Corporation Bank 4Q FY 2013

4QFY2013 Result Update | Banking
May 10, 2013
Corporation Bank
Performance Highlights
Particulars (` cr) NII Pre-prov. profit PAT 4QFY13

931 922 356
ACCUMULATE
CMP Target Price
% chg (qoq)
5.4 21.5 17.3
`406 `453
12 Months
3QFY13
883 759 303
4QFY12
834 814 351
% chg (yoy)
11.6 13.3 1.2
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
Source: Company, Angel Research
Banking 6,210 0.9 495/362 19,262 10 20,083 6,095 CRBK.BO CRPBK@IN
Corporation Bank reported healthy performance for the quarter, both on the operating as well as on the asset quality front. NII expectedly grew at 11.6% yoy, while non-interest income grew strongly by 35.3% yoy, higher than expected (aided by strong recoveries and robust fee income performance), thereby leading to operating profit growth of 13.3% yoy. While, the bank witnessed sequential improvement in asset quality (Gross NPA levels down by 10.3%), it utilized the higher non-interest income generated during the quarter to shore up its PCR (up by 402bp qoq) and hence reported flat earnings performance. Business growth healthy; Asset quality improves sequentially: During the quarter, the banks business grew at a healthy rate, with the advances and deposits registering a growth of 18.2% and 21.9% yoy, respectively. Saving deposits grew by healthy 16.6% yoy (9.8% qoq), while current deposits exhibited the typical year end surge for the bank, as it increased by 55.2% qoq. CASA ratio declined by 44bp yoy to 21.7% (up by 122bp sequentially). The yield on advances moderated by 4bp qoq, and consequentially, the NIMs also dropped by 4bp qoq to 2.3%. The treasury income for the bank came in at `124cr compared to `96cr reported in 4QFY2012. Non-interest income (excluding treasury) showed a strong growth of 39.8% yoy, majorly driven by strong increase of 66.6% yoy in recoveries from written off accounts, robust growth of 27.8% yoy in fee income. During the quarter, the bank witnessed improvement on the asset quality front, as gross NPA levels, on an absolute basis, declined by 10.3% qoq. The bank utilized the higher non-interest income generated during the quarter, to shore up its provisioning coverage ratio (up by 404bp qoq to 62.1%) and hence, the Net NPA levels, on an absolute basis, declined by higher 16.9% qoq. In relative terms, Gross and Net NPA ratios improved sequentially by 46bp and 44bp respectively to 1.7% and 1.2%. Additionally, the bank restructured advances worth ~`1,254cr, thereby taking its outstanding restructured book to `7,675cr. Outlook and valuation: The banks low CASA ratio (21.7% as of 4QFY2013) has contributed to higher margin pressures. At the current market price, the stock trades at 0.5x FY2015E ABV, below its historic trading range of 0.7-1.4x and median of 1.0x. We value the bank at 0.6x FY2015E ABV and recommend an Accumulate rating on the stock with a target price of `453. Key financials (standalone)
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 59.8 29.4 3.9 6.9
Abs. (%) Sensex CRPBK
3m 3.1 (0.5)
1yr 22.3 0.4
3yr 15.9 (23.8)
Vaibhav Agrawal
022 3935 7800 Ext: 6808 vaibhav.agrawal@angelbroking.com
FY2012 3,147 7.0 1,576 11.5 2.1 106.4 3.8 0.7 1.0 20.4
FY2013 3,426 8.9 1,435 (8.9) 2.0 93.8 4.3 0.7 0.8 16.1
FY2014E 4,011 17.1 1,505 4.9 2.0 98.4 4.1 0.6 0.7 14.8
FY2015E 4,474 11.6 1,646 9.4 2.0 107.6 3.8 0.5 0.7 14.5
Sourabh Taparia
022 3935 7800 Ext: 6872 sourabh.taparia@angelbroking.com
Akshay Narang
022 3935 7800 Ext: 6829 akshay.narang@angelbroking.com
Harshal Patkar
022 3935 7800 Ext: 6847 harshal.patkar@angelbroking.com
Please refer to important disclosures at the end of this report
Corporation Bank | 4QFY2013 Result Update
Exhibit 1: 4QFY2013 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 (CEB 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 (%)
4QFY13 4,068 3,059 907 10 92 3,137 931 567 443 302 124 63 78 1,498 576 284 291 922 460 136 84 240 463 107 356 23.1
3QFY13 3,871 2,838 911 1 120 2,987 883 387 320 239 67 44 37 1,270 511 263 248 759 406 324 (1) 83 353 50 303 14.1
% chg (qoq) 5.1 7.8 (0.4) 600.4 (23.9) 5.0 5.4 46.6 38.5 26.5 85.3 43.2 110.0 17.9 12.6 8.0 17.5 21.5 13.3 (58.2) (8,209.6) 188.6 31.1 115.3 17.3 905bp
4QFY12 3,586 2,691 805 11 79 2,752 834 423 327 236 96 38 53 1,257 443 216 227 814 338 178 (55) 214 477 125 351 26.3
% chg (yoy) 13.4 13.7 12.7 (5.9) 16.1 14.0 11.6 34.0 35.3 27.8 29.7 66.6 46.3 19.2 30.0 31.6 28.4 13.3 36.2 (24.0) (253.5) 12.0 (2.9) (14.6) 1.2 (315)bp
FY2013 15,334 11,449 3,432 42 412 11,908 3,426 1,608 1,328 987 280 153 188 5,034 1,997 990 1,006 3,037 1,351 928 (5) 429 1,686 251 1,435 14.9
FY2012 13,018 9,563 3,070 36 349 9,871 3,147 1,553 1,188 832 365 164 192 4,700 1,784 913 870 2,917 1,011 618 85 308 1,906 399 1,506 21.0
% chg (yoy) 17.8 19.7 11.8 17.0 18.1 20.6 8.9 3.5 11.7 18.6 (23.2) (7.1) (2.2) 7.1 12.0 8.4 15.6 4.1 33.6 50.2 (106.2) 39.2 (11.5) (37.2) (4.7) (608)bp
Exhibit 2: 4QFY2013 Actual vs estimates

