Copy of financee data

7/28/2019 Copy of financee data

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PER SHARE DATA FY 2001 FY 2002 FY 2003 FY 2004 FY 2005

EPS, adjusted 2.54 (3.02) 1.53 3.04 12.50

EPS 6.53 6.99 8.35 12.02 12.22

adj NAV 22.9 32.1 39.9 49.1 88.0

NAV 22.9 38.0 43.5 49.2 95.3

Dividend 1.84 1.77 2.26 2.83 3.47

Book value 22.9 32.1 39.9 49.1 88.0

Adj. book value 9.1 20.6 32.2 44.2 79.4

Cash flow 10.1 21.4 17.9 29.7 20.7

FRANCHISE VALUE FY 2001 FY 2002 FY 2003 FY 2004 FY 2005

Share Price 24.55 39.90 40.15 146.75 242.05

Market capitalisation, mn 3,238 7,653 9,242 33,984 66,272

Market cap / banking deposits 5% 8% 6% 18% 25%

Market cap / banking assets 3% 5% 5% 14% 18%

BASIC VALUATION FY 2001 FY 2002 FY 2003 FY 2004 FY 2005

PE, adjusted 9.7 (13.2) 26.3 48.2 19.4

PE, reported 3.8 5.7 4.8 12.2 19.8

P/NAV adjusted 1.1 1.2 1.0 3.0 2.8

P/NAV stated 1.1 1.1 0.9 3.0 2.5

P/BV 1.1 1.2 1.0 3.0 2.8

P/adj. BV 2.7 1.9 1.2 3.3 3.0

P/Cash Flow 2.4 1.9 2.2 4.9 11.7

Dividend yield 7.5% 4.4% 5.6% 1.9% 1.4%

ROE, stated 28.6% 29.3% 25.1% 27.1% 18.9%

ROE, adjusted 11.1% -12.6% 4.6% 6.9% 19.3%

ROA 0.80% 1.07% 1.13% 1.27% 1.08%

RoA, adjusted 0.31% -0.46% 0.21% 0.32% 1.11%

RORWA #REF! -0.79% 0.30% 0.44% 1.53%

Fair Value FY 2001 FY 2002 FY 2003 FY 2004 FY 2005

Long-term growth rate 4.0%

Hurdle rate 12.5%

Normal ROE 28.6% 29.3% 25.1% 27.1% 18.9%

Fair Price to book 1.8

Fair Value 0.0 0.0 0.0 0.0 154.0

Liquidity / holding discount 0%

Target fair value 154

Upside -36%

Market capitalisation at Fair Value 42,152

PE at Fair Value 12.3

Price to NAV at Fair Value 1.8

SHAREHOLDING STRUCTURE FY 2001 FY 2002 FY 2003 FY 2004 FY 2005

Total number of shares 132 192 230 232 274

Ave number of shares 132 162 211 231 253

Free float

Share performance FY 2001 FY 2002 FY 2003 FY 2004 FY 2005

EFFICIENCY FY 2001 FY 2002 FY 2003 FY 2004 FY 2005

Cost to income 49% 33% 44% 38% 50.6%

Cost to core income 65% 66% 66% 53% 50%

Staff costs to total costs 22% 24% 26% 29% 30%

Revenue per employee 2,205,401 3,580,360 3,141,164 3,211,208 2,414,179

Operating costs to total assets 1.20% 1.43% 1.65% 1.92% 1.88%

Assets per employee 91 84 84 70 79

CAPITAL ADEQUACY FY 2001 FY 2002 FY 2003 FY 2004 FY 2005

Tier 1 3,015 6,148 9,181 11,364 24,082

Tier 2


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Total capital 3,015 6,148 9,181 11,364 24,082

Tier 1 5.8% 6.4% 6.4% 6.4% 8.87%

Tier 2 3.2% 4.2% 4.5% 4.77% 3.79%

CAR 9.00% 10.65% 10.90% 11.21% 12.66%

RWA 51,618 95,757 142,564 176,463 271,498

Credit risk 0 0

Market risk - trading book 0 0

Market risk - others 0 0

Loans to deposits 74% 53% 50% 51% 58%

LIQUIDITY FY 2001 FY 2002 FY 2003 FY 2004 FY 2005

Loans to deposits 74% 47% 47% 49% 54%

Inv to deposits 64% 59% 52% 41% 52%

Loans + Inv/Deposits 138% 106% 99% 90% 106%

Inc. loans/Inc. Deposits 15% 47% 57% 64%

Inc. inv/Inc deposits 67% 31% -1% 74%

CRR 13% 9% 10% 19% 11%

ALM FY 2001 FY 2002 FY 2003 FY 2004 FY 2005

Advances 48,211 53,523 71,799 93,630 156,029

< 6 mnths 25,855 17,103 18660 14350 43414

6mn - 1yr 3,888 5,909 8216 13626 15745

1 - 3yr 18,257 18,880 24593 29403 59016

3 - 5yr 210 7,328 10639 23292 24418

>5yr 1 4,303 9690 12959 13437

Investments 41,926 66,302 78,410 77,928 142,750

< 6 mnths 11,902 26,861 46010 42481 62140

6mn - 1yr 7,173 18,433 8168 10012 12268

1 - 3yr 10,529 9,858 17307 15990 36743

3 - 5yr 9,568 7,132 5733 3655 7937

>5yr 2,754 4,019 1192 5789 23661

Deposits 90,922 122,872 169,647 209,539 317,120

< 6 mnths 41,068 62,122 76856 79965 142596

6mn - 1yr 22,523 25,697 29032 37939 51560

1 - 3yr 25,418 32,132 57211 60023 114059

3 - 5yr 1,263 2,169 4863 25316 6497

>5yr 650 752 1686 6296 2408

Borrowings 11,460 12,458 7,193 5,278 17,814

< 6 mnths 8,024 8,611 5334 1315.3 9130

6mn - 1yr 1,064 0 1072 815.2 15

1 - 3yr 0 27 675 454.2 6049

3 - 5yr 272 3,418 29 2214.8 2195

>5yr 2,100 402 83 478 426

GAP (Advances - Deposits)

< 6 mnths (23,237) (53,630) (63,530) (66,930) (108,311)

6mn - 1yr (19,699) (19,788) (21,887) (25,128) (35,831)

1 - 3yr (7,161) (13,279) (33,292) (31,073) (61,092)

3 - 5yr (1,325) 1,742 5,747 (4,240) 15,725

>5yr (2,749) 3,148 7,921 6,184 10,603

Advances

< 6 mnths 54% 32% 26% 15% 28%

6mn - 1yr 8% 11% 11% 15% 10%

1 - 3yr 38% 35% 34% 31% 38%

3 - 5yr 0% 14% 15% 25% 16%

>5yr 0% 8% 13% 14% 9%

Investments


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< 6 mnths 28% 41% 59% 55% 44%

6mn - 1yr 17% 28% 10% 13% 9%

1 - 3yr 25% 15% 22% 21% 26%

3 - 5yr 23% 11% 7% 5% 6%

>5yr 7% 6% 2% 7% 17%

Deposits

< 6 mnths 45% 51% 45% 38% 45%

6mn - 1yr 25% 21% 17% 18% 16%

1 - 3yr 28% 26% 34% 29% 36%

3 - 5yr 1% 2% 3% 12% 2%

>5yr 1% 1% 1% 3% 1%

ASSET QUALITY FY 2001 FY 2002 FY 2003 FY 2004 FY 2005

Gross NPL - opening balance 1,935 2,258 2,822 2,289 2,747

Net additions 1,947 666 1,938 1,077

Additions - given 478 1,997 856 2,409 1,291

Less Reductions 156 1,433 1,388 323 214

o/w recoveries 156 1,433 1,388 1,951 927

o/w writeoffs 0 0 0 (1,628) (713)

o/w upgrades

Gross NPL - Closing balance 2,258 2,822 2,289 4,375 3,824

Net NPL 1,814 1,854 1,620 1,122 2,169

Gross NPL ratio 4.7% 5.3% 3.2% 4.7% 2.5%

Net NPL ratio 3.8% 3.46% 2.26% 1.20% 1.39%

Gross NPAs

Substandard

Doubtful

Loss

Movement in provisions

Opening balance 0 0 0 683 1,656

Provisions made during the year 229 0 0 2,600 44

Writeoffs 0 0 0 1,628 713

Closing balance 0 0 1,656 987

Loans subjected to restructuring

Standard assets

Substandard assets

Doubtful

Loss

Total 0 0 0 0 0

PL provisions/Avg loans 0.47% 3.75% 1.44% 2.94% 0.02%

Inc. NPA/Avg. loans 1.0% 3.9% 1.4% 2.9% 1.0%

Recoveries/Avg. NPA -0.3% -2.8% -2.2% -2.4% -0.7%

Recoveries/Gross NPA -8.0% -63.5% -49.2% -85.2% -33.7%

Net inc. NPAs/Avg. laons 0.0% 3.8% 1.1% 2.3% 0.9%

Loan loss coverage 0% 0% 0% 38% 26%

Other provisions/Avg loans 0.1% 0.1% 0.3% 0.2% 0.5%

F I N A N C I A L F O R E C A S T

FY 2001 FY 2002 FY 2003 FY 2004 FY 2005

Interest income 8,896 11,795 14,648 15,867 19,242

o/w lending and other 4,736 5,396 7,361 7,675 9,788

o/w investments 3,739 6,027 5,762 6,389 7,869

o/w interest on with Balances with RB 404 306 368 329 320

o/w other income 17 67 1,156 1,473 1,265


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Interest expenses (7,914) (9,800) (11,424) (10,214) (11,930)

o/w deposits (7,037) (8,566) (10,569) (9,344) (10,696)

o/w interbank lending (335) (531) (267) (194) (126)

o/w other (542) (703) (588) (676) (1,108)

