Bank of India reported a 24.1% year-over-year increase in net profit to Rs725 crore for the first quarter of fiscal year 2011, with robust loan growth, improved net interest margins, and lower provisions driving results. Advances grew 19.6% year-over-year while deposits increased 19.8% year-over-year. Net interest margins improved to 2.89% from 2.42% in the prior year quarter. Asset quality also improved with gross and net NPA ratios declining.

1. 1QFY2011 Result Update | Banking
August 3, 2010
Bank of India NEUTRAL
CMP Rs437
Performance Highlights Target Price -
Particulars (Rs cr) 1QFY11 4QFY10 % chg (qoq) 1QFY10 % chg (yoy) Investment Period -
NII 1,740 1,552 12.2 1,301 33.8
Pre-prov. profit Stock Info
1,411 1,275 10.6 1094 29.0
PAT 725 428 69.5 584 24.1 Sector Banking
Source: Company, Angel Research Market Cap (Rs cr) 22,939
Beta 0.9
Bank of India posted net profit growth of 24.1% yoy and robust growth of 69.5%
52 Week High / Low 475/303
qoq to Rs725cr for 1QFY2011. Robust operating performance and a sharp
Avg. Daily Volume 215,561
decline in provisions because of improvement in asset quality were the key
Face Value (Rs) 10
highlights of the result.
BSE Sensex 18,115
Asset quality improves: The advances grew 19.6% yoy to Rs1,76,825cr and Nifty 5,440
deposits grew 19.8% yoy to Rs2,33,668cr. NIM improved to 2.89% (2.57% in Reuters Code BOI.BO
4QFY2010 and 2.42% in 1QFY2010), aided by a 26bp improvement in yield on Bloomberg Code BOI@IN
advances and an 8bp reduction in cost of funds during 1QFY2011. As a result,
NII grew by 33.8% yoy to Rs1,740cr. The domestic CASA ratio improved to 32.6%
(31.8% in 4QFY2010). Asset quality improved, with gross NPA and net NPA ratios Shareholding Pattern (%)
at 2.7% (2.9% in 4QFY2010) and 1.2% (1.3% in 4QFY2010), respectively. Gross Promoters 64.5
slippages stood at Rs618cr (slippage ratio of 1.7% compared to 2.9% in FY2010), MF / Banks / Indian Fls 14.9
out of which Rs130cr was related to the Agriculture Debt Relief Scheme. FII / NRIs / OCBs 14.5
Restructured assets declined from Rs10,613cr in 4QFY2010 to Rs10,128cr in
Indian Public / Others 6.1
1QFY2011 (5.7% of advances and 68% of the net worth). There was a slippage
of Rs72cr (down significantly from the peak level of Rs839cr in 2QFY2010) from
restructured assets. Abs. (%) 3m 1yr 3yr
Outlook and valuation: At the CMP, the stock is trading at 6.9x FY2012E EPS of Sensex 4.2 13.8 19.7
Rs63.1 and 1.33x FY2012E ABV of Rs329. On the back of stronger than expected Bank of India 14.2 30.1 78.4
operating performance during the quarter, we have revised the earnings
estimates upwards. However, due to the recent run-up in the stock, the valuations
are trading close to our target multiple of 1.30x FY2012E ABV for the stock,
hence we maintain a Neutral rating on the stock.
