Syndicate Bank, 1Q FY 2014

1QFY2014 Result Update | Banking
August 6, 2013
Syndicate Bank
Performance Highlights
Particulars (` cr) NII Pre-prov. profit PAT 1QFY14 1,337 949 452 4QFY13 1,344 901 592 % chg (qoq) (0.5) 5.3 (23.6) 1QFY13 1,319 841 440 % chg (yoy) 1.4 12.8 2.7
NEUTRAL
CMP Target Price
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 BANKS 4,488 1.4 145/71 142,189 10 18,733 5,542 SBNK.BO SNDB@IN
`75 -
Source: Company, Angel Research
For 1QFY2014, Syndicate Bank reported a weak operating performance, as the NII remained largely flat. The Non-interest income grew at a healthy pace of 25.0% yoy. The bank witnessed asset quality pressures during the quarter, as Gross NPA levels increased sequentially by 19.3% (on a relatively low base); a 4.6% yoy decline in provisioning, resulted in a higher 56.4% sequential increase in Net NPA levels. At the PBT level, earnings grew by 40.0% yoy, however, as the bank had a negative tax rate of 34.1% for 1QFY2013 as compared to positive tax rate of 1.5% for the quarter under review, the growth in bottom-line came in muted at 2.7% yoy. NIM declines qoq; Slippages higher sequentially: During 1QFY2014, the bank witnessed a healthy growth in its business, as advances grew by 15.6% yoy, while the growth in deposits came in at 16.0% yoy. Despite the 37.9% yoy growth witnessed in current deposits, the growth in CASA deposits remained healthy at 15.5% yoy, due to moderate growth of 9.0% yoy in saving deposits. CASA ratio for the bank remained stable at 28.0%. During the quarter, the bank witnessed a 33bp sequential decline in its yield on advances to 9.7%, hence the NIM for the bank declined by 14bp qoq to 2.8%. During 1QFY2014, the non-interest income (excluding treasury) for the bank de-grew by 1.4% yoy to `210cr, largely due to 9.3% yoy de-growth in fee income to `107cr. On the asset quality front, slippages came in higher at `1,344cr (annualized slippage ratio of 3.6%) as compared to average quarterly run rate of around `890cr for the last four quarters. Due to higher slippages, Gross NPA levels, on an absolute basis, increased by 19.3% qoq, while Net NPA levels increased sequentially by 56.4%, due to decline in PCR by 666bp qoq to 76.8%. Gross and net NPA ratios increased sequentially by 39bp and 43bp respectively to 2.4% and 1.2%. During the quarter, the bank restructured advances worth ~`883cr during the quarter, thereby taking its outstanding restructured book to `9,657cr. As per the Management, no major advances are in the restructuring pipeline. Outlook and valuation: Though, the bank has a modest CASA and fee income franchise, with a CASA ratio of 28.0% as of 1QFY2014 and fee income at 0.5% of average assets as of FY2013, it has relatively comfortable asset quality outlook as compared to peers owing to its diversified loan book. But, in any case, we believe that the asset quality pressures for the banking sector are unlikely to abate as quickly as was expected earlier, as we take into account recent macro developments amidst an overall weak macro environment. Hence, we remain Neutral on the stock. Key financials (Standalone)
Y/E March (` cr) NII % chg Net profit % chg NIM (%) EPS (`) P/E (x) P/ABV (x) RoA (%) RoE (%) FY2012 5,085 16.0 1,313 25.3 3.1 21.8 3.4 0.6 0.8 17.9 FY2013 5,454 7.3 2,004 52.6 2.8 33.3 2.2 0.5 1.0 22.8 FY2014E 5,539 1.6 1,262 (37.0) 2.5 21.0 3.6 0.4 0.6 12.5 FY2015E 6,185 11.7 1,415 12.2 2.5 23.5 3.2 0.4 0.6 12.8
Shareholding Pattern (%) Promoters MF / Banks / Indian Fls FII / NRIs / OCBs Indian Public / Others 66.2 15.3 6.6 11.9
Abs. (%) Sensex Syndicate Bank
3m (4.8)
1yr 7.6
3yr 3.2 (29.4)
(42.5) (22.9)
Vaibhav Agrawal
022 3935 7800 Ext: 6808 vaibhav.agrawal@angelbroking.com
Sourabh Taparia
022 3935 7800 Ext: 6872 sourabh.taparia@angelbroking.com
Harshal Patkar
022 3935 7800 Ext: 6847 harshal.patkar@angelbroking.com
Source: Company, Angel Research; CMP as of August 6, 2013
Please refer to important disclosures at the end of this report
Syndicate Bank | 1QFY2014 Result Update
Exhibit 1: 1QFY2014 performance (Standalone)

