1QFY2014 Result Update | Banking

August 20, 2013

Bank of Maharashtra
Performance Highlights

Particulars (` cr) NII Pre-prov. profit PAT

Source: Company, Angel Research

NEUTRAL
CMP Target Price
% chg (qoq) 4.2 (1.6) 2.8 1QFY13 651 440 140 % chg (yoy) 39.5 58.8 89.6

`39 -

1QFY14 908 699 266

4QFY13 871 711 259

Investment Period
Stock Info Sector Market Cap (` cr) Beta 52 Week High / Low Avg. Daily Volume Face Value (`) BSE Sensex Nifty Reuters Code Bloomberg Code

Banking 2,560 1.0 66/38 68,750 10 18,308 5,415 BMBK.BO BOMH@IN

Bank of Maharashtra reported a strong operating performance for 1QFY2014, with a NII growth of 39.5% yoy (largely aided by robust advance growth of 44.5% yoy) and earnings growth of 89.6% yoy. The bank witnessed pressures on asset quality front, as Gross NPA levels increased sequentially by 31.8% (albeit on a lower base), however Net NPA levels witnessed much higher increase of 66.9% qoq, as PCR dipped 718bp qoq to 76.5%. Strong business growth continues; NIM declines on lower CASA ratio: During 1QFY2014, the bank continued to witness strong growth in its business, as advances grew by 44.5% yoy (8.9% qoq), while deposits by 32.0% yoy (11.8% qoq). Strong advance growth was driven by robust traction witnessed in SME and Agricultural advances, which grew by 41.4% and 37.5% yoy respectively. Overall, CASA deposits for the bank grew by 17.8% yoy (de-grew by 3.2% qoq), much less than the strong growth in aggregate deposits, hence CASA ratio for the bank dipped 426bp yoy and 546bp qoq to 35.3%. Reported NIM for the bank declined 8bp sequentially to 3.0%, on back of 546bp sequential slide in the CASA ratio, even as yield on advances increased marginally by 4bp qoq to 11.3%. The banks non-interest income (excluding treasury) grew at a moderate pace of 8.1% yoy to `167cr, on back of flat performance on recoveries front and moderate growth of 11.8% yoy in its fee income. Treasury income came in at `58cr as against `24cr in 1QFY2013, thus enabling overall other income to grow by 25.9% yoy to `225cr. During 1QFY2014, the bank witnessed pressures on the asset quality front, as gross and net NPA levels increased by 31.8% and 66.9% sequentially (albeit on a low base). Annualized slippage ratio for the bank during the quarter came in at 3.0% as against 2.2% in 4QFY2013 and 3.1% in 1QFY2013. Recoveries and upgrades came in much lower at `106cr as against `307cr in 4QFY2013 and `156cr in 1QFY2013. The banks PCR dipped 718bp qoq to 76.5%, though remains on the higher side within the PSU pack. Outlook and valuation: Total CAR for the bank as per Basel III stood at 10.76%, however core equity tier-I remains low, raising concerns about book value dilution in near future. Moreover, we remain wary of the asset quality pressures for the bank, as we take into account its recent aggressive loan growth, overall weak macro environment and recent macro developments. Hence, we recommend a Neutral rating on the stock. Key financials
Y/E March (` cr) NII % chg Net profit % chg NIM (%) EPS (`) P/E (x) P/ABV (x) RoA (%) RoE (%) FY2012 2,517 27.9 431 30.4 3.1 6.2 6.2 0.6 0.4 11.2 FY2013 3,033 20.5 760 76.3 3.0 10.6 3.6 0.5 0.7 16.8 FY2014E 3,730 23.0 873 15.0 3.0 12.3 3.1 0.5 0.6 16.5 FY2015E 3,946 5.8 838 (4.0) 2.8 11.8 3.3 0.4 0.5 14.1

Shareholding Pattern (%) Promoters MF / Banks / Indian Fls FII / NRIs / OCBs Indian Public / Others 81.2 10.2 0.9 7.7

Abs. (%) Sensex BOMH

3m (9.8)

1yr 3.5

3yr (0.8)

(33.4) (15.6) (46.7)

