Union Bank of India Result Updated

2QFY2012 Result Update | Banking
October 28, 2011
Union Bank of India

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

Source: Company, Angel Research
ACCUMULATE
CMP Target Price
% chg (qoq) 4.5 3.4 (24.1) 2QFY11 1,536 1,131 303 % chg (yoy) 8.2 6.6 16.2
`222 `238
12 Months
2QFY12 1,661 1,205 353
1QFY12 1,590 1,166 464
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 11,029 1.0 427/207 112,577 10 17,805 5,360 UNBK.BO UNBK@IN
For 2QFY2012, Union Bank of India reported disappointing numbers, which were far below ours as well as streets estimates, primarily because of the considerably higher-than-expected provisioning expenses. Substantial deterioration in asset quality was the key negative surprise from the results. We downgrade the stock from Buy (on persistent stress on the asset quality) to Accumulate. NIM improves on better CD ratio and loan yields; asset quality stress comes to the fore: The banks business growth was muted, with advances growing marginally by 1.2% qoq and deposits declining by 1.8% qoq. Even CASA deposits base was almost flat sequentially and grew by just 8% on a yoy basis. On the back of improvement in CD ratio and yield on advances, the banks reported NIM improved by 11bp qoq to 3.2%. On the asset-quality front, slippages ballooned to `1,821cr (annualized slippage ratio of 4.8%) from an average quarterly run rate of `640cr over the past 12 quarters. Management attributed a large part of the rise in slippages to the completion of the switchover to system-based NPA recognition platform. Absolute amounts of gross and net NPAs rose sharply by 37.1% qoq and 56.3% qoq, respectively. Provision coverage ratio including technical write-offs slipped sharply by 772bp qoq to 60.5%. Outlook and valuation: In our view, Union Bank of India is structurally among the more profitable and competitive PSU banks. We have a positive outlook on the bank due to its robust traction in CASA deposits and relatively fast-expanding branch network over the past few years. The asset quality stress seems to have been largely factored into the price, in our view. Going ahead, pick-up in recoveries from the technically slipped accounts is likely to cushion further stress. The stock is trading at reasonable valuations of 0.8x FY2013E P/ABV, well below its five-year median of 1.3x. Hence, we recommend an Accumulate rating with a target price of `238. Key financials
Y/E March (` cr) NII % chg Net profit % chg NIM (%) EPS (`) P/E (x) P/ABV (x) RoA (%) RoE (%)
Shareholding Pattern (%) Promoters MF / Banks / Indian Fls FII / NRIs / OCBs Indian Public / Others 57.1 14.7 11.9 16.3
Abs. (%) Sensex Union BoI
3m (2.2) (23.3)
1yr (10.7) (41.5)
3yr 97.7 75.1
FY2010 4,192 9.9 2,075 20.2 2.4 41.1 5.4 1.3 1.2 26.2
FY2011 6,216 48.3 2,082 0.3 3.0 39.6 5.6 1.1 1.0 20.9
FY2012E 6,725 8.2 1,975 -5.1 2.7 37.5 5.9 1.0 0.8 16.6
FY2013E 7,621 13.3 2,308 16.9 2.6 43.8 5.1 0.8 0.8 17.0
Varun Varma 022 3935 7800 Ext: 6847 [email protected]
Vaibhav Agrawal
022 3935 7800 Ext: 6808 [email protected]
Shrinivas Bhutda
022 3935 7800 Ext: 6845 [email protected]
Please refer to important disclosures at the end of this report
Union Bank of India | 2QFY2012 Result Update
Exhibit 1: 2QFY2012 performance