Particulars (` cr) Net interest income Other income Operating income Operating expenses Pre-prov. profit Provisions & cont. PBT Prov. for taxes PAT
Actual 931 567 1,498 576 922 460 463 107 356
Estimates 917 413 1,330 535 795 439 356 53 303
Var. (%) 1.5 37.4 12.6 7.6 16.1 4.8 29.9 100.2 17.5
May 10, 2013
Exhibit 3: 4QFY2013 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 (%) Cost of deposits Yield on advances Yield on investments Reported NIM Cost-to-income ratio Asset quality Gross NPAs (` cr) Gross NPAs (%) Net NPAs (` cr) Net NPAs (%) Provision Coverage Ratio (%) Slippage ratio (%) Loan loss prov. to avg. assets (%)
4QFY13 3QFY13 % chg (qoq) 4QFY12 % chg (yoy) 118,717 104,443 166,005 140,384 71.5 15,237 20,759 35,996 21.7 12.3 8.3 8.0 11.5 7.7 2.3 38.4 2,048 1.7 1,411 1.2 62.1 (0.3) 0.3 74.4 9,818 18,904 28,722 20.5 12.6 8.1 8.1 11.6 7.8 2.4 40.3 2,284 2.2 1,698 1.6 58.0 2.8 0.8 13.7 100,469 18.3 136,142 (288)bp 55.2 9.8 25.3 122bp (24)bp 25bp (4)bp (4)bp (6)bp (4)bp (183)bp (10.3) (46)bp (16.9) (44)bp 404bp (307)bp (47)bp 73.8 12,305 17,808 30,113 22.1 13.0 8.3 8.0 11.7 7.8 2.4 35.2 1,274 1.3 869 0.9 65.3 0.8 0.5 18.2 21.9 (228)bp 23.8 16.6 19.5 (44)bp (67)bp 0bp (1)bp (20)bp (3)bp (10)bp 319bp 60.7 46bp 62.3 32bp (324)bp (104)bp (16)bp
Business growth healthy; NIMs decline sequentially