Key Financials
Y/E March (Rs cr) FY2009 FY2010 FY2011E FY2012E
NII 5,499 5,756 7,187 8,326
Vaibhav Agrawal
% chg 30.0 4.7 24.9 15.9
022 – 4040 3800 Ext: 333
Net Profit 3,007 1,741 2,683 3,318
vaibhav.agrawal@angeltrade.com
% chg 49.7 (42.1) 54.1 23.6
NIM (%) 2.8 2.4 2.5 2.4 Amit Rane
EPS (Rs) 57.2 33.1 51.0 63.1 022 – 4040 3800 Ext: 326
P/E (x) 7.6 13.2 8.6 6.9 amitn.rane@angeltrade.com
P/ABV (x) 2.0 2.0 1.6 1.3
Shrinivas Bhutda
RoA (%) 1.5 0.7 0.9 0.9
022 – 4040 3800 Ext: 316
RoE (%) 29.2 14.2 19.4 20.5 shrinivas.bhutda@angeltrade.com
Source: Company, Angel Research
Please refer to important disclosures at the end of this report 1

2. Bank of India | 1QFY2011 Result Update
Exhibit 1: 1QFY2011 performance
% chg % chg
Particulars (Rs cr) 1QFY2011 4QFY2010 1QFY2010
(qoq) (yoy)
Interest earned 4,822 4,525 6.6 4,378 10.1
Interest expenses 3,081 2,973 3.6 3,077 0.1
NII 1,740 1,552 12.2 1,301 33.8
Non-interest income 586 723 (19.0) 646 (9.3)
Total income 2,326 2,275 2.3 1,946 19.5
Operating expenses 916 999 (8.4) 853 7.4
Pre-prov. profit 1,411 1,275 10.6 1,094 29.0
Provisions & cont. 386 809 (52.3) 223 72.7
PBT 1,025 466 119.7 870 17.7
Prov. for taxes 300 39 678.0 286 4.8
PAT 725 428 69.5 584 24.1
EPS (Rs) 13.8 8.1 69.5 11.1 24.1
Cost-to-income ratio (%) 39.4 43.9 43.8
Effective tax rate (%) 29.2 8.3 32.9
Net NPA (%) 1.18 1.3 0.8
Source: Company, Angel Research
Exhibit 2: 1QFY2011 Actual v/s Angel estimates
Particulars (Rs cr) Actual Estimates Var. (%)
NII 1,740 1,440 20.9
Non-interest income 586 648 (9.6)
Total income 2,326 2,088 11.4
Operating expenses 916 955 (4.1)
Pre-prov. profit 1,411 1,133 24.5
Provisions & cont. 386 398 (3.0)
PBT 1,025 735 39.4
Prov. for taxes 300 244 22.8
PAT 725 491 47.7
Source: Company, Angel Research
August 3, 2010 2

3. Bank of India | 1QFY2011 Result Update
Advances and deposits growth improve
At the end of 1QFY2011, advances grew 19.6% yoy to Rs1,76,825cr and deposits
grew 19.8% yoy to Rs2,33,668cr. The domestic loan book grew by 19.6% yoy to
Rs1,39,359cr and the overseas loan book registered growth of 19.7% yoy to
Rs37,466cr.
Domestic loans were driven by corporate loans and the SME segment, which grew
by 30.3% and 21.3% yoy, respectively. We have factored in yoy growth of 20.0%
in advances for the bank in FY2011E, based on the ongoing pick-up in credit
demand and expectations of large, unutilised limits getting increasingly drawn
down, going forward, as working capital requirements increase.
Exhibit 3: Trend in advances and deposits
Advances Deposits Credit-Deposit ratio (RHS)
(Rs cr) (%)
250,000 81
200,000
78
150,000
75
100,000
72
50,000
- 69
1QFY09
2QFY09
3QFY09
4QFY09
1QFY10
2QFY10
3QFY10
4QFY10
1QFY11
Source: Company, Angel Research
Exhibit 4: 1QFY2011 – Domestic advances break-up
Corporates
Business Auto
54% Education
Mortgage 1%
1%
1%
Others
2%
Retail
11%
Agri
SME 13% Housing
22% 6%
Source: Company, Angel Research
August 3, 2010 3

4. Bank of India | 1QFY2011 Result Update
NIMs improve sequentially
Bank of India’s NIM improved to 2.89% in 1QFY2011 (2.57% in 4QFY2010 and
2.42% in 1QFY2010), aided by a 26bp improvement in yield on advances and an
8bp reduction in cost of funds during the quarter. As a result, NII grew by 33.8%
yoy to Rs1,740cr. The bank’s domestic CASA ratio improved to 32.6% (31.8% in
4QFY2010). CASA deposits increased by 26.4% yoy, driven by yoy growth of
19.6% and 28.5% in current and savings deposits, respectively.