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 - Other Provisions PBT Provision for Tax PAT Effective Tax Rate (%)
2QFY12 1QFY12 % chg (qoq) 2QFY11 % chg (yoy) 5,110 3,859 1,141 86 25 3,449 1,661 501 401 298 100 42 61 2,162 957 591 366 1,205 623 495 128 582 230 353 39.5 4,916 3,754 1,063 75 23 3,326 1,590 484 371 252 113 59 60 2,074 908 592 317 1,166 428 365 63 737 273 464 37.0 4.0 2.8 7.3 13.7 10.6 3.7 4.5 3.5 8.1 18.3 (11.5) (28.8) 1.6 4.2 5.4 (0.1) 15.5 3.4 45.4 35.6 101.6 (21.0) (15.8) (24.1) 244bp 3,952 2,776 985 56 135 2,416 1,536 510 379 286 131 45 48 2,045 915 592 323 1,131 599 629 (30) 532 228 303 42.9 29.3 39.0 15.8 52.9 (81.5) 42.7 8.2 (1.7) 5.9 4.2 (23.7) (6.7) 27.9 5.7 4.6 (0.1) 13.3 6.6 4.0 (21.3) (524.4) 9.5 0.6 16.2 (349)bp
Exhibit 2: 2QFY2012 Actual vs. Estimates

Particulars (` cr) NII Other income Operating income Operating expenses Pre-prov. profit Provisions & cont. PBT Prov. for taxes PAT
Actual 1,661 501 2,162 957 1,205 623 582 230 353
Estimates 1,619 443 2,062 956 1,106 384 723 234 488
Var. (%) 2.6 13.1 4.9 0.1 8.9 62.4 (19.4) (2.0) (27.8)
October 28, 2011
Exhibit 3: 2QFY2012 performance analysis

Particulars Balance sheet Advances (` cr) Deposits (` cr) Credit-to-Deposit Ratio (%) CASA deposits (` cr) Reported CASA ratio (%) CAR (%) Tier 1 CAR (%) Profitability Ratios (%) Yield on funds Cost of funds Reported NIM 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 (%)
2QFY12
1QFY12
% chg (qoq)
2QFY11 % chg (yoy) 18.6 10.0 548bp 8.0 (60)bp 1bp 68bp 97bp 119bp (14)bp (46)bp 45.7 70bp 102.4 86bp (955)bp 104bp (41)bp
147,284 145,567 195,572 199,178 75.3 62,754 32.1 12.5 8.5 9.3 6.3 3.2 44.3 5,136 3.5 2,959 2.0 60.5 4.8 0.8 73.1 62,748 31.5 12.9 8.8 9.1 6.2 3.1 43.8 3,745 2.6 1,893 1.3 68.2 2.0 0.6
1.2 124,142 (1.8) 177,780 223bp 0.0 58bp (34)bp (28)bp 15bp 9bp 11bp 47bp 37.1 92bp 56.3 72bp (772)bp 279bp 21bp 69.8 58,111 32.7 12.5 7.9 8.3 5.1 3.4 44.7 3,524 2.8 1,462 1.2 70.1 3.8 1.2
Contraction in business; branch expansion remains slow

The banks business growth was muted, with advances growing marginally by 1.2% qoq and deposits declining by 1.8% qoq. Even the CASA deposits base was almost flat sequentially and grew by just 8% on a yoy basis. Due to a sequential contraction in overall deposits, the CASA ratio improved marginally by 58bp qoq to 32.1% During 1QFY2012, the bank had opened 22 branches; this pace reduced in 2QFY2012 with the bank opening only 13 branches. Management aims to open 225 branches during FY2012, implying addition of ~200 new branches during 2HFY2012. Considering the prevailing high interest rates, the bank has further revised its growth forecasts downwards for FY2012. The bank now plans to grow its advances by 17-18% (earlier 19%) and deposits by 16% (earlier 17%) in FY2012.
October 28, 2011
Exhibit 4: Contraction in business during 2QFY2012

Adv. qoq chg (%) 15.0 10.0 5.0 69.8 71.7 Dep. qoq chg (%) 74.6 73.1 CDR (%, RHS) 75.3 76.0 74.0 72.0
Exhibit 5: CASA ratio improves marginally