Yield on advances 9.82% 10.61% 11.75% 9.28% 7.84%

Yield on advances - reported

Yield on investments 8.92% 11.14% 7.96% 8.17% 6.89%

Yield on investments - reported

Cost of deposits 10.78% 10.32% 8.61% 5.67% 4.70%

Cost of deposits - reported

Ave earnings assets yield 8.70% 9.85% 9.06% 7.66% 6.64%

Ave earnings assets yield - reported

Ave bearing liabilities yield 7.73% 8.25% 7.21% 5.07% 4.23%

Spread 0.97% 1.60% 1.86% 2.59% 2.41%

Lending spread 0.29% 3.13% 3.61% 3.14%

FY 2001 FY 2002 FY 2003 FY 2004 FY 2005

Ave earnings assets 102,255 119,797 161,623 207,048 289,864

Net interest margin 0.96% 1.67% 1.99% 2.73% 2.52%

NIM - reported 2.09% 3.12% 2.90%

Net interest income 983 1,995 3,224 5,653 7,312

Non-interest income 1,631 4,167 4,120 5,416 4,182

Net commission income 863 976 1,438 1,824 3,305

Income from forex transactions 52 87 167 276 487

Dividends from subsidiaries 0 0 0 0 0

Other operating income 78 49 54 108 503

Net trading profit 638 3,054 2,461 3,208 (113)

o/w sale of investments 638 3,054 2,461 3,208 (113)

o/w revaluation of investments

o/w equity

Operating revenue 2,613 6,162 7,344 11,069 11,494

Core revenue (ex net trading) 1,976 3,107 4,883 7,861 11,607

Staff (285) (496) (852) (1,213) (1,769)

Administration (785) (1,193) (1,887) (2,361) (3,229)

Rent, Taxes & Lighting (264) (360) (485) (658) (869)

Printing & Stationary (44) (67) (131) (159) (192)

Advertisng & publicity (56) (66) (75) (108) (115)

Directors Fees, allowance and expen (2) (2) (2) (3) (5)

Auditors fees and expended (2) (3) (3) (4) (4)

Law charges (18) (22) (27) (22) (23)

Postages, telegram,telephones (84) (141) (188) (230) (306)

Repairs and maintanace (102) (189) (315) (467) (741)

Insurance (41) (64) (92) (115) (220)

Other Expenses (173) (279) (568) (594) (755)

Rent, Taxes & Lighting 34% 30% 26% 28% 27%

Printing & Stationary 6% 6% 7% 7% 6%

Advertisng & publicity 7% 6% 4% 5% 4%

Directors Fees, allowance and expen 0% 0% 0% 0% 0%

Auditors fees and expended 0% 0% 0% 0% 0%

Law charges 2% 2% 1% 1% 1%

Postages, telegram,telephones 11% 12% 10% 10% 9%

Repairs and maintanace 13% 16% 17% 20% 23%

Insurance 5% 5% 5% 5% 7%

Other Expenses 22% 23% 30% 25% 23%

o/w sales & mkt expenses

o/w outsouricng fees

Depreciation (217) (366) (489) (619) (816)

Total Costs (1,288) (2,055) (3,229) (4,192) (5,814)

Operating profit before provisions 1,326 4,107 4,116 6,877 5,680

Core operating profit


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Bad debt provisions (229) (1,906) (900) (2,436) (30)

- provisions to operating income 17% 46% 22% 35% 1%

Other provisions (52) (59) (188) (130) (588)

Provison for standard assets (33) (13) (46) (88) (131)

Amortization of investments 0 0 0 0 0

Provision for HTM shifting (40) (10) 0 0 (483)

Depreciation on investments 21 3 (53) (42) 37

Provision for wage arrears 0 0 0 0 0

Others/ Contingencies 0 (39) (89) 0 (11)

Operating profit before tax and excepti 1,045 2,142 3,028 4,311 5,062

Result from sales of land etc (1) (8) (15) (15) (24)

Exceptional Items

Pre-tax income 1,045 2,134 3,013 4,296 5,038

Tax (183) (792) (1,091) (1,513) (1,692)

Effective tax rate 18% 37% 36% 35% 34%

Net profit 861 1,341 1,922 2,783 3,346

Profit brought forward 526 744 786 1,225 1,821

Others 0 24 0 0 0

Profit available for appropriations 1,387 2,085 2,708 4,008 5,167

Transfer to Statutory Reserve 258 335 480 696 836

Proposed dividend+interim dividend 242 287 477 653 878

Tax (including cess) on dividend 0 0 0 0 0

special rserve 0 0 0 0 0

Transfer to General Reserve 143 0 0 0 0

Transfer to Capital Reserve 0 0 6 138 479

Transfer to Investment Fluctuation Reser 0 700 520 700 1,000

Balance carried over to Balance Sheet 744 786 1,225 1,821 1,974

Dividend payout ratio 28% 21% 25% 23% 26%

Dividend tax 0% 0% 0% 0% 0%

Profit adjustments FY 2001 FY 2002 FY 2003 FY 2004 FY 2005

Net profit 861 1,341 1,922 2,783 3,346

One-off gains 638 3,054 2,461 3,208 (113)

One-off losses 0 0 0 0 0

Tax on net 'one-off' gains/loss 112 1,134 891 1,130 (38)

Adjusted net profit 335 (579) 352 705 3,421

BALANCE SHEET

GROUP ASSETS FY 2001 FY 2002 FY 2003 FY 2004 FY 2005

Cash in hand 479 684 1,126 1,533 2,729

Balances with RBI 8,334 10,549 14,875 36,236 31,758

As % of deposits 12.8% 9.3% 9.8% 19.1% 11.0%

Balances with banks 3,305 6,281 19,697 18,863 10,542

Loans to customers, net 48,211 53,523 71,799 93,629 156,029

o/w priority sector 3,480 8,675 16,393 24,562 44,036

o/w agrio/w retail (net)

Housing 0

Commercial Vehicles 0

4- wheelers 0

2- Wheelers

Personal Loans

Others 0

o/w corporate and commercial

Large Corporates

Mid Corporates

SME's

Total 48,211 53,523 71,799 93,629 156,029

Avg. loans 48,211 50,867 62,661 82,714 124,829

Disbursalshousing Loans

Commercial Vehicles


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4-wheelers

2-wheelers

Proforma Loan break up

o/w priority sector 0% 23% 26% 28%

o/w agri 0% 0% 0%

o/w retail (net) 0% 0% 0%

Housing

Commercial Vehicles

4- wheelers

2- Wheelers

Personal Loans

Others

o/w corporate and commercial 0% 0% 0%

Large Corporates

Mid Corporates

SME's 0% 0% 0%

Total 100% 100% 100% 100% 100%

Investments 41,926 66,302 78,410 77,928 150,480

Government Securities 24,271 36,491 46,485 50,559 75,384

Shares 1,923 1,973 2,047 1,898 2,174

Debentures & Bonds 10,256 18,045 29,604 25,391 59,849

Securitized assets

Subsidiary or joint venture 0 0 436 300 0

Others 5,525 9,888 0 0 0

Outside India 0 0 0 0 0

Avg. Investments 41,926 54,114 72,356 78,169 114,204

Proportion of existing book redeemed

Proportion of book 'new'

Yield on existing book

Reduction I yield on existing book

Yield on incremental book

Overall yield

Residual maturity profile of coupon bearing securities

10yrs

Gsec/NDTL 37% 36% 32% 27% 28%

HTM

AFS

Proportion of book in HTM

HTM/deposits .

HTM/Gsec 0% 0% 0% 0% 0%

AFS/Gsec 0% 0% 0% 0% 0%

AFS duration

HTM duration

Total portfolio duration

Interest earnings assets 102,255 137,340 185,907 228,189 351,539

Ave interest earning assets 102,255 119,797 161,623 207,048 289,864

Tangible assets 2,345 2,605 3,055 4,351 5,184

Other assets 3,059 3,801 7,170 8,961 20,714

TOTAL ASSETS 107,659 143,745 196,132 241,502 377,437

Off balance sheet

GROUP LIABILITIES FY 2001 FY 2002 FY 2003 FY 2004 FY 2005

Deposit from banks 25,642 22,166 24,954 24,806 47,007


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Deposit from customers 65,280 100,707 144,693 184,733 270,113

o/w demand 8,153 10,810 23,691 51,917 68,328

o/w savings 5,694 8,758 14,232 25,845 48,909

o/w time 51,434 81,139 106,770 106,971 152,876

o/w retail

o/w wholesale

o/w demand 12% 11% 16% 28% 25%

o/w savings 9% 9% 10% 14% 18%

o/w time 79% 81% 74% 58% 57%

o/w retail

o/w wholesale

4.97% 5.07% 4.70% 3.86% 3.78%

o/w demand 0% 0% 0% 27% 24%

o/w savings 0% 0% 0% 14% 17%

o/w time 0% 0% 0% 56% 53%o/w borrowings 3% 6%

3.62% 3.91%

o/w retail 0% 0% 0% 0% 0%

o/w corporate 0% 0% 0% 0% 0%

% (time+borrowings)/total funding 75% 59% 59%

No Of Savings Bank Account

Savings bank rate

Cost of savings deposits (28) (44) (71) (129) (245)

Implied cost of term deposits 14% 11% 10% 9% 7%

Borrowings 11,460 12,458 7,193 5,278 17,814

Subordinated debt 0 0 4,886 6,386 7,886

Interest bearing liabilities 102,382 135,330 181,726 221,203 342,820

Ave interest bearing liabilities 102,382 118,856 158,528 201,464 282,011Other liabilities 2,262 2,267 5,224 8,935 10,535