Exhibit 5: Trend in spreads
Particulars (%) 1QFY10 2QFY10 3QFY10 4QFY10 1QFY11
Cost of deposits 5.81 5.59 5.26 4.79 4.79
Yield on advances 9.27 8.97 8.41 8.12 8.38
Yield on investments 7.06 7.14 7.36 6.98 6.90
Yield on funds 7.69 7.66 7.35 6.90 6.96
Cost of funds 5.40 5.26 4.90 4.53 4.45
Reported NIM 2.42 2.57 2.60 2.57 2.89
Source: Company, Angel Research
Exhibit 6: Trend in reported NIM
(%) Reported NIM
3.20
2.89
2.80
2.57 2.60 2.57
2.42
2.40
2.00
1QFY10
2QFY10
3QFY10
4QFY10
1QFY11
Source: Company, Angel Research
Non-interest income declines
Total non-interest income declined by 9.3% yoy to Rs586cr due to lower treasury
gains (down 16.4% yoy). However, non-interest income excluding treasury grew by
19.7% yoy. We expect total non-interest income to decline by 6.4% in FY2011E.
Exhibit 7: Break-up of non-interest income
Particulars (Rs cr) 1QFY11 4QFY10 % chg (qoq) 1QFY10 % chg (yoy)
CEB 250 334 (25.2) 263 (5.0)
Treasury 231 194 18.7 276 (16.4)
Recoveries 37 94 (60.5) 33 11.8
Others 68 102 (32.6) 74 (7.6)
Total 586 723 (19.0) 646 (9.3)
Source: Company, Angel Research
August 3, 2010 4

5. Bank of India | 1QFY2011 Result Update
Exhibit 8: Trend in non-interest income mix
(Rs cr) CEB Treasury Recoveries Others
1,200
900
600 672
342 194
276 283 212 231
300 181 120
230 264 287 311 263 248 252 334 250
-
1QFY09
2QFY09
3QFY09
4QFY09
1QFY10
2QFY10
3QFY10
4QFY10
1QFY11
Source: Company, Angel Research
Improving asset quality
Gross NPAs of the bank decreased by 1.8% sequentially and by 6.6% yoy to
Rs4,795cr in 1QFY2011. Gross NPA and net NPA ratios stood at 2.7% (2.9% in
4QFY2010) and 1.2% (1.3% in 4QFY2010), respectively. Gross slippages stood at
Rs618cr (slippage ratio of 1.7%), out of which Rs130cr was related to the
Agriculture Debt Relief Scheme. The NPA provision coverage ratio including
technical write-offs improved from 65.5% in 4QFY2010 to 68.3% at the end of
1QFY2011. Restructured assets declined from Rs10,613cr in 4QFY2010 to
Rs10,128cr in 1QFY2011 (5.7% of advances and 68.0% of net worth). There was
a slippage of Rs72cr (down significantly from the peak level of Rs839cr in
2QFY2010) from restructured assets.
Exhibit 9: Trend in asset quality
Gross NPAs Net NPAs Coverage ratio (RHS)
(Rs cr) (%)
6,000 80
4,500
65
3,000
50
1,500
- 35
1QFY09
2QFY09
3QFY09
4QFY09
1QFY10
2QFY10
3QFY10
4QFY10
1QFY11
Source: Company, Angel Research, Note: NPA coverage excluding technical write-offs till
4QFY2009
Operating costs under control
Total operating expenses increased by 7.4% yoy and declined by 8.4% sequentially
to Rs916cr. The cost-to-income ratio stood at 39.4%, lower than its eight-quarter
average of 40.2%. Till date, the bank has made excess provisions of Rs190cr in
employee costs, which are expected to provide a cushion against future liabilities.
