3QFY2016 Result Update | Banking
February 16, 2016
State Bank of India
ACCUMULATE
CMP
`156
Performance Highlights
Target Price
`177
Particulars (` cr)
3QFY16
2QFY16
% chg (qoq)
3QFY15
% chg (yoy)
Investment Period
12 months
NII
13,606
14,253
(4.5)
13,777
(1.2)
Pre-prov. profit*
9,598
10,266
(6.5)
9,294
3.3
Stock Info
PAT
1,115
3,879
(71.2)
2,910
(61.7)
Sector
Banking
Source: Company, Angel Research
Market Cap (` cr)
1,21,410
For 3QFY2016, State Bank of India (SBI) reported a PAT of `1,115cr, which is in
Beta
1.3
line with our expectation. Although the PAT declined by 61.7% yoy and 71.2% qoq,
52 Week High / Low
315/148
the performance can still be termed satisfactory given the cleaning up of NPAs taken
Avg. Daily Volume
1,94,61,327
up by the bank and with it having provided for higher provisions during the quarter.
Face Value (`)
1
BSE Sensex
23,192
Higher provisions dented profits; NIM under pressure: The bank’s advances
Nifty
7,048
grew by a healthy 12.9% yoy while its deposits grew by 10.7% yoy during the
Reuters Code
SBI.BO
quarter. The NII declined by 1.2% yoy due to interest reversal to the tune of
Bloomberg Code
[email protected]
`450cr on NPA recognition. The operating profit grew by a meager 3.3% yoy
however, it declined by 7% qoq while provisions went up by 2x qoq, thereby
leading the PAT to decline by 61.7% yoy and 71% qoq to `1,115cr.
Shareholding Pattern (%)
Asset quality deteriorated further, but cleaning up of balance sheet a positive
Promoters
60.2
move: Fresh slippages for the quarter came in at `20,692cr (slippage ratio of
MF / Banks / Indian Fls
18.4
6.2%) as against `5,875cr in 2QFY2016. Slippages from AQR related accounts
FII / NRIs / OCBs
12.3
were at `14,800cr (70% of these were accounted by 3 accounts in the steel and
Indian Public / Others
9.1
textile sectors) while `5,000cr of slippages were from the restructured book. SBI
has not recognized all of the AQR accounts as NPAs; hence, an equal amount of
slippages can be expected in 4QFY2016 as well. The Gross NPA ratio went up to
5.10% vs 4.15% in 2QFY2016 and the Net NPA ratio went up to 2.89% from
Abs. (%)
3m
1yr
3yr
2.14% in the sequential previous quarter. The bank refinanced ~ `8,400cr worth
Sensex
(9.4)
(20.3)
19.1
of loans under the 5/25 scheme with ~`4,000cr of loans further in the pipeline.
SBI
(34.9)
(49.1)
(30.0)
The outstanding standard 5/25 balance stood at `10,900cr. SBI implemented
SDR worth
`7,700cr during the quarter. Total stressed assets
(GNPAs+Resturectured+SDR+5/25) accounted for 12.6% of the loan book.
3-year price chart
400
Outlook and valuation: The current quarter’s results for SBI were disappointing
350
due to a sharp rise in provisions and higher NPA recognition. However, we
300
believe SBI is well placed compared to other PSU banks with regards to stressed
250
200
assets. In our view, the stock is currently trading at a moderate valuation of 0.6x
150
FY2017E ABV (after adjusting
`33/share towards value of subsidiaries) as
100
compared to its peers. Though stress is likely to persist in the banking system, SBI
50
is better positioned to meet the challenges, given its decent capital adequacy of
0
12.45%. Hence, we recommend an ACCUMULATE on the stock.
