1. Please refer to important disclosures at the end of this report 1
Particulars (` cr) 2QFY11 1QFY11 % chg (qoq) 2QFY10 % chg (yoy)
NII 197 167 17.9 165 19.4
Pre-prov profit 125 104 19.5 134 (6.8)
PAT 77 58 31.8 73 6.1
Source: Company, Angel Research
South Indian Bank (SIB) reported net profit of `77cr for 2QFY2011, which
exceeded our estimate of `63cr on the back of strong balance sheet growth led
by sustained increase in loans against gold and SME lending. However, on the
valuation front, we believe that the stock is expensive relative to its peers as well
as its own historical range. Hence, we remain Neutral on the stock.
Business growth above industry with stable asset quality and profitability: The
bank’s business growth continued to show strong traction, with advances growing
35.7% yoy and deposits 27.3% yoy. CASA deposits stood at `5,979cr (up 2.2%
qoq) and constituted 23.9% (down by ~122bp qoq) of total deposits. NRE
deposits constituted 15.5% of total deposits. Reported NIMs improved by 17bp
sequentially to 3.0% from 2.83% in 1QFY2011 on the back of decrease in cost of
deposits on a sequential basis by 9bp to 6.34% and increase in yield on
investments by ~24bp. With the improvement in NIMs, net interest income (NII)
rose by a healthy 19.4% yoy and 17.9% qoq to `197cr. Asset quality remained
stable with the gross and net NPA ratio at 1.3% and 0.4% respectively, and a
provision coverage ratio of 70.5% excluding write-offs.
Outlook and Valuation
We expect the bank to deliver profitable growth above the average growth rate of
its peer group and sustain normalised RoE at 16-18% levels. However, at the
CMP, the stock is trading at fair valuations of 9.6x FY2012E EPS of `2.9 and 1.7x
FY2012E ABV of `16.5, which we believe is expensive relative to peers and its
own historical range. Hence, we maintain our Neutral rating on the stock.
Key Financials
Particulars (` cr) FY2009 FY2010 FY2011E FY2012E
NII 523 568 770 861
% chg 32.7 8.7 35.4 11.9
Net Profit 195 234 286 326
% chg 28.4 20.0 22.3 13.9
NIM (%) 2.9 2.5 2.8 2.6
EPS (`)* 1.7 2.1 2.5 2.9
P/E (x) 16.1 13.4 11.0 9.6
P/ABV (x) 2.6 2.2 1.9 1.7
RoA (%) 1.0 1.0 1.0 1.0
RoE (%) 16.0 17.0 18.1 17.8
Source: Company, Angel Research; Note: * adjusted for face value split from `10 to`1
NEUTRAL
CMP `28
Target Price -
Investment Period -
Stock Info
Sector Banking
Market Cap (` cr) 3,135
Beta 0.8
52 Week High / Low 28/13
Avg. Daily Volume 417,763
Face Value (`) 1
BSE Sensex 20,166
Nifty 6,066
Reuters Code SIBK.BO
Bloomberg Code SIB@IN
Shareholding Pattern (%)
Promoters -
MF / Banks / Indian Fls 13.2
FII / NRIs / OCBs 37.6
Indian Public / Others 49.2
Abs. (%) 3m 1yr 3yr
Sensex 11.3 20.1 14.5
SIB 48.2 95.4 125.8
Vaibhav Agrawal
022 – 4040 3800 Ext: 333
vaibhav.agrawal@angelbroking.com
Amit Rane
022 – 4040 3800 Ext: 326
amitn.rane@angelbroking.com
Shrinivas Bhutda
022 – 4040 3800 Ext: 316
shrinivas.bhutda@angelbroking.com
South Indian Bank
Performance Highlights
2QFY2011 Result Update | Banking
October 22, 2010

2. South Indian Bank | 2QFY2011 Result Update
October 22, 2010 2
Exhibit 1: 2QFY2011 Performance
Particulars (` cr) 2QFY11 1QFY11 % chg (qoq) 2QFY10 % chg (yoy)
Interest earned 580 540 7.3 469 23.6
Interest expenses 382 373 2.5 304 25.9
Net Interest Income 197 167 17.9 165 19.4
Non-interest income 45 42 7.7 66 (31.5)
Operating income 242 209 15.9 231 5.0
Operating expenses 117 105 12.2 97 21.2
Pre-prov profit 125 104 19.5 134 (6.8)
Provisions & cont. 7 17 (59.2) 16 (58.6)
PBT 118 88 34.5 117 0.5
Prov. for Taxes 41 29 40.1 45 (8.6)
PAT 77 58 31.8 73 6.1
EPS (`)* 0.7 0.5 31.8 0.6 6.1
Cost-to-income ratio (%) 48.5 50.1 42.0
Effective tax rate (%) 34.7 33.4 38.2
Net NPA (%) 0.4 0.4 0.4
Source: Company, Angel Research; Note: * adjusted for face value split from `10 to `1.