TOTAL LIABILITIES 104,644 137,598 186,951 230,137 353,355

Capital 1,319 1,918 2,302 2,316 2,738

Reserves and surplus 1,696 4,230 6,879 9,048 21,344

Statutory Reserves 639 974 1,454 2,150 2,987

Capital Reserve 0 0 6 144 623

Share Premium Account 162 1,618 2,823 2,862 12,689

General reserve 0 0 143 143 143

Balance in profit loss account 744 786 1,225 1,821 1,974

Amalgamation reserve 0 0 0 0 0

OTHERS 143 143 0 0 0

Special Reserve 0 0 0 0 0

Investment Fluctation Reserve 8 708 1,228 1,928 2,928

TOTAL SHAREHOLDER EQUITY 3,015 6,148 9,181 11,364 24,082TOTAL LIABILITIES + EQUITY 107,659 143,745 196,132 241,502 377,437

check 0 0 0 0 0

Balance Sheet - PROFORMA FY 2001 FY 2002 FY 2003 FY 2004 FY 2005

Cash in hand 0.45% 0.48% 0.57% 0.63% 0.72%

Balances with RBI 8% 7% 8% 15% 8%

Balances with banks 3% 4% 10% 8% 3%

Loans to customers, net 45% 37% 37% 39% 41%

Financial investments 39% 46% 40% 32% 40%

Tangible assets 2% 2% 2% 2% 1%

Other assets 3% 3% 4% 4% 5%

Assets 100% 100% 100% 100% 100%

Deposit from banks 24% 15% 13% 10% 12%

Deposit from customers 61% 70% 74% 76% 72%Debt issued 11% 9% 4% 2% 5%

Subordinated debt 0% 0% 2% 3% 2%


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Other liabilities 2% 2% 3% 4% 3%

Equity 3% 4% 5% 5% 6%

Total liabilities 100% 100% 100% 100% 100%

Dupont analysis FY 2001 FY 2002 FY 2003 FY 2004 FY 2005 FY 2

Net Interest income 0.91% 1.59% 1.90% 2.58% 2.36%

Non-interest income 1.51% 3.31% 2.42% 2.48% 1.35%

o/w trading profit 0.80% 0.78% 0.85% 1.47% -0.04%

Operating income 0.05% 0.07% 0.10% 5.06% 3.71%

Operating costs 0.00% 0.00% 0.00% -1.92% -1.88%

Pre-provision profits 0.07% 0.04% 0.03% 3.14% 1.84%

Loan loss provisions 0.59% 2.43% 1.45% -1.11% -0.01%

Other provisions 0.59% 2.43% 1.45% -0.06% -0.19%

Total provisions 0.00% 0.00% 0.00% -1.17% -0.20%

PBT 0.00% 0.00% 0.00% 1.97% 1.64%

PBT - core 2.43% 4.90% 4.32% 0.50% 1.67%

Tax 1.84% 2.47% 2.87% -0.69% -0.55%

Net profit - RoA #VALUE! 1.07% 1.13% 1.27% 1.08%

Leverage (Equity/Assets) #VALUE! 27.44 22.17 21.30 17.46

RoE #VALUE! 29.28% 25.07% 27.09% 18.88%

NET ASSET VALUE (mn EUR) FY 2001 FY 2002 FY 2003 FY 2004 FY 2005

Stated shareholders funds 3,015 6,148 9,181 11,364 24,082

Plus: Unrealised gains 0 0 0 0 0

Adjusted NAV (incl unrealised gains) 3,015 6,148 9,181 11,364 24,082

Staff FY 2001 FY 2002 FY 2003 FY 2004 FY 2005

Staff 1,185 1,721 2,338 3,447 4,761

Branch Network FY 2001 FY 2002 FY 2003 FY 2004 FY 2005

Branches 86 111 192 252 339


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31st March/ Rs Mn FY2002 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007

Assets

Advances growth rates 11.0% 34.1% 30.4% 66.6% 43.0% 65.3%

Advances composition

Investments growth 58.1% 18.3% -0.6% 93.1% 43.1% 24.9%

Loan/Deposit 74% 47% 47% 49% 54% 60% 64%

Investments/Deposits 64% 59% 52% 41% 52% 58% 47%

Inc. Loans/ Inc. deposits 0% 15% 47% 57% 64% 79% 84%

CRR 13% 9% 10% 19% 11% 5% 7%

Liabilities

Deposits growth 54.3% 43.7% 27.7% 46.2% 28.2% 50.2%

Demand 32.6% 119.2% 119.1% 31.6% 10.2% 40.2%

Savings 53.8% 62.5% 81.6% 89.2% 64.9% 50.3%

Term 57.8% 31.6% 0.2% 42.9% 24.4% 54.2%

Borrowings 9% -42% -27% 238% 50% 94%

Spread Analysis

Yield on Advances 9.82% 10.61% 11.75% 9.28% 7.84% 8.06% 9.13%

Yields on Investments 8.92% 11.14% 7.96% 8.17% 6.89% 7.03% 7.15%

Yield on Interest Earning Ass 8.70% 9.85% 9.06% 7.66% 6.64% 6.99% 7.72%

Cost of Deposits 10.78% 10.32% 8.61% 5.67% 4.70% 5.04% 5.73%

Cost of Interest Bearing Liabili 7.73% 8.25% 7.21% 5.07% 4.23% 4.59% 5.41%

NIM 0.96% 1.67% 1.99% 2.73% 2.52% 2.61% 2.65%

NII / Operating income 37.6% 32.4% 43.9% 51.1% 63.6% 59.6% 60.7%

Non NII Core income / Total i 38.0% 18.0% 22.6% 19.9% 37.4% 33.2% 36.9%

Trading profit / Operating in 24.4% 49.6% 33.5% 29.0% -1.0% 7.2% 2.4%

Cost ratios

Cost growth 60% 57% 30% 39% 40% 49%

Recurring costs growth #REF! #REF! #REF! #REF! #REF! #REF!

Cost/Income 49.3% 33.3% 44.0% 37.9% 50.6% 45.0% 47.1%

Cost/Core income 65.2% 66.1% 66.1% 53.3% 50.1% 48.5% 48.2%

Staff costs/ Total costs 22.1% 24.1% 26.4% 28.9% 30.4% 29.5% 31.4%

Provisions

Gross NPA 4.7% 5.3% 3.2% 4.7% 2.5% 1.8% 1.4%

Net NPA 3.8% 3.5% 2.3% 1.2% 1.4% 1.0% 0.7%

Loan loss coverage 0% 0% 0% 38% 26% 39% 30%Inc. NPA/Avg. Loans 1.0% 3.9% 1.4% 2.9% 1.0% 0.9% 0.6%

PL provisions/Avg. Loans 0.5% 3.7% 1.4% 2.9% 0.0% 0.7% 0.2%

Recoveries/Gross NPA #REF! #REF! #REF! #REF! #REF! #REF! #REF!

Other provisions/ Avg loans 0.1% 0.1% 0.3% 0.2% 0.5% 0.7% 1.0%

Tax rate 18% 37% 36% 35% 34% 34% 34%

Return Ratios

RoE 28.6% 29.3% 25.1% 27.1% 18.9% 18.4% 21.0%

RoE (Adj.) 11.1% -12.6% 4.6% 6.9% 19.3% 15.1% 19.8%

RoA 0.80% 1.07% 1.13% 1.27% 1.08% 1.11% 1.07%

RoA (adj.) 0.31% -0.46% 0.21% 0.32% 1.11% 0.91% 1.01%

Market Capitalisation 3,238 7,653 9,242 33,984 66,272 99,311 138,041


10/55

P/E (adj.) 10 (13) 26 48 19 25 22

P/BV (adj.) 1.1 1.2 1.0 3.0 2.8 3.5 4.1

Dividend Yield 7.5% 4.4% 5.6% 1.9% 1.4% 1.1% 1.1%

Dividend pay out 28.1% 21.4% 24.8% 23.5% 26.2% 23.2% 22.6%

Tier 1 5.84% 6.42% 6.44% 6.44% 8.87% 7.26% 6.42%CAR 9.00% 10.65% 10.90% 11.21% 12.66% 11.08% 11.57%


11/55


12/55


13/55


14/55


15/55


16/55

PL

31st March/ Rs Mn FY2001 FY2002 FY2003 FY2004 FY2005

Interest Income 8,896 11,795 14,648 15,867 19,242

YoY%

Interest Expenses 7,914 9,800 11,424 10,214 11,930

YoY%

Net Interest Income 983 1,995 3,224 5,653 7,312

YoY%

Other Income

Treasury Profit 638 3,054 2,461 3,208 (113)

YoY%

Other Income 992 1,104 1,643 2,193 4,272

YoY%

Net Income 2,613 6,154 7,329 11,054 11,470

YoY%

Operating Expense

Staff Cost 285 496 852 1,213 1,769

YoY%Other Operating Cost 1,002 1,559 2,376 2,980 4,045

YoY%

Total 1,288 2,055 3,229 4,192 5,814

YoY%

PPP 1,325 4,099 4,100 6,862 5,656

YoY%

Provisions

NPA's - - - - -

YoY%

Others 281 1,966 1,087 2,566 618

YoY%

PBT 1,045 2,134 3,013 4,296 5,038Tax 183 792 1,091 1,513 1,692

PAT 861 1,341 1,922 2,783 3,346

Add profit bought forward 526 744 786.4 1,225 1,821

Less deferred Tax liability bought forward - - - -

526 744 786 1,225 1,821

Excess provisios made for tax on distributed profits wrtten off 24

526 768 786 1,225 1,821

1,387.20 2,109.00 2,708 4,008 5,167

Appropiations Transfer to

Statutory Reserves 258 335 480 696 836

% of profits 30% 25% 25% 25% 25%

Capital Reserve 6 138 479

Transfer to revenue and other reserves

IFR 700 520 700 1,000

Special Reserve

Other reserves 143

Interim Dividend

Proposed Dividend 242 287 477 653 878

Dividend Tax

Balance carried forward to the balance sheet 744 786.40 1,225 1,821 1,974


17/55

FY2006 FY2007

28,888 45,604

18,106 29,933

10,782 15,671

1,298 609

5,998 9,492

18,079 25,772

2,402 3,813

5,738 8,333

8,141 12,146

9,938 13,626

- -

2,624 3,661

7,314 9,9652,464 3,375

4,851 6,590

1,974 7,310

- -

1,974 7,310

1,974 7,310

6,825 13,901

1,213 1,648

25% 25%

104 156

(2,928) 318

1,125 1,488

7,310 10,291


18/55

PL Schedules

31st March/ Rs Mn FY2001 FY2002 FY2003 FY2004

Interest Income

Interest/Discount on Advances/Bills 4,736 5,396 7,361 7,675

Income on Investments 3,739 6,027 5,762 6,389Interest on with Balances with RBI and Other Inter Bank Funds 404 306 368 329