Particulars (` cr) Interest earned - on Advances / Bills - on investments - on balance with RBI & others - on others Interest Expended Net Interest Income Other income Other income excl. treasury - Fee Income - Treasury Income - Profit on exchange transactions - Others Operating income Operating expenses - Employee expenses - Other Opex Pre-provision Profit Provisions & Contingencies - Provisions for NPAs - Provisions for Investments - Other Provisions PBT Provision for Tax PAT Effective Tax Rate (%)
1QFY14 4,432 3,480 863 75 14 3,094 1,337 295 210 107 85 27 76 1,632 683 439 244 949 489 171 59 259 459 7 452 1.5
4QFY13 4,381 3,465 831 85 3,037 1,344 399 357 172 42 19 166 1,744 843 579 264 901 364 160 (14) 218 537 (55) 592 (10.2)
% chg (qoq) 1.1 0.4 3.9 (12.6) NA 1.9 (0.5) (26.2) (41.4) (37.8) 102.4 42.1 (54.6) (6.4) (18.9) (24.1) (7.5) 5.3 34.5 6.9 (521.4) 19.0 (14.5) (112.9) (23.6) 1178bp
1QFY13 4,243 3,324 807 62 50 2,923 1,319 236 213 118 23 13 82 1,555 714 485 229 841 513 264 (6) 255 328 (112) 440 (34.1)
% chg (yoy) 4.5 4.7 6.9 20.8 (72.0) 5.8 1.4 25.0 (1.4) (9.3) 269.6 107.7 (7.4) 5.0 (4.3) (9.4) 6.7 12.8 (4.6) (35.2) (1,045.5) 1.5 40.0 (106.3) 2.7 3567bp
FY2013 17,121 13,524 3,231 287 78 11,667 5,454 1,174 1,049 453 125 150 446 6,628 3,179 2,179 1,000 3,450 1,886 1,110 (18) 795 1,563 (441) 2,004 (28.2)
FY2012 15,268 12,371 2,736 151 10 10,183 5,085 1,076 987 466 88 9 513 6,161 2,814 1,892 923 3,347 1,919 1,415 38 467 1,427 114 1,313
% chg 12.1 9.3 18.1 90.4 653.3 14.6 7.3 9.2 6.3 (2.8) 41.4 1,566.7 (12.9) 7.6 13.0 15.2 8.3 3.1 (1.7) (21.6) (148.2) 70.2 9.5 (487.1) 52.6
8.0 (3619)bp
Exhibit 2: 1QFY2014 Actual vs. Angel estimates

Particulars (` cr) Net interest income Non-interest income Operating income Operating expenses Pre-prov. profit Provisions & cont. PBT Prov. for taxes PAT
Actual 1,337 295 1,632 683 949 489 459 7 452
Estimates 1,379 280 1,659 816 843 299 544 98 446
% chg (3.0) 5.1 (1.6) (16.2) 12.5 63.4 (15.5) (92.7) 1.4
August 6, 2013
Exhibit 3: 1QFY2014 performance (Standalone)

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 Cost-to-income ratio Asset quality Gross NPAs (` cr) Gross NPAs (%) Net NPAs (` cr) Net NPAs (%) Provision Coverage Ratio (%) Slippage ratio (%) NPA to avg. assets (%)
1QFY14 149,383 182,513 81.8 13,774 37,370 51,144 28.0 11.9 8.5 6.6 9.71 2.83 41.9 3,554 2.4 1,759 1.2 76.8 3.6 0.3
4QFY13 147,569 185,356 79.6 13,937 38,017 51,954 28.0 12.6 9.0 6.6 10.0 2.97 48.3 2,979 2.0 1,125 0.8 83.4 2.0 0.3
% chg (qoq) 1.2 (1.5) 223bp (1.2) (1.7) (1.6) (1)bp (66)bp (50)bp 3bp (33)bp (14)bp (645)bp 19.3 39bp 56.4 43bp (666)bp 162bp 1bp
1QFY13 129,171 157,276 82.1 9,987 34,275 44,262 28.1 11.7 8.6 7.1 10.7 3.2 45.9 3,077 2.4 1,185 0.9 80.7 3.4 0.6
% chg (yoy) 15.6 16.0 (28)bp 37.9 9.0 15.5 (12)bp 21bp (17)bp (49)bp (102)bp (36)bp (403)bp 15.5 0bp 48.5 26bp (396)bp 22bp (26)bp
Business growth healthy; NIM declines 14bp sequentially to 2.8%