34.0 33.0 32.0 31.0
18.3
CASA ratio (%) 27.1 19.2
CASA yoy growth (%, RHS) 30.0
20.0 12.4 8.0 10.0
12.9 8.5
3.7
7.8 5.0
1.2
70.0
32.7
33.3
31.8
31.5
(0.5)
(3.6) (1.6)
(5.0)
(1.8)
68.0 66.0
29.0 2QFY11 3QFY11 4QFY11 1QFY12 2QFY12

32.1
30.0
2QFY11 3QFY11 4QFY11 1QFY12 2QFY12

Both NIM and fee income improve sequentially

The banks CD ratio improved sequentially from 73.1% in 1QFY2012 to 75.3% as of 2QFY2012. The yield on funds also improved by 15bp to 9.3%, leading to reported NIM increasing by 11bp to 3.2%. Management has guided for reported NIM to be at 3.2% for FY2012. However, considering the declining growth trend in CASA deposits, on a conservative basis, we have factored in NIM to decline by ~28bp and ~11bp in FY2012 and FY2013, respectively.
Exhibit 6: Rise in yield on funds....

(%) 9.50 9.10 9.00 8.50 8.00 7.50 2QFY11 3QFY11 4QFY11 1QFY12 2QFY12 8.28 8.39 8.82 9.25
Exhibit 7: Leads to an 11bp qoq improvement in NIM

(%) 3.50 3.30 3.10 2.90 2.70 2QFY11 3QFY11 4QFY11 1QFY12 2QFY12 3.10 3.44 3.35 3.21 3.44
Growth in non-interest income (3.5% qoq) was driven by strong 18.3% qoq growth in fee income to `298cr. Recoveries from written-off accounts fell sharply by 28.8% qoq to `42cr, while treasury income also declined by 11.5% qoq to `100cr. We expect core fee income to grow by 15.3% and 18.0% in FY2012 and FY2013, respectively.
October 28, 2011
Exhibit 8: Break-up of non-interest income

Particulars (` cr) CEB Treasury Recoveries Others Other income Other income excl. treasury
2QFY12 1QFY12 298 100 42 61 501 401 252 113 59 60 484 371
% chg (qoq) 2QFY11 18.3 (11.5) (28.8) 1.7 3.5 8.1 286 131 45 48 510 379
% chg (yoy) 4.2 (23.7) (6.7) 27.1 (1.8) 5.8
Slippages balloon during 2QFY2012

On the asset-quality front, slippages ballooned to `1,821cr (annualized slippage ratio of 4.8%) from an average quarterly run rate of `640cr over the past 12 quarters. Management attributed a large part of the rise in slippages to the completion of the switchover to system-based NPA recognition platform. Absolute amount of gross and net NPAs rose sharply by 37.1% qoq and 56.3% qoq, respectively. Provision coverage ratio including technical write-offs slipped sharply by 772bp qoq to 60.5%. On back of continued asset-quality pressures, we have increased our provisioning estimates for the bank sharply by 37.6% and 39.2% for FY2012 and FY2013, respectively. For FY2012, we have factored in gross NPA ratio of 3.4% and net NPA ratio of 1.4%.
Exhibit 9: Slippages balloon in 2QFY2012

Slippages (%) 6.0 4.5 3.0 1.5 0.7 0.2 0.6 1.2 0.8 Credit cost (%, RHS) 1.5 1.2 0.9 0.6
Exhibit 10: Asset-quality concerns persist

Gross NPAs (%) 4.0 3.0 2.0 1.0 70.1 70.2 67.6 Net NPAs (%) PCR (%, RHS) 75.0 68.2 60.5 70.0 65.0 60.0
3.8
2.6
1.4
2.0
4.8
2.8 1.2
2.7 1.2
2.4 1.2
2.6 1.3

3.5 2.0
0.3
55.0 50.0
October 28, 2011
Exhibit 11: Only 13 branches opened during 2QFY12

Branches 3,100 3,000 2,420 2,900 2,516 2,634 2,673 ATMs (RHS) 2,757 3,000 2,800 2,600 2,400
Exhibit 12: Cost ratios back to normal levels

