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 operating performance and lower provisions contributing to earnings growth. Advances grew 19.6% year-over-year while deposits increased 19.8% driven by improved credit demand. Net interest margin expanded to 2.89% from better asset yields and lower funding costs. Asset quality also improved with gross and net NPA ratios declining, though provisions remained high.
how to sell pi coins in Canada, Uk and AustraliaDOT TECH
If you are interested in selling your pi coins in Canada, UK or any other country in the world, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇
@Pi_vendor_247
#pi network
#pi coins
#pi
#money
#passive income.
PD ARRAY THEORY FOR INTERMEDIATE (1).pdfJerrySMaliki
Dealing range is the new trading range formed after buyside and sale side
is taken.
PD array is the distinction between Premium to Discount inside that
dealing range including the array list inside the two ranges.
Dealing range is the new trading range formed after buyside and sale side
is taken.
PD array is the distinction between Premium to Discount inside that
dealing range including the array list inside the two ranges. Dealing range is the new trading range formed after buyside and sale side
is taken.
PD array is the distinction between Premium to Discount inside that
dealing range including the array list inside the two ranges. Dealing range is the new trading range formed after buyside and sale side
is taken.
PD array is the distinction between Premium to Discount inside that
dealing range including the array list inside the two ranges. Dealing range is the new trading range formed after buyside and sale side
is taken.
PD array is the distinction between Premium to Discount inside that
dealing range including the array list inside the two ranges. Dealing range is the new trading range formed after buyside and sale side
is taken.
PD array is the distinction between Premium to Discount inside that
dealing range including the array list inside the two ranges. Dealing range is the new trading range formed after buyside and sale side
is taken.
PD array is the distinction between Premium to Discount inside that
dealing range including the array list inside the two ranges. Dealing range is the new trading range formed after buyside and sale side
is taken.
PD array is the distinction between Premium to Discount inside that
dealing range including the array list inside the two ranges. Dealing range is the new trading range formed after buyside and sale side
is taken.
PD array is the distinction between Premium to Discount inside that
dealing range including the array list inside the two ranges. Dealing range is the new trading range formed after buyside and sale side
is taken.
PD array is the distinction between Premium to Discount inside that
dealing range including the array list inside the two ranges. Dealing range is the new trading range formed after buyside and sale side
is taken.
PD array is the distinction between Premium to Discount inside that
dealing range including the array list inside the two ranges. Dealing range is the new trading range formed after buyside and sale side
is taken.
PD array is the distinction between Premium to Discount inside that
dealing range including the array list inside the two ranges. Dealing range is the new trading range formed after buyside and sale side
is taken.
PD array is the distinction between Premium to Discount inside that
dealing range including the array list inside the two ranges. Dealing range is the new trading range formed after buyside and sale side
is taken.
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
when officially can i withdraw my pi Network coins.DOT TECH
When will I be able to sell my Pi coins?
Pi open mainnet is in 3years time that is 2026. So if you can't wait till then you can still sell your pi coins to Chinese investors looking forward to hold massive amounts of pi coins before mainnet launch in 2026.
You can't meet the investors directly you have to go through their vendors.
A pi vendor is someone who buys pi coins from miners and resell them to investors.
I have a vendor I sell pi coins to and I and my friends have sold more than 10k coins to him.feel free to telegram him if you want to sell.
@Pi_vendor_247
#pi network
#sell pi coins
#money
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
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Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
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Application Process:
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Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
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USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
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Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
Resume
• Real GDP growth slowed down due to problems with access to electricity caused by the destruction of manoeuvrable electricity generation by Russian drones and missiles.
• Exports and imports continued growing due to better logistics through the Ukrainian sea corridor and road. Polish farmers and drivers stopped blocking borders at the end of April.
• In April, both the Tax and Customs Services over-executed the revenue plan. Moreover, the NBU transferred twice the planned profit to the budget.