Vaibhav Agrawal
022 3935 7800 Ext: 6808 [email protected]

Sourabh Taparia
022 3935 7800 Ext: 6872 [email protected]

Harshal Patkar
022 3935 7800 Ext: 6847 [email protected]

Source: Company, Angel Research; Note: CMP as of August 19, 2013

Please refer to important disclosures at the end of this report

Bank of Maharashtra | 1QFY2014 Result Update

Exhibit 1: 1QFY2014 performance (Standalone)

Particulars (` cr) Interest earned - on Advances / Bills - on investments - on balance with RBI & others - on others Interest Expended Net Interest Income Other income Other income excl. treasury - Fee Income - Treasury Income - Recov. from written off a/cs - Others Operating income Operating expenses - Employee expenses - Other Opex Pre-provision Profit Provisions & Contingencies - Provisions for NPAs - Provisions for Investments - Other Provisions PBT Provision for Tax PAT Effective Tax Rate (%)
Source: Company, Angel Research

1QFY14 2,749 2,129 592 28 0 1,841 908 225 167 108 58 22 37 1,133 434 266 169 699 270 189 16 65 429 163 266 38.0

4QFY13 2,781 2,144 603 34 1 1,910 871 382 295 146 87 108 42 1,253 543 363 180 711 124 112 26 (13) 586 327 259 55.8

% chg (qoq) (1.2) (0.7) (1.8) (18.7) (51.7) (3.6) 4.2 (41.1) (43.4) (26.3) (33.3) (79.5) (10.6) (9.6) (20.0) (26.9) (6.1) (1.6) 116.7 68.7 (37.0) (599.7) (26.8) (50.2) 2.8 (1786)bp

1QFY13 2,039 1,553 474 1 10 1,387 651 179 155 96 24 22 36 830 390 259 130 440 316 206 (5) 115 125 (16) 140 (12.8)

% chg (yoy) 34.9 37.1 25.0 3,737.5 NA 32.7 39.5 25.9 8.1 11.8 139.1 1.4 2.4 36.5 11.4 2.3 29.6 58.8 (14.6) (8.4) NA (43.5) 244.6 NA 89.6 NA

FY2013 9,613 7,299 2,231 38 45 6,580 3,033 912 768 492 144 157 119 3,945 1,797 1,188 609 2,149 807 586 (25) 245 1,342 583 760 43.4

FY2012 7,214 5,491 1,709 2 13 4,697 2,517 641 629 466 12 96 67 3,158 1,643 1,113 530 1,515 856 673 62 121 659 228 431 34.6

% chg (yoy) 33.3 32.9 30.6 2,427.6 241.6 40.1 20.5 42.3 22.2 5.5 1,087.7 63.7 79.1 24.9 9.4 6.7 15.0 41.8 (5.8) (13.0) (139.3) 103.3 103.7 155.4 76.3 879bp

Exhibit 2: 1QFY2014 Actual vs. Angel estimates

Particulars (` cr) Net interest income Other income Operating income Operating expenses Pre-prov. profit Provisions & cont. PBT Prov. for taxes PAT
Source: Company, Angel Research

Actual 908 225 1,133 434 699 270 429 163 266

Estimates 864 167 1,031 475 556 243 313 106 207

Var. (%) 5.1 34.5 9.9 (8.6) 25.7 10.8 37.2 53.2 28.9

August 20, 2013

Bank of Maharashtra | 1QFY2014 Result Update

Exhibit 3: 1QFY2014 performance analysis (Standalone)