Cost-to-income ratio (%) 75.0 60.0 45.0 30.0 1.8 2.6 Opex to average assets (%, RHS) 3.0 2.4 1.6 1.5 1.6 1.8 1.2
2,869
2,993
3,016
3,038
3,051
44.7
40.2
62.5
43.8
2,000 1,800
44.3
2,800 2,700
2,200
15.0 -
0.6 -


Sufficient capital adequacy

The bank is well capitalized with CAR of 12.5% and tier-I capital of 8.5% (forming 68.1% of the total CAR). Post the recent capital infusion by the government (cumulative `793cr during FY2011), its shareholding in the bank has increased to 57.1%, further increasing the headroom for raising tier-I capital in future.
Investment argument
CASA ratio expected to sustain at ~32% levels
We are relatively positive on the banks CASA growth outlook, owing to its large branch expansion in recent years compared to its peers. The bank has opened ~400 branches in the last two years, which according to us should aid the bank in maintaining its CASA ratio at ~32% levels. The bank is aiming to open another 225 branches during FY2012.
Outlook and valuation

In our view, Union Bank of India is structurally among the more profitable and competitive PSU banks. We have a positive outlook on the bank due to its robust traction in CASA deposits and relatively fast-expanding branch network over the past few years. The asset quality stress seems to have been largely factored into the price, in our view. Going ahead, pick-up in recoveries from the technically slipped accounts is likely to cushion further stress. The stock is trading at reasonable valuations of 0.8x FY2013E P/ABV, well below its five-year median of 1.3x. Hence, we recommend an Accumulate rating with a target price of `238.
October 28, 2011
Exhibit 13: Key assumptions

Particulars (%) Credit growth Deposit growth CASA ratio NIMs Other income growth Growth in staff expenses Growth in other expenses Slippages Treasury gain/(loss) (% of investments)
Earlier estimates FY2012 17.0 18.0 31.3 2.6 (1.3) (5.0) 12.0 1.8 69.5 FY2013 18.0 18.0 30.8 2.5 14.4 15.0 15.0 1.8 70.0
Revised estimates FY2012 17.0 18.0 31.3 2.7 (1.3) (5.0) 8.0 2.4 68.0 FY2013 18.0 18.0 30.8 2.6 14.4 15.0 15.0 2.5 70.0
Exhibit 14: Change in estimates

FY2012 Particulars (` cr) NII Non-interest income Operating income Operating expenses Pre-prov. profit Provisions & cont. PBT Prov. for taxes PAT Earlier estimates 6,611 2,013 8,624 3,982 4,642 1,370 3,272 1,062 2,210 Revised estimates 6,725 2,013 8,737 3,928 4,809 1,886 2,924 949 1,975 % chg 1.7 1.3 (1.4) 3.6 37.6 (10.6) (10.6) (10.6) Earlier estimates 7,414 2,302 9,716 4,579 5,136 1,429 3,707 1,203 2,504 FY2013 Revised estimates 7,621 2,302 9,923 4,517 5,406 1,989 3,417 1,109 2,308 % chg 2.8 2.1 (1.4) 5.2 39.2 (7.8) (7.8) (7.8)
Exhibit 15: P/ABV band

Price (`) 500 400 300 200 100 0
Nov-06 May-03 May-10 Dec-03 Dec-10 Apr-06 Jul-04 Aug-08 Mar-09 Oct-02 Oct-09 Jul-11 Feb-05 Sep-05 Feb-12 Jun-07 Jan-08
0.8x
1.1x
1.4x
1.7x
2x
October 28, 2011
Exhibit 16: Recommendation summary

