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Please refer to important disclosures at the end of this report 1
Pre-prov. profit 546 478 14.3 417 30.9
Source: Company, Angel Research;
During 1QFY2013, United Bank of India (UBI) registered a strong performance, withnet profit growth of 31.3% yoy and operating profit growth of 30.9% yoy, which wasabove our estimates primarily due to higher other income and lower operatingexpenses than what we estimated.
During 1QFY2013, thebanks advances and deposits grew at a healthy pace of 19.4% and 16.3%
respectively. The growth in advances was largely aided by higher priority sector
lending, primarily to the agri and small industries segment. Current deposits grew
at a strong 22.2% yoy, while growth in savings deposits remained healthy at 15.4%
yoy. The reported CASA ratio improved by 22bp to 40.5% on a yoy basis. The
bank further reduced its share of bulk deposits to total deposits to 16.2% from
21.5% in 1QFY2012. The reported NIM remained almost flat sequentially to 3.1%.
The bank reported a strong performance even on the non-interest income
(excluding treasury) front, with a growth of 30.2% yoy. On the asset quality front, the
bank witnessed a marginal sequential increase of ~5bp each in the gross and net NPA
ratio to 3.5% and 1.8% respectively. The banks slippages came in at `298cr
compared to `590cr in 4QFY2012 (excluding NPA on advance to Kingfisher
~`276cr). The annualized slippage ratio stood at 1.9% compared to 4.4% in
4QFY2012 and 2.9% in 1QFY2012. The PCR for the bank stood at 69.3%. The bank
restructured advances worth `1,120cr during the quarter (largely contributed by
restructuring of advances to Rajasthan discom, HCC, and Bharti Shipyard), taking its
outstanding restructured book to `4,093cr. The management expects no further
restructuring on any other discom advance (total discom advances `740cr). However,
they expect further restructuring of ~`600cr in the coming quarter.
We believe the bank has several levers for structurallyimproving its RoA. But execution risks in terms of improving yields while
maintaining the asset quality continue to remain an investment concern on the
stock. That said, the bank is trading at an inexpensive valuations of 0.4x FY2013E
ABV (one of the lowest in the industry). The banks peers are trading at 0.6x-0.7x
FY2014 ABV in spite of having similar and in some cases much lower CASA ratios.
We value the stock at 0.6x FY2014E ABV;
Key financials (Standalone)
% chg 55.9 14.3 18.7 17.5
% chg 49.7 19.4 20.6 25.9
NIM (%) 2.7 2.7 2.8 2.9
P/E (x) 4.3 3.8 3.1 2.5
P/ABV (x) 0.6 0.5 0.5 0.4
RoA (%) 0.6 0.7 0.7 0.8
RoE (%) 14.1 14.2 15.0 16.7
Source: Company, Angel Research
CMP `57
Target Price `79
Investment Period 12 months
Stock Info
Sector Banking
Market Cap (` cr) 2,052
Beta 1.2
52 Week High / Low 90/46
Avg. Daily Volume 69,608
Face Value (`
) 10BSE Sensex 17,601
Nifty 5,338
Reuters Code UBOI.BO
Bloomberg Code UNTDB@IN
Shareholding Pattern (%)
Promoters 81.6
MF / Banks / Indian Fls 6.3
FII / NRIs / OCBs 0.8
Indian Public / Others 11.3
Abs. (%) 3m 1yr 3yr
Sensex 6.5 3.7 16.3
UBI* (5.4) (32.2) NA
*Note: Listed in March, 2010
022 3935 7800 Ext: 6808
022 3935 7800 Ext: 6847
022 3935 7800 Ext: 6872
Performance Highlights
1QFY2013 Result Update | Banking
August 8, 2012
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United Bank of India 1QFY2013 Result Update
August 8, 2012 2
Exhibit 1:1QFY2013 performance (Standalone)
- on Advances / Bills 1,751 1,606 9.0 1,394 25.6 6,034 4,634 30.2- on investments 514 491 4.9 443 16.1 1,878 1,673 12.3
- on balance with RBI & others 12 7 70.8 2 652.9 16 10 56.3
- on others 6 29 - - - 34 25 35.9
Other income excl. treasury 134 180 (25.2) 103 30.2 515 439 17.5
- Fee Income 55 48 13.4 45 20.9 183 174 5.3