• The European side approved the Ukraine Plan, which the government adopted to determine indicators for the Ukraine Facility. That approval will allow Ukraine to receive a EUR 1.9 bn loan from the EU in May. At the same time, the EU provided Ukraine with a EUR 1.5 bn loan in April, as the government fulfilled five indicators under the Ukraine Plan.
• The USA has finally approved an aid package for Ukraine, which includes USD 7.8 bn of budget support; however, the conditions and timing of the assistance are still unknown.
• As in March, annual consumer inflation amounted to 3.2% yoy in April.
• At the April monetary policy meeting, the NBU again reduced the key policy rate from 14.5% to 13.5% per annum.
• Over the past four weeks, the hryvnia exchange rate has stabilized in the UAH 39-40 per USD range.
Latino Buying Power - May 2024 Presentation for Latino CaucusDanay Escanaverino
Unlock the potential of Latino Buying Power with this in-depth SlideShare presentation. Explore how the Latino consumer market is transforming the American economy, driven by their significant buying power, entrepreneurial contributions, and growing influence across various sectors.
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2. **Buying Power:** Dive into detailed analyses of Latino buying power, including its growth trends, key drivers, and projections for the future. Learn how this influential group’s spending habits are shaping market dynamics and creating opportunities for businesses.
3. **Entrepreneurial Contributions:** Explore the entrepreneurial spirit within the Latino community. Examine how Latino-owned businesses are thriving and contributing to job creation, innovation, and economic diversification.
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6. **Education:** Examine the educational achievements and challenges within the Latino community. Review statistics on enrollment, graduation rates, and fields of study. Understand the implications of education on economic mobility and workforce readiness.
7. **Home Ownership:** Explore trends in Latino home ownership. Understand the factors driving home buying decisions, the challenges faced by Latino homeowners, and the impact of home ownership on community stability and economic growth.
This SlideShare provides valuable insights for marketers, business owners, policymakers, and anyone interested in the economic influence of the Latino community. By understanding the various facets of Latino buying power, you can effectively engage with this dynamic and growing market segment.
Equip yourself with the knowledge to leverage Latino buying power, tap into their entrepreneurial spirit, and connect with their unique cultural and consumer preferences. Drive your business success by embracing the economic potential of Latino consumers.
**Keywords:** Latino buying power, economic impact, entrepreneurial contributions, workforce statistics, media consumption, education, home ownership, Latino market, Hispanic buying power, Latino purchasing power.
how can I sell my mined pi coins profitabily.DOT TECH
Even tho. Pi is not launched yet on any exchange worldwide. You can easily sell your mined pi coins for cash or other cryptocurrencies, Through verified vendors/merchants
Who is a pi vendor?
A pi vendor is a person, that buys pi coins from miners and resell them to Investors interested in holding pi coins till mainnet launch in 2026…
I will leave the whatsapp contact of my personal pi vendor. Highly recommendable…………
@Pi_vendor_247
#pi network
#pi coins
#money
how can i trade pi coins for Bitcoin easily.DOT TECH
Pi is not launched yet on any exchange, it is not sellable, but you can actually exchange your I network coins to other currencies. By selling your pi network coins to investors and holders of the coins.
How can I find a pi network investor
Lol, you don't need to find a investor all you have to do is to sell your pi coins to a vendor [ buys from miners and resells to the holders]
I will leave the whatsapp contact of my personal pi network vendor to trade Pi coins with.
@Pi_vendor_247
#pi network
#pi
#passive income
#legit
#bitcoin
is it possible to sell pi network coin in 2024.DOT TECH
If you are in urgent need to do something which requires money. And you want to sell your pi network coins. I would advise you sell a portion of it Not all , so you can still cash out big when it's launched later. I will leave the telegram contact of my personal pi vendor.
@Pi_vendor_247
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
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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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
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Ratings (Returns): Buy (> 15%) Accumulate (5% to 15%) Neutral (-5 to 5%)
Reduce (-5% to 15%) Sell (< -15%)
August 3, 2010 12