Oriental Bank of Commerce (OBC) is one of the oldest and most trusted public sector bank. It operates through 4,917 branches across the country reaching every geographical location. During the FY6, the Paid–up capital of the bank increased by Rs.21.55 crore.

1. 1
Fundamental Report
Oriental Bank of Commerce

2. 2
Stock Info
Stock Performance
Analyst
Making capital base strong to hold on profitability with growing NPA turbulence
Oriental Bank of Commerce (OBC) is one of the oldest and most trusted public sector bank. It
operates through 4,917 branches across the country reaching every geographical location.
During the FY6, the Paid–up capital of the bank increased by Rs.21.55 crore and Share Premium
by Rs.156.85 crore respectively by way of preferential allotment of 2,15,48,758 equity shares of
face value of Rs.10. The capital & reserves have gone up by 8.5% to Rs.14,941.15 crore
(Rs.13779.34 crore in FY15). Capital & Reserves to average working funds ratio stood at 6.54%
as against 6.36% for FY15. Further during the year, the Bank issued Basel III Compliant Tier 11
Bonds aggregating to Rs.1000 crore. Capital Risk Weighted Assets Ratio (CRAR) under Basel III
guidelines stood at 11.76% for the period under review (11.41% in FY15). Capital Risk Weighted
Assets Ratio (CRAR) under Basel II stood at 12.80% (12.28% in FY15).
RBI is working hard to revive banking sector
As Indian banks are currently focusing on cleaning their balance sheets in the wake of the AQR,
various measures taken by the Government to address the issues related to distressed
industrial sectors are expected to help the process and improve the credit growth. The
regulatory steps taken by the Reserve Bank are aimed at improving banks’ ability to deal with
stressed assets. While the proposed ‘Large Exposures’ framework will help in mitigating the risk
posed to the banking system on account of large aggregate lending to a single corporate entity,
the recent guidelines on a ‘Scheme for Sustainable Structuring of Stressed Assets (S4A)’ will
help in putting real assets back on track through another avenue for reworking the financial
structure of entities facing genuine difficulties, while providing upside to the lenders when the
borrower turns around.
Outlook
OBC is an experienced player among the banking industry with strong business model and its
multi dimensional services covering every field of financial industry. With GOI’s policies aiming
to improve the position of banks and recovery to corporate earnings makes the road ahead
brighter . We believe P/E to be 1.3x for FY17 while ROE and ROA will be in line at 0.62x and
0.60x respectively. We initiate a BUY coverage with a target price of Rs 153 a piece with an
upside of 23 % from current level.
Sector Public Bank
Bloomberg Code OBC:IN
Mrkt Cap (Rs Cr) 4,247.51
Debt ( Rs Cr ) 2,16,812
Cash ( Rs Cr) 9,433
52 Week H/L 189/ 75.15
Face Value (Rs) 10
Promoter Stake
(%)
58.38
FII/DII (%) 41.62
Others (%) -
Stock Recommendation
Rating BUY
CMP 124
Target Price 153
Upside potential 23%
Horizon (months) 6-12
Fundamental Report By Epic Research
Oriental Bank of Commerce
12 July 2016
Please refer to disclaimer at the end of this report www.epicresearch.co
Vrinda Aditya
vaditya@epicresearch.in
Y/E (Rs Crore) FY14 FY15 FY16 FY17 E FY18 E FY19 E
Total Income 20,963 22,083 21,825 22,143 22,685 23,466
YoY (%) 8.3% 5.3% -1.2% 1.5% 2.4% 3.4%
Interest Expended 13,890 14,877 14,684 14,640 14,743 14,994
YoY (%) 6.8% 7.1% -1.3% -0.3% 0.7% 1.7%
Net Profit 1,145 498 198 125 145 228
YoY (%) -13.82% -56.50% -60.15% -37.26% 16.11% 57.66%
EPS 38.73 16.58 5.20 3.87 4.50 7.09
ROE (%) 8.52% 3.61% 1.33% 0.83% 0.95% 1.49%
ROA (%) 0.52% 0.22% 0.08% 0.05% 0.06% 0.08%
Book Value/Share 448 460 465 468 472 477
Financial Performance