August 3, 2010 5

6. Bank of India | 1QFY2011 Result Update
Exhibit 10: Trend in productivity
(%) Cost-to-Income ratio
60.0
43.8 45.3 43.9
39.6 42.2
45.0 38.6 39.4
36.5
31.5
30.0
15.0
-
1QFY09
2QFY09
3QFY09
4QFY09
1QFY10
2QFY10
3QFY10
4QFY10
1QFY11
Source: Company, Angel Research
Sufficient capital adequacy
The bank is well capitalised with a CAR of 13.3% and Tier-I capital of 8.5%
(forming 64% of the total CAR). The bank has adequate headroom to raise
additional Tier-II capital.
Exhibit 11: Comfortable capital adequacy
(%) Tier-I CAR Tier-II CAR
15.0
12.0 4.4 4.3
4.1 4.1 4.5 4.8
9.0
6.0
8.9 9.2 9.2 9.4 8.5 8.5
3.0
0.0
4QFY09
1QFY10
2QFY10
3QFY10
4QFY10
1QFY11
Source: Company, Angel Research
August 3, 2010 6

7. Bank of India | 1QFY2011 Result Update
Investment Arguments
Lower provisions to drive RoE
During the crisis, Bank of India faced severe asset quality pressure with slippages
rate of 2.9% in FY2010 (from 1.8% in FY2009.) As a result, the NPA
provision/assets increased to 0.7% in FY2010 from 0.3% in FY2009, thereby
pressurising the bank’s RoE. However, as observed in 1QFY2011 results, the bank
has overcome the worst of the asset quality pressures. Further, with an
improvement in the operating environment, we expect the NPA provision/assets to
decline sharply to 0.4% by FY2012E, leading to RoE of 20.5% by FY2012E from
14.2% in FY2010.
Strong fee-income potential with moderate funding mix
Bank of India’s international operations contribute a substantial 21.2% to
advances. The bank’s international operations enable a wider spectrum of fee-
based services to domestic corporate and retail customers, foreign currency fund-
based services to Indian corporates and savings products to PIO clients abroad.
The bank also has significant forex operations (one of the largest amongst
domestic banks in FY2010).
The bank’s moderate funding mix (CASA ratio at 32.6% of domestic deposits) and
traction in core fee income are expected to support a relatively high 19% CAGR in
pre-provisions profits compared to peers over FY2010–12E.
Efficient capital management aiding RoE outlook
Bank of India’s CAR is comfortable at 13.3%, with an 8.5% Tier-1 component
reinforced by strong internal generation that leaves comfortable headroom on
Tier-II sources. Leverage is amongst the highest within peers, aided by relatively
higher use of Tier-1 bonds and revaluation reserves. With government holding at
64%, the bank is not facing pronounced near-term constraints on the equity front.
Outlook and valuation
At the CMP, the stock is trading at 6.9x FY2012E EPS of Rs63.1 and 1.33x
FY2012E ABV of Rs329. On the back of stronger than expected operating
performance during the quarter, we have revised the earnings estimates upwards.
However, due to the recent run-up in the stock, the valuations are trading close to
our target multiple of 1.30x FY2012E ABV for the stock, hence we maintain a
Neutral rating on the stock.