Others 17 67 1,156 1,473

Total Interest Income 8,896 11,795 14,648 15,867

YoY% 25% 19% 8%

Other Income

Commission, exchange and brokerage 863 976 1,438 1,824

Profit /(Loss) on sale of Investments/Derivative transaction (net) 638 3,054 2,461 3,208

Profit on exchange transactions (net) 52 87 167 276

Profit/(Loss) on sale of fixed assets (net) (1) (8) (15) (15)

Income earned by way of dividends etc. from subsidiaries/companies and/or joi - - -

Lease rentals 57 36 40 22

Miscellaneous income 22 13 15 86

Total 1,630 4,159 4,105 5,401

YoY% 155% -1% 32%

Interest Expended

Interest on Deposits 7,037 8,566 10,569 9,344

Interest on RBI/ Interbank borrowings 335 531 267 194

Others 542 703 588 676

Total Interest Cost 7,914 9,800 11,424 10,214

YoY% 24% 17% -11%

Operating Expenses

Staff Cost 285 496 852 1,213

Other Operating Expenses

Rent, Taxes & Lighting 264 360 485 658

Printing & Stationary 44 67 131 159

Advertisng & publicity 56 66 75 108

Deprecaition on banks Property 217 366 489 619

Directors Fees, allowance and expenses 2 2 2 3

Auditors fees and expended 2 3 3 4

Law charges 18 22 27 22

Postages, telegram,telephones 84 141 188 230

Repairs and maintanace 102 189 315 467

Insurance 41 64 92 115

Other Expenses 173 279 568 594

Other Operating Expenses 1,002 1,559 2,376 2,980

YoY% 56% 52% 25%

Operating Expenses 1,288 2,055 3,229 4,192

YoY% 60% 57% 30%

Provisons

Provison for standard assets 33 13 46 88

Provision for standard assets II -

Bad & Doubtful Debt 229 1,906 900 2,436

Depreciation on Investments (21) (3) 53 42

Provision for NPA Investments

Provision for HTM shifting 40 10 -

Provision for wage arrears -


19/55

Others/ Contingencies 39 89

Taxation 183 792 1,091 1,513

YoY% 332% 38% 39%

Provision for deferred tax

464 2,758 2,178 4,079YoY% 495% -21% 87%

Less: excess provision written back

Depreciation on investments

Provision on NPA investments

Others

0 0

464 2,758 2,178 4,079

Movement in NPA

Gross NPA

Opening Balance 1,935 2,258 2,822 2,289

Additions for the year 478.3 1,997 856 2,409

2,414 4,255 3,678 4,698

Less Reduction during the year

Amounts Recovered

Amounts written off 1,388 1,951

Upgradation

Reductions during the year 156 1,433 1,388 1,951

Balance at end of the year 2,258 2,822 2,289 2,747

Net NPA 1,814 1,854 1,620 1,122

Movement in Provisions for NPAs

Opening Balance - 683

Add: provisiona made during the year 2,600

Transfer from 90 day norm

Less write off write back of provisions 1,628

Transferred to provision for restructured accounts

Balance at end of the year - - 1,656

Movement in Provisions for depreciation on investments

Opening Balance - - -

Add: provisions made during the year

Less write off write back of provisions

Balance at end of the year - - -


20/55

FY2005 FY2006 FY2007

9,788 15,280 27,029

7,869 12,857 17,315320 416 773

1,265 334 488

19,242 28,888 45,604

21% 50% 58%

3,305 4,889 7,790

(113) 1,298 609

487 869 1,248

(24) (17) (29)

-

35 35 35

468 223 449

4,158 7,296 10,101

-23% 75% 38%

10,696 15,517 24,809

126 603 1,688

1,108 1,985 3,436

11,930 18,106 29,933

17% 52% 65%

1,769 2,402 3,813

869 1,137 1,591

192 282 376

115 171 296

816 922 1,119

5 5 6

4 4 5

23 60 64

306 426 701

741 950 1,289

220 346 548

755 1,436 2,339

4,045 5,738 8,333

36% 42% 45%

5,814 8,141 12,146

39% 40% 49%

131 448 1224

0 0

30 1271 737

(37) 34 670

483 876 988

- -


21/55

11 (4) 43

1692 2,464 3,375

12% 46% 37%

2,310 5,087 7,036-43% 120% 38%

0 0

0 0

0

2,310.400 5,087 7,036

2,747 3,111 3,743

1,291 1,732 1,730

4,038 4,843 5,473

927 1,100 1,286

927 1,100 1,286

3,111 3,743 4,187

2,169 2,176 2,663

1,656 987 1,581

44 895 768

713 301 826

987 1,581 1,523

190 153 187

34 670

37

153 187 857


22/55

BL Schedules

31st March/ Rs Mn FY2001 FY2002 FY2003 FY2004 FY2005 FY2006

Capital 1,319 1,918 2,302 2,316 2,738 2,787

YoY% 45% 20% 1% 18% 2%Reserves and Surplus

Statutory Reserves

Opening Balance 380 639 974 1,454 2,150 2,987

Addition During the year 258 335 480 696 836 1,213

Total 639 974 1,454 2,150 2,987 4,199

53% 49% 48% 39% 41%

Capital Reserve

Opening Balance - - 6 144 623

Additions during the year 6 138 479 104

subtractions

Total - - 6 144 623 727

Others

Opening Balance 143 143 - - -

Subtraction - 143

Additions during the year 143 1

Total 143 143 - - - 1

Share Premium Account

Opening Balance 162 162 1,618 2,823 2,862 12,689

Additions during the year 1,506 1,257 39 10,090 914

deductions 50 52 - 263 49

Total 162 1,618 2,823 2,862 12,689 13,555

Revaluation reserve

Opening Balance - - - - -

Deductions during the year

Total - - - - - -

Revenue & Other Reserves

Balance in profit loss account 744 786 1,225 1,821 1,974 7,310


Addittions during the year

Less transferred to deferred tax liability

Provision for leave enchashment

- - - - - -

Foreign currency translation reserve


Addittions during the year

Less deductions

- - - - - -

Genral reserve

Opening Balance - - 143 143 143

Addittions during the year 143

Less deductions

- - 143 143 143 143

Special Reserve



23/55

Addittion

- - - - - -

Investment Fluctation Reserve 8 8 708 1,228 1,928 2,928

Addittions during the year 700 520 700 1,000Less amount drawn towards depreciation on investments 2,928

8 708 1,228 1,928 2,928 (0)