- Treasury Income 81 58 38.9 67 21.4 218 198 9.6
- Recoveries from writ.-off acc 10 33 (70.2) 20 (50.7) 85 59 44.3
- Others 70 99 (28.9) 38 83.4 247 206 20.1
- Employee expenses 226 234 (3.3) 215 5.3 891 814 9.4
- Other Opex 127 146 (12.9) 107 18.5 492 485 1.5
- Provisions for NPAs 125 342 (63.3) 137 (8.6) 690 436 58.2
- Provisions for Investments - (36) - 54 - 79 - -
- Other provisions 167 1 - 27 524.9 214 402 (46.6)
Effective Tax Rate (%) 31.6 12.8 1878bp 33.6 (203)bp 25.2 21.7 350bp
Source: Company, Angel Research
Exhibit 2:1QFY2013 Actual vs. Angel estimatesNet interest income 684 648 5.5
Non-interest income 215 148 45.4
Operating expenses 353 374 (5.6)
Provisions & cont. 292 220 32.5
Prov. for taxes 80 59 37.0
Source: Company, Angel Research
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United Bank of India 1QFY2013 Result Update
August 8, 2012 3
Exhibit 3:1QFY2013 performance (Standalone)
Advances (`cr) 62,825 63,043 (0.3) 52,607 19.4Deposits (`cr) 89,639 89,116 0.6 77,104 16.3
Credit-to-Deposit Ratio (%) 70.1 70.7 (66)bp 68.2 186bp
Current deposits (`cr) 8,447 9,741 (13.3) 6,914 22.2
Saving deposits (`cr) 27,830 26,589 4.7 24,120 15.4
CASA deposits (` cr) 36,277 36,330 (0.1) 31,034 16.9
CASA ratio (%) 40.5 40.8 (30)bp 40.2 22bp
CAR (%) 12.5 12.7 (19)bp 13.2 (73)bp
Tier I CAR (%) 8.7 8.8 (9)bp 9.1 (41)bp
Cost of deposits 7.0 6.9 6bp 6.4 60bp
Yield on advances 11.7 11.7 (2)bp 11.2 51bp
Yield on investments 7.9 7.8 7bp 7.8 13bp
Reported NIM 3.1 3.0 5bp 3.0 3bp
Cost-to-income ratio 39.2 44.2 (500)bp 43.5 (427)bp
Gross NPAs (` cr) 2,210 2,176 1.6 1,535 44.0
Gross NPAs (%) 3.5 3.4 6bp 2.9 58bp
Net NPAs (`cr) 1,106 1,076 2.8 878 25.9
Net NPAs (%) 1.8 1.7 5bp 1.7 10bp
Provision Coverage Ratio (%) 69.3 69.2 17bp 70.2 (92)bp
Slippage ratio (%) 1.9 4.4 (252)bp 2.9 (104)bp
NPA to avg. assets (%) 0.5 1.4 (89)bp 0.6 (13)bp
Source: Company, Angel Research
Business grew at healthy pace
During 1QFY2013, the banks advances and deposits grew at a healthy pace of
19.4% and 16.3%, respectively. The growth in advances was largely aided by
higher priority sector lending, primarily to the agri (growth of 45.1% yoy) and small
industries segment (28.1% yoy). The corporate loan book registered a growth of
18.4% yoy, while the overall retail loan book remained flat on a yoy basis despite
moderate growth being witnessed in housing and education loans.
On the liabilities front, current deposits grew at a strong 22.2% yoy, while growth
in savings deposits remained healthy at 15.4% yoy. The reported CASA ratio
improved by 22bp to 40.5% on a y-o-y basis, however was lower sequentially by
30bp.
The bank further reduced its bulk deposits during the quarter, which now as a
proportion of total deposits stand at 16.2% compared to 18.0% in 4QFY2012 and
21.5% in 1QFY2012.
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United Bank of India 1QFY2013 Result Update
August 8, 2012 4
Exhibit 4:Business growth healthy during 1QFY2013
Source: Company, Angel Research
Exhibit 5:CASA ratio above 40% levels
Source: Company, Angel Research
NIM remains almost flat sequentially
During the quarter, the reported NIM for the bank remained almost flat
sequentially at 3.05%. The cost of deposits was higher sequentially by 6bp to 7.0%,
while the yield on advances was almost flat on a qoq basis to 11.7%. The yield on
investments was higher by 7bp to 7.9%.
Exhibit 6:YoA almost flat sequentially
Source: Company, Angel Research
Exhibit 7:NIM remain almost flat sequentially
Source: Company, Angel Research
Growth in non-interest income remained strong
During the quarter, the bank reported a strong performance on the non-interest
income (excluding treasury) front, with a growth of 30.2% yoy. Growth in income
from commission, exchange and brokerage segment was healthy at 20.9% yoy.