During 4QFY2013, the banks business grew at a healthy rate, with the advances and deposits registering a growth of 18.2% and 21.9% yoy, respectively. Within advances, strong growth was seen in retail advances, SME and agriculture which grew by 39.0%, 36.1% and 32.6% yoy respectively. Also, gold loans almost doubled yoy. Both saving and current deposits grew at a healthy pace of 16.6% and 23.8% yoy which resulted in a healthy CASA deposits growth of 19.5% yoy. However, the CASA ratio for the bank dipped by 44bp yoy to 21.7% although it was up by 122bp sequentially. During the quarter, cost of deposits for the bank came off by 4bp qoq to 8.0%. The yield on advances for the bank reduced marginally by 4bp qoq to 11.5% and the yield on investments reduced by 6bp qoq to 7.8%. The reported NIM for the bank improved sequentially by 12bp to 2.4%. Consequentially, the NIM also dropped by 4bp qoq to 2.3%. The bank has added more than 200 branches in the current financial year and has healthy branch addition plans of around 300 branches in FY2013-14, which is expected to strengthen its liability franchise going ahead.
May 10, 2013
Exhibit 4: Business growth healthy

Adv. yoy chg (%) 30.0 73.8 73.5 Dep. yoy chg (%) 74.4 71.5 68.3 10.0 CDR (%, RHS) 76.0 74.0 72.0 70.0 68.0
Exhibit 5: Cost of deposits sequentially lower by 4bp

(%) 8.40 8.30 8.20 8.10 8.00 7.90 7.80 4QFY12 1QFY13 2QFY13 3QFY13 4QFY13 8.03 8.10
8.30
20.0
8.06
8.02
15.7 16.6
24.9 13.9
20.2 19.2
13.1 10.9
18.2 21.9
66.0 64.0
4QFY12 1QFY13 2QFY13 3QFY13 4QFY13

Exhibit 6: Yield on advances came off by 4bp qoq

(%) 12.00
Exhibit 7: NIMs decline by 4bp sequentially

(%) 2.50 2.41 2.40 2.35 2.29 2.23 2.31
11.87 11.71 11.62 11.55 11.51
11.75
2.30 2.20 2.10
11.50
11.25 4QFY12 1QFY13 2QFY13 3QFY13 4QFY13
4QFY12
1QFY13
2QFY13
3QFY13
4QFY13
Robust fee income growth and higher recoveries drive strong performance on non-interest income (excl. treasury) front
Non-interest income (excluding treasury) showed a strong growth of 39.8% yoy to `443cr on account of robust growth in fee income and higher recoveries. Fee income grew at a robust pace of 27.8% yoy to `302cr, while recoveries from written-off accounts were higher by 66.6% yoy to `63cr. The treasury income for the bank came in at `124cr compared to `96cr reported in 4QFY2012. Overall, non-interest income for the bank grew by 37.4% to `567cr.
Asset quality improves sequentially

The banks asset quality improved during 4QFY2013, with both gross and net NPA levels decreasing on an absolute basis by 10.3% and 16.9% qoq, respectively. Gross and Net NPA ratios were lower sequentially by 46bp and 44bp respectively to 1.7% and 1.2%. As per the management, slippages during the quarter amounted to `300cr. Annualized slippages ratio came in at 1.8% for FY2013 as compared to 2.5% for 9MFY2013. PCR increased by 404bp sequentially to 62.1%. Additionally, the bank restructured advances worth ~`1,254cr, of which major accounts were TamilNadu SEB (`700cr) and Global Coke (`100cr). The outstanding restructured book reduced to `7,675cr in 4QFY2013 from `8,895cr in 3QFY2013 primarily on back of upgradations on satisfactory performance.
May 10, 2013
Exhibit 8: Slippages and credit cost trend
Exhibit 9: NPA ratios decline sequentially

2.5 2.0 1.5 1.0 Gross NPAs (%) 65.3 Net NPAs (%) PCR (%, RHS) 66.0 62.1 60.4 58.0 64.0 62.0 60.0 58.0
61.0
1.3 0.9
1.7 1.2
2.0 1.4
2.2 1.6

Source: Company, Angel Research Source: Company, Angel Research
1.7 1.2
0.5
56.0 54.0
Exhibit 10: Opex increased by 12.6% qoq, hence...