Company AxisBk FedBk HDFCBk ICICIBk* SIB YesBk AllBk AndhBk BOB BOI BOM CanBk CentBk CorpBk DenaBk IDBI IOB J&KBk OBC PNB SBI* SynBk UcoBk UnionBk UtdBk VijBk
#
Reco. Buy Accumulate Neutral Buy Neutral Accumulate Buy Neutral Buy Accumulate Accumulate Neutral Reduce Buy Neutral Neutral Accumulate Neutral Neutral Neutral Accumulate Buy Accumulate Reduce Accumulate Accumulate Neutral
CMP (`) 1,152 411 483 933 23 315 145 118 739 324 50 461 105 415 76 114 205 98 819 305 962 1,907 109 71 222 74 56
Tgt. price (`) 1,414 444 497 1,102 24 347 169 119 871 362 55 463 99 489 74 115 220 96 820 314 1,085 2,267 123 66 238 82 53
Upside (%) 22.7 8.0 2.9 18.1 4.4 10.2 16.4 0.7 17.9 11.6 10.7 0.5 (5.1) 17.9 (2.4) 1.4 7.1 (1.4) 0.1 3.2 12.9 18.9 12.4 (7.0) 7.3 10.7 (4.9)
FY2013E P/ABV (x) 1.9 1.1 3.3 1.7 1.1 2.0 0.7 0.8 1.0 0.9 0.7 0.9 0.7 0.7 0.6 0.7 0.8 0.6 0.9 0.7 1.1 1.4 0.7 0.9 0.8 0.6 0.8
FY2013E Tgt. P/ABV (x) 2.3 1.2 3.4 2.0 1.2 2.2 0.8 0.8 1.2 1.0 0.7 0.9 0.7 0.8 0.6 0.8 0.9 0.6 0.9 0.7 1.3 1.7 0.8 0.8 0.9 0.7 0.7
FY2013E P/E (x) 10.1 8.4 16.8 13.5 6.8 10.5 4.1 5.3 5.6 5.4 4.3 5.4 5.2 4.2 3.7 5.4 5.3 3.9 5.7 5.3 6.0 7.3 4.8 4.3 5.1 4.4 6.8
FY2011-13E EPS CAGR (%) 17.7 19.5 30.5 24.1 15.6 19.9 8.9 (0.9) 10.6 15.2 38.1 (2.8) (14.6) 2.3 5.8 12.3 0.2 20.3 6.7 5.4 7.2 41.4 11.8 14.0 5.2 11.7 (3.2)
FY2013E RoA (%) 1.5 1.2 1.7 1.4 1.0 1.3 0.9 0.9 1.1 0.7 0.6 0.9 0.5 0.8 0.8 0.7 1.1 0.6 1.2 0.8 1.0 1.0 0.7 0.6 0.8 0.6 0.4
FY2013E RoE (%) 20.0 14.0 20.9 15.6 18.2 20.8 17.7 15.8 19.6 17.1 16.5 17.1 14.2 16.8 16.2 14.0 17.4 15.9 16.4 13.9 20.0 21.9 16.3 16.5 17.0 13.8 10.5
IndBk
Source: Company, Angel Research; Note:*Target multiples=SOTP Target Price/ABV (including subsidiaries), #Without adjusting for SASF
October 28, 2011
Income statement
Y/E March (` cr) NII - 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 (%) FY08 3,086 10.6 1,233 46.4 4,319 18.9 1,593 7.9 2,726 26.4 866 11.6 1,860 34.8 473 25.4 1,387 64.1 FY09 3,814 23.6 1,483 20.3 5,296 22.6 2,214 39.0 3,082 13.1 725 (16.2) 2,357 26.7 630 26.7 1,727 24.5 FY10 4,192 9.9 1,975 33.2 6,167 16.4 2,508 13.3 3,659 18.7 826 13.9 2,833 20.2 758 26.8 2,075 20.2 FY11 6,216 48.3 2,039 3.2 8,255 33.9 3,950 57.5 4,305 17.6 1,350 63.3 2,955 4.3 873 29.6 2,082 0.3 FY12E 6,725 8.2 2,013 (1.3) 8,737 5.8 3,928 (0.6) 4,809 11.7 1,886 39.7 2,924 (1.1) 949 32.4 1,975 (5.1) FY13E 7,621 13.3 2,302 14.4 9,923 13.6 4,517 15.0 5,406 12.4 1,989 5.5 3,417 16.9 1,109 32.4 2,308 16.9
Balance sheet
Y/E March (` cr) Share Capital Reserves & 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 (%) FY08 505 6,843 103,859 21.9 4,760 3,750 4,356 124,073 9,455 643 33,822 74,348 19.2 2,201 3,604 124,073 21.1 FY09 505 8,235 138,703 33.5 3,885 4,890 4,757 160,976 8,992 6,993 42,997 96,534 29.8 2,335 3,124 160,976 29.7 FY10 505 9,919 170,040 22.6 3,125 6,090 5,483 195,162 12,468 3,308 54,404 119,315 23.6 2,305 3,361 195,162 21.2 FY11 635 12,129 202,461 19.1 7,126 6,190 7,443 235,984 17,610 2,488 58,399 150,986 26.5 2,293 4,208 235,984 20.9 FY12E 635 13,667 238,904 18.0 8,409 7,242 9,604 278,462 15,529 5,569 73,120 176,654 17.0 2,624 4,965 278,462 18.0 FY13E 635 15,446 281,907 18.0 9,922 8,546 12,128 328,585 18,324 6,572 86,375 208,451 18.0 3,004 5,859 328,585 18.0