Recoveries from written off accounts came in lower at `10cr as against `20cr in
1QFY2012, however the banks treasury income grew by 21.4% yoy to `81cr.
Asset quality pressures remain
On the asset quality front, the bank witnessed a marginal sequential increase of5bp each in the gross and net NPA ratio to 3.5% and 1.8% respectively. The
banks slippages came in at `298cr compared to `590cr in 4QFY2012 (excluding
NPA on advance to Kingfisher ~`276cr). The annualized slippage ratio for the
17.9
17.3
16.6
17.8
19.4
15.6
13.3
13.3
14.5
16.3
68.2
69.4
71.4
70.7 70.1
66.0
68.0
70.0
72.0
-
5.0
10.0
15.0
20.0
25.0
1QFY12 2QFY12 3QFY12 4QFY12 1QFY13
Adv. yoy chg (%) Dep. yoy chg (%) CDR (%, RHS)
40.2
39.9
39.8
40.8
40.5
18.3
13.811.9
14.4
16.9
-
5.0
10.0
15.0
20.0
39.2
39.6
40.0
40.4
40.8
41.2
1QFY12 2QFY12 3QFY12 4QFY12 1QFY13
CASA ratio CASA yoy growth (%, RHS)
11.16
11.70
11.98
11.69 11.67
10.20
10.80
11.40
12.00
12.60
1QFY12 2QFY12 3QFY12 4QFY12 1QFY13
(%)
3.023.16
3.38
3.00 3.05
2.00
2.50
3.00
3.50
1QFY12 2QFY12 3QFY12 4QFY12 1QFY13
(%)
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United Bank of India 1QFY2013 Result Update
August 8, 2012 5
quarter stood at 1.9% compared to 4.4% in 4QFY2012 and 2.9% in 1QFY2012.
As of 1QFY2013, the provision-to-coverage ratio including technical write-offs
stood at 69.3% (69.2% in 4QFY2012).
The bank restructured advances worth `1,120cr during the quarter, taking itsoutstanding restructured book to `4,093cr. The sharp jump in the restructuring
book was largely due to restructuring of advances to the Rajasthan discom
(`417cr), HCC (`311cr), and Bharti Shipyard (`198cr). The management expects
no further restructuring on any other discom advance (total discom advances at
`740cr). However, they expect further restructuring in the pipeline by ~`600cr in
the coming quarter.
Exhibit 8:NPA ratios remain on the higher side
Source: Company, Angel Research
Exhibit 9:Slippages at normalized levels
Source: Company, Angel Research
Exhibit 10:Cost-to-income ratio trends
Source: Company, Angel Research
Exhibit 11:Fee income growth trends
Source: Company, Angel Research
2.9
3.5
3.3
3.4
3.5
1.7
2.2
2.0
1.7
1.8
70.2
65.0 66.569.2 69.3
40.0
50.0
60.0
70.0
80.0
-
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
1QFY12 2QFY12 3QFY12 4QFY12 1QFY13
Gross NPAs (%) Net NPAs (%) PCR (%, RHS)
2.9
4.6
2.7
4.4
1.9
0.60.5
0.4
1.4
0.5
-
0.2
0.4
0.6
0.8
1.0
1.2
1.4
1.6
-
1.0
2.0
3.0
4.0
5.0
1QFY12 2QFY12 3QFY12 4QFY12 1QFY13
Slippages (%) Credit cost (%, RHS)
43.5
42.7
41.8
44.2
39.2
1.4
1.5 1.5
1.5
1.4
1.2
1.3
1.4
1.5
1.6
36.0
38.0
40.0
42.0
44.0
46.0
1QFY12 2QFY12 3QFY12 4QFY12 1QFY13
Cost-to-income ratio (%) Opex to average assets (%, RHS)
0.
5
0.
5
0.
5
0.
7
0.