Staff exps (` cr) 750 600 450 300 150 4QFY12 1QFY13 2QFY13 3QFY13 4QFY13 227 216 227 240 204 443 466 443 511 248 576 Other opex (` cr)
Exhibit 11: ...Cost ratios decline sequentially

Cost-to-income ratio (%) 45.0 40.0 35.0 30.0 1.2 1.1 1.1 1.2 Opex to average assets (%, RHS) 1.3 1.3 1.3 1.2 1.2 1.1
291
35.2
41.0
39.3
40.3
239
263
284
38.4
25.0 20.0
1.1 1.0

May 10, 2013
Investment arguments
Modern and cost-efficient network to support moderate CASA growth
During FY2008-13, the CASA deposits of the bank grew at a CAGR of ~13% which was quite robust. We believe the banks efficient network (1,707 branches currently) supported by a consistent track record in early adoption of emerging technologies creates a positive traction in its deposit franchise, which is tempered mainly by substantial competition from larger banks. The bank also plans to open another 300 branches and 2,000 ATMs in FY2013-14 which would further give a boost to low-cost deposits.
Low operating cost, owing to corporate-centric business

Large corporates comprise ~44% of the banks credit book as of 4QFY2013 (~46% as of 4QFY2012), leading to relatively low operating costs for the bank. Consequently, the bank is among the most cost-efficient PSU banks, both in terms of opex/average assets (1.3x as of 4QFY2013) as well as branch and employee productivity.
Outlook and valuation

The banks low CASA ratio (21.7% as of 4QFY2013) has contributed to higher margin pressures. At the current market price, the stock trades at 0.5x FY2015E ABV, below its historic trading range of 0.7-1.4x and median of 1.0x. We value the bank at 0.6x FY2015E ABV and recommend an Accumulate rating on the stock with a target price of `453.
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 Ratio
Source: Angel Research
Earlier estimates FY2014E FY2015E 14.0 12.0 21.8 2.2 0.4 15.0 7.5 1.9 65.0 14.0 13.0 21.6 2.2 7.8 10.0 7.5 1.7 70.0
Revised estimates FY2014E EFY2015E 15.0 11.0 21.4 2.0 (3.8) 15.0 10.0 1.8 68.0 15.0 13.0 21.2 2.0 6.4 10.0 10.0 1.7 70.0
May 10, 2013
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
Earlier estimates 3,937 1,460 5,397 2,176 3,221 1,175 2,046 573 1,473
Revised estimates 4,011 1,547 5,558 2,246 3,312 1,222 2,090 585 1,505
Var. (%) 1.9 6.0 3.0 3.2 2.8 4.0 2.2 2.2 2.2
Earlier estimates 4,400 1,573 5,973 2,368 3,606 1,153 2,453 834 1,619
FY2015E Revised estimates 4,474 1,647 6,121 2,471 3,650 1,157 2,494 848 1,646
Var. (%) 1.7 4.7 2.5 4.4 1.2 0.4 1.7 1.7 1.7
Exhibit 14: P/ABV band