3. 3
Investment Rationale
Better performance even in dreary circumstances
Net Interest Income (NII) of OBC increased sequentially by 3.39percent QoQ to Rs.1,353.69 Crore
during Q4FY16 ( Rs.1,309.32 Crore in Q3FY16). For FY16 it was Rs. 5,374.57 Crore, up by 5.71 percent
YoY (Rs.5,084.19 Crore in FY15). Cost of Deposits reduced sequentially by 23 bps to 6.87 percent
during Q4 compared to 7.10 percent during Q3. For the year it reduced by 50 bps to 7.19 percent
compared to 7.69percent in FY 15. Net Interest Margin (NIM) increased by 8 bps to 2.65 percent
for Q4FY16 compared to 2.57 percent in Q3FY16. It increased by 5 bps to 2.66 percent during FY16
compared to 2.61 percent in FY15.
Operating Profit increased sequentially by 14.66 percent QoQ to Rs.878.73 Crore during Q4FY16
(Rs.766.36 Crore in Q3FY16). Further it stood at Rs.3,682.07 Crore for FY16. Net Profit stood at
Rs.156.08 Crore for FY16 and Rs.21.62 Crore for Q4FY16.
Gross NPA stood at 9.57percent & Net NPA at 6.70percent for FY16. Cash Recovery including an up
gradation during Q4FY16 was Rs.478.61 Crore compared to Rs.389.53 Crore during Q3FY16.
Provision Coverage Ratio stood at 51.16percent.
Retail Advances as percentage to total Advances increased to 12.12 percent from 10.66 percent
YoY. Priority Sector Advances as percentage to ANBC stood at 41.05percent YoY. The average
Liquidity Coverage Ratio (LCR) of the Bank for FY16 was 83.19 percent which is above the RBI’s
regulatory requirement of 70 percent. The Leverage Ratio of the Bank For FY16 was 5.86 percent
against the minimum requirement of 4.50 percent as per draft guidelines of RBI. Capital Adequacy of
the Bank under BASEL III: 11.76 percent (Tier I: 9.10 percent, Tier II: 2.66 percent).
OBC has raised Rs.178.40 crore through preferential allotment of equity shares to LIC and Rs.300
Crore to Govt. of India during FY16. These funds will be used for further expansion of business.
During FY16 they opened 100 Branches and total Delivery Channels of the Bank stood at 4917 (2351
Branches and 2566 ATMs).
New initiatives to look forward in FY17
New services and facilities started during the FY16 will add on prosperity of the OBC.
They has started crediting interest on Savings Bank accounts on monthly basis from April, 2016
against the half yearly basis as earlier and RBI’s regulatory mandate of quarterly.
Mobile App - ORIENTAL SAATHI, providing flexibility of using banking services anytime.
Co-branded Payment Gateway’ with existing I-Banking payment aggregator.
3x3 Tri-umph account with triple benefits of Savings / Current Account, Demat Account and
Online Trading account.
‘Green PIN’ for Debit Cards wherein customers can generate/reset Debit Card pin through
Bank’s ATMs.
Raised Rs.478Crore of funds
from LIC and GOI
Fundamental Report By Epic Research www.epicresearch.co
Oriental Bank of Commerce
Operating with 4917 touch
points including 2566 ATMs
For FY16 Gross NPA was 9.57
percent
New facilities to provide
convenience of using
banking services