Particulars Balance sheet Advances (` cr) Deposits (` cr) Credit-to-Deposit Ratio (%) Current deposits (` cr) Saving deposits (` cr) CASA deposits (` cr) CASA ratio (%) CAR (%) Tier 1 CAR (%) Profitability Ratios (%) Dom. cost of funds Dom. Reported NIMs Cost-to-income ratio Asset quality Gross NPAs (` cr) Gross NPAs (%) Net NPAs (` cr) Net NPAs (%) Provision Coverage Ratio (%) Slippage Ratio LLP to avg assets (%) 1,500 1.8 656 0.8 76.5 3.0 0.6 1,138 1.5 393 0.5 83.7 2.2 0.4 31.8 31bp 66.9 28bp (718)bp 77bp 24bp 1,294 2.2 549 1.0 79.3 3.1 0.9 15.9 (44)bp 19.4 (17)bp (283)bp (18)bp (31)bp 11.3 3.0 38.3 11.2 3.1 43.3 4bp (8)bp (499)bp 11.2 2.9 47.0 11bp 11bp (864)bp 82,167 105,447 77.9 9,950 27,297 37,247 35.3 11.8 7.1 75,471 94,337 80.0 11,186 27,290 38,476 40.8 12.6 7.6 8.9 11.8 (208)bp (11.0) 0.0 (3.2) (546)bp (76)bp (45)bp 56,872 79,880 71.2 7,596 24,023 31,619 39.6 12.5 8.2 44.5 32.0 672bp 31.0 13.6 17.8 (426)bp (63)bp (112)bp 1QFY14 4QFY13 % chg (qoq) 1QFY13 % chg (yoy)

Source: Company, Angel Research; Note: Profitability ratios excluding CIR for domestic operations

Strong growth in business yoy; NIM dips sequentially

During 1QFY2014, the bank continued to witness strong growth in its business, as advances witnessed a growth of 44.5% yoy (8.9% qoq), while deposits grew by 32.0% yoy (11.8% qoq). Strong advance growth was driven by robust traction witnessed in SME and Agricultural advances, which grew by 41.4% and 37.5% yoy respectively. On the CASA front, current deposits grew by 31.0% yoy, while savings deposits grew by 13.6% yoy, thus enabling a CASA deposits growth of 17.8% yoy (de-grew by 3.2% qoq) to `37,247cr. As growth in aggregate deposits far outpaced CASA deposits, CASA ratio for the bank dipped 426bp yoy and 546bp qoq to 35.3%. During the quarter, the reported NIM for the bank declined 8bp sequentially to 3.0%, on back of 546bp sequential slide in the CASA ratio, even as yield on advances increased marginally by 4bp qoq to 11.3%.

August 20, 2013

Bank of Maharashtra | 1QFY2014 Result Update

Exhibit 4: Business growth remains strong

Adv. yoy chg (%) 60.0 50.0 40.0 30.0 20.0 71.2 73.8 74.6 Dep. yoy chg (%) 80.0 CDR (%, RHS) 82.0 77.9 80.0 78.0 76.0 74.0 72.0 70.0 68.0 66.0 1QFY13 2QFY13 3QFY13 4QFY13 1QFY14

Exhibit 5: CASA ratio declines significantly

CASA ratio (%) 43.0 40.0 37.0 34.0 31.0 7.0 2.0 (3.0) 1QFY13 2QFY13 3QFY13 4QFY13 1QFY14 14.4 14.7 CASA yoy growth (%, RHS) 21.6 17.5 17.8 22.0 17.0 12.0

22.7 17.4

27.6 24.7

48.5 42.0

34.6 23.3

44.5 32.0

39.6

37.4

33.9

40.8

10.0 -

28.0 25.0

Source: Company, Angel Research

Source: Company, Angel Research

Exhibit 6: NIM lower by 8bp qoq on back of lower CASA

(%) 3.3 3.1 2.9 2.7 2.5 2.3 2.1 1.9 1.7 1.5 2.91 2.99 3.10 2.89 3.02

Exhibit 7: YoA marginally up by 4bp

(%) 12 11.5 11 10.5 10 9.5 9 8.5 11.16 11.67 11.66 11.23 11.27

1QFY13

2QFY13

3QFY13

4QFY13

1QFY14

1QFY13

2QFY13

3QFY13

4QFY13

35.3

1QFY14

Source: Company, Angel Research

Source: Company, Angel Research

Moderate performance (excluding treasury)

on

the

non-interest

income

front

During 1QFY2014, the banks non-interest income (excluding treasury) grew at a moderate pace of 8.1% yoy to `167cr. Moderate non-interest income performance was on back of flat performance on recoveries front and moderate growth in fee income. Recoveries from written off accounts came in at `22cr, as compared to `22cr registered in 1QFY2013 and `108cr in 4QFY2013, while fee income grew at a moderate pace of 11.8% yoy. Treasury income came in at `58cr as against `24cr in 1QFY2013, thus enabling overall other income to grow by 25.9% yoy to `225cr.