Price (`) 1,400 1,200 1,000 800 600 400 200 0 0.5x 0.8x 1.1x 1.4x 1.7x
Sep-02
Sep-03
Sep-04
Sep-05
Sep-06
Sep-07
Sep-08
Sep-09
Sep-10
Sep-11
Sep-12
Mar-02
Mar-03
Mar-04
Mar-05
Mar-06
Mar-07
Mar-08
Mar-09
Mar-10
Mar-11
Mar-12
May 10, 2013
Mar-13
Sep-13
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 Neutral Neutral Buy Neutral Neutral Buy Neutral Buy Accumulate Neutral Accumulate Neutral Accumulate Neutral Neutral Buy Neutral Neutral Accumulate Buy Accumulate Neutral Neutral Accumulate Accumulate Neutral CMP (`) 1,468 456 703 1,166 24 509 123 91 705 337 57 423 72 406 93 88 160 63 1,361 259 771 2,294 128 74 240 60 53 Tgt. price (`) 1,714 1,357 142 815 360 461 453 186 282 945 2,572 264 64 Upside (%) 16.7 16.4 15.1 15.6 6.8 8.9 11.6 16.0 9.2 22.6 12.2 10.3 6.9 FY2015E P/ABV (x) 1.6 1.0 3.3 1.7 0.9 2.2 0.5 0.6 0.7 0.7 0.6 0.7 0.6 0.5 0.5 0.5 0.5 0.4 1.0 0.5 0.7 1.3 0.6 0.8 0.7 0.4 0.6 FY2015E Tgt. P/ABV (x) 1.9 2.0 0.6 0.9 0.8 0.8 0.6 0.6 0.6 0.9 1.4 0.8 0.4 FY2015E P/E (x) 9.6 7.7 16.5 12.1 5.3 10.6 3.4 3.9 4.9 4.9 4.3 4.9 4.0 3.8 3.5 4.7 3.8 3.1 6.8 4.1 4.4 8.2 4.5 5.1 5.0 2.9 4.8 FY13-15E CAGR in EPS (%) 17.3 10.0 22.8 15.5 11.4 14.9 12.6 4.2 17.0 21.8 14.8 14.0 42.8 8.3 4.3 15.2 6.5 53.3 (5.2) 17.5 12.4 16.4 (3.5) 36.9 21.2 40.4 21.2 FY2015E RoA (%) 1.6 1.2 1.8 1.5 1.0 1.3 0.8 0.8 1.0 0.8 0.6 0.8 0.6 0.8 0.8 0.7 1.0 0.7 1.2 0.8 1.0 1.0 0.7 0.6 0.8 0.7 0.5 FY2015E RoE (%) 17.6 13.7 21.8 15.6 17.1 22.1 14.2 13.4 16.0 15.1 15.6 14.1 13.3 14.4 15.3 11.3 14.9 13.1 16.0 13.1 16.3 17.0 15.2 12.6 15.3 14.7 11.7
Source: Company, Angel Research; Note: *Target multiples=SOTP Target Price/ABV (including subsidiaries), # Without adjusting for SASF
Company background
Corporation Bank is a mid-size PSU bank, with a balance sheet size of ~`1.9lakh cr. The bank has a network of 1,700+ branches, mainly concentrated in the southern states (~50%), with majority being in the parent state of Karnataka (~26%). The banks recent branch additions have been largely in rural and semiurban areas, which have aided a shift in its branch mix. Resultantly, rural and semi-urban branches now account for ~54% of the total branches as against ~50% in previous year.
May 10, 2013
Income statement (standalone)

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 (%) FY10 1,903 12.6 1,493 34.9 3,397 21.4 1,260 20.4 2,137 22.0 474 29.8 1,662 19.9 492 29.6 1,170 31.1 FY11 2,940 54.5 1,324 (11.3) 4,264 25.5 1,642 30.3 2,622 22.7 689 45.2 1,934 16.3 520 26.9 1,413 20.8 FY12 3,147 7.0 1,562 18.0 4,709 10.4 1,784 8.6 2,926 11.6 951 38.1 1,974 2.1 399 20.2 1,576 11.5 FY13 3,426 8.9 1,608 2.9 5,034 6.9 1,997 12.0 3,037 3.8 1,351 42.1 1,686 (14.6) 251 14.9 1,435 (8.9) FY14E 4,011 17.1 1,547 (3.8) 5,558 10.4 2,246 12.5 3,312 9.1 1,222 (9.6) 2,090 24.0 585 28.0 1,505 4.9 FY15E 4,474 11.6 1,647 6.4 6,121 10.1 2,471 10.0 3,650 10.2 1,157 (5.3) 2,494 19.3 848 34.0 1,646 9.4
Balance sheet (standalone)

