Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, 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. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
The Evolution of Non-Banking Financial Companies (NBFCs) in India: Challenges...beulahfernandes8
Role in Financial System
NBFCs are critical in bridging the financial inclusion gap.
They provide specialized financial services that cater to segments often neglected by traditional banks.
Economic Impact
NBFCs contribute significantly to India's GDP.
They support sectors like micro, small, and medium enterprises (MSMEs), housing finance, and personal loans.
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@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.
1. 1QFY2011 Result Update | Banking
July 27, 2010
Indian Bank ACCUMULATE
CMP Rs223
Performance Highlights Target Price Rs236
Particulars (Rs cr) 1QFY11 4QFY10 % chg (qoq) 1QFY10 % chg (yoy) Investment Period -
Net interest income 927 934 (0.8) 738 25.6
Pre-prov. profit Stock Info
838 872 (4.0) 630 32.9
PAT 368 410 (10.2) 332 11.0 Sector Banking
Source: Company, Angel Research Market Cap (Rs cr) 9,590
Beta 1.2
Indian Bank reported net profit growth of 11.0% yoy in 1QFY2011, which was
52 Week High / Low 252/125
above our estimates because of better-than-estimated core non-interest income
growth and lower effective tax rate. Operating performance was on expected Avg. Daily Volume 130,923
lines; however, a sharp increase in gross NPAs was a negative. Due to recent Face Value (Rs) 10
steep correction, we have an Accumulate rating on the stock. BSE Sensex 18,078
Strong Advances Growth: The bank’s advances and deposits grew by 30.9% yoy Nifty 5,431
and 18.6% yoy, respectively. As a result, NII declined by marginal 0.8% on a Reuters Code INBA.BO
sequential basis despite of higher interest payment on savings deposits from Bloomberg Code INBK@IN
1QFY2011. Gross NPAs in absolute terms increased by a whopping 93.8%
sequentially to Rs988cr. This was partly attributable to migration to CBS platform
for NPA recognition. However, management guided that Gross NPAs are unlikely
Shareholding Pattern (%)
to go up in absolute terms in the subsequent quarters. The bank recorded CAR of
12.5%, with Tier-I capital of 10.1% (forming 81% of the total CAR). Promoters 80.0
MF / Banks / Indian Fls 3.9
Outlook and Valuation: Indian Bank’s performance and strategic direction have
broadly been positive and balanced since its listing, leading to a gradual FII / NRIs / OCBs 13.2
improvement in the quality of earnings vis-à-vis its peers. Additionally, the bank’s Indian Public / Others 2.9
CMD has five year tenure, providing it a reasonable strategic stability. The bank’s
predominantly rural and semi-urban presence has enabled it to maintain a
reasonable cost of funds, resulting in more resilient NIMs than other mid-size PSU Abs. (%) 3m 1yr 3yr
banks. However, we believe, in a rising interest rate environment, the bank’s NIM
is not sustainable at the current high level of 3.7%, given a relatively moderate Sensex 2.2 17.6 18.7
CASA of 32.7%. Moreover, we would remain watchful of asset quality over the Indian Bank 2.9 56.1 57.1
next two quarters. At the CMP, the stock is trading at 5.5x FY2012E EPS of Rs40.7
and 1.04x FY2012E adjusted book value of Rs213.2 which is close to our target
multiple of 1.10x for the stock. Due to recent steep correction in the stock, we
have an Accumulate rating on the stock with a target price of Rs236, indicating
an upside of 5.8%.