Key financials (standalone)
Source: Company, Angel Research
Y/E March (` cr)
FY2014
FY2015E
FY2016E
FY2017E
Vaibhav Agrawal
NII
49,282
55,015
54,215
60,383
022 - 3935 7800 Ext: 6808
% chg
11.2
11.6
(1.5)
11.4
Net profit
10,891
13,169
9,998
15,435
[email protected]
% chg
(22.8)
20.9
(24.1)
54.4
Siddharth Purohit
NIM (%)
3.0
3.0
2.6
2.6
022 - 3935 7800 Ext: 6872
EPS (`)
14.6
17.6
13.4
20.7
[email protected]
P/E (x)
10.7
8.9
11.7
7.6
P/ABV (x)
1.1
1.0
1.0
0.9
Chintan Shah
RoA (%)
0.6
0.7
0.4
0.6
022 - 4000 3600 Ext: 6828
RoE (%)
10.4
11.1
7.7
11.2
[email protected]
Source: Company, Angel Research; Note: CMP as of February 16, 2016
Please refer to important disclosures at the end of this report
1
State Bank of India | 3QFY2016 Result Update
Exhibit 1: 3QFY2016 performance (standalone)
Particulars (` cr)
3QFY16
2QFY16
% chg (qoq)
3QFY15
% chg (yoy)
FY2015
FY2014
% chg
Interest earned
40,554
40,658
(0.3)
38,546
5.2
1,52,397
1,36,351
11.8
- on Advances / Bills
28,860
28,982
(0.4)
28,646
0.7
1,12,344
1,02,484
9.6
- on investments
10,712
10,565
1.4
9,485
12.9
37,088
31,942
16.1
- on balance with RBI & others
102
180
(43.4)
152
(32.8)
505
409
23.4
- on others
879
931
(5.6)
264
233.7
2,460
1,516
62.3
Interest Expended
26,947
26,405
2.1
24,770
8.8
97,382
87,069
11.8
Net Interest Income
13,606
14,253
(4.5)
13,777
(1.2)
55,015
49,283
11.6
Other income
6,178
6,197
(0.3)
5,238
17.9
22,576
18,553
21.7
Other income excl. treasury
4,943
4,703
5.1
4,318
14.5
18,957
16,477
15.1
- Fee Income
3,509
3,153
11.3
3,291
6.6
14,140
12,611
12.1
- Treasury Income*
1,235
1,494
(17.3)
920
34.2
3,619
2,076
74.3
- Forex Income
554
474
16.9
502
10.4
1,936
1,778
8.9
- Others
880
1,076
(18.3)
525
67.6
2,881
2,088
38.0
Operating income
19,784
20,450
(3.3)
19,014
4.0
77,591
67,835
14.4
Operating expenses
10,186
10,184
0.0
9,720
4.8
38,678
35,726
8.3
- Employee expenses
6,123
6,142
(0.3)
5,842
4.8
23,537
22,504
4.6
- Other Opex
4,063
4,042
0.5
3,878
4.8
15,141
13,222
14.5
Pre-provision Profit
9,598
10,266
(6.5)
9,294
3.3
38,913
32,109
21.2
Provisions & Contingencies
7,949
4,361
82.3
5,235
51.9
19,600
15,935
23.0
- Provisions for NPAs
7,645
3,842
99.0
4,717
62.1
18,709
14,224
31.5
- Provisions for Investments
26
(51)
(151.0)
47
(44.7)
(590)
563
(204.8)
- Provisions for Std. Assets
175
591
(70.4)
370
(52.7)
1,010
1,261
(19.9)
- Other Provisions
103
(21)
(588.3)
100
2.9
470
(112)
(518.9)
PBT
1,649
5,905
(72.1)
4,060
(59.4)
19,314
16,174
19.4
Provision for Tax
533
2,026
(73.7)
1,150
(53.6)
6,212
5,283
17.6
PAT
1,115
3,879
(71.2)
2,910
(61.7)
13,102
10,891
20.3
Effective Tax Rate (%)
32.3
34.3
(197)bp
28.3
403bp
32.2
32.7
(50)bp
Source: Company, Angel Research;
February 16, 2016
2
State Bank of India | 3QFY2016 Result Update
Exhibit 2: 3QFY2016 performance analysis (standalone)
Particulars
3QFY16
2QFY16 % chg (qoq)
3QFY15 % chg (yoy)
Balance sheet
Advances (` cr)
13,91,258 13,37,153
4.0
12,32,545
12.9
Deposits (` cr)
16,71,416 16,34,115
2.3
15,10,077
10.7
Credit-to-Deposit Ratio (%)
83.2
81.8
141bp
81.6
162bp
Current deposits (` cr)
1,05,925
1,01,033
4.8
94,363
12.3
Saving deposits (` cr)
5,68,378
5,50,397
3.3
5,09,274
11.6
CASA deposits (` cr)
6,74,303
6,51,430
3.5
6,03,637
11.7
Domestic CASA ratio (%)
40.3
39.9
48bp
40.0
37bp
CAR (%)*
12.5
12.2
28bp
12.0
42bp
Tier 1 CAR (%)*
9.6
9.9
(27)bp
10.0
(37)bp
Profitability Ratios (%)
Cost of deposits
6.26
6.30
(4)bp
6.32
(6)bp
Yield on advances
10.12
10.32
(20)bp
10.57
(45)bp
Reported NIM (global)
2.93
3.01
(8)bp
3.12
(19)bp
Cost-to-income ratio
51.5
49.8
169bp
51.1
37bp
Asset quality
Gross NPAs (` cr)
72,792
56,834
28.1
61,991
17.4
Gross NPAs (%)
5.1
4.2
95bp
4.9
20bp
Net NPAs (` cr)
40,249
28,592
40.8
34,469
16.8
Net NPAs (%)
2.9
2.1
75bp
2.8
9bp
Provision Coverage Ratio (%)
65.2
70.5
(525)bp
63.6
167bp
Slippage ratio (%)
6.4
1.9
442bp
2.3
404bp
Loan loss prov. to avg assets
1.5
0.8
72bp
1.0
46bp
(%)
Source: Company, Angel Research
February 16, 2016
3
State Bank of India | 3QFY2016 Result Update
High provisions dented profits, NIM under pressure: The bank’s advances grew
by a healthy 12.9% yoy while its deposits grew by 10.7% yoy during the quarter.