4. 4
Improving Indian economy to nurture banking sector !!
The Indian economy is transforming with several policy initiatives set to be implemented shortly.
Positive business sentiments, improved consumer confidence and more controlled inflation are
likely to prop-up the country’s economic growth. Enhanced spending on infrastructure, speedy
implementation of projects and continuation of reforms are expected to provide further impetus
to growth. All these factors suggest that India’s banking sector is also poised for robust growth as
the rapidly growing business would turn to banks for their credit needs.
Advancements in technology have brought the mobile and internet banking services to every nook
and corner of the world. The banking sector is laying greater emphasis on providing improved
services to their clients and also upgrading their technology infrastructure, in order to enhance
the customer’s overall experience as well as give banks a competitive edge.
Indian banking industry is expected to witness the roll out of innovative banking models like
payments and small finance banks. 11 payment banks are expected to be launched by FY17.
Separately about 10 small finance banks are also expected to be launched. RBI’s new measures
may go a long way in helping the restructuring of the domestic banking industry.
11 Payment banks and small
finance banks will be added
by FY17
Fundamental Report By Epic Research www.epicresearch.co
Oriental Bank of Commerce
Annual Growth in Credits of Banks
Source: Company. Epic Research
Infrastructure development
will play crucial role in
advanced banking
Source: Company. Epic Research
Source: Company. Epic ResearchSource: Company. Epic Research
Investments and Liquidity
One year forward P/BV of OBCOne year forward P/E of OBC

5. 5
Company Overview
Founded in 1943 at Lahore, OBC moved to Amritsar post partition followed by setting up head
office at Delhi in the year 1951. It was nationalized on 15 April 1980. At that time OBC ranked 19th
among the 20 nationalized banks. In 1992 the bank set up its merchant banking division and
further expanded its branches by acquiring two banks namely Punjab Co–operative Bank and
Bari Doab Bank in 1997. Network of the bank grew to 138 major banks all over the world and 27
NOSTRO Accounts enabled it to meet the foreign exchange requirements of its clientele.
Immediate next year the bank collaborated with Citibank to launch a cobranded credit card.
In 1999 it set up special branch and asset recovery branch in Mumbai and Delhi. In 2000 they
started a venture with a foreign partner to foray in life insurance business. Year 2002 came up
with new initiatives as OBC opened a special branch for women entrepreneurs encouraging
women empowerment. They also raised Rs. 200 Cr Tier II capital through bonds for the first time
and associated with Corporation Bank to expand its ATM network. On 14 August 2004, OBC
amalgamated with Global Trust Bank (GTB). GTB was a leading private sector bank in India that
brought in it 103 branches, which increased OBC's branch total to 1092. They signed a MOU with
the IL & FS Investment Securities Ltd, for providing Online / Offline Share Trading facility for its
customers in the year 2006. There on bank is progressing with collaborations and penetrating
every stratum of financial services.
It operates in different business segments : Personal Banking– It offers wide range of products
and services such as saving accounts, deposits, loans, mutual funds, insurance, internet banking,
debit card, credit card, etc. Corporate Banking– Provides various services to its corporate clients
such as cash management services, loans, financing working capital, etc. NRI Banking– Besides
various personal banking products, it also offers remittance services, consultancy services to its
NRI Clients. It also offers various products and services to priority and SME sector. The Bank has
launched yet another people's participation in the planning process at grass root level essentially
to tackle the maladies of poverty. The Grameen Projects venture aims to alleviate poverty plus
identify the reasons responsible for the failure or success. .
70 year old bank operates with
2351 branches spread around
the country
Fundamental Report By Epic Research www.epicresearch.co
Oriental Bank of Commerce
Agra Bhubaneswar Ghaziabad Kolkata Patna
Ahmedabad Chandigarh Gurgaon Lucknow Pune
Amritsar Chennai Hyderabad Ludhiana Raipur
Banglore Dehradun Jaipur Meerut Ranchi
Bareilly New Delhi Jalandhar Mumbai Rohtak
Bhatinda Durgapur Jodhpur Delhi Varanasi
Bhopal Sriganganagar Karnal Patiala
Regional offices of OBC
Source: Company. Epic Research
Firozabad Baddi Patiala
Jamshedpur Mumbai Rajpura
Morabi Amritsar Sahibabad
Gurgaon Jalandhar Noida
Panipat Ludhiana Kolkata
Source: Company. Epic Research Source: Company. Epic Research
Regional offices of OBC
Small Scale Industry Finance Branches
They already implemented a GRAMEEN PROJECT
in Dehradun District and Hanumangarh District. The
beneficiaries of the Grameen Project are mostly women.
The Bank is engaged in providing training to rural folk in
using locally available raw material to produce pickles, jams
etc. This has provided self-employment and augmented
income levels thus reforming lives of rural folk and encour-
aging cottage industries in rural areas.
The company’s management includes Mr. Animesh Chauhan
(MD & CEO), Mr. G Rajkiran Rai (Ex. Director), Board of
Directors : Mr. Arunish Chawla, Mr. Ashok Kumar Sharma,
Mr. Desh Deepak Khetrapal, Mr. Dinesh Kumar Agrawal,
Mr. Narendra J Kotiawala, Mr. S Ganesh Kumar, Mrs. Ekta
Pasricha, Mrs. Mala Srivastava, Mr. Mahesh Dhawan,
Top Management : Mr. S K Goyal, Mr. S S Mallikarjuna Rao,
Mrs. Ekta Pasricha.
Grameen Project will uplift the
rural population.