Exhibit 2: 2QFY2011 Actual v/s Estimates
Particulars (` cr) Actual Estimates Var (%)
Net interest income 197 172 14.7
Non-interest income 45 36 25.3
Operating income 242 208 16.5
Operating expenses 117 104 12.8
Pre-prov. profit 125 104 20.2
Provisions & cont. 7 9 (21.3)
PBT 118 95 24.0
Prov. for taxes 41 32 27.8
PAT 77 63 22.0
Source: Company, Angel Research

3. South Indian Bank | 2QFY2011 Result Update
October 22, 2010 3
Strong business growth continues
The bank’s business growth continued to register strong traction, with advances
growth at 35.7% yoy (4.9% qoq) and deposits growth at 27.3% yoy (7.4% qoq).
The bank’s CASA deposits stood at `5,979cr (up by 2.2% qoq) and constituted
23.9% (down from 25.1% in 1QFY2011) of total deposits. NRE deposit growth was
sluggish during the quarter but remittances into savings accounts have picked up.
The key drivers for growth in advances were the disbursals to the infrastructure
sector and loans against gold. The bank has been quite aggressively growing the
high-yielding (12% avg. yield) loans against gold, which stood at `3,333cr (up
from ~`3,000cr in 1QFY2011). Loans against gold accounted for ~19% of the
advances.
Management is expecting credit growth above 25% for FY2011 and sees demand
to flow from the infrastructure sector where they have sanctions worth ~`2,800cr
and the loans against gold.
Reported NIMs improved by 17bp sequentially to 3.0% from 2.83% in 1QFY2011
on the back of decrease in cost of deposits on a sequential basis by 9bp to 6.34%
and increase in yield on investments by ~24bp. Also, the CD ratio on average
basis remained above 72% during 2QFY2011, thereby aiding the margin uptick.
However, the yield on advances declined by 16bp sequentially to 10.61% in
2QFY2011. With the improvement in NIMs, net interest income (NII) of the bank
rose by a healthy 19.4% yoy and 17.9% qoq to `197cr.
Going forward, management expects to sustain the NIMs above 2.9% on the back
of focus on CASA deposits and increasing the share of the higher yielding gold
and SME loans. We have built in NIMs of 2.8% for FY2011, considering the rising
interest rate environment, going forward.
Exhibit 3: Advances and deposits growth above industry
Source: Company, Angel Research
3.2 3.1 3.0
5.7
4.2
11.1 11.1
4.8 4.9
4.6 4.4 4.2
2.8
5.9
4.8
11.5
1.4
7.4
-
3.0
6.0
9.0
12.0
15.0
-
4,500
9,000
13,500
18,000
22,500
27,000
2QFY09
3QFY09
4QFY09
1QFY10
2QFY10
3QFY10
4QFY10
1QFY11
2QFY11Advances (` cr) Deposits (` cr)
Advances qoq growth (%, RHS) Deposits qoq growth (%, RHS)

4. South Indian Bank | 2QFY2011 Result Update
October 22, 2010 4
Exhibit 4: Advances break-up - 2QFY2011
Source: Company, Angel Research
Exhibit 5: CASA ratio relatively low at 23.9%
Source: Company, Angel Research
Exhibit 6: Reported NIM surprises on the upside
Source: Company, Angel Research
Healthy asset quality
The bank’s gross and net NPAs have been on a steady decline since 4QFY2009,
due to lower slippages and higher recoveries. The bank’s gross NPAs were up
2.1% sequentially at `228cr, while net NPAs rose 3.6% sequentially to `67cr; the
bank’s gross and net NPA ratio remained flat sequentially at 1.3% and 0.4%,
respectively. The bank maintained healthy provision coverage at 70.5% excluding
technical write-offs. The annualised gross slippage ratio for 2QFY2011 fell to 0.7%
compared to 1.5% for FY2010. During the quarter, the bank restructured advances
worth `25cr taking the total restructured advances to `457cr (28.2% of net worth
and 2.6% of the advances).