During 1QFY2014, the bank witnessed healthy growth in its business, as advances grew by 15.6% yoy, while growth in deposits came in at 16.0% yoy. Despite the 37.9% yoy growth witnessed in current deposits, the growth in CASA deposits remained at 15.5% yoy, due to moderate growth of 9.0% yoy in saving deposits. The CASA ratio for the bank remained stable at 28.0%. Going ahead the Management guided for an advance growth of 18-20% in FY2014. Continuing its strategy of lowering dependence on bulk deposits, the bank shed around `4,065cr of bulk deposits in 1QFY2014 compared to `3,718cr in 4QFY2013. Thus the share of bulk deposits to total deposits (differential rate deposits and certificate of deposits) stands reduced to 14.1% from 16.0% as of 4QFY2013. During the quarter, the bank witnessed a 33bp sequential decline in its yield on advances to 9.7%, while the cost of deposits for the bank increased by 3bp qoq. Hence, the NIM for the bank declined by 14bp sequentially to 2.8%.
August 6, 2013
Exhibit 4: Business growth healthy

Adv. yoy chg (%) 25.0 20.0 15.0 10.0 79.6 82.1 81.3 Dep. yoy chg (%) 82.1 CDR (%, RHS) 81.8 82.5 82.0 81.5 81.0 80.5 80.0 79.5 79.0 78.5 78.0
Exhibit 5: CASA ratio stable sequentially

32.5 30.0 27.5 25.0 22.5 1QFY13 2QFY13 3QFY13 4QFY13 1QFY14 8.1
29.9
CASA ratio
CASA yoy growth (%, RHS) 15.5 9.9 11.9
22.5
15.0
7.1
28.1
7.5
29.5 28.0 28.0
16.8 18.4
12.7 10.5
17.3 14.6
19.4 17.4
15.6 16.0
5.0 -
1QFY13
2QFY13
3QFY13
4QFY13
1QFY14
Exhibit 6: 33bp qoq decline in yield on advances...

(%) 11.20 10.80 10.40 10.00 9.60 9.20 8.80 1QFY13 2QFY13 3QFY13 4QFY13 1QFY14
Exhibit 7: ...hence, NIM declines by 14bp qoq

(%) 3.50 3.33
10.73
10.83 10.46 10.04 9.71
3.19 3.00
3.29 2.97
2.83
2.50
2.00 1QFY13 2QFY13 3QFY13 4QFY13 1QFY14

Subdued performance of non-interest income (excl. treasury)

During 1QFY2014, the non-interest income (excluding treasury) for the bank degrew by 1.4% yoy to `210cr, largely due to a 9.3% yoy de-growth in fee income to `107cr. Forex income grew strongly by 107.7% yoy to `27cr. Treasury income for the bank came in at `85cr, much higher compared to `23cr in 1QFY2013. Overall, the bank reported a healthy growth of 25.0% yoy in its non-interest income.
Sequentially higher slippages affect asset quality

The bank witnessed deterioration on the asset quality front during the quarter, as slippages came in higher at `1,344cr (annualized slippage ratio of 3.6%) as compared to average quarterly run rate of around `890cr for the last four quarters. Recoveries and upgrades at `530cr in 1QFY2014, were in-line with the performance seen in the previous few quarters. Due to higher slippages, Gross NPA levels, on an absolute basis, increased by 19.3% qoq, while Net NPA levels increased sequentially by 56.4%, due to decline in PCR by 666bp qoq to 76.8%. Gross and net NPA ratios, increased sequentially by 39bp and 43bp, respectively to 2.4% and 1.2%.
August 6, 2013
During the quarter, the bank restructured advances worth ~`883cr, thereby taking its outstanding restructured book to `9,657cr. As per the Management, no major advances are in the restructuring pipeline.
Exhibit 8: Slippages surge to 3.6% in 1QFY2014

(%) 4.0 3.0 2.0 1.0 1QFY13 2QFY13 3QFY13 4QFY13 1QFY14
Exhibit 9: NPA ratios higher sequentially