6. 6
Financial Performance
Oriental Bank of Commerce reported a profit of Rs 21.62 crore in Q4FY16 as against a net loss of Rs
178.44 crore in the corresponding period of FY15, on the account of tax gain. Total income declined
by 4.68 percent to Rs 5,451.6 crore during the period from Rs 5,719.39 crore in the same period last
year. The bank's provisioning for bad loans stood at Rs 1,026.11 crore for Q4FY14, up from Rs
1,106.57 crore in Q4FY15. The bank has reported a tax gain of Rs 169 crore for the quarter.
However, its gross non-performing assets as a percentage to total advances rose to 9.57 percent at
the end of fourth quarter from 5.18 percent a year ago. Net NPAs during the quarter were 6.7
percent as against 3.34 YoY. For the full fiscal, the bank's net profit dipped to Rs 156.08 crore
compared with Rs 497.08 crore in FY15. Total income also decreased marginally to Rs 21,824.99
crore in FY16 from Rs 22,082.78 crore a year ago.
For FY16 net profit was
Rs.156 Crore, down 68
percent
Fundamental Report By Epic Research www.epicresearch.co
Oriental Bank of Commerce
Cost Income– Efficiency Ratio
PE—P/BVYield Comparison
ROE—ROANIM - Interest Spread
Source: Company. Epic Research
Source: Company. Epic Research
Source: Company. Epic ResearchSource: Company. Epic Research
Source: Company. Epic Research
Source: Company. Epic Research
Loan/ Deposits

7. 7
Industry Overview
The Indian banking system consists of 26 public sector banks, 25 private sector banks, 43 foreign
banks, 56 regional rural banks, 1,589 urban cooperative banks and 93,550 rural cooperative banks,
in addition to cooperative credit institutions. Public-sector banks control nearly 80 percent of the
market, thereby leaving comparatively much smaller shares for its private peers.
The future of banking in India looks not only exciting but also transformative. Despite the somewhat
difficult current operating environment, banks remain the largest financial sector intermediary in
India. In future, technology will make the engagement with banks more multi-dimensional even as
other entities, markets and instruments for credit and financial services continue to develop and
expand.
If we see the performance of sector, total money supply increased at a CAGR of 11.14 per cent
during FY06–16. For the same time period, narrow money supply (M1) rose at a CAGR of 7.69 per
cent to US$ 392.8 billion, broad money supply (M2) increased at a CAGR of 6.49 per cent to US$
395.3 billion and money supply (M3) grew at a CAGR of 11.14 per cent to US$ 1.8 trillion by the
end of October’15. Time deposits with banks have shown highest average growth of 12.9 per cent
during FY06–16, and stood at US$ 1.44 trillion by the end of October’15.
The existing and future stress on banks’ books is expected to result in a deteriorating earnings
profile . It has left the price to book value (PBV) of most PSBs at near two-year lows. The market
capitalization for state-owned lenders as a whole, which was R5 lakh crore in January 2015 crashed
to R2.8 lakh crore as on February 2016. Even though RBI is trying and formulating policies which will
hamper profits but will be favorable for banks in long term providing a strong and largest financial
system among all Emerging market.
Glimpse of Second Bi monthly Monetary Policy 2016-17
Monetary and Liquidity Measures
On the basis of an assessment of the current and evolving macroeconomic situation, it has been
decided to:
 keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.5 per
cent;
keep the cash reserve ratio (CRR) of scheduled banks unchanged at 4.0 per cent of net demand
and time liabilities (NDTL); and
continue to provide liquidity as required but progressively lower the average ex ante liquidity
deficit in the system from one per cent of NDTL to a position closer to neutrality.
Consequently, the reverse repo rate under the LAF will remain unchanged at 6.0 per cent, and
the marginal standing facility (MSF) rate and the Bank Rate at 7.0 per cent.
PSU banks covers nearly 80
percent of market
Fundamental Report By Epic Research www.epicresearch.co
Oriental Bank of Commerce
Money supply increased at a
CAGR of 11.14 percent
during FY06-16
Repo rate : 6.5percent, CRR :
4percent, Reverse Repo
rate : 6percent
Time deposits grew at CAGR
of 12.9 percent during
FY 06-15