LCs, Bills
Receivable &
Packing Credit
18%
Gold Loan
18%
Medium and Large
Corporates
16%
Agri
16%
SME
12%
Housing
9%
NBFC
5%
Others
4%
Food Credit
1% Real Estate
1%
24.6
24.3 24.2
23.1
25.1
23.9
20.0
22.0
24.0
26.0
1QFY10 2QFY10 3QFY10 4QFY10 1QFY11 2QFY11
(%)
2.7 2.7
2.8 2.8
2.8
3.0
2.50
2.70
2.90
3.10
1QFY10 2QFY10 3QFY10 4QFY10 1QFY11 2QFY11
(%)

5. South Indian Bank | 2QFY2011 Result Update
October 22, 2010 5
Exhibit 7: NPAs stable
Source: Company, Angel Research
Non-interest income above expectations
During 2QFY2011, the bank’s non-interest income excluding treasury registered a
strong growth of 33.7% yoy, while the treasury income declined 83.1% yoy to
`6.2cr, resulting in a decline of 31.5% yoy in total non-interest income. Going
forward, the growth in non-interest income excluding treasury is estimated to be in
line with the advances growth. However, on account of lower treasury gains,
overall non-interest income is estimated to decline by 16.8% in FY2011.
Exhibit 8: Break-up of non-interest income
Particulars (` cr) 2QFY11 1QFY11 % chg (qoq) 2QFY10 % chg (yoy)
Fee Income 13 12 6.8 11 18.0
Treasury Gains 6 9 (32.7) 37 (83.1)
Others 26 20 26.6 18 43.5
Total 45 42 7.7 66 (31.5)
Source: Company, Angel Research
Comfortable Capital Adequacy
The bank’s capital adequacy ratio (CAR) stood at a comfortable 15.9%, with tier-I
capital of 13.1% (constituting 82.6% of the total CAR) at the end of 2QFY2011.
Exhibit 9: Comfortable capital adequacy
Source: Company, Angel Research
203
208
261
231
213
214
211
223
228
44
43
134
83
56
57
62
65
67
79 79
48
64
73 73 71 71 71
-
25
50
75
100
-
75
150
225
300
2QFY09
3QFY09
4QFY09
1QFY10
2QFY10
3QFY10
4QFY10
1QFY11
2QFY11
Gross NPAs (` cr) Net NPA (` cr) NPA coverage (%, RHS)
13.2 13.7 14.3 13.9 12.4 13.1 13.1
1.5 1.4
3.6 3.4
3.0 2.9 2.8
-
4.0
8.0
12.0
16.0
20.0
4QFY09
1QFY10
2QFY10
3QFY10
4QFY10
1QFY11
2QFY11
Tier-I CAR Tier-II CAR(%)

6. South Indian Bank | 2QFY2011 Result Update
October 22, 2010 6
Operating expenses under control
Operating expenses rose by 21.2% yoy driven by 22.1% yoy growth in employee
expenses and 19.4% yoy increase in other operating expenses. Due to the muted
performance on the operating income front, the bank’s cost-to-income ratio
deteriorated to 48.5% in 2QFY2011 as against 42.0% in 2QFY2010.
Management is targeting a cost-to-income ratio of 45% over the next two years.