Gross NPAs (%) Net NPAs (%) 83.0 83.4 3.6 2.5 80.7 2.0 PCR (%, RHS) 90.0 76.8 80.0 70.0 1.0 60.0
3.4
3.3
2.9 2.0
82.3
1.5
2.4 0.9
2.5 0.9
2.3 0.9
2.0 0.8
1QFY13 2QFY13 3QFY13 4QFY13 1QFY14
2.4 1.2
50.0
0.5
Source: Company, Angel Research; Note: PCR including tech. write-offs
Exhibit 10: Network expansion at steady pace

3,200 2,900 2,600 2,300 2,000 1QFY13 2QFY13 3QFY13 4QFY13 1QFY14
Exhibit 11: Cost ratios improve

60.0 Cost-to-income ratio (%) 1.8 1.6 1.7 Opex to average assets (%, RHS) 2.0 1.6 1.3 45.0 1.5 1.0 0.5 1QFY13 2QFY13 3QFY13 4QFY13 1QFY14
2,707
2,738
2,761
2,934
3,004
45.9
49.2
48.2
48.3
30.0
Marginal Tax rate for 1QFY2014

During FY2013, the bank has written back tax provisions amounting to `441cr, primarily due to utilization of MAT credit of `574cr and Deferred Tax of `231cr. In 1QFY2014, the bank had net tax expense of `7cr (effective tax rate of 1.5%), as the bank further utilized Deferred Tax credit. Going ahead, as per the Management, the bank will start paying taxes at normal rates by the end of the current fiscal.
August 6, 2013
41.9
Investment arguments
Relatively better asset quality; moderate NIM to aid profitability
Slippages, after tapering off slightly in the 4QFY2013, have again spiked in 1QFY2014. We believe asset-quality pressures are likely to be well within manageable limits for the bank, as evident from the comfortable provisioning coverage for the bank at 76.8% as of 1QFY2014. The banks conservative lending, visible in its low yield on advances (reported at 10.5% in FY2013 and 9.6% in 1QFY2014), and moderate advances growth (16.3% CAGR over FY201013), are expected to lead to a relatively better asset quality than peer banks. We expect slippages to be at 2.8% in FY2014 and 2.3% in FY2015. Even though slippages and NPA ratios have increased, the bank lies in the better spectrum of PSU banks specifically in terms of asset quality.
Outlook and valuation

Though, the bank has a modest CASA and fee income franchise, with a CASA ratio of 28.0% as of 1QFY2014 and fee income at 0.5% of average assets as of FY2013, it has relatively comfortable asset quality outlook as compared to peers owing to its diversified loan book. But, in any case, we believe that the asset quality pressures for the banking sector are unlikely to abate as quickly as was expected earlier, as we take into account recent macro developments amidst an overall weak macro environment. Hence, we remain Neutral on the stock.
Exhibit 12: Key assumptions

Particulars (%) Credit growth Deposit growth CASA ratio NIMs Other income growth Growth in staff expenses Growth in other expenses Slippages Coverage ratio
Source: Angel Research
Earlier estimates FY2014 15.0 15.0 26.8 2.6 8.5 10.0 7.5 2.4 77.5 FY2015 15.0 15.0 26.3 2.6 13.2 10.0 7.5 2.3 75.0
Revised estimates FY2014 13.0 11.0 27.8 2.5 2.3 (2.5) 7.5 2.8 75.0 FY2015 15.0 15.0 27.2 2.5 10.4 7.5 7.5 2.3 75.0
August 6, 2013
Exhibit 13: 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 5,851 1,274 7,125 3,472 3,653 1,426 2,228 579 1,648
FY2013 Revised estimates 5,539 1,201 6,740 3,199 3,541 1,902 1,639 377 1,262
Var. (%) (5.3) (5.7) (5.4) (7.8) (3.1) 33.4 (26.4) (34.9) (23.5)
Earlier estimates 6,746 1,442 8,188 3,792 4,396 1,855 2,541 864 1,677
FY2014 Revised estimates 6,185 1,327 7,512 3,439 4,072 1,928 2,144 729 1,415
Var. (%) (8.3) (8.0) (8.3) (9.3) (7.4) 3.9 (15.6) (15.6) (15.6)
Exhibit 14: P/ABV band