Amalgamation reserve


Addittion

- - - - - -

Deferred Tax Reserve - - - - -

Total 1,696 4,230 6,879 9,048 21,344 25,935

YoY% 149.5% 62.6% 31.5% 135.9% 21.5%

Deposits

Demand Deposits

From Banks 137 705 1,165 2,021 3,220 4,395

From Others 8,153 10,810 23,691 51,917 68,328 75,306

Total 8,290 11,515 24,855 53,937 71,548 79,701

YoY% -28.0% 199.8% 117.0% 32.7% 11.4%

Saving Bank Deposits 5,694 8,758 14,232 25,845 48,909 80,654

YoY% 53.8% 62.5% 81.6% 89.2% 64.9%

Term Deposits

From Banks 25505 21,461 23,789 22,785 43,787 50,536

From Others 51,434 81,139 106,770 106,971 152,876 190,244

76,938 102,599 130,559 129,757 196,663 240,780

YoY% 33.4% 27.3% -0.6% 51.6% 22.4%

Total Deposits 90,922 122,872 169,647 209,539 317,120 401,135

YoY% 35.1% 38.1% 23.5% 51.3% 26.5%

Deposits of Branches

In India 90,922 122,872 169,647 209,539 317,120 401,135

YoY% 35.1% 38.1% 23.5% 51.3% 26.5%

Outside India - - - - -

YoY% #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Borrowings

Reserve Bank of India 720 510

Other banks 5,051 4,645 2,465 983 1,703 8,680

Other Institutions 4,190 4,348 4,111 3,027 11,299 12,238

Borrowings outside India& bon 1,500 2,955 617 1,268 4,812 5,891

Total 11,460 12,458 7,193 5,278 17,814 26,809

YoY% 8.7% -42.3% -26.6% 237.5% 50.5%

Other Liabilities & Provisions

Bills Payable 930 1,022 2,331 4,385 4,871 11,353

Interest Accrued 500 161 207 314 478 645

Inter Office adjustment 2 7 2 2 -

Sub-ordinated debt 4,886 6,386 7,886 17,886


24/55

Deferred tax liability

Others (including provisions)/p 829 1,078 2,676 4,218 5,052 10,626

Total 2,262 2,267 10,102 15,305 18,287 40,510

YoY% 0.2% 345.7% 51.5% 19.5% 121.5%

Cash and Balances with RBICash in hand 479 684 1,126 1,533 2,729 4,898

Balances with RBI - - -

in current accounts 8334 10,549 14,875 36,236 31,758 19,396

in other accounts

Total 8,813 11,233 16,000 37,769 34,487 24,294

YoY% 27.5% 42.4% 136.1% -8.7% -29.6%

Balances with banks & money at call/ short/ notice

In India

Balance with Banks

In current accounts 881 1,148 1,207 1,130 2,970 3,109

In other accounts 1 86 13,542 13,847 2,095 1,200

Total 882 1,234 14,749 14,977 5,065 4,309

YoY% 39.8% 1095.6% 1.5% -66.2% -14.9%

Money call

with banks 2,153 4,580 4,342 3,139 4,102 6,998

with other institutions 500

Total 2,153 4,580 4,342 3,139 4,602 6,998

YoY% 112.7% -5.2% -27.7% 46.6% 52.1%

Total 3,035 5,813 19,092 18,116 9,667 11,306

YoY% 91.5% 228.4% -5.1% -46.6% 17.0%

Outside India

In current accounts (383) 333 605 91 218 147

In other Deposit Accounts 653 135 - 656 656 671

Money at Call

Total 270 468 605 747 875 818

YoY% 73.6% 29.3% 23.4% 17.1% -6.5%

3,305 6,281 19,697 18,863 10,542 12,124

90.1% 213.6% -4.2% -44.1% 15.0%

Investments

Investments In India: Gross 41,975 66,397 78,572 78,148 150,677 215,475

Less: provisions for deprecaitio 49 95 161 220 197 201

Net Investments in India 41,926 66,302 78,410 77,928 150,480 215,274

Government Securities 24,271 36,491 46,485 50,559 75,384 117,898

Other approved securities - - - -

Shares 1,923 1,973 2,047 1,898 2,174 4,298

Debentures & Bonds 10,256 18,045 29,604 25,391 59,849 69,349

Subsidiary or joint venture 436 300

Others 5,525 9,888 13,270 23,930

UTI

units

institutional investors scheme

other schemes

canbank mutal fund

canbank venture capital fund

other mf

RIDF

CP


25/55

Total 41,975 66,397 78,572 78,148 150,677 215,475

YoY% 58.2% 18.3% -0.5% 92.8% 43.0%

Held to Maturity

YoY% #DIV/0! #DIV/0! #DIV/0!Available for sale

YoY% #DIV/0! #DIV/0! #DIV/0!

Held for Trading


- - - -


% composition

HTM #DIV/0! #DIV/0! #DIV/0! #DIV/0!

AFS #DIV/0! #DIV/0! #DIV/0! #DIV/0!

HFT #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Investments Outside India Gross -

Provision for depreciation

- - - - - -

YoY% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Government Securities

Subsidiaries/ JV

Other Investments

- - - - - -


Held to Maturity


Available for sale


Held for Trading


- - - -


% composition

HTM #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

AFS #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

HFT #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Total 41,926 66,302 78,410 77,928 150,480 215,274

YoY% 58.1% 18.3% -0.6% 93.1% 43.1%

Advances

Bills Purchased and Discounte 16,552 1,659 2,099 2,585 7,427 5,838

% of Total 34.3% 3.1% 2.9% 2.8% 4.8% 2.6%

YoY% -90.0% 26.5% 23.2% 187.3% -21.4%

Cash Credit/OD/LRonD 21,132 25,966 30,614 31,197 44,548 60,466

% of Total 43.8% 48.5% 42.6% 33.3% 28.6% 27.1%

YoY% 22.9% 17.9% 1.9% 42.8% 35.7%

Term Loans 10,527 25,898 39,086 59,847 104,054 156,838

% of Total 21.8% 48.4% 54.4% 63.9% 66.7% 70.3%

YoY% 146.0% 50.9% 53.1% 73.9% 50.7%


26/55

Total 48,211 53,523 71,799 93,629 156,029 223,142

YoY% 11.0% 34.1% 30.4% 66.6% 43.0%

Secured by tangible assets 30,239 42,258 63,174 82,391 134,785 197,889

Covered by bank guarantees 7,317 666 583 880 1,000 2,665

Unsecured 10,656 10,599 8,043 10,358 20,244 22,588Total 48,211 53,523 71,799 93,629 156,029 223,142

YoY% 11.0% 34.1% 30.4% 66.6% 43.0%

Advances in India

Priority Sector 3,480 8,675 16,393 24,562 44,036 77,299

Public Sector 4,299 130 1,115 145 383 636

Banks 1 33 - 2 20 252

Others 40,431 44,685 54,292 68,920 111,590 144,955

Total 48,211 53,523 71,799 93,629 156,029 223,142

YoY% 11.0% 34.1% 30.4% 66.6% 43.0%

Advances ouside India

Bills Purchased and Discounted

Syndicated Loans

Others 0

Total - - - - - 0


Fixed Assets

Premises

Gross Block 85 85 86 87 289 337

Additions 1 1 202 48

Deductions

Gross Blcok 85 86 87 289 337 337

Depreciation Till Date 5 10 14 23 39 56

Depreciation for the year - 4 4 9 15 17

Net block 80 76 73 266 299 282

Deprecaition rate 5.0% 5.0% 3.2% 4.6% 5.0%

Add construction work in progress

80 76 73 266 299 282

Other fixed Assets

Gross Block 936 1,824 2,551 3,521 4,913 6,545

Additions 919 756 1,019 1,437 1,728 1,487

Deductions 30 29 48 46 95 148

Gross Blcok 1,824 2,551 3,521 4,913 6,545 7,884

Depreciation Till Date 426 724 1,141 1,684 2,408 3,190

Depreciation for the year - 297 417 543 724 782

Net block 1,398 1,828 2,381 3,229 4,138 4,694

Deprecaition rate 0.0% 11.7% 11.8% 11.1% 11.1% 9.9%

Leased Assets

Opening 746 513 459 734 765

Add 753 - - 275 31

Deduction 7 233 54

Gross 746 513 459 734 765 765

Depreciation till date 55 100 92 140 173 208

Dep for the year - 46 (8) 47 34 34

Net Block 691 413 367 595 592 557

Dep Rate 8.9% -1.8% 6.5% 4.4% 4.5%


27/55

Add Terminal adjustment acco 176 288 235 262 156 144

867 701 601 857 748 701

2,265 2,528 2,982 4,086 4,886 5,395

Net Block 2,345 2,605 3,055 4,351 5,184 5,677

YoY% 11.1% 17.3% 42.4% 19.1% 9.5%

Intangible assets

Goodwill

Opening balance - - - - - -

Additions

Deductions

Gross Block - - - - - -

Amortization Till Date - - -

Amortizaton for the year #VALUE! - - - - -

Net block - - - - - -

Amortization rate #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

- - - - - -

Computer software

Opening balance - - - - - -

Additions

Deductions

Gross Block - - - - - -

Amortization Till Date - - -

Amortizaton for the year #VALUE! - - - - -

Net block - - - - - -

Amortization rate #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

- - - - - -

Other Assets

Inter office adjustments - - - - -

Interest accured 1,207 1,637 2,087 2,109 2,673 3,971

Tax paid in advance/deducted 85 450 548 824 968 1,095

Deferred tax asset 17

Stationary 12 7 6 7 7 8

Non banking Assets

Others 1,756 1,690 4,529 6,022 17,066 11,726

3,059 3,801 7,170 8,961 20,714 16,800

YoY% 24.2% 88.6% 25.0% 131.2% -18.9%

Contingent liabilities

Claims against the bank not ac 262 365 357 397 1,018 1,796

Liability on account of partly paid investments

Liability on account of outstand 48,213 57,803 111,760 346,221 485,618 905,375

Gurantess given on behalf of constituents

In India 7,270 8,645 9,837 14,093 29,446

Outside India

Acceptances, endorsements a 4,839 5,283 8,717 15,347 30,627 41,862

Other items for which the bank 149 94 10 210 500 7,175

YoY% 60,734 72,190 130,681 362,174 531,857 985,654

18.9% 81.0% 177.1% 46.9% 85.3%


28/55

FY2007

2,816

1%

4,199

1,648

5,847

39%

727

156

884 -

1

5

(4)

13,555

402

13,956

-

-

10,291

-

-

-

-

143

143

-


29/55

-

(0)

(0)

-

-

31,116

20.0%

7,490

105,553

113,043

41.8%

121,259

50.3%

60,207

293,347

353,554

46.8%

587,856

46.5%

585,729

46.0%

2,127

6,000

12,039

33,917

51,956

93.8%

13,095

1,773

-

21,279


30/55

22,591

58,738

45.0%

8,368

38,243

0

46,610

91.9%

6,242

524

6,767

57.1%

12,138

12,138

18,904

67.2%

2,903

679

86

3,668

348.4%

22,573

86.2%

264,276

923

263,353

164,308

-

4,628

70,449

100

24,791


31/55

264,276

22.6%

5,619

-

5,619

#DIV/0!

-

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

268,972

24.9%

12,737

3.5%

118.2%

98,866

26.8%

63.5%

257,162

69.7%

64.0%


32/55

368,765

65.3%

305,023

14,489

49,253368,765

65.3%

131,963

215

277

210,554

343,009

53.7%

2,914

2,442

20,400

25,756

7781056.8%

337

-

-

337

72

17

265

5.0%

265

7,884

2,121

119

9,887

4,191

1,001

5,696

10.1%

765

-

-

765

242

34

523

4.5%


33/55

248

771

6,467

6,732

18.6%

-

-

-

-

#DIV/0!