Exhibit 10: Trend in opex
Source: Company, Angel Research
Investment Arguments
Profitable, cost-efficient and technologically up-to-date network
The bank’s largely semi-urban branch network is concentrated in the southern
states of the country. While enjoying customer loyalty that comes from years of
association, the bank has ensured that it remains sufficiently in step with product,
technology and service level developments in the industry thereby maintaining its
market share over the past ten years. Thus, the bank’s profitable, cost-efficient and
technologically up-to-date network constitutes a reasonably attractive standalone
franchise.
Niche NRI deposit base underpins deposit cost advantage over several
peers
The bank’s deposit franchise includes a niche NRI customer base that contributes a
meaningful 15.5% of total deposits and gives it a distinguishing cost advantage
over several of its peers. Thus, we believe that the bank will be relatively better-
placed to protect its NIMs than its peers, going forward.
Outlook and Valuation
At the CMP, the stock is trading at 9.6x FY2012E EPS of `2.9 and 1.7x FY2012E
ABV of `16.5, which we believe is expensive relative to peers and its own
historical range. Hence, we remain Neutral on the stock.
43.7
48.0
50.0
48.7
42.0
45.0
58.0
50.1
48.5
40.0
45.0
50.0
55.0
60.0
-
30
60
90
120
2QFY09
3QFY09
4QFY09
1QFY10
2QFY10
3QFY10
4QFY10
1QFY11
2QFY11
Staff expenses (` cr) Other opex (` cr) Cost-to-income ratio (%, RHS)

7. South Indian Bank | 2QFY2011 Result Update
October 22, 2010 7
Exhibit 11: Key Assumptions
Particulars (%)
Earlier Estimates Revised Estimates
FY2011E FY2012E FY2011E FY2012E
Credit growth 23.0 23.0 23.0 23.0
Deposit growth 19.0 19.0 19.0 19.0
CASA ratio 22.4 21.4 22.4 21.4
NIMs 2.6 2.5 2.8 2.6
Other income growth (14.2) 21.3 (14.2) 21.3
Growth in staff expenses 16.0 16.0 25.0 15.0
Growth in other expenses 16.0 16.0 25.0 15.0
Slippages 1.4 1.2 1.5 1.4
Treasury gain/(loss) (% of investments) 0.3 0.3 0.3 0.3
Source: Company, Angel Research
Exhibit 12: Change in estimates
Particulars (` cr)
FY2011 FY2012
Earlier
estimates
Revised
estimates
% chg
Earlier
estimates
Revised
estimates
% chg
NII 711 770 8.2 819 861 5.1
Non-interest income 179 179 - 217 217 -
Operating income 890 949 6.6 1,036 1,078 4.1
Operating expenses 425 458 7.8 493 526 6.8
Pre-prov. profit 465 491 5.4 544 552 1.6
Provisions & cont. 72 60 (17.5) 43 61 40.8
PBT 393 431 9.7 500 491 (1.8)
Prov. for taxes 133 145 9.7 169 166 (1.8)
PAT 261 286 9.7 332 326 (1.8)
Source: Company, Angel Research
Exhibit 13: P/ABV band
Source: Company, Angel Research
0
5
10
15
20
25
30
35
40
Mar-02
Oct-02
May-03
Dec-03
Jul-04
Mar-05
Oct-05
May-06
Dec-06
Jul-07
Feb-08
Sep-08
Apr-09
Nov-09
Jun-10
Jan-11
Price (`) 0.4x 0.8x 1.2x 1.6x 2x

8. South Indian Bank | 2QFY2011 Result Update
October 22, 2010 8
Exhibit 14: Recommendation summary
Company Reco.