300 250 200 150 100 50 0
Oct-06 Feb-05 Nov-08 Feb-10 Oct-11 May-06 May-11 Nov-13 Sep-04 Dec-05 Sep-09 Dec-10 Jun-08 Jan-08 Apr-04 Apr-09 Aug-07 Mar-07 Mar-12 Aug-12 Jan-13 Jun-13 Jul-05 Jul-10
Price (`)
0.5x
0.7x
0.9x
1.1x
1.3x
August 6, 2013
Exhibit 15: Recommendation summary

Company Reco. 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 Buy Neutral Buy Buy Neutral Neutral Neutral Reduce Neutral Neutral Neutral Neutral Reduce Neutral Neutral Neutral Neutral Neutral Neutral Neutral Neutral Neutral Neutral Neutral Neutral Neutral Neutral CMP (`) 1,090 338 608 866 20 274 67 57 488 166 40 239 54 268 45 57 70 39 1,063 137 521 1,641 75 54 113 34 36 Tgt. price (`) 1,255 745 1,038 51 50 Upside (%) 15 23 20 (10) (8) FY2015E P/ABV (x) 1.2 0.8 2.9 1.2 0.8 1.2 0.3 0.4 0.6 0.4 0.5 0.4 0.5 0.3 0.3 0.3 0.3 0.3 0.8 0.3 0.5 0.9 0.4 0.5 0.4 0.3 0.4 FY2015E Tgt. P/ABV (x) 1.4 3.5 1.5 0.4 0.5 FY2015E P/E (x) 6.9 6.5 13.5 9.0 4.8 5.5 2.2 3.4 3.9 2.7 3.4 4.0 3.4 2.7 2.1 2.6 2.1 2.5 5.2 2.6 3.2 5.8 3.2 3.5 2.8 1.7 4.1 FY2013-15E EPS CAGR (%) 19.1 2.9 26.3 15.8 5.7 16.9 12.6 (15.1) 8.3 16.2 5.4 (3.4) 40.1 2.3 (3.3) 25.1 (4.2) 57.5 (3.5) 7.4 10.8 17.5 (16.0) 66.4 6.2 54.6 (0.4) FY2015E RoA (%) 1.6 1.0 1.9 1.6 0.9 1.3 0.6 0.5 0.8 0.7 0.5 0.6 0.5 0.7 0.6 0.8 0.8 0.5 1.3 0.6 1.0 1.0 0.6 0.6 0.6 0.6 0.4 FY2015E RoE (%) 18.1 12.3 22.8 15.4 16.2 22.8 12.4 10.0 14.2 13.9 14.1 10.4 12.8 13.5 13.2 13.3 12.4 10.5 16.3 11.1 15.7 17.0 12.8 13.5 13.4 14.7 9.8
Source: Company, Angel Research; Note: *Target multiples=SOTP Target Price/ABV (including subsidiaries), # Without adjusting for SASF
Company Background
Syndicate Bank is a south-based mid-sized PSU bank, with an asset base in excess of `2.1lakh cr. The bank has 3,000+ branches, with a more spread out network than other regional banks, having 57% branches in Rural and Semi-Urban areas. The bank also has a reasonable presence overseas, which accounts for ~13% of its total advances.
August 6, 2013
Income statement (Standalone)

Y/E March (` cr) Net Interest Income - YoY Growth (%) Other Income - YoY Growth (%) Operating Income - YoY Growth (%) Operating Expenses - YoY Growth (%) Pre - Provision Profit - YoY Growth (%) Prov. & Cont. - YoY Growth (%) Profit Before Tax - YoY Growth (%) Prov. for Taxation - as a % of PBT PAT - YoY Growth (%) FY10 2,740 7.5 1,167 27.6 3,907 12.8 2,034 13.5 1,874 12.1 700 10.2 1,174 13.3 361 30.7 813 (10.9) FY11 4,383 60.0 915 (21.6) 5,298 35.6 2,548 25.3 2,750 46.8 1,464 109.3 1,286 9.5 238 18.5 1,048 28.8 FY12 5,085 16.0 1,076 17.6 6,161 16.3 2,814 10.4 3,347 21.7 1,959 33.8 1,388 8.0 75 5.4 1,313 25.3 FY13 5,454 7.3 1,174 9.2 6,628 7.6 3,179 13.0 3,450 3.1 1,886 (3.7) 1,563 12.6 (441) (28.2) 2,004 52.6 FY14E 5,539 1.6 1,201 2.3 6,740 1.7 3,199 0.6 3,541 2.7 1,902 0.9 1,639 4.8 377 23.0 1,262 (37.0) FY15E 6,185 11.7 1,327 10.4 7,512 11.4 3,439 7.5 4,072 15.0 1,928 1.4 2,144 30.8 729 34.0 1,415 12.2
Balance sheet (Standalone)