5
16.2 14.3
(2.1)
39.1
30.2
(10.0)
-
10.0
20.0
30.0
40.0
50.0
-
0.2
0.4
0.6
0.8
1QFY12 2QFY12 3QFY12 4QFY12 1QFY13
Fee income to avg assets (%) Fee income yoy chg (%, RHS)
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United Bank of India 1QFY2013 Result Update
August 8, 2012 6
Investment arguments
Structurally strong CASA than peers
UBI has historically had a strong CASA ratio. The banks average CASA ratioduring FY200512 has been 41.4%. Even during 1QFY2013, the bank had
maintained a strong CASA ratio of ~40%, which is the highest among its peers,
which consists of banks like Uco Bank, Allahabad Bank, Dena Bank and Syndicate
Bank. Of the total CASA deposits, saving deposits, which are less volatile,
accounted for 31.0% of the total deposits, while current deposits accounted for
9.4%. This high proportion of CASA deposits is mainly because of a large retail
customer base spread across the eastern and northeastern regions. Of the total
branch network of ~1,700 branches, 81% is concentrated in the eastern and
northeastern regions. Moreover, 59% of UBIs branches are located in rural and
semi-urban areas, giving the bank an access to low-cost deposits.
leading to higher NIM
In 4QFY2010, UBI reported a NIM of 2.48%. However, measures taken by the
management in the form of shedding high-cost bulk deposits (16.2% in
1QFY2013 as against nearly 30% two years ago), improvement in CASA ratio by
~250bp from 38.1% in 4QFY2010 to 40.5% in 1QFY2013, shedding of
low-yielding loans (~`1,700cr during FY2011) and a substantial increase in CD
ratio (664bp increase in FY2011 and 201bp increase in FY2012) have resulted in
a sharp rise in the NIM to 3.1% in 1QFY2013. Further, we believe with a strong
CASA ratio, the bank is better placed than its peers to sustain its NIM going
forward.
Investment concerns
Lower other income compared to peers
During FY2012, other income excluding treasury grew by a reasonably healthy
17.5% yoy, in-line with the banks advances growth. In spite of the decent growth
witnessed, other income (excluding treasury) as a percentage of average assets
stands at 0.5%, which is on the lower side compared to peers. Even after factoring
in a 16.2% CAGR over FY201214E in other income excluding treasury and taking
into account revision in fee charges during 1HFY2012, the proportion of otherincome excluding treasury to average assets is expected to only increase to 0.6% of
overall assets.
Outlook and valuation
We believe the bank has several levers for structurally improving its RoA, but
execution risks in terms of improving yields while maintaining the asset quality
continue to remain an investment concern on the stock. That said, the bank is
trading at an inexpensive valuation of 0.4x FY2013E ABV (one of the lowest in the
industry). The banks peers are trading at 0.6x-0.7x FY2014 ABV, in spite of
having similar, and in some cases much lower CASA ratios. We value the stock at
0.6x FY2014E ABV;
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United Bank of India 1QFY2013 Result Update
August 8, 2012 7
Exhibit 12:Key assumptions
Credit growth 15.5 17.0 15.0 17.0Deposit growth 11.0 14.0 11.0 14.0
CASA ratio 40.8 40.4 40.8 40.4
NIMs 2.8 3.0 2.8 2.9
Other income growth (12.2) 12.9 (5.7) 6.5
Growth in staff expenses 15.0 15.0 12.0 16.0
Growth in other expenses 15.0 15.0 12.0 16.0
Slippages 3.1 3.0 2.5 2.5