-

-

-

-

-

-

6,419

1,036

8

-

11,457

18,921

12.6%

1,708

-

1,734,304

43,814

50

54,772

7,000

1,841,648

86.8%


34/55

BL Schedules

31st March/ Rs Mn FY2001 FY2002 FY2003 FY2004 FY2005 FY2006E

Capital & Liabilities

Share Capital 1,319 1,918 2,302 2,316 2,738 2,787YoY% 45% 20% 1% 18% 2%

Reserves & Surplus 1,696 4,230 6,879 9,048 21,344 25,935

YoY% 149.5% 62.6% 31.5% 135.9% 21.5%

Employee stock options outstandin - 1 8 16 134 134

YoY% #DIV/0! 1072.7% 98.7% 722.6% 0.2%

Deposits 90,922 122,872 169,647 209,539 317,120 401,135

YoY% 35.1% 38.1% 23.5% 51.3% 26.5%

Borrowings 11,460 12,458 7,193 5,278 17,814 26,809

YoY% 8.7% -42.3% -26.6% 237.5% 50.5%

Subordinated debt - - 4,886 6,386 7,886 17,886

YoY% #DIV/0! #DIV/0! 30.7% 23.5% 126.8%

Other Liabilities & Provisions 2,262 2,267 5,216 8,919 10,401 22,624

YoY% 0.2% 130.1% 71.0% 16.6% 117.5%

Total Capital and liabilities 107,659 143,745 196,132 241,502 377,437 497,311

YoY% 33.5% 36.4% 23.1% 56.3% 31.8%

Assets

Cash & Balances with RBI 8,813 11,233 16,000 37,769 34,487 24,294

YoY% 27.5% 42.4% 136.1% -8.7% -29.6%

Balances with banks & Call etc 3,305 6,281 19,697 18,863 10,542 12,124

YoY% 90.1% 213.6% -4.2% -44.1% 15.0%

Investments 41,926 66,302 78,410 77,928 150,480 215,274

YoY% 58.1% 18.3% -0.6% 93.1% 43.1%

Advances 48,211 53,523 71,799 93,629 156,029 223,142

YoY% 11.0% 34.1% 30.4% 66.6% 43.0%

Fixed Assets 2,345 2,605 3,055 4,351 5,184 5,677

YoY% 11.1% 17.3% 42.4% 19.1% 9.5%

Other Assets 3,059 3,801 7,170 8,961 20,714 16,800

YoY% 24.2% 88.6% 25.0% 131.2% -18.9%

Total Assets 107,659 143,745 196,132 241,502 377,437 497,311

YoY% 33.5% 36.4% 23.1% 56.3% 31.8%


35/55

FY2007

2,8161%

31,116

20.0%

90

-33.2%

587,856

46.5%

51,956

93.8%

21,279

19.0%

37,459

65.6%

732,572

47.3%

46,610

91.9%

22,573

86.2%

268,972

24.9%

368,765

65.3%

6,732

18.6%

18,921

12.6%

732,572

47.3%


36/55

Q2FY06 Q1FY07 Q2FY07A Q2FY07E YoY QoQ

Net interest income #REF! #REF! #REF! #REF! #REF! #REF!

Non-interest income #REF! #REF! #REF! #REF! #REF! #REF!

Trading gains/(losses) #REF! #REF! #REF! #REF! #REF! #REF!

Operating income #REF! #REF! #REF! #REF! #REF! #REF!

Core operating income #REF! #REF! #REF! #REF! #REF! #REF!

Operating expenses #REF! #REF! #REF! #REF! #REF! #REF!

Operating profit #REF! #REF! #REF! #REF! #REF! #REF!

Provision Charges #REF! #REF! #REF! #REF! #REF! #REF!

Profit before tax and exce #REF! #REF! #REF! #REF!

Exceptionals #REF!

Profit before tax #REF! #REF! #REF! #REF! #REF! #REF!

Tax provided #REF! #REF! #REF! #REF! #REF! #REF!

Net profit #REF! #REF! #REF! #REF! #REF! #REF!

Tax rate #REF! #REF! #REF! #REF!

Net advances #REF! #REF! #REF! #REF! #REF!


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FY03 FY04 FY05 FY06 FY07 FY08E

Income statement

Interest income 14,648 15,867 19,242 28,888 45,604 69,946

- on advances 7,361 7,675 9,788 15,280 27,029 47,161

- on investments 5,762 6,389 7,869 12,857 17,315 20,768

- on RBI/bank balances 368 329 320 416 773 1,237

- on others 1,156 1,473 1,265 334 488 780

Interest expense (11,424) (10,214) (11,930) (18,106) (29,933) (43,934)

Net interest income 3,224 5,653 7,312 10,782 15,671 26,012

Non-interest income 4,120 5,416 4,182 7,313 10,130 15,304

Fee/Commission income 1,438 1,824 3,305 4,889 7,790 12,074

Other operating income 221 384 990 1,126 1,732 2,131

Trading gains/(losses) 2,461 3,208 (113) 1,298 609 1,100

Operating income 7,344 11,069 11,494 18,096 25,801 41,316

Core operating income 4,883 7,861 11,607 16,798 25,192 40,216

Operating expenses (3,229) (4,192) (5,814) (8,141) (12,146) (19,652)

Employee expenses (852) (1,213) (1,769) (2,402) (3,813) (6,102)

Administrative expenses (1,887) (2,361) (3,229) (4,817) (7,214) (12,264)

Depreciation (489) (619) (816) (922) (1,119) (1,286)

Operating profit 4,116 6,877 5,680 9,955 13,655 21,665

Provision Charges (1,087) (2,566) (618) (2,624) (3,661) (2,822)Bad and doubtful debts charge (900) (2,436) (30) (1,271) (737) (1,859)

Other provisions (188) (130) (588) (1,353) (2,924) (964)

Profit before tax and exceptional 3,028 4,311 5,062 7,331 9,994 18,843

Exceptionals (15) (15) (24) (17) (29) 0

Profit before tax 3,013 4,296 5,038 7,314 9,965 18,843

Tax provided (1,091) (1,513) (1,692) (2,464) (3,375) (6,280)

Net profit 1,922 2,783 3,346 4,851 6,590 12,562

Adjusted profit 352 705 3,421 3,990 6,188 11,829

Balance sheet

Cash 1,126 1,533 2,729 4,898 8,368 21,366

Balances with RBI 14,875 36,236 31,758 19,396 38,243 58,218

Balances with other banks 19,697 18,863 10,542 12,124 22,573 28,216

Net advances 71,799 93,629 156,029 223,142 368,765 560,523

Retail assets 0 0 0 64,900 89,280 0

Agriculture assets 0 0 0 19,630 40,740 0

Investments 78,410 77,928 150,480 215,274 268,972 319,295

Investments in government se 46,485 50,559 75,384 117,898 164,308 233,318

Other investments 31,925 27,368 75,096 97,376 104,663 85,977

Other interest earning assets

Interest earning assets 185,907 228,189 351,539 474,834 706,919 987,617

Fixed assets 3,055 4,351 5,184 5,677 6,732 7,540

Other assets 7,170 8,961 20,714 16,800 18,921 21,191

Total assets 196,132 241,502 377,437 497,311 732,572 1,016,348

Deposits from banks 24,954 24,806 47,007 54,931 67,697 77,852

Deposits from customers 144,693 184,733 270,113 346,204 520,159 716,489Demand deposits 23,691 51,917 68,328 75,306 105,553 147,774

Savings deposits 14,232 25,845 48,909 80,654 121,259 169,762

Time deposits 106,770 106,971 152,876 190,244 293,347 398,953

Borrowings 7,193 5,278 17,814 26,809 51,956 59,749

Other interest bearing liabilities 4,886 6,386 7,886 17,886 21,279 24,471

Interest bearing liabilities 181,726 221,203 342,820 445,831 661,091 878,561

Other liabilities #REF! #REF! #REF! #REF! #REF! #REF!

Total liabilities 186,951 230,137 353,355 468,589 698,640 927,374


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Shareholders funds 9,181 11,364 24,082 28,722 33,932 88,974

Capital 2,302 2,316 2,738 2,787 2,816 48,160

Reserves and surpluses 6,879 9,048 21,344 25,935 31,116 40,814

Total liabilities and equity 196,132 241,502 377,437 497,311 732,572 1,016,348

Basic data

No. of shares outstanding 230 232 274 279 282 339

Avg. no. of shares outstanding 211 231 253 276 280 339

Market capitalisation

Per share data

EPS 8.35 12.02 12.22 17.41 23.40 37.10

Adj. EPS 1.53 3.04 12.50 14.32 21.97 34.93

DPS 2.26 2.83 3.47 4.07 5.31 7.42

BVPS 39.89 49.07 87.96 103.06 120.49 262.75

Profitability

RoE 25.1% 27.1% 18.9% 18.4% 21.0% 20.4%

Adj. RoE 4.6% 6.9% 19.3% 15.1% 19.8% 19.2%

RoA 1.13% 1.27% 1.08% 1.11% 1.07% 1.44%Adj. RoA 0.21% 0.32% 1.11% 0.91% 1.01% 1.35%

Growth ratios

Operating income growth 51% 4% 57% 43% 60%

Core operating income growth 61% 48% 45% 50% 60%

Operating cost growth 30% 39% 40% 49% 62%

Operating profit growth 67% -17% 75% 37% 59%

Net profit growth 45% 20% 45% 36% 91%

EPS growth 44% 2% 42% 34% 59%

Adj. EPS growth 99% 311% 15% 53% 59%

BVPS growth 23% 79% 17% 17% 118%

Advances Growth 30% 67% 43% 65% 52%

Yields

Yield on advances 11.75% 9.28% 7.84% 8.06% 9.13% 10.15%

Yield on investments 7.96% 8.17% 0.00% 0.00% 7.15% 7.06%

Yield on interest earning assets 9.06% 7.66% 6.64% 6.99% 7.72% 8.26%

Cost of deposits 8.61% 5.67% 4.70% 5.04% 5.73% 6.15%

Cost of liabilities 7.21% 5.07% 4.23% 4.59% 5.41% 5.71%

NIM 1.99% 2.73% 2.52% 2.61% 2.65% 3.07%

Interest spread 1.86% 2.59% 2.41% 2.40% 2.31% 2.55%

Efficiency ratios

Cost-income ratio 44% 38% 51% 45% 47% 48%

Core cost-income ratio 66% 53% 50% 48% 48% 49%

Staff costs to total costs 26% 29% 30% 30% 31% 31%

Operating costs to assets 1.65% 1.92% 1.88% 1.86% 1.98% 2.25%Assets per employee 84 70 79 76 73 70