8. 8
Valuations
We give a buy recommendation with a target price of Rs 153, an upside of 23 % over its
current market price, backed by strong presence in public sector banks sector. Strong
capital base will keep OBC in beneficial position over its peers and will enable to support
the credit demands of Corporates and uplift the rural areas with their special Grameen
project .
Valuation Methodologies
We base our valuation on weighted average EPS, taking into consideration fair values for
EPS growth estimates and terminal growth rate of business income. We arrive at a target
price of Rs. 153, which implies a 23% upside potential.(BSE: Rs 124)
Risk to Valuation
Economic slowdown : We assumed that with the upturn in Indian economy,
Corporate earnings are expected to improve which will lead to timely repayment of
debts. But subdued global economy might impact Corporates beyond our expecta-
tions.
Interest Rates & Exchange rates : Any major inverse changes in these rates will put
adverse effects.
Mounting NPAs : OBC is expected to curb its NPA as it have lowest of it compared to
peer banks. Any major changes in operations might hamper the financials.
RBI Policies : Any key changes in banking policies might slow down the growth and
profitability .
Buy for a return of 23% from
CMP of 124
Fundamental Report By Epic Research www.epicresearch.co
Oriental Bank of Commerce
Risk Free Rate 7.9%
Beta 2.29
Market Return 4.4%
Cost of Equity 18%
Terminal Growth Rate 1%
EPS Growth Rate 20%
Dividend Per Share (DPS) 0.439
Current Book Value per Share 124
Sum of all Future Residual Income 29
Value of Equity per Share 153
upside 23%
EPS Growth Valuation

9. 9
Fundamental Report By Epic Research www.epicresearch.co
Oriental Bank of Commerce
Y/E March (Rs Crore) FY14 FY15 FY16 FY17 E FY18 E FY19 E
Interest Earned 19,017 19,961 20,059 20,407 20,966 21,750
Other Income 1,945 2,121 1,766 1,736 1,719 1,717
Total Income 20,963 22,083 21,825 22,143 22,685 23,466
YoY growth percent 8.3% 5.3%
-
1.2% 1.5% 2.4% 3.4%
Interest Expended 13,890 14,877 14,684 14,640 14,743 14,994
Operating Expenses 2,917 2,979 3,459 3,774 4,114 4,480
Provisions and Contingencies 3,016 3,450 3,526 3,596 3,668 3,741
Total Expenditure 19,823 21,305 21,669 22,011 22,526 23,215
YoY growth percent 9.9 % 7.5 % 1.7% 1.6% 2.3% 3.1%
Net Profit before Exceptional Item 1,139 778 156 132 160 251
Less: Exceptional Item - 280 - - - -
Net Profit for the year 1,139 497 156 132 160 251
Profit brought forward 0.17 0.97 0.14 0.64 0.93 1.28
Investment Allowance Reserve 5 - 42 - - -
Total Net Profit 1,145 498 198 132 160 252
Earning per Share 38.7 16.6 5.2 4.1 5.0 7.9
Y/E March (Rs Crore) FY14 FY15 FY16 FY17 E FY18 E FY19 E
CAPITAL & LIABILITIES
Capital 300 300 321 321 321 321
Share Application Money pending allotment - - 300 - - -
Reserves & Surplus 13,131 13,479 14,620 14,727 14,853 15,046
Deposits 193,489 204,010 208,915 216,027 225,542 237,731
Borrowings 7,864 6,545 7,897 9,229 10,435 11,401
Other Liabilities and Provisions 5,519 6,180 5,488 5,149 5,087 5,281
Total 220,303 230,514 237,542 245,453 256,238 269,781
ASSETS
Cash & Balances with Reserve Bank of India 9,981 10,188 9,433 8,574 8,589 11,465
Balances with Banks and Money at Call & Short Notice 4,288 587 530 557 616 716
Investments 61,472 68,440 65,658 69,554 74,454 80,525
Advances 139,080 145,261 148,880 152,589 157,153 160,282
Fixed Assets 1,256 1,353 2,272 2,339 2,409 2,481
Other Assets 4,226 4,683 10,769 11,840 13,018 14,312
Total 220,303 230,514 237,542 245,453 256,238 269,781
BALANCE SHEET
Income Statement