August 3, 2010 7

8. Bank of India | 1QFY2011 Result Update
Exhibit 12: Key assumptions
Earlier estimates Revised estimates
Particulars (%)
FY2011E FY2012E FY2011E FY2012E
Credit growth 18.0 18.0 20.0 18.0
Deposit growth 18.0 17.0 18.0 17.0
CASA ratio 27.6 27.3 27.6 27.3
NIM 2.3 2.2 2.5 2.4
Other income growth (4.7) 17.0 (6.4) 16.9
Growth in staff expenses 12.0 14.0 8.0 14.0
Growth in other expenses 12.0 14.0 8.0 14.0
Slippages 2.4 2.1 2.3 2.0
Coverage ratio 71.3 73.3 70.2 70.1
Treasury gain/(loss) (% of investments) 0.2 0.1 0.2 0.1
Source: Company, Angel Research
Exhibit 13: Change in estimates
FY2011E FY2012E
Particulars (Rs cr) Earlier Revised Earlier Revised
% chg % chg
estimates estimates estimates estimates
NII 6,622 7,187 8.5 7,651 8,326 8.8
Non-interest income 2,493 2,450 (1.7) 2,918 2,865 (1.8)
Total income 9,115 9,637 5.7 10,569 11,191 5.9
Operating expenses 4,108 3,961 (3.6) 4,683 4,516 (3.6)
Pre-prov. profit 5,007 5,676 13.4 5,885 6,676 13.4
Provisions & cont. 1,829 1,659 (9.3) 1,810 1,648 (8.9)
PBT 3,178 4,016 26.4 4,076 5,027 23.3
Prov. for taxes 1,055 1,333 26.4 1,386 1,709 23.3
PAT 2,124 2,683 26.4 2,690 3,318 23.3
Source: Company, Angel Research
Exhibit 14: P/ABV band
Price 0.4x 0.8x 1.2x 1.6x 2x
(Rs)
700
600
500
400
300
200
100
0
Aug-05
Jun-06
Jan-00
Jul-03
May-04
Jan-06
Jul-08
May-09
Dec-03
Dec-08
Apr-07
Apr-10
Oct-04
Feb-03
Mar-05
Feb-08
Feb-11
Sep-02
Sep-07
Sep-10
Nov-06
Nov-09
Source: Company, Angel Research
August 3, 2010 8

9. Bank of India | 1QFY2011 Result Update
Exhibit 15: Recommendation summary
CMP Tgt. price Upside FY2012E FY2012E FY2012E FY10-12E FY2012E FY2012E
Company Reco
(Rs) (Rs) (%) P/ABV (x) Tgt. P/ABV (x) P/E (x) CAGR in EPS (%) RoA (%) RoE (%)
AXISBK Buy 1,359 1,688 24.2 2.6 3.2 13.5 27.4 1.6 20.5
FedBk Accumulate 342 375 9.6 1.0 1.1 7.4 30.7 1.4 14.4
HDFCBK Buy 2,124 2,514 18.4 3.4 4.0 17.7 36.5 1.7 20.6
ICICIBK Buy 962 1,163 20.9 1.9 2.2 15.5 31.0 1.4 15.5
SIB Neutral 191 - - 1.1 - 6.7 17.1 1.0 17.8
YesBk Neutral 309 - - 2.5 - 15.6 18.7 1.3 17.1
BOI Neutral 437 - - 1.3 - 6.9 38.0 0.9 20.5
CorpBk Accumulate 574 607 5.8 1.0 1.1 5.5 13.4 1.0 20.5
DenaBk Accumulate 103 114 11.0 0.9 1.0 4.6 12.1 0.9 18.9
IndBk Neutral 229 - - 1.1 - 5.6 7.6 1.3 21.0
IOB Accumulate 119 133 11.4 0.9 1.0 5.9 25.1 0.7 14.9
OBC Neutral 405 - - 1.0 - 6.1 21.6 0.9 18.3
PNB Reduce 1,115 948 (15.0) 1.5 1.3 7.5 9.5 1.2 22.0
SBI Accumulate 2,603 2,821 8.4 1.4 1.8 11.4 25.7 1.0 19.5
UcoBk Buy 97 115 18.6 0.8 1.0 4.2 12.0 0.8 23.8
UnionBk Neutral 323 - - 1.3 - 5.7 17.1 1.1 24.1
Source: Company, Angel Research
August 3, 2010 9

10. Bank of India | 1QFY2011 Result Update
Income statement