Asset quality faces pressure

During 1QFY2014, the bank witnessed pressures on the asset quality front, as gross and net NPA levels increased by 31.8% and 66.9% sequentially (albeit on a low base). Annualized slippage ratio for the bank during the quarter came in at 3.0% as against 2.2% in 4QFY2013 and 3.1% in 1QFY2013. Recoveries and upgrades came in much lower at `106cr as against `307cr in 4QFY2013 and `156cr in 1QFY2013. Gross and Net NPA ratios for the bank increased sequentially by 31bp and 28bp, respectively to 1.8% and 0.8%. The banks PCR dipped 718bp qoq to 76.5%, though remains on the higher side within the PSU pack.

August 20, 2013

Bank of Maharashtra | 1QFY2014 Result Update

Exhibit 8: Asset quality deteriorates sequentially...

Gross NPAs (%) 3.0 79.3 2.0 80.1 82.8 83.7 76.5 Net NPAs (%) PCR (%, RHS) 100.0 80.0 60.0 1.0 40.0

Exhibit 9: ...as slippages elevates to `560cr

3.5 3.0 2.5 2.0 1.5 1.0 0.5 20.0 1QFY13 2QFY13 3QFY13 4QFY13 1QFY14
Source: Company, Angel Research

0.9

Slippages (%)

Credit cost (%, RHS) 1.0

0.7

0.6 0.4 0.4

0.8 0.6 0.4

3.1

1.5

1.8

2.2

2.2 1.0

2.0 0.9

1.7 0.7

1.5 0.5

1.8 0.8

3.0

0.2 -

1QFY13 2QFY13 3QFY13 4QFY13 1QFY14

Source: Company, Angel Research

Exhibit 10: Operating expenses trend

(` cr) 600 500 400 300 200 100 390 130 Staff expenses Other opex 543 423 146 441 180 153 434 169

Exhibit 11: Declining trend in Cost ratios

Opex to average assets (%) 2.0 1.5 1.0 20.0 0.5 10.0 1.7 1QFY13 1.8 2QFY13 1.6 3QFY13 1.8 4QFY13 1.4 1QFY14 47.0 47.2 45.6 Cost-to-income ratio (%, RHS) 43.3 38.3 50.0 40.0 30.0

259 1QFY13

277 2QFY13

288 3QFY13

363 4QFY13

266 1QFY14

Source: Company, Angel Research

Source: Company, Angel Research

Investment arguments
Healthy CASA franchise ensures low-cost funding
Bank of Maharashtra has enjoyed a healthy CASA franchise for the past several years on the back of strong rural and semi-urban presence (accounting for around 55% of the entire branch network). The benefit of a healthy CASA ratio is reflected in the banks relatively lower cost of deposits than peers.

Outlook and Valuation

Total CAR for the bank as per Basel III stood at 10.76%, however core equity tier-I remains low, raising concerns about book value dilution in near future. Moreover, we remain wary of the asset quality pressures for the bank, as we take into account its recent aggressive loan growth, overall weak macro environment and recent macro developments. Hence, we recommend a Neutral rating on the stock.

August 20, 2013

Bank of Maharashtra | 1QFY2014 Result Update

Exhibit 12: Key assumptions

Particulars (%) Credit growth Deposit growth CASA ratio NIMs Other income growth Growth in staff expenses Growth in other expenses Slippages Coverage
Source: Angel Research

Earlier estimates FY2014E 11.0 11.0 40.4 3.0 (16.6) 12.5 12.5 2.4 75.0 13.0 13.0 40.2 3.0 6.7 10.0 12.5 2.4 75.0

Revised estimates 21.0 23.0 36.4 3.0 (12.4) 5.0 17.5 2.5 75.0 8.0 8.0 38.0 2.8 4.3 12.5 10.0 2.5 75.0