10. 10
Fundamental Report By Epic Research
www.epicresearch.co
Oriental Bank of Commerce
Y/E March FY14 FY15 FY16 FY17 E FY18 E FY19 E
Operational & Financial Ratios:
Earnings Per Share (Rs) 38.7 16.6 5.2 4.1 5.0 7.9
DPS(Rs) 3.6 3.3 0.7 0.6 0.9 1.5
Book Value/Share (Rs) 447.9 459.5 464.9 468.2 472.1 478.1
Margin Ratios:
Yield on Advances 10.5 % 10.4 % 9.9 % 10.0 % 10.0 % 10.1 %
Yield on Investments 6.3 % 7.3 % 7.3 % 7.0 % 6.7 % 6.4 %
NIM 3.7 % 3.5 % 3.6 % 3.8 % 4.0 % 4.2 %
Interest Spread 2.0 % 1.8 % 2.2 % 2.3 % 2.5 % 2.6 %
Performance Ratios:
ROA(%) 0.52 % 0.22 % 0.08 % 0.05 % 0.06 % 0.09 %
ROE(%) 8.5 % 3.6 % 1.3 % 0.9 % 1.1 % 1.6 %
Efficiency Ratios:
Cost Income Ratio 41.2 % 41.3 % 48.4 % 50.3 % 51.8 % 52.9 %
Efficiency Ratios 13.9 % 13.5 % 15.8 % 17.0 % 18.1 % 19.1 %
Operating Costs to Assets 1.3 % 1.3 % 1.5 % 1.5 % 1.6 % 1.7 %
Valuation Parameters:
PE (x) 3.1 7.2 23.1 29.2 24.0 15.3
Price / Book x) 0.3 0.3 0.3 0.3 0.3 0.3
Dividend Yield (%) 3.0 % 2.8 % 0.6 % 0.5 % 0.7 % 1.3 %
Growth Ratio:
Core Operating Income Growth 7.4% 5.0 % 0.5 % 1.7 % 2.7 % 3.7 %
Net Profit Growth -13.8% -56.5 % -60.1 % -33.3 % 21.3 % 57.2 %
BVPS Growth 2.3% 2.6 % 1.2 % 0.7 % 0.8 % 1.3 %
Advances Growth 7.9 % 4.4 % 2.5 % 2.5 % 3.0% 2.0 %
EPS Growth (percent) -14.9 % -57.2 % -68.6 % -20.8 % 21.3 % 57.2 %
Liquidity Ratios:
Loans / Deposits (x) 0.72 0.71 0.71 0.71 0.70 0.67
Total Debt / Equity (x) 15.0 15.3 14.5 15.0 15.6 16.2
Current Ratio (x) 0.8 0.8 2.0 2.3 2.6 2.7
Ratios

11. 11
Fundamental Report By Epic Research www.epicresearch.co
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Oriental Bank of Commerce

12. 12
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