Y/E March (` cr) Share Capital 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 143 5,631 92,734 25.3 4,290 4,788 4,081 111,667 8,835 1,957 34,523 63,203 30.3 293 2,857 111,667 28.5 FY11 148 6,990 116,748 25.9 10,628 5,338 3,658 143,509 8,142 2,250 43,453 86,850 37.4 329 2,484 143,509 28.5 FY12 148 8,128 136,142 16.6 9,648 4,600 4,894 163,560 9,288 2,410 47,475 100,469 15.7 356 3,563 163,560 14.0 FY13 153 9,413 166,005 21.9 8,414 4,485 4,972 193,442 8,848 3,835 58,164 118,717 18.2 443 3,435 193,442 18.3 FY14E 153 10,553 184,266 11.0 9,319 4,373 5,598 214,263 8,292 3,214 61,952 136,524 15.0 476 3,804 214,263 10.8 FY15E 153 11,808 208,221 13.0 10,494 4,264 6,335 241,275 9,370 3,619 66,479 157,003 15.0 520 4,284 241,275 12.6
May 10, 2013
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 Leverage RoE 1.9 0.5 1.4 0.6 2.1 0.9 2.9 1.3 1.7 0.5 1.2 18.6 21.9 2.3 0.5 1.8 0.2 1.9 0.9 2.8 1.3 1.5 0.4 1.1 19.8 21.9 2.0 0.6 1.4 0.2 1.7 0.8 2.4 1.2 1.3 0.3 1.0 19.9 20.4 1.9 0.8 1.2 0.2 1.3 0.7 2.1 1.1 0.9 0.1 0.8 20.0 16.1 2.0 0.6 1.4 0.1 1.4 0.7 2.1 1.1 1.0 0.3 0.7 20.1 14.8 2.0 0.5 1.5 0.0 1.5 0.7 2.2 1.1 1.1 0.4 0.7 20.1 14.5 5.0 1.0 4.1 4.3 0.8 4.9 3.8 0.7 5.0 4.3 0.7 4.7 4.1 0.6 5.0 3.8 0.5 5.4 81.6 402.6 16.5 95.4 481.5 20.0 106.4 542.3 20.5 93.8 594.1 19.0 98.4 677.7 20.5 107.6 762.2 22.0 1.0 0.3 1.0 0.3 80.8 0.9 0.5 1.3 0.4 74.7 1.3 0.9 1.4 0.4 65.3 1.7 1.2 1.8 0.5 62.1 2.4 1.2 1.8 0.5 68.0 2.9 1.2 1.7 0.4 70.0 28.6 68.2 15.4 9.3 26.0 74.4 14.1 8.7 22.1 73.8 13.0 8.3 21.7 71.5 12.0 8.1 21.4 74.1 11.7 8.1 21.2 75.4 11.2 8.0 2.0 37.1 1.2 21.9 2.4 38.5 1.1 21.9 2.1 37.9 1.0 20.4 2.0 39.7 0.8 16.1 2.0 40.4 0.7 14.8 2.0 40.4 0.7 14.5 FY10 FY11 FY12 FY13 FY14E FY15E
May 10, 2013
10
Research Team Tel: 022 - 39357800
E-mail: research@angelbroking.com
Website: www.angelbroking.com
DISCLAIMER
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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
Corporation Bank 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%)
May 10, 2013
11

Corporation Bank 4Q FY 2013

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Corporation Bank 4Q FY 2013

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4QFY2013 Result Update | Banking

May 10, 2013

Particulars (` cr) NII Pre-prov. profit PAT 4QFY13

Source: Company, Angel Research

Banking 6,210 0.9 495/362 19,262 10 20,083 6,095 CRBK.BO CRPBK@IN

Abs. (%) Sensex CRPBK

1yr 22.3 0.4

3yr 15.9 (23.8)

Please refer to important disclosures at the end of this report