Dupont analysis

Net interest income 1.90% 2.58% 2.36% 2.47% 2.55% 2.97%

Non-interest income 2.42% 2.48% 1.35% 1.67% 1.65% 1.75%

Trading profit 0.85% 1.47% -0.04% 0.30% 0.10% 0.13%

Operating income 0.10% 5.06% 3.71% 4.14% 4.20% 4.72%

Operating costs 0.00% -1.92% -1.88% -1.86% -1.98% -2.25%


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Pre-provision profits 0.03% 3.14% 1.84% 2.28% 2.22% 2.48%

Provisions 2.90% -1.17% -0.20% -0.60% -0.60% -0.32%

Bad debt provisions 1.45% -1.11% -0.01% -0.29% -0.12% -0.21%

Other provisions 1.45% -0.06% -0.19% -0.31% -0.48% -0.11%

PBT 0.00% 1.97% 1.64% 1.68% 1.63% 2.15%

Tax 2.87% -0.69% -0.55% -0.56% -0.55% -0.72%

ROA 1.13% 1.27% 1.08% 1.11% 1.07% 1.44%

Leverage 22.17 21.30 17.46 16.57 19.63 14.23

ROE 25.07% 27.09% 18.88% 18.37% 21.04% 20.44%

Asset quality

Gross NPLs 2,289 4,375 3,824 4,044 5,013 9,659

Net NPLs 1,620 1,122 2,169 2,176 2,663 5,451

Gross NPLs (%) 3.19% 4.67% 2.45% 1.81% 1.36% 1.72%

Net NPLs (%) 2.26% 1.20% 1.39% 0.98% 0.72% 0.97%

PL provisions/avg. loans 1.44% 2.94% 0.02% 0.67% 0.25% 0.40%

Inc. NPA/avg. loans 1.37% 2.91% 1.03% 0.91% 0.58% 0.60%

Capitalisation ratios

Tier 1 capital 9,181 11,364 24,082 28,722 36,362 88,974

Tier 2 capital 0 0 0 0 29,183 43,774CAR 9,181 11,364 24,082 28,722 65,545 132,748

Risk Weighted Assets 142,564 176,463 271,498 395,618 566,388 860,910

Tier 1 ratio 6.44% 6.44% 8.87% 7.26% 6.42% 10.33%

Tier 2 ratio 4.46% 4.77% 3.79% 3.82% 5.15% 5.08%

CAR 10.90% 11.21% 12.66% 11.08% 11.57% 15.42%

Liquidity ratios

Loans/Deposits 47% 49% 54% 60% 64% 72%

Investment/Deposits 52% 41% 52% 58% 47% 41%

Inc. loans/deposits ratio 47% 57% 64% 79% 84% 98%

Valuations

P/E 63.5 44.1 43.4 30.4 22.6 14.3

P/Adj. E 346.8 174.2 42.4 37.0 24.1 15.2

P/BV 13.3 10.8 6.0 5.1 4.4 2.0

Dividend yield 0.4 0.5 0.7 0.8 1.0 1.4

Price (Rs) 530

Face Value (Rs) 10

Target Price (Rs) 770

Rating

Bloomberg Ticker PNB IN

Operating data

No. of employees 2,338 3,447 4,761 6,553 9,980 14,471

No. of branches 192 252 339 339 508 651No. of ATMs 822 1,244 1,599 1,891 2,341 2,764

Addendum data

Adj. BV 32.2 44.2 79.4 95.2 111.0 246.6

P/Adj.BV 16.5 12.0 6.7 5.6 4.8 2.1


40/55

FY09E FY10E

95,890 126,580

67,369 89,844

25,293 31,571

1,979 3,166

1,249 1,998

(57,614) (73,568)

38,276 53,012 0.453374 0.659902

22,173 32,967

18,111 28,072

2,562 3,095

1,500 1,800

60,448 85,980

58,948 84,180

(27,191) (35,984)

(8,542) (11,105)

(17,169) (23,178)

(1,479) (1,701)

33,258 49,995

(5,068) (6,494)(4,002) (5,337)

(1,065) (1,157)

28,190 43,501

0 0

28,190 43,501

(9,396) (14,499)

18,794 29,002

17,794 27,802

(13,166) (26,319)

83,822 107,040

32,448 37,316

773,521 1,005,577

0 0

0 0

397,490 497,496

303,313 394,307

94,176 103,188

1,274,115 1,621,109 0.488771 0.397072

8,294 9,123

23,310 25,641

1,305,719 1,655,874

93,422 112,106

947,312 1,218,434199,495 265,328

229,179 304,808

518,638 648,298

68,712 79,019

29,365 36,706

1,138,811 1,446,265

#REF! #REF!

1,199,828 1,522,536


41/55

105,891 133,338

50,568 55,625

55,323 77,713

1,305,719 1,655,874

396 453

396 453

47.50 64.07

44.98 61.42

9.50 12.81

267.65 294.58

19.3% 24.2%

18.3% 23.2%

1.62% 1.96%1.53% 1.88%

46% 42%

47% 43%

38% 32%

54% 50%

50% 54%

28% 35%

29% 37%

2% 10%

38% 30%

10.10% 10.10%

7.06% 7.06%

8.48% 8.74%

6.11% 6.04%

5.71% 5.69%

3.38% 3.66%

2.77% 3.05%

45% 42%

46% 43%

31% 31%

2.34% 2.43%69 68

3.30% 3.58%

1.91% 2.23%

0.13% 0.12%

5.21% 5.81%

-2.34% -2.43%


42/55

2.86% 3.38%

-0.44% -0.44%

-0.34% -0.36%

-0.09% -0.08%

2.43% 2.94%

-0.81% -0.98%

1.62% 1.96%

11.92 12.38

19.29% 24.25%

15,662 24,558

7,452 11,010

2.02% 2.44%

0.96% 1.09%

0.60% 0.60%

0.50% 0.60%

105,891 133,338

61,284 79,669167,175 213,007

1,188,055 1,544,472

8.91% 8.63%

5.16% 5.16%

14.07% 13.79%

76% 78%

39% 38%

92% 86%

11.2 8.3

11.8 8.6

2.0 1.8

1.8 2.4

18,812 24,456

781 9373,179 3,655

248.8 270.3

2.1 2.0


43/55

Q1 Q2 Q3 Q4 Q1 Q2

Income statement

Interest income #REF! #REF! #REF! #REF! #REF! #REF!

- on advances #REF! #REF! #REF! #REF! #REF! #REF!

- on investments #REF! #REF! #REF! #REF! #REF! #REF!

- on RBI/bank balances #REF! #REF! #REF! #REF! #REF! #REF!

- on others #REF! #REF! #REF! #REF! #REF! #REF!Interest expense #REF! #REF! #REF! #REF! #REF! #REF!



Fee/Commission income #REF! #REF! #REF! #REF! #REF! #REF!

Other operating income #REF! #REF! #REF! #REF! #REF! #REF!

Trading gains/(losses) #REF! #REF! #REF! #REF! #REF! #REF!

Operating income #REF! #REF! #REF! #REF! #REF! #REF!

Core operating income #REF! #REF! #REF! #REF! #REF! #REF!

Operating expenses #REF! #REF! #REF! #REF! #REF! #REF!

Employee expenses #REF! #REF! #REF! #REF! #REF! #REF!

Administrative expenses #REF! #REF! #REF! #REF! #REF! #REF!

Depreciation #REF! #REF! #REF! #REF! #REF! #REF!Operating profit #REF! #REF! #REF! #REF! #REF! #REF!

Provision Charges #REF! #REF! #REF! #REF! #REF! #REF!

Bad and doubtful debts charge #REF! #REF! #REF! #REF! #REF! #REF!

Other provisions #REF! #REF! #REF! #REF! #REF! #REF!

Profit before tax and exceptional #REF! #REF! #REF! #REF! #REF! #REF!

Exceptionals #REF! #REF! #REF! #REF! #REF! #REF!

Profit before tax #REF! #REF! #REF! #REF! #REF! #REF!

Tax provided #REF! #REF! #REF! #REF! #REF! #REF!

Net profit #REF! #REF! #REF! #REF! #REF! #REF!

Adjusted profit #REF! #REF! #REF! #REF! #REF! #REF!

Balance sheet

Cash #REF! #REF! #REF! #REF! #REF! #REF!

Balances with RBI #REF! #REF! #REF! #REF! #REF! #REF!

Balances with other banks #REF! #REF! #REF! #REF! #REF! #REF!

Net advances #REF! #REF! #REF! #REF! #REF! #REF!

Retail assets #REF! #REF! #REF! #REF! #REF! #REF!

Agriculture assets #REF! #REF! #REF! #REF! #REF! #REF!

Investments #REF! #REF! #REF! #REF! #REF! #REF!

Investments in government se #REF! #REF! #REF! #REF! #REF! #REF!

Other investments #REF! #REF! #REF! #REF! #REF! #REF!

Other interest earning assets

Interest earning assets #REF! #REF! #REF! #REF! #REF! #REF!

Fixed assets #REF! #REF! #REF! #REF! #REF! #REF!

Other assets #REF! #REF! #REF! #REF! #REF! #REF!Total assets #REF! #REF! #REF! #REF! #REF! #REF!

Deposits from banks #REF! #REF! #REF! #REF! #REF! #REF!

Deposits from customers #REF! #REF! #REF! #REF! #REF! #REF!

Demand deposits #REF! #REF! #REF! #REF! #REF! #REF!

Savings deposits #REF! #REF! #REF! #REF! #REF! #REF!

Time deposits #REF! #REF! #REF! #REF! #REF! #REF!

Borrowings #REF! #REF! #REF! #REF! #REF! #REF!