Y/E March (Rs cr) FY06 FY07 FY08 FY09 FY10 FY11E FY12E
Net Interest Income 2,632 3,440 4,229 5,499 5,756 7,187 8,326
- YoY Growth (%) 17.7 30.7 22.9 30.0 4.7 24.9 15.9
Other Income 1,184 1,563 2,117 3,052 2,617 2,450 2,865
- YoY Growth (%) 2.5 32.0 35.4 44.2 (14.3) (6.4) 16.9
Operating Income 3,816 5,003 6,346 8,551 8,373 9,637 11,191
- YoY Growth (%) 12.5 31.1 26.8 34.7 (2.1) 15.1 16.1
Operating Expenses 2,115 2,608 2,645 3,094 3,668 3,961 4,516
- YoY Growth (%) 9.5 23.3 1.4 17.0 18.5 8.0 14.0
Pre - Provision Profit 1,701 2,395 3,701 5,457 4,705 5,676 6,676
- YoY Growth (%) 16.5 40.8 54.5 47.4 (13.8) 20.6 17.6
Prov. & Cont. 786 862 1,017 1,292 2,211 1,659 1,648
- YoY Growth (%) (21.4) 9.7 17.9 27.1 71.1 (24.9) (0.7)
Profit Before Tax 916 1,533 2,685 4,164 2,494 4,016 5,027
- YoY Growth (%) 98.6 67.4 75.1 55.1 (40.1) 61.0 25.2
Prov. for Taxation 214 410 675 1,157 753 1,333 1,709
- as a % of PBT 23.4 26.7 25.2 27.8 30.2 33.2 34.0
PAT 701 1,123 2,009 3,007 1,741 2,683 3,318
- YoY Growth (%) 106.3 60.1 78.9 49.7 (42.1) 54.1 23.6
Balance sheet
Y/E March (Rs cr) FY06 FY07 FY08 FY09 FY10 FY11E FY12E
Share Capital 488 488 526 526 526 526 526
Reserves & Surplus 4,496 5,407 10,063 12,969 13,704 15,806 18,420
Deposits 93,932 119,882 150,012 189,708 229,762 271,119 317,209
- Growth (%) 19.2 27.6 25.1 26.5 21.1 18.0 17.0
Borrowings 5,894 6,621 7,172 9,487 14,079 16,614 19,438
Tier 2 Capital 3,297 4,759 4,946 6,186 8,320 9,984 11,782
Other Liab & Prov. 4,168 4,480 6,110 6,315 8,000 9,734 11,451
Total Liabilities 112,274 141,637 178,830 225,192 274,392 323,783 378,826
Cash balances 5,588 7,197 11,742 8,915 15,603 18,978 23,791
Bank balances 5,858 10,209 5,976 12,846 15,628 18,440 21,575
Investments 31,782 35,493 41,803 52,607 67,080 75,301 84,588
Advances 65,174 84,936 113,476 142,909 168,491 202,189 238,583
- Growth (%) 16.4 30.3 33.6 25.9 17.9 20.0 18.0
Fixed Assets 810 789 2,426 2,532 2,352 2,692 3,055
Other Assets 3,063 3,014 3,407 5,382 5,239 6,182 7,233
Total Assets 112,274 141,637 178,830 225,192 274,392 323,783 378,826
- Growth (%) 18.2 26.2 26.3 25.9 21.8 18.0 17.0
August 3, 2010 10

11. Bank of India | 1QFY2011 Result Update
Ratio analysis
Y/E March FY06 FY07 FY08 FY09 FY10 FY11E FY12E
Profitability ratios (%)
NIMs 2.6 2.8 2.7 2.8 2.4 2.5 2.4
Cost to Income Ratio 55.4 52.1 41.7 36.2 43.8 41.1 40.4
RoA 0.7 0.9 1.3 1.5 0.7 0.9 0.9
RoE 15.4 21.2 27.6 29.2 14.2 19.4 20.5
B/S ratios (%)
CASA Ratio 35.0 32.2 30.6 26.8 27.8 27.6 27.3
Credit/Deposit Ratio 69.4 70.8 75.6 75.3 73.3 74.6 75.2
CAR 10.8 11.6 13.0 12.1 12.0 11.1 11.3
- Tier I 6.8 6.5 8.2 8.3 7.8 7.1 7.1
Asset Quality (%)