FY2015E FY2014E FY2015E

Exhibit 13: Change in estimates

FY2014E Particulars (` cr) NII Non-interest income Operating income Operating expenses Pre-prov. profit Provisions & cont. PBT Prov. for taxes PAT
Source: Angel Research

FY2015E Earlier estimates 3,912 812 4,724 2,240 2,484 1,108 1,376 468 908 Revised Var. (%) estimates 3,946 0.9 833 4,780 2,190 2,590 1,320 1,269 431 838 2.6 1.2 (2.3) 4.3 19.2 (7.8) (7.8) (7.8)

Earlier estimates 3,530 761 4,291 2,021 2,270 973 1,297 441 856

Revised Var. (%) estimates 3,730 5.7 799 4,529 1,963 2,567 1,244 1,323 450 873 5.0 5.5 (2.9) 13.1 27.8 2.0 2.0 2.0

Exhibit 14: P/ABV band

160 140 120 100 80 60 40 20 0 Price(`) 0.4x 0.7x 1x 1.3x 1.6x

Aug-06

Dec-08

Apr-04

Mar-07

Aug-13

Apr-11

Jul-09

Nov-04

May-08

Nov-11

Source: Company, Angel Research

August 20, 2013

Mar-14

Oct-07

Feb-10

Sep-10

Jun-05

Jan-06

Jun-12

Jan-13

Bank of Maharashtra | 1QFY2014 Result Update

Exhibit 15: Recommendation summary

Company AxisBk FedBk HDFCBk ICICIBk* SIB YesBk AllBk AndhBk BOB BOI BOM CanBk CentBk CorpBk DenaBk IDBI# IndBk IOB J&KBk OBC PNB SBI* SynBk UcoBk UnionBk UtdBk VijBk Reco. Buy Accumulate Buy Buy Neutral Buy Neutral Neutral Accumulate Accumulate Neutral Accumulate Neutral Neutral Neutral Accumulate Neutral Accumulate Neutral Accumulate Accumulate Accumulate Accumulate Accumulate Accumulate Accumulate Neutral CMP (`) 987 296 584 815 20 241 68 55 452 154 39 210 53 263 45 56 70 39 1,071 129 480 1,530 64 52 109 35 35 Tgt. price (`) 1,255 331 724 1,038 298 510 174 241 61 41 147 546 1,637 73 55 119 37 Upside (%) 27.1 12.1 24.0 27.4 23.3 13.0 12.5 14.7 8.8 6.0 13.8 13.7 7.0 13.2 6.5 9.4 7.2 FY2015E P/ABV (x) 1.1 0.7 2.7 1.2 0.7 1.0 0.3 0.4 0.5 0.4 0.4 0.4 0.5 0.3 0.3 0.3 0.3 0.3 0.8 0.3 0.5 0.9 0.3 0.5 0.4 0.3 0.4 FY2015E Tgt. P/ABV (x) 1.4 0.8 3.4 1.5 1.3 0.6 0.4 0.5 0.4 0.3 0.3 0.5 1.0 0.4 0.5 0.4 0.3 FY2015E P/E (x) 6.3 5.7 12.9 8.4 4.8 4.9 2.3 3.3 3.6 2.5 3.3 3.5 3.3 2.7 2.1 2.5 2.1 2.5 5.3 2.5 2.9 6.4 2.7 3.4 2.7 1.7 3.9 FY2013-15E EPS CAGR (%) 19.1 2.9 26.3 15.8 5.7 16.9 12.6 (15.1) 8.3 16.2 5.4 (3.4) 40.1 2.3 (3.3) 25.1 (4.2) 57.5 (3.5) 7.4 10.8 8.0 (16.0) 66.4 6.2 54.6 (0.4) FY2015E RoA (%) 1.6 1.0 1.9 1.6 0.9 1.3 0.6 0.5 0.8 0.7 0.5 0.6 0.5 0.7 0.6 0.8 0.8 0.5 1.3 0.6 1.0 0.8 0.6 0.6 0.6 0.6 0.4 FY2015E RoE (%) 18.1 12.3 22.8 15.4 16.2 22.8 12.4 10.0 14.2 13.9 14.1 10.4 12.8 13.5 13.2 13.3 12.4 10.5 16.3 11.1 15.7 14.7 12.8 13.5 13.4 14.7 9.8

Source: Company, Angel Research; Note:*Target multiples=SOTP Target Price/ABV (including subsidiaries), #Without adjusting for SASF

Company Background
Bank of Maharashtra is a mid-sized Pune-based public sector bank, with operations mostly concentrated in the parent state of Maharashtra (around 63% branches in the state as of FY2013). The bank has the highest number of branches in Maharashtra (1,050+ as of FY2013) after State Bank of India; this has allowed the bank to grow in-line with the state's progress over the past decade.