Source: Angel Research
Exhibit 13:Change in estimates
NII 2,955 2,943 (0.4) 3,485 3,457 (0.8)
Non-interest income 644 691 7.4 727 737 1.4
Operating expenses 1,591 1,549 (2.6) 1,829 1,797 (1.8)
Provisions & cont. 918 994 8.3 1,074 1,053 (1.9)
PBT 1,090 1,091 0.1 1,309 1,344 2.7
Prov. for taxes 354 354 0.1 425 436 2.7
Source: Angel Research
Exhibit 14:P/ABV band
Source: Company, Angel Research
40
60
80
100
120
140
160
180
Mar-10
Jun-10
Sep-10
Dec-10
Mar-11
Jun-11
Sep-11
Dec-11
Mar-12
Jun-12
Sep-12
Dec-12
Mar-13
Price (`) 0.5x 0.65x 0.8x 0.95x 1.1x
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United Bank of India 1QFY2013 Result Update
August 8, 2012 8
Exhibit 15:Recommendation summary
AxisBk Buy 1,097 1,373 25.2 1.5 1.9 7.7 18.1 1.6 20.8
FedBk Accumulate 425 458 7.9 1.0 1.1 7.3 12.1 1.3 14.7
HDFCBk Neutral 598 - - 3.4 - 16.6 27.9 1.8 22.0
ICICIBk* Buy 958 1,169 22.1 1.5 1.9 11.7 20.9 1.4 15.5
SIB Accumulate 23 27 13.8 1.0 1.1 5.5 9.0 0.9 18.5
YesBk Buy 367 453 23.4 1.9 2.3 8.6 24.2 1.5 23.8
AllBk Accumulate 130 147 13.1 0.5 0.6 3.2 4.6 0.9 17.0
AndhBk Accumulate 100 107 7.4 0.6 0.7 3.9 2.7 0.9 15.8
BOB Buy 658 851 29.2 0.8 1.0 4.5 10.1 1.0 18.0
BOI Buy 285 354 24.1 0.7 0.9 4.0 23.5 0.8 17.0
BOM Neutral 47 - - 0.6 - 4.1 35.6 0.6 15.5
CanBk Buy 361 421 16.7 0.6 0.8 4.2 7.2 0.8 15.3CentBk Neutral 72 - - 0.7 - 3.3 103.6 0.6 15.1
CorpBk Accumulate 400 454 13.4 0.5 0.7 3.6 2.1 0.8 16.3
DenaBk Buy 90 107 18.7 0.5 0.7 3.6 5.1 0.8 16.4
IDBI# Buy 87 105 21.6 0.5 0.7 3.7 21.2 0.9 14.7
IndBk Accumulate 178 197 10.5 0.6 0.7 4.0 6.4 1.1 17.4
IOB Accumulate 73 84 14.8 0.5 0.5 3.2 31.0 0.6 14.4
J&KBk Neutral 936 - - 0.8 - 5.1 5.1 1.2 17.5
OBC Buy 237 278 17.1 0.5 0.6 3.6 29.0 0.9 14.3
PNB Buy 744 975 31.1 0.7 1.0 4.3 9.9 1.0 18.0
SBI* Buy 2,061 2,443 18.5 1.3 1.5 7.8 23.1 1.0 18.1
SynBk Buy 96 119 23.1 0.5 0.7 3.3 15.7 0.8 17.8
UcoBk Neutral 69 - - 0.7 - 3.9 11.7 0.6 15.3
UnionBk Buy 170 238 39.8 0.6 0.8 3.4 23.6 0.8 17.1
VijBk Neutral 53 - - 0.6 - 4.6 13.0 0.5 13.3
Source: Company, Angel Research; Note:*Target multiples=SOTP Target Price/ABV (including subsidiaries) # without adjusting for SASF
Company Background
United Bank of India is a mid-sized public sector bank, with operations mostly
concentrated in the eastern and northeastern states of India (81%). These states
have contributed to the bank's high CASA deposits, though low credit demand
especially in the northeast has prompted the bank to so far rely more on large
corporate loans, including in consortium.
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United Bank of India 1QFY2013 Result Update
August 8, 2012 9
- YoY Growth (%) (21.3) 28.4 19.8 55.9 14.3 18.7 17.5
- YoY Growth (%) 33.9 5.5 13.8 14.0 15.0 (5.7) 6.5
- YoY Growth (%) (8.5) 20.6 18.0 43.9 14.5 13.1 15.4
- YoY Growth (%) 16.0 15.7 2.8 21.0 6.5 12.0 16.0
- YoY Growth (%) (35.1) 30.0 44.2 72.1 21.4 14.0 14.9
- YoY Growth (%) (30.7) 49.7 8.0 80.1 17.0 1.4 5.9
- YoY Growth (%) (41.1) (1.6) 132.6 63.0 26.8 28.6 23.1
- as a % of PBT 19.1 35.0 21.5 21.7 25.5 32.4 32.4
- YoY Growth (%) (45.7) (20.9) 181.0 62.5 20.7 16.6 23.1
- YoY Growth (%) (45.7) (20.9) 166.1 49.7 19.4 20.6 25.9
Share Capital 1,532 1,782 866 1,144 1,161 1,161 1,161
Equity 1,532 1,532 316 344 361 361 361
Preference - 250 550 800 800 800 800
Reserves & Surplus 1,129 1,295 3,037 3,877 4,419 4,930 5,570