Key Financials
Y/E March (Rs cr) FY2009 FY2010 FY2011E FY2012E
NII 2,609 3,304 3,822 4,226
% chg 31.0 26.7 15.7 10.6 Vaibhav Agrawal
Net Profit 1203 1510 1498 1748 022 – 4040 3800 Ext: 333
% chg 24.1 25.5 (0.8) 16.7 vaibhav.agrawal@angeltrade.com
NIM (%) 3.5 3.7 3.5 3.2
Amit Rane
EPS (Rs) 28.0 35.1 34.8 40.7 022 – 4040 3800 Ext: 326
P/E (x) 7.9 6.3 6.4 5.5 amitn.rane@angeltrade.com
P/ABV (x) 1.7 1.4 1.2 1.0
Shrinivas Bhutda
RoA (%) 1.6 1.7 1.4 1.3
022 – 4040 3800 Ext: 316
RoE (%) 24.7 25.6 21.2 21.0
shrinivas.bhutda@angeltrade.com
Source: Company, Angel Research
Please refer to important disclosures at the end of this report 1
2. Indian Bank | 1QFY2011 Result Update
Exhibit 1: 1QFY2011 performance
% chg % chg
Particulars (Rs cr) 1QFY2011 4QFY2010 1QFY2010
(qoq) (yoy)
Interest earned 2,122 2,025 4.8 1,880 12.8
Interest expenses 1,195 1,091 9.6 1,143 4.6
NII 927 934 (0.8) 738 25.6
Non-interest income 355 293 21.4 350 1.5
Total income 1,282 1,227 4.5 1,088 17.9
Operating expenses 444 355 25.3 457 (2.9)
Pre-prov. profit 838 872 (4.0) 630 32.9
Provisions & cont. 344 214 61.0 121 184.5
PBT 494 659 (25.0) 510 (3.1)
Prov. for taxes 126 249 (49.5) 178 (29.3)
PAT 368 410 (10.2) 332 11.0
EPS (Rs) 4.4 4.9 (10.2) 4.0 11.0
Cost-to-income ratio (%) 34.7 28.9 42.0
Effective tax rate (%) 25.5 37.8 34.9
Net NPA (%) 0.8 0.2 0.4
Source: Company, Angel Research
Exhibit 2: 1QFY2011 actual v/s Angel estimates
Particulars (Rs cr) Actual Estimates Var. (%)
NII 927 886 4.6
Non-interest income 355 279 27.3
Total income 1,282 1,165 10.1
Operating expenses 444 438 1.5
Pre-prov. profit 838 727 15.2
Provisions & cont. 344 211 63.2
PBT 494 516 (4.4)
Prov. for taxes 126 175 (28.1)
PAT 368 342 7.8
Source: Company, Angel Research
Strong Advances Growth
The bank’s advances and deposits grew by 30.9% yoy and 18.6% yoy,
respectively. The bank’s CD ratio improved marginally on a sequential basis to
74.8% in 1QFY2011 from 73.5% in 4QFY2010. As a result, NII declined by
marginal 0.8% on a sequential basis despite of higher interest payment on savings
deposits from 1QFY2011. Growth in advances was driven by SME loans (54.1%
yoy) and corporate loans (34.3%), which constituted 12.7% and 51.4% of the total
loan book, respectively, at the end of 1QFY2011.
July 27, 2010 2
3. Indian Bank | 1QFY2011 Result Update
Exhibit 3: Trend in advances and deposits
Advances (LHS) Deposits (LHS) Credit-Deposit ratio (RHS)
(Rs cr) (%)
100,000 90.0
80,000
80.0
60,000
70.0
40,000
60.0
20,000
- 50.0
1QFY08
2QFY08
3QFY08
4QFY08
1QFY09
2QFY09
3QFY09
4QFY09
1QFY10
2QFY10
3QFY10
4QFY10
1QFY11
Source: Company, Angel Research
Exhibit 4: 1QFY2011 - Break-up of advances
Retail and Agriculture
Others 15%
21%
SME
13%
Corporate
51%
Source: Company, Angel Research
Exhibit 5: Trend in CASA deposits
(%) CASA ratio
36.0 35.2 35.3
33.8
34.0 33.1 32.9 32.7
32.7 32.4
32.0 31.1 31.2 31.0 31.1
29.8
30.0
28.0
26.0
1QFY08
2QFY08
3QFY08
4QFY08
1QFY09
2QFY09
3QFY09
4QFY09
1QFY10
2QFY10
3QFY10
4QFY10
1QFY11
Source: Company, Angel Research
July 27, 2010 3
4. Indian Bank | 1QFY2011 Result Update
Exhibit 6: Trend in quarterly reported NIM
(%) Reported NIM
4.2
4.0
4.0 3.9 3.9
3.8
3.8 3.7
3.6
3.6 3.5
3.3
3.4
3.2
3.2
3.0
1QFY09
2QFY09
3QFY09
4QFY09
1QFY10
2QFY10
3QFY10
4QFY10
1QFY11
Source: Company, Angel Research
Strong core non-interest income growth
The core non-interest income grew by 54.4% yoy to Rs258cr in 1QFY2011. Due to
an absence of treasury gains, the overall non-interest income growth on a yoy
basis remained flat (up 1.5% yoy); however, it was up by 21.4% on a sequential
basis. Going forward, we expect growth in core non-interest income to be largely
in line with growth in advances.