CMP
(`)
Tgt. Price
(`)
Upside
(%)
FY2012E
P/ABV (x)
FY2012E
Tgt P/ABV (x)
FY2012E
P/E (x)
FY2010-12E
EPS CAGR (%)
FY2012E
RoA (%)
FY2012E
RoE (%)
AxisBk Buy 1,464 1,705 16.5 2.7 3.2 14.0 29.6 1.6 21.1
FedBk Accumulate 477 512 7.4 1.4 1.5 10.0 32.6 1.4 14.8
HDFCBk Accumulate 2,324 2,510 8.0 3.7 4.0 19.6 35.7 1.7 20.4
ICICIBk* Buy 1,132 1,350 19.3 2.3 2.6 18.3 31.0 1.4 15.5
SIB Neutral 28 - - 1.7 - 9.6 18.0 1.0 17.8
YesBk Neutral 370 - - 2.9 - 17.0 24.4 1.2 18.2
BOI Neutral 537 - - 1.7 - 8.9 35.2 0.9 19.8
CorpBk Neutral 775 - - 1.4 - 7.5 12.5 1.0 20.1
DenaBk Neutral 125 - - 1.0 - 6.1 3.0 0.7 17.7
IndBk Neutral 303 - - 1.4 - 7.3 8.4 1.3 21.1
IOB Accumulate 161 172 7.0 1.1 1.2 8.0 24.5 0.7 14.8
OBC Neutral 486 - - 1.3 - 7.3 21.6 0.9 18.1
PNB Neutral 1,331 - - 1.8 - 8.8 10.6 1.2 22.3
SBI* Accumulate 3,201 3,556 11.1 2.0 2.6 14.1 24.0 1.1 19.2
UcoBk Neutral 126 - - 1.2 - 5.5 12.0 0.8 24.9
Source: Company, Angel Research; Note:* Target multiples = SOTP target price/ABV (including subsidiaries)

9. South Indian Bank | 2QFY2011 Result Update
October 22, 2010 9
Income statement
Y/E March (` cr) FY2006 FY2007 FY2008 FY2009 FY2010 FY2011E FY2012E
Net Interest Income 310 368 394 523 568 770 861
- YoY Growth (%) 20.7 18.5 7.2 32.7 8.7 35.4 11.9
Other Income 72 122 143 164 208 179 217
- YoY Growth (%) (29.4) 68.1 17.3 15.2 26.9 (14.2) 21.3
Operating Income 382 489 537 687 777 949 1,078
- YoY Growth (%) 6.4 27.9 9.7 28.0 13.0 22.1 13.7
Operating Expenses 222 219 248 328 366 458 526
- YoY Growth (%) 22.1 (1.4) 13.4 32.4 11.5 25.0 15.0
Pre - Provision Profit 160 270 289 359 411 491 552
- YoY Growth (%) (9.6) 68.4 6.8 24.3 14.5 19.5 12.5
Prov and Cont 87 124 57 57 43 60 61
- YoY Growth (%) (44.8) 41.5 (54.0) 0.7 (24.5) 37.4 2.3
Profit Before Tax 73 146 232 301 367 431 491
- YoY Growth (%) 283.0 100.7 58.3 30.0 21.9 17.4 13.9
Prov. for Taxation 18 42 80 107 134 145 166
- as a % of PBT 24.7 28.9 34.6 35.4 36.4 33.7 33.7
PAT 55 104 152 195 234 286 326
- YoY Growth (%) 295.0 89.5 45.6 28.4 20.0 22.3 13.9
Balance sheet
Y/E March (` cr) FY2006 FY2007 FY2008 FY2009 FY2010 FY2011E FY2012E
Share Capital 70 70 90 113 113 113 113
Reserve & Surplus 570 654 1,071 1,191 1,372 1,599 1,859
Deposits 9,579 12,239 15,156 18,092 23,012 27,384 32,587
- Growth (%) 12.8 27.8 23.8 19.4 27.2 19.0 19.0
Borrowings 1 33 28 257 1 1 1
Tier 2 Capital 200 174 155 155 330 393 467
Other Liab. & Prov. 407 483 590 575 706 896 1,132
Total Liabilities 10,827 13,653 17,090 20,384 25,534 30,386 36,159
Cash balances 546 700 974 998 1,391 1,917 2,444