August 20, 2013

Bank of Maharashtra | 1QFY2014 Result Update

Income statement
Y/E March (` cr) Net Interest Income - YoY Growth (%) Other Income - YoY Growth (%) Operating Income - YoY Growth (%) Operating Expenses - YoY Growth (%) Pre - Provision Profit - YoY Growth (%) Prov. & Cont. - YoY Growth (%) Profit Before Tax - YoY Growth (%) Prov. for Taxation - as a % of PBT PAT - YoY Growth (%) Preference Dividend PAT avl. to Eq. shareholders - YoY Growth (%) FY10 1,296 3.2 591 18.2 1,887 7.5 1,073 11.4 815 2.6 246 (13.0) 569 11.3 129 22.7 440 17.2 440 17.2 FY11 1,968 51.9 531 (10.2) 2,499 32.4 1,644 53.2 855 5.0 467 90.1 388 (31.8) 57 14.8 330 (24.8) 34 297 (32.5) FY12 2,517 27.9 641 20.7 3,158 26.3 1,643 (0.1) 1,515 77.2 856 83.3 659 69.9 228 34.6 431 30.4 64 367 23.8 FY13 3,033 20.5 912 42.4 3,945 24.9 1,797 9.4 2,149 41.8 806 (5.9) 1,343 103.8 584 43.5 760 76.3 57 703 91.4 FY14E 3,730 23.0 799 (12.4) 4,529 14.8 1,963 9.2 2,567 19.4 1,244 54.4 1,323 (1.5) 450 34.0 873 15.0 58 815 16.0 FY15E 3,946 5.8 833 4.3 4,780 5.5 2,190 11.6 2,590 0.9 1,320 6.2 1,269 (4.0) 431 34.0 838 (4.0) 58 780 (4.3)

Balance sheet
Y/E March (` cr) Share Capital - Equity - Preference Reserve & Surplus Deposits - Growth (%) Borrowings Tier 2 Capital Other Liab. & Prov. Total Liabilities Cash Balances Bank Balances Investments Advances - Growth (%) Fixed Assets Other Assets Total Assets - Growth (%) FY10 431 431 2,428 63,304 21.1 129 2,668 2,096 71,056 5,315 1,379 21,324 40,315 17.6 660 2,063 71,056 20.4 FY11 1,070 482 588 2,901 66,845 5.6 577 2,500 2,550 76,442 3,846 203 22,491 46,881 16.3 667 2,354 76,442 7.6 FY12 1,178 590 588 3,545 76,529 14.5 4,445 2,500 2,941 91,137 4,535 1,209 26,031 56,060 19.6 601 2,701 91,137 19.2 FY13 1,249 661 588 5,147 94,337 23.3 9,777 3,100 3,341 116,953 5,265 908 31,430 75,471 34.6 1,429 2,449 116,953 28.3 FY14E 1,249 661 588 5,767 116,034 23.0 11,096 3,023 3,992 141,161 5,222 2,117 37,872 91,320 21.0 1,674 2,956 141,161 20.7 FY15E 1,249 661 588 6,352 125,317 8.0 11,969 2,947 4,434 152,269 5,639 2,284 40,780 98,625 8.0 1,751 3,189 152,269 7.9