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Other interest bearing liabilities #REF! #REF! #REF! #REF! #REF! #REF!

Interest bearing liabilities #REF! #REF! #REF! #REF! #REF! #REF!

Other liabilities #REF! #REF! #REF! #REF! #REF! #REF!

Total liabilities #REF! #REF! #REF! #REF! #REF! #REF!

Shareholders funds #REF! #REF! #REF! #REF! #REF! #REF!

Capital #REF! #REF! #REF! #REF! #REF! #REF!

Reserves and surpluses #REF! #REF! #REF! #REF! #REF! #REF!Total liabilities and equity #REF! #REF! #REF! #REF! #REF! #REF!

Basic data

No. of shares outstanding #REF! #REF! #REF! #REF! #REF! #REF!

Avg. no. of shares outstanding #REF! #REF! #REF! #REF! #REF! #REF!

Market capitalisation

Per share data

EPS #REF! #REF! #REF! #REF! #REF! #REF!

Adj. EPS #REF! #REF! #REF! #REF! #REF! #REF!

DPS #REF! #REF! #REF! #REF! #REF! #REF!BVPS #REF! #REF! #REF! #REF! #REF! #REF!

Profitability

RoE #REF! #REF! #REF! #REF! #REF! #REF!

Adj. RoE #REF! #REF! #REF! #REF! #REF! #REF!

RoA #REF! #REF! #REF! #REF! #REF! #REF!

Adj. RoA #REF! #REF! #REF! #REF! #REF! #REF!

Growth ratios

Operating income growth

Core operating income growth

Operating cost growth #REF! #REF!

Operating profit growth

Net profit growth

EPS growth

Adj. EPS growth

BVPS growth

Advances Growth

Yields

Yield on advances #REF! #REF! #REF! #REF! #REF! #REF!

Yield on investments #REF! #REF! #REF! #REF! #REF! #REF!

Yield on interest earning assets #REF! #REF! #REF! #REF! #REF! #REF!

Cost of deposits #REF! #REF! #REF! #REF! #REF! #REF!

Cost of liabilities #REF! #REF! #REF! #REF! #REF! #REF!NIM #REF! #REF! #REF! #REF! #REF! #REF!

Interest spread #REF! #REF! #REF! #REF! #REF! #REF!

Efficiency ratios

Cost-income ratio #REF! #REF! #REF! #REF! #REF! #REF!

Core cost-income ratio #REF! #REF! #REF! #REF! #REF! #REF!

Staff costs to total costs #REF! #REF! #REF! #REF! #REF! #REF!

Operating costs to assets #REF! #REF! #REF! #REF! #REF! #REF!


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Assets per employee #REF! #REF! #REF! #REF! #REF! #REF!

Dupont analysis



Trading profit #REF! #REF! #REF! #REF! #REF! #REF!

Operating income #REF! #REF! #REF! #REF! #REF! #REF!Operating costs #REF! #REF! #REF! #REF! #REF! #REF!

Pre-provision profits #REF! #REF! #REF! #REF! #REF! #REF!

Provisions #REF! #REF! #REF! #REF! #REF! #REF!

Bad debt provisions #REF! #REF! #REF! #REF! #REF! #REF!

Other provisions #REF! #REF! #REF! #REF! #REF! #REF!

PBT #REF! #REF! #REF! #REF! #REF! #REF!

Tax #REF! #REF! #REF! #REF! #REF! #REF!

ROA #REF! #REF! #REF! #REF! #REF! #REF!

Leverage #REF! #REF! #REF! #REF! #REF! #REF!

ROE #REF! #REF! #REF! #REF! #REF! #REF!

Asset qualityGross NPLs #REF! #REF! #REF! #REF! #REF! #REF!

Net NPLs #REF! #REF! #REF! #REF! #REF! #REF!

Gross NPLs (%) #REF! #REF! #REF! #REF! #REF! #REF!

Net NPLs (%) #REF! #REF! #REF! #REF! #REF! #REF!

PL provisions/avg. loans #REF! #REF! #REF! #REF! #REF! #REF!

Inc. NPA/avg. loans #REF! #REF! #REF! #REF! #REF! #REF!

Capitalisation ratios

Tier 1 capital #REF! #REF! #REF! #REF! #REF! #REF!

Tier 2 capital #REF! #REF! #REF! #REF! #REF! #REF!

CAR #REF! #REF! #REF! #REF! #REF! #REF!

Risk Weighted Assets #REF! #REF! #REF! #REF! #REF! #REF!

Tier 1 ratio #REF! #REF! #REF! #REF! #REF! #REF!

Tier 2 ratio #REF! #REF! #REF! #REF! #REF! #REF!

CAR #REF! #REF! #REF! #REF! #REF! #REF!

Liquidity ratios

Loans/Deposits #REF! #REF! #REF! #REF! #REF! #REF!

Investment/Deposits #REF! #REF! #REF! #REF! #REF! #REF!

Inc. loans/deposits ratio #REF! #REF! #REF! #REF! #REF! #REF!

Valuations

P/E #REF! #REF! #REF! #REF! #REF! #REF!

P/Adj. E #REF! #REF! #REF! #REF! #REF! #REF!

P/BV #REF! #REF! #REF! #REF! #REF! #REF!Dividend yield #REF! #REF! #REF! #REF! #REF! #REF!

Price (Rs) 698.4

Face Value (Rs) 10

Target Price (Rs)

Rating

Bloomberg Ticker HDFCB IN


46/55

Operating data

No. of employees 2,338 3,447 4,761 6,553 9,980 14,471

No. of branches 192 252 339 339 508 651

No. of ATMs 822 1,244 1,599 1,891 2,341 2,764


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Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

#REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!




#REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!#REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!








































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No. of years 5

final growth rate 7%

Initial growth rate 40%

Initial payout ratio 23%

Final payout ratio 57%

Risk free rate 13.0%

Step decrease in growth rate 5.500%

Step decrease in payout ratio 5.773%

Earnings in the last forecast period 6,590

Sustainable ROE 16.0%

P/BV 4.1

2007 2008 2009 2010

Earnings 6,590 12,562 17,587 23,655

growth rate 91% 40% 35%Payout ratio 23% 25% 27% 30%

Dividend 1487.919 3140.615 4748.61 7096.534

Discount factor 1 1 0.884956 0.783147 0.69305

Discounted value of dividend 1487.919 2779.305 3718.858 4918.254

Value of equity 364533.9

Less net NPL

Adj. value of equity

Value per share 1301.16

growth rate in dividends 111% 51% 49%

Sensitivity Analysis


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2011 2012 2013 2014 terminal value

30,515 37,686 44,470 50,028 53,530

29% 24% 18% 13% 7%32% 35% 37% 40% 70%

9764.831 13190.15 16453.77 20011.34 668237.0935

0.613319 0.54276 0.480319 0.480319 0.480318527

5988.954 7159.085 7903.051 9611.819 320966.6567

38% 35% 25% 22%


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2007 2008 2009 2010 2011 2012

Earnings 6,590 12,562 #REF! #REF! #REF! #REF!

growth rate 0.906232 #REF! #REF! #REF! #REF!

Payout ratio #REF! 0.3 0.2 #REF! #REF! #REF!

Dividend #REF! 3768.738 #REF! #REF! #REF! #REF!

Discount factor 1 1 #REF! #REF! #REF! #REF! #REF!

Discounted value of dividend #REF! #REF! #REF! #REF! #REF! #REF!

Value of equity #REF!

Less net NPL

Adj. value of equity

Value per share #REF!


53/55

2013 2014 terminal value

#REF! #REF! #REF!

#REF! #REF! #REF!

#REF! #REF! #REF!

#REF! #REF! #REF!

#REF! #REF! #REF!

#REF! #REF! #REF!


54/55

No. of years 5

Initial growth rate 30%

Final growth rate 5% 6

Initial payout ratio 23%

Final payout ratio 57%

Risk free rate 13.0%Step decrease in growth rate 5.000%

Step decrease in payout ratio 5.773%

Earnings in the last forecast period 6,590

Sustainable ROE 21.0%

P/BV 3.4

#NAME?

#NAME?

0.151025 0.151025 0.1510253 0.151025 0.179792

2006 2007 2008 2009 2010 2011

Earnings 4,851 6,590 12,562 18,794 23,493 28,191

growth rate 37% 91% 30% 25% 20%Payout ratio 20% 20% 20% 20% 5%

Dividend 1,715 2,512 3,759 4,699 1,342

growth rate #DIV/0! 46% 50% -71%

Discount factor 1 0.88 0.78 0.69 0.61

Discounted value of dividend 0 1,715 2,223 2,944 3,256 823

Value of equity 204,818

Less net NPL 5,451

Adj. value of equity 199,367

Value per share 722 938.219

16.20% 0.1280%

16.40% 0.02

0.98 0.064

2007 2008 2009 2010 2011

Earnings 6,590 12,562 18,794 29,002 40,489

growth rate 91% 50% 45% 40%

Payout ratio 23% 20% 20% 20% -89%

Dividend 1,488 2,512 3,759 5,800 (35,874)

Discount factor 1 0.88 0.78 0.69 0.61

Discounted value of dividend 1,488 2,223 2,944 4,020 (22,002)Value of equity (50,822)

Less net NPL 0

Adj. value of equity (50,822)

Value per share -181


55/55

0.134844 0.089896

2012 2013 Terminal valu 2015

32,420 35,662 37,445 37445.15

15% 10% 5% 0%29% 52% 76% 100%

9,263 18,680 374,451 288039.6

590% 102% 1905%

0.54 0.48 0.48 0.480319

5,028 8,972 179,856 138350.8

2012 2013 Terminal valu 2015

54,500 70,636 88,017 88,017

35% 30% 25%

-65% -41% -17%

(35,312) (28,948) (15,115)

0.54 0.48 0.43

(19,166) (13,904) (6,425)

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