Bank balances 797 1,246 729 1,038 597 710 845
Investments 2,739 3,430 4,572 6,075 7,156 7,626 8,134
Advances 6,370 7,919 10,454 11,852 15,823 19,462 23,938
- Growth (%) 18.7 24.3 32.0 13.4 33.5 23.0 23.0
Fixed Assets 90 90 113 136 153 176 210
Other Assets 285 268 249 284 415 494 588
Total Assets 10,827 13,653 17,090 20,384 25,534 30,386 36,159
- Growth (%) 14.2 26.1 25.2 19.3 25.3 19.0 19.0

10. South Indian Bank | 2QFY2011 Result Update
October 22, 2010 10
Ratio Analysis
Y/E March FY2006 FY2007 FY2008 FY2009 FY2010 FY2011E FY2012E
Profitability ratios (%)
NIMs 3.2 3.1 2.6 2.9 2.5 2.8 2.6
Cost to Income ratio 58.0 44.8 46.2 47.8 47.1 48.3 48.8
RoA 0.5 0.9 1.0 1.0 1.0 1.0 1.0
RoE 10.0 15.5 16.4 16.0 17.0 18.1 17.8
B/S ratios (%)
CASA ratio 26.4 23.9 24.1 23.8 23.1 22.4 21.4
Credit/Deposit ratio 66.5 64.7 69.0 65.5 68.8 71.1 73.5
Net worth/ Assets 18.5 18.2 16.6 15.4 16.7 17.7 18.2
CAR 13.0 11.1 13.8 14.8 15.4 13.4 11.8
- Tier I 8.4 8.8 12.1 13.2 12.4 11.0 9.8
Asset Quality (%)
Gross NPAs 5.0 3.9 1.8 2.2 1.3 1.1 0.8
Net NPAs 1.9 1.0 0.3 1.1 0.4 0.3 0.2
Slippages 1.8 2.2 0.7 1.6 1.5 1.5 1.4
NPA prov / avg. assets 0.7 0.7 0.1 0.1 0.2 0.2 0.2
Provision Coverage 63.9 75.8 82.0 48.4 70.8 75.7 69.8
Per Share Data* (`)
EPS 0.8 1.5 1.7 1.7 2.1 2.5 2.9
ABVPS (75% cover) 8.6 10.0 12.6 10.8 12.9 15.0 16.5
DPS 0.2 0.2 0.3 0.3 0.4 0.5 0.5
Valuation Ratios
PER (x) 35.6 18.8 16.5 16.1 13.4 11.0 9.6
P/ABVPS (x) 3.2 2.8 2.2 2.6 2.2 1.9 1.7
Dividend Yield 0.6 0.9 1.1 1.1 1.4 1.6 1.8
DuPont Analysis
NII 3.1 3.0 2.6 2.8 2.5 2.8 2.6
(-) Prov. Exp. 0.9 1.0 0.4 0.3 0.2 0.2 0.2
Adj NII 2.2 2.0 2.2 2.5 2.3 2.5 2.4
Treasury (0.0) 0.3 0.2 0.2 0.3 0.1 0.1
Int. Sens. Inc. 2.2 2.2 2.4 2.7 2.6 2.6 2.5
Other Inc. 0.7 0.7 0.7 0.7 0.6 0.6 0.6
Op. Inc. 2.9 3.0 3.1 3.4 3.2 3.2 3.1
Opex 2.2 1.8 1.6 1.8 1.6 1.6 1.6
PBT 0.7 1.2 1.5 1.6 1.6 1.5 1.5
Taxes 0.2 0.3 0.5 0.6 0.6 0.5 0.5
ROA 0.5 0.9 1.0 1.0 1.0 1.0 1.0
Leverage 18.5 18.2 16.6 15.4 16.7 17.7 18.2
ROE 10.0 15.5 16.4 16.0 17.0 18.1 17.8
Note: * adjusted for face value split from `10 to`1

11. South Indian Bank | 2QFY2011 Result Update
October 22, 2010 11
Research Team Tel: 022 - 4040 3800 E-mail: research@angeltrade.com Website: www.angeltrade.com
DISCLAIMER
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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
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Disclosure of Interest Statement South 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` 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%)