Gross NPAs 3.7 2.4 1.7 1.7 2.9 2.4 2.1
Net NPAs 1.5 1.0 0.5 0.4 1.3 0.7 0.6
Slippages 1.2 1.4 1.6 1.8 2.9 2.3 2.0
Loan Loss Prov./Avg. Assets 0.5 0.4 0.4 0.3 0.7 0.5 0.4
Provision Coverage 53.7 64.5 75.6 56.1 45.0 70.2 70.1
Per Share Data (Rs)
EPS 14.4 23.0 38.2 57.2 33.1 51.0 63.1
ABVPS 88.1 113.2 167.8 215.2 215.6 278.9 328.5
DPS 3.0 3.5 4.0 8.0 7.0 9.5 11.5
Valuation Ratios
PER (x) 30.4 19.0 11.4 7.6 13.2 8.6 6.9
P/ABVPS (x) 5.0 3.9 2.6 2.0 2.0 1.6 1.3
Dividend Yield 0.7 0.8 0.9 1.8 1.6 2.2 2.6
DuPont Analysis (%)
NII 2.5 2.7 2.6 2.7 2.3 2.4 2.4
(-) Prov. Exp. 0.8 0.7 0.6 0.6 0.9 0.6 0.5
Adj. NII 1.8 2.0 2.0 2.1 1.4 1.8 1.9
Treasury 0.1 0.2 0.2 0.4 0.2 0.0 0.0
Int. Sens. Inc. 1.9 2.2 2.2 2.5 1.7 1.9 1.9
Other Inc. 1.0 1.1 1.1 1.1 0.8 0.8 0.8
Op. Inc. 2.9 3.3 3.3 3.6 2.5 2.7 2.7
Opex 2.0 2.1 1.7 1.5 1.5 1.3 1.3
PBT 0.9 1.2 1.7 2.1 1.0 1.3 1.4
Taxes 0.2 0.3 0.4 0.6 0.3 0.4 0.5
RoA 0.7 0.9 1.3 1.5 0.7 0.9 0.9
Leverage (x) 22.7 24.0 22.0 19.6 20.3 21.6 21.7
RoE 15.4 21.2 27.6 29.2 14.2 19.4 20.5
August 3, 2010 11

12. Bank of India | 1QFY2011 Result Update
Research Team Tel: 022 - 4040 3800 E-mail: research@angeltrade.com Website: www.angeltrade.com
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nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document. While
Angel Broking Limited endeavours to update on a reasonable basis the information discussed in this material, there may be regulatory,
compliance, or other reasons that prevent us from doing so.
This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced,
redistributed or passed on, directly or indirectly.
Angel Broking Limited and its affiliates may seek to provide or have engaged in providing corporate finance, investment banking or
other advisory services in a merger or specific transaction to the companies referred to in this report, as on the date of this report or in
the past.
Neither Angel Broking Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from or in
connection with the use of this information.
Note: Please refer to the important `Stock Holding Disclosure' report on the Angel website (Research Section). Also, please
refer to the latest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Limited and
its affiliates may have investment positions in the stocks recommended in this report.
Disclosure of Interest Statement 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
Note: We have not considered any Exposure below Rs 1 lakh for Angel, its Group companies and Directors.
Ratings (Returns): Buy (> 15%) Accumulate (5% to 15%) Neutral (-5 to 5%)
Reduce (-5% to 15%) Sell (< -15%)
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