August 20, 2013

Bank of Maharashtra | 1QFY2014 Result Update

Ratio analysis
Y/E March Profitability ratios (%) NIMs Cost to Income Ratio RoA RoE B/S ratios (%) CASA Ratio Credit/Deposit Ratio CAR - Tier I Asset Quality (%) Gross NPAs Net NPAs Slippages Loan Loss Prov. /Avg. Assets Provision Coverage Per Share Data (`) EPS ABVPS (75% cover.) DPS Valuation Ratios PER (x) P/ABVPS (x) Dividend Yield DuPont Analysis NII (-) Prov. Exp. Adj. NII Treasury Int. Sens. Inc. Other Inc. Op. Inc. Opex PBT Taxes RoA Pref. Div. RoA after Pref. Div Leverage RoE 2.0 0.4 1.6 0.3 1.9 0.6 2.5 1.6 0.9 0.2 0.7 0.7 29.1 19.7 2.7 0.6 2.0 0.1 2.1 0.6 2.8 2.2 0.5 0.1 0.4 0.0 0.4 27.6 11.3 3.0 1.0 2.0 0.0 2.0 0.8 2.7 2.0 0.8 0.3 0.5 0.1 0.4 25.0 11.2 2.9 0.8 2.1 0.1 2.3 0.7 3.0 1.7 1.3 0.6 0.7 0.0 0.7 24.6 16.8 2.9 1.0 1.9 0.1 2.0 0.6 2.5 1.5 1.0 0.3 0.7 0.0 0.6 25.8 16.5 2.7 0.9 1.8 0.0 1.8 0.5 2.4 1.5 0.9 0.3 0.6 0.0 0.5 26.2 14.1 3.8 0.8 5.2 6.3 0.7 5.2 6.2 0.6 5.7 3.6 0.5 5.9 3.1 0.5 6.5 3.3 0.4 6.5 10.2 48.9 2.0 6.2 57.5 2.0 6.2 63.8 2.2 10.6 70.9 2.3 12.3 80.3 2.5 11.8 89.1 2.5 3.0 1.6 2.5 0.4 54.7 2.5 1.3 1.7 0.5 65.6 2.3 0.8 1.8 0.8 80.4 1.5 0.5 1.4 0.6 83.7 2.9 1.1 2.5 0.8 75.0 4.4 1.4 2.5 0.8 75.0 36.9 63.7 12.8 5.7 40.4 70.1 13.4 8.0 41.3 73.3 12.4 8.3 40.8 80.0 11.7 7.0 36.4 78.7 10.4 6.5 38.0 78.7 10.1 6.6 2.1 56.8 0.7 19.7 2.8 65.8 0.4 11.3 3.1 52.0 0.5 11.2 3.0 45.5 0.7 16.8 3.0 43.3 0.6 16.5 2.8 45.8 0.5 14.1 FY10 FY11 FY12 FY13 FY14E FY15E

August 20, 2013

Bank of Maharashtra | 1QFY2014 Result Update

Research Team Tel: 022 - 39357800

E-mail: [email protected]

Website: www.angelbroking.com

DISCLAIMER
This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the companies referred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits and risks of such an investment. Angel Broking Pvt. Limited, its affiliates, directors, its proprietary trading and investment businesses may, from time to time, make investment decisions that are inconsistent with or contradictory to the recommendations expressed herein. The views contained in this document are those of the analyst, and the company may or may not subscribe to all the views expressed within. Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's fundamentals. The information in this document has been printed on the basis of publicly available information, internal data and other reliable sources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this document is for general guidance only. Angel Broking Pvt. Limited or any of its affiliates/ group companies shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report. Angel Broking Pvt. Limited has not independently verified all the information contained within this document. Accordingly, we cannot testify, nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document. While Angel Broking Pvt. 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 Pvt. 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 Pvt. 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 Pvt. Limited and its affiliates may have investment positions in the stocks recommended in this report.

Disclosure of Interest Statement 1. Analyst ownership of the stock 2. Angel and its Group companies ownership of the stock 3. Angel and its Group companies' Directors ownership of the stock 4. Broking relationship with company covered

Bank of Maharashtra No No No No

Note: We have not considered any Exposure below ` 1 lakh for Angel, its Group companies and Directors

Ratings (Returns):

Buy (> 15%) Reduce (-5% to -15%)

Accumulate (5% to 15%) Sell (< -15%)

Neutral (-5 to 5%)

August 20, 2013

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