Restructured accounts performing well, though high slippages
During the quarter, the bank’s gross and net NPA ratios increased substantially
and stood at 1.5% (0.8% in 4QFY2010) and 0.8% (0.2% in 4QFY2010),
respectively. Gross NPAs in absolute terms also increased substantially by 93.8%
qoq to Rs988cr, while net NPAs increased by a whopping 252.9% sequentially to
Rs511cr in 1QFY2011. As a result, the provision coverage ratio, including
technical write-offs, declined to 83% from 94% in 4QFY2010.
As per the RBI’s guidelines, all banks are expected to migrate to CBS-based
reporting of NPAs by March 31, 2011. The bank has already migrated to
identifying NPA through online CBS system, which enables it to track each non-
performing and special mention account on a day-to-day basis. The spike in Gross
NPAs was partly attributable to migration to CBS platform for NPA recognition.
However, management guided that Gross NPAs are unlikely to go up in absolute
terms in the subsequent quarters.
July 27, 2010 4
5. Indian Bank | 1QFY2011 Result Update
Exhibit 7: Trend in asset quality
(%) Gross NPA (LHS) Net NPA (LHS) NPA Coverage (RHS) (%)
1.60 90
1.40
75
1.20
60
1.00
0.80 45
0.60
30
0.40
15
0.20
- -
3QFY08
4QFY08
1QFY09
2QFY09
3QFY09
4QFY09
1QFY10
2QFY10
3QFY10
4QFY10
1QFY11
Source: Company, Angel Research
Operating costs rise
During the quarter, total operating costs increased by 25.3% qoq but declined by
2.9% yoy to Rs444cr. Due to a strong operating income growth (17.9% yoy)
coupled with the marginal decline in operating costs, the bank’s cost-to-income
ratio improved to 34.7% (42% in 1QFY2010). During the quarter, the bank
provided Rs8.2cr on account of additional gratuity liability pursuant to amendment
in the gratuity act.
The bank opened six branches and five ATMs during 1QFY2011, taking the total
branch network to 1,762 and ATM network to 1,010. Additionally, the bank is
planning to open 190 branches in FY2011E, which should take the bank’s total
branch network to 1,950.
Exhibit 8: Trend in cost-to-income ratio
(%) Cost-to-income ratio
60.0
50.4 51.4
50.0 46.3
44.2 44.4
42.0 40.8
40.4
40.0 36.7 38.1
33.8 34.7
28.9
30.0
20.0
1QFY08
2QFY08
3QFY08
4QFY08
1QFY09
2QFY09
3QFY09
4QFY09
1QFY10
2QFY10
3QFY10
4QFY10
1QFY11
Source: Company, Angel Research
July 27, 2010 5
6. Indian Bank | 1QFY2011 Result Update
Exhibit 9: Branch and ATM network
(Nos) Branches (LHS) ATMs (RHS) (Nos )
1,800 1,100
1,760
950
1,720
1,680 800
1,640
650
1,600
1,560 500
4QFY09
1QFY10
2QFY10
3QFY10
4QFY10
1QFY11
Source: Company, Angel Research
Healthy capital adequacy
The bank recorded a strong CAR of 12.5%, with Tier-I capital of 10.1% (forming a
healthy 81% of the total CAR). Going forward, the bank has adequate headroom
to raise additional Tier-II capital to grow above the industry’s growth rate.