The NII declined by 1.2% yoy due to interest reversal to the tune of `450cr on NPA
recognition. The operating profit grew by a meager 3.3% yoy however, it declined
by 7% qoq while provisions went up by 2x qoq, thereby leading the PAT to decline
by 61.7% yoy and 71% qoq to `1,115cr. The NIM declined by 8bp qoq to 2.9%
and is expected to continue to be under pressure in the near term due to fresh
slippages.
Exhibit 3: Business grows at steady pace
Exhibit 4: CASA growth remains moderate
Adv. YoY growth
Dep. YoY growth
CD ratio (RHS)
Reported domestic CASA ratio (%)
CASA yoy growth (%, RHS)
15.0
83.2
84.
41.0
14.0
11.7
82.4
12.0
81.8
9.8
12.0
81.6
9.9
10.1
82.
9.3
10.0
40.0
9.0
8.0
79.3
80.
6.0
6.0
39.0
4.0
78.
3.0
2.0
-
76.
38.0
-
3QFY15
4QFY15
1QFY16
2QFY16
3QFY16
3QFY15
4QFY15
1QFY16
2QFY16
3QFY16
Source: Company, Angel Research
Source: Company, Angel Research
Exhibit 5: Yields on Advances witness a dip
Exhibit 6: Global NIM declines qoq as well as yoy
(%)
(%)
3.5
11.0
10.57
10.55
3.12
3.16
2.99
3.01
10.33
10.32
2.93
10.5
10.12
3.0
10.0
2.5
9.5
9.0
2.0
8.5
8.0
1.5
3QFY15
4QFY15
1QFY16
2QFY16
3QFY16
3QFY15
4QFY15
1QFY16
2QFY16
3QFY16
Source: Company, Angel Research
Source: Company, Angel Research, * Cumulative NIMs
Steady growth in non-interest income (excl. treasury)
The non-interest income (excl. treasury) for the bank grew by 14.5% yoy. Treasury
income rose 34.2% yoy to `1,235cr, while the growth in fee income was relatively
subdued at 6.6% yoy to `3,509cr.
February 16, 2016
4
State Bank of India | 3QFY2016 Result Update
Exhibit 7: Steady growth in non-int. Income
Particulars (` cr)
3QFY16
2QFY16
% chg (qoq) 3QFY15
% chg (yoy)
Fee income
3,509
3,153
11.3
3,291
6.6
Treasury
1,235
1,494
(17.3)
920
34.2
Forex
554
474
16.9
502
10.4
Others
880
1,076
(18.3)
525
67.6
Other income
6,178
6,197
(0.3)
5,238
17.9
Other income excl. treasury
4,943
4,703
5.1
4,318
14.5
Source: Company, Angel Research
Asset quality deteriorated further, but cleaning up of balance
sheet a positive move
Fresh slippages for the quarter came in at `20,692cr (slippage ratio of 6.2%) as
against `5,875cr in 2QFY2016. Slippages from AQR related accounts were at
`14,800cr (70% of these were accounted by 3 accounts in the steel and textile
sectors) while `5,000cr of slippages were from the restructured book. SBI has not
recognized all of the AQR accounts as NPAs; hence, an equal amount of slippages
can be expected in 4QFY2016 as well. The Gross NPA ratio went up to 5.10% vs
4.15% in 2QFY2016 and the Net NPA ratio went up to 2.89% from 2.14% in the
sequential previous quarter. The bank refinanced ~ `8,400cr worth of loans under
the 5/25 scheme with ~`4,000cr of loans further in the pipeline. The outstanding
standard 5/25 balance stood at `10,900cr. SBI implemented SDR worth `7,700cr
during the quarter. Total stressed assets (GNPAs+Resturectured+SDR+5/25)
accounted for 12.6% of the loan book.