October 28, 2011
Ratio analysis
Y/E March 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 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 before pref. div. Pref. div. RoA Leverage (x) RoE 2.7 0.8 2.0 0.3 2.2 0.8 3.0 1.4 1.6 0.4 1.2 1.2 21.9 26.8 2.7 0.5 2.2 0.2 2.4 0.8 3.2 1.6 1.7 0.4 1.2 1.2 22.5 27.2 2.4 0.5 1.9 0.3 2.2 0.8 3.0 1.4 1.6 0.4 1.2 1.2 22.5 26.2 2.9 0.6 2.3 0.2 2.5 0.7 3.2 1.8 1.4 0.4 1.0 0.0 1.0 21.7 20.9 2.6 0.7 1.9 0.1 2.0 0.7 2.7 1.5 1.1 0.4 0.8 0.0 0.8 21.7 16.6 2.5 0.7 1.9 0.1 1.9 0.7 2.6 1.5 1.1 0.4 0.8 0.0 0.8 22.5 17.0 8.1 2.1 1.8 6.5 1.6 2.3 5.4 1.3 2.5 5.6 1.1 3.6 5.9 1.0 3.2 5.1 0.8 3.8 27.5 107.6 4.0 34.2 139.7 5.0 41.1 173.6 5.5 39.6 203.3 8.0 37.5 230.0 7.0 43.8 264.8 8.5 2.2 0.8 1.2 0.5 63.7 2.0 0.3 1.6 0.4 83.1 2.2 0.8 1.8 0.4 74.0 2.4 1.2 2.4 0.6 67.6 3.4 1.4 2.4 0.6 68.0 4.0 1.5 2.5 0.6 70.0 34.9 71.6 12.5 7.5 30.1 69.6 11.2 6.9 31.7 70.2 11.7 7.4 31.8 74.6 12.0 8.1 31.3 73.9 12.6 8.2 30.8 73.9 11.4 7.3 FY08 2.8 36.9 1.2 26.8 FY09 2.8 41.8 1.2 27.2 FY10 2.4 40.7 1.2 26.2 FY11 3.0 47.8 1.0 20.9 FY12E 2.7 45.0 0.8 16.6 FY13E 2.6 45.5 0.8 17.0
October 28, 2011
10
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 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 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 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 Limited endeavours to update on a reasonable basis the information discussed in this material, there may be regulatory, compliance, or other reasons that prevent us from doing so. This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced, redistributed or passed on, directly or indirectly. Angel Broking Limited and its affiliates may seek to provide or have engaged in providing corporate finance, investment banking or other advisory services in a merger or specific transaction to the companies referred to in this report, as on the date of this report or in the past. Neither Angel Broking Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from or in connection with the use of this information. Note: Please refer to the important `Stock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to the latest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Limited and its affiliates may have investment positions in the stocks recommended in this report.
Disclosure of Interest Statement 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
Union Bank of India 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%)
October 28, 2011
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2QFY2012 Result Update | Banking

October 28, 2011