Deposits 46,971 54,536 68,180 77,845 89,116 98,919 112,768
- Growth (%) 26.4 16.1 25.0 14.2 14.5 11.0 14.0
Borrowings 1,162 457 915 2,887 3,195 3,547 4,036
Tier 2 Capital 1,275 1,525 1,525 1,525 1,725 1,984 2,321
Other Liab & Prov. 2,242 2,436 2,481 2,763 2,394 2,691 3,007
Cash balances 5,249 4,532 4,707 5,943 5,092 3,957 4,511
Bank balances 623 1,878 1,671 1,385 2,185 2,426 2,761
Investments 18,515 17,924 26,068 26,259 29,059 31,455 33,503
Advances 27,858 35,394 42,330 53,502 63,043 72,500 84,825
- Growth (%) 25.7 27.0 19.6 26.4 17.8 15.0 17.0
Fixed Assets 623 624 651 819 805 867 957
Other Assets 1,443 1,679 1,578 2,133 1,826 2,027 2,307
- Growth (%) 28.4 14.2 24.1 16.9 13.3 11.0 13.8
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United Bank of India 1QFY2013 Result Update
August 8, 2012 10
Ratio analysis (Standalone)
NIMs 1.9 2.1 2.1 2.7 2.7 2.8 2.9Cost to Income Ratio 65.9 63.3 55.1 46.3 43.1 42.6 42.9
RoA 0.3 0.2 0.5 0.6 0.7 0.7 0.8
RoE 7.1 5.1 11.6 14.1 14.2 15.0 16.7
CASA Ratio 38.6 37.8 38.1 40.8 40.8 40.8 40.4
Credit/Deposit Ratio 59.3 64.9 62.1 68.7 70.7 73.3 75.2
CAR 11.2 13.3 12.8 13.1 12.7 12.7 12.7
- Tier I 6.4 7.6 8.2 8.9 8.8 8.7 8.6
Gross NPAs 2.7 2.8 3.2 2.5 3.4 4.1 4.6
Net NPAs 1.1 1.5 1.8 1.4 1.7 1.8 1.7
Slippages 1.4 2.9 2.7 2.3 3.6 2.5 2.5
Loan Loss Prov. /Avg. Assets 0.5 0.3 0.4 0.5 0.7 0.6 0.6
Provision Coverage 59.8 48.5 68.0 72.1 69.2 70.0 72.5
EPS 0.9 0.7 9.6 13.3 15.1 18.2 23.0
ABVPS (75% cover.) 13.4 13.6 86.3 101.2 109.0 122.7 142.9
DPS 0.3 0.0 2.0 2.2 2.4 3.5 4.5
PER (x) 60.0 75.9 5.9 4.3 3.8 3.1 2.5
P/ABVPS (x) 4.2 4.2 0.7 0.6 0.5 0.5 0.4
Dividend Yield 0.5 - 3.5 3.9 4.2 6.2 7.9
NII 1.9 2.0 2.0 2.60 2.6 2.7 2.9
(-) Prov. Exp. 0.6 0.7 0.7 1.00 1.0 0.9 0.9
Adj. NII 1.3 1.3 1.3 1.59 1.6 1.8 2.0
Treasury 0.4 0.4 0.3 0.24 0.2 0.1 0.0
Int. Sens. Inc. 1.6 1.6 1.6 1.83 1.8 1.9 2.0
Other Inc. 0.6 0.5 0.5 0.53 0.5 0.6 0.6
Op. Inc. 2.2 2.1 2.1 2.36 2.3 2.5 2.6
Opex 1.9 1.8 1.5 1.56 1.4 1.4 1.5PBT 0.4 0.3 0.6 0.80 0.9 1.0 1.1
Taxes 0.1 0.1 0.1 0.17 0.2 0.3 0.4
0.3 0.2 0.5 0.63 0.7 0.7 0.8
Preference Dividend - - 0.0 0.08 0.1 0.1 0.1
Leverage 23.7 25.7 26.4 25.84 24.9 24.5 24.4
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United Bank of India 1QFY2013 Result Update
August 8, 2012 11
Research Team Tel: 022 - 39357800 E-mail: [email protected] Website: www.angelbroking.com
This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investmentdecision. 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 reliablesources 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 thisdocument is for general guidance only. Angel Broking Limited or any of its affiliates/ group companies shall not be in any wayresponsible 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. WhileAngel 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.
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the past.
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Disclosure of Interest Statement United Bank of India
1. Analyst ownership of the stock No
2. Angel and its Group companies ownership of the stock No
3. Angel and its Group companies' Directors ownership of the stock No
4. Broking relationship with company covered No
Buy (> 15%) Accumulate (5% to 15%) Neutral (-5 to 5%)Reduce (-5% to -15%) Sell (< -15%)
Note: We have not considered any Exposure below`
1 lakh for Angel, its Group companies and Directors