls.ms_office Valuation & Forecast

Deposit from customers

Balance Sheet - PROFORMA

137185108.xls.ms_office Valuation & Forecast

NET ASSET VALUE (mn EUR)

137185108.xls.ms_office Valuation & Forecast

NII / Operating income

Other provisions/ Avg loans

Add profit bought forward

Less deferred Tax liability bought forward

Excess provisios made for tax on distributed profits wrtten off

Profit/(Loss) on sale of Investments/Derivative transaction (net)

Profit on exchange transactions (net)

Profit/(Loss) on sale of fixed assets (net)

Interest on RBI/ Interbank borrowings

Total Interest Cost

Printing & Stationary

Advertisng & publicity

Directors Fees, allowance and expenses

Auditors fees and expended

Deprecaition on banks Property

Provision for standard assets II

Bad & Doubtful Debt

Provision for NPA Investments

Provision for deferred tax

Less: excess provision written back

Additions for the year

Less Reduction during the year

Balance at end of the year

Movement in Provisions for NPAs

Add: provisiona made during the year

Transfer from 90 day norm

Transferred to provision for restructured accounts

Movement in Provisions for depreciation on investments

Reserves and Surplus

Addition During the year

Additions during the year

Share Premium Account

Additions during the year

Revenue & Other Reserves

Addittions during the year

Addittions during the year

Investment Fluctation Reserve

Addittions during the year

Less amount drawn towards depreciation on investments

Deferred Tax Reserve

Borrowings outside India& bonds

Other Liabilities & Provisions

Inter Office adjustment

Deferred tax liability

Cash and Balances with RBI

Balances with RBI