Exhibit 10: Comfortable capital adequacy
(%) Tier-I CAR Tier-II CAR
16.0
14.0
12.0
10.0
8.0
6.0
4.0
2.0
-
1QFY10
2QFY10
3QFY10
4QFY10
1QFY11
Source: Company, Angel Research
July 27, 2010 6
7. Indian Bank | 1QFY2011 Result Update
Investment Arguments
Relatively high yield on advances, with resilient asset quality
A large part of the bank’s credit book comprises SME and mid-size corporates,
contributing to relatively high yield on advances but, at the same time, maintaining
superior asset quality with a net NPA ratio of less than 1%.
Technologically efficient branch franchise, moderate CASA
Indian Bank plans to open 190 branches during FY2011, indicating growth of
10% yoy, to take its total branch network to 1,950 with 100% CBS. The bank has a
moderate CASA of 33%, which grew at a CAGR of 19.4% during FY2007–10.
Outlook and Valuation
Indian Bank’s performance and strategic direction have broadly been positive and
balanced since its listing, leading to a gradual improvement in the quality of
earnings vis-à-vis its peers. Additionally, the bank’s CMD has five year tenure,
providing it a reasonable strategic stability. The bank’s predominantly rural and
semi-urban presence has enabled it to maintain a reasonable cost of funds,
resulting in more resilient NIMs than other mid-size PSU banks. However, we
believe, in a rising interest rate environment, the bank’s NIM is not sustainable at
the current high level of 3.7%, given a relatively moderate CASA of 32.7%.
Moreover, we would remain watchful of asset quality over the next two quarters. At
the CMP, the stock is trading at 5.5x FY2012E EPS of Rs40.7 and 1.04x FY2012E
adjusted book value of Rs213.2 which is close to our target multiple of 1.10x for
the stock. Due to recent steep correction in the stock, we have an Accumulate
rating on the stock with a target price of Rs236, indicating an upside of 5.8%.
July 27, 2010 7
8. Indian Bank | 1QFY2011 Result Update
Exhibit 11: Key assumptions
Earlier estimates Revised estimates
Particulars (%)
FY2011E FY2012E FY2011E FY2012E
Credit growth 20.0 18.0 22.0 18.0
Deposit growth 20.0 17.0 22.0 17.0
CASA ratio 30.9 30.0 30.4 29.5
NIM 3.4 3.3 3.5 3.2
Other income growth 1.3 11.3 3.2 11.4
Growth in staff expenses 10.0 15.0 10.0 15.0
Growth in other expenses 10.0 15.0 10.0 15.0
Slippages 0.9 0.8 1.2 1.2
Coverage ratio 79.5 79.4 77.1 76.9
Treasury gain/(loss) (% of investments) 0.2 0.2 0.2 0.2
Source: Company, Angel Research
Exhibit 12: Change in estimates
FY2011E FY2012E
Particulars
(Rs cr) Earlier Revised Earlier Revised
% chg % chg
estimates estimates estimates estimates
NII 3,718 3,822 2.8 4,213 4,226 0.3
Non-interest income 1,188 1,211 1.9 1,323 1,349 2.0
Total income 4,907 5,033 2.6 5,536 5,575 0.7
Operating expenses 1,903 1,903 - 2,188 2,188 -
Pre-prov. profit 3,004 3,130 4.2 3,347 3,387 1.2
Provisions & cont. 602 810 34.5 624 689 10.3
PBT 2,402 2,320 (3.4) 2,723 2,698 (0.9)
Prov. for taxes 814 786 (3.4) 923 914 (0.9)
PAT 1,588 1,534 (3.4) 1,801 1,784 (0.9)
Source: Company, Angel Research
Exhibit 13: P/ABV band
(Rs) Price 0.5x 0.8x 1.1x 1.4x 1.7x
400
350
300
250
200
150
100
50
0
Dec-07
Dec-08
Dec-09
Dec-10
Mar-07
Mar-08
Mar-09
Mar-10
Mar-11
Sep-07
Sep-08
Sep-09
Sep-10
Jun-07
Jun-08
Jun-09
Jun-10
Source: Company, Angel Research, Bloomberg
July 27, 2010 8
12. Indian Bank | 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 Indian Bank
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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