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 (%) FY10 522 5,105 117,026 1.0 8,555 3,618 4,225 139,051 7,189 5,545 33,011 90,406 10.9 701 2,198 139,051 6.8 FY11 573 6,478 135,596 15.9 6,010 3,518 4,364 156,539 10,443 1,523 35,068 106,782 18.1 693 2,031 156,539 12.6 FY12 602 8,439 157,941 16.5 7,072 3,518 4,896 182,468 8,809 5,076 40,815 123,620 15.8 1,352 2,797 182,468 16.6 FY13 602 9,939 185,356 17.4 8,296 4,518 6,411 215,123 8,095 8,489 45,648 147,569 19.4 1,434 3,887 215,123 17.9 FY14E 602 10,920 205,745 11.0 9,183 4,405 7,276 238,131 9,259 5,953 50,323 166,753 13.0 1,540 4,303 238,131 10.7 FY15E 602 12,018 236,607 15.0 10,512 4,295 8,555 272,588 10,647 6,815 56,725 191,766 15.0 1,710 4,926 272,588 14.5
August 6, 2013
Ratio analysis
Y/E March Profitability ratios (%) NIMs Cost to Income Ratio RoA RoE B/S ratios (%) CASA Ratio Credit/Deposit Ratio CAR - Tier I Asset Quality (%) Gross NPAs Net NPAs Slippages Loan Loss Prov. /Avg. Assets Provision Coverage Per Share Data (`) EPS ABVPS (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 2.0 0.5 1.5 0.3 1.8 0.6 2.4 1.5 0.9 0.3 0.6 27.4 16.6 3.0 1.0 2.0 0.0 2.0 0.6 2.6 1.7 0.9 0.2 0.7 24.9 17.6 3.0 1.2 1.8 0.1 1.9 0.6 2.5 1.7 0.8 0.0 0.8 23.1 17.9 2.7 0.9 1.8 0.1 1.9 0.5 2.4 1.6 0.8 (0.2) 1.0 22.6 22.8 2.4 0.8 1.6 0.0 1.6 0.5 2.1 1.4 0.7 0.2 0.6 22.5 12.5 2.4 0.8 1.7 0.0 1.7 0.5 2.2 1.3 0.8 0.3 0.6 23.0 12.8 4.8 0.8 4.0 4.1 0.6 5.0 3.4 0.6 5.1 2.2 0.5 9.0 3.6 0.4 5.4 3.2 0.4 6.0 15.6 98.9 3.0 18.3 116.1 3.7 21.8 133.5 3.8 33.3 158.9 6.7 21.0 175.2 4.0 23.5 193.4 4.5 2.2 1.1 1.8 0.4 73.3 2.4 1.0 1.7 0.6 77.2 2.5 1.0 2.9 0.8 80.1 2.0 0.8 1.7 0.6 83.4 3.2 1.4 2.8 0.6 75.0 3.9 1.5 2.3 0.6 75.0 31.2 77.3 12.7 8.2 30.9 78.8 13.0 9.3 29.5 78.3 12.2 8.9 28.0 79.6 12.6 9.0 27.8 81.0 12.1 8.9 27.2 81.0 11.4 8.5 2.1 52.0 0.6 16.6 3.0 48.1 0.7 17.6 3.1 45.7 0.8 17.9 2.8 48.0 1.0 22.8 2.5 47.5 0.6 12.5 2.5 45.8 0.6 12.8 FY10 FY11 FY12 FY13E FY14E FY15E
August 6, 2013
10
Research Team Tel: 022 - 39357800
E-mail: research@angelbroking.com
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DISCLAIMER
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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
Syndicate 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%)
August 6, 2013
11

Syndicate Bank, 1Q FY 2014

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Syndicate Bank, 1Q FY 2014

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1QFY2014 Result Update | Banking

Source: Company, Angel Research

Abs. (%) Sensex Syndicate Bank

3yr 3.2 (29.4)

Source: Company, Angel Research; CMP as of August 6, 2013

Please refer to important disclosures at the end of this report