Exhibit 8: NPA ratios rise qoq
Exhibit 9: Slippages spike up qoq
Gross NPAs (%)
Net NPAs (%)
NPA coverage (%, RHS)
Slippages (%)
Credit cost (%, RHS)
7.0
6.0
72.0
70.5
1.4
69.1
69.5
6.0
5.0
1.2
5.0
4.0
68.0
1.0
4.0
65.2
0.7
3.0
0.7
3.0
63.6
2.0
64.0
2.0
1.0
1.0
2.3
1.6
2.3
1.8
6.4
-
60.0
-
-
3QFY15
4QFY15
1QFY16
2QFY16
3QFY16
3QFY15
4QFY15
1QFY16
2QFY16
3QFY16
Source: Company, Angel Research
Source: Company, Angel Research
February 16, 2016
5
State Bank of India | 3QFY2016 Result Update
Performance overview of subsidiaries
SBI Life reported a PAT of `197cr for 3QFY2016, as compared to `156cr in
3QFY2015.
SBI Cards and Payment Services posted a PAT of `87cr for 3QFY2016 as
against `57cr posted in 3QFY2015, while SBI Funds Management recorded a
PAT of `40cr for 3QFY2016 as against `33cr for 3QFY2015.
SBI Capital Markets registered a PAT of
`45cr during 3QFY2016, as
compared to a PAT of `46cr in 3QFY2015.
SBI’s associate banks recorded earnings de-growth of 126.3% yoy recording a
net loss of `181cr for 3QFY2016.
On a consolidated basis, the net profit (after minority interest) of SBI Group
declined by 10.9% yoy to `10,965cr during the nine months ended December
31, 2015.
Outlook and valuation: The current quarter’s results for SBI were disappointing
due to a sharp rise in provisions and higher NPA recognition. However, we believe
SBI is well placed compared to other PSU banks with regards to stressed assets. In
our view, the stock is currently trading at a moderate valuation of 0.6x FY2017E
ABV (after adjusting `33/share towards value of subsidiaries) as compared to its
peers. Though stress is likely to persist in the banking system, SBI is better
positioned to meet the challenges, given its decent capital adequacy of 12.45%.
Hence, we recommend an ACCUMULATE on the stock.
Exhibit 10: Recommendation summary
CMP
Tgt. Price
Upside
FY2017E
FY2017E Tgt.
FY2017E
FY15-17E
FY2017E
FY2017E
Company
Reco.
(`)
(`)
(%)
P/ABV (x)
P/ABV (x)
P/E (x)
EPS CAGR (%)
RoA (%)
RoE (%)
HDFCBk
Buy
973
1,262
29.7
2.9
3.8
15.9
22.4
1.9
19.7
ICICIBk*
Buy
197
254
28.9
1.3
1.3
8.1
13.5
1.6
14.7
YesBk
Neutral
733
-
-
1.9
2.0
10.5
20.5
1.6
19.6
AxisBk
Buy
406
494
21.8
1.6
2.0
9.3
18.4
1.8
18.9
SBI*
Accumulate
156
173
10.6
0.9
0.7
7.6
8.3
0.6
11.2
FedBk
Neutral
45
-
-
0.8
0.9
8.1
(2.9)
0.9
10.8
SIB
Neutral
18
-
-
0.6
0.6
5.3
21.6
0.7
11.6
BOB
Neutral
131
-
-
0.7
0.7
6.1
18.1
0.6
10.7
PNB
Neutral
73
-
-
0.5
0.5
4.7
(3.4)
0.4
7.2
BOI
Neutral
86
-
-
0.2
0.6
2.6
14.1
0.3
7.6
IndBk
Neutral
86
-
-
0.2
0.2
2.9
18.9
0.6
8.6
Vijaya Bank
Neutral
31
-
-
0.4
0.3
4.7
13.2
0.4
8.6
OBC
Neutral
82
-
-
0.2
0.3
1.8
63.9
0.5
9.2
Allahabad Bank
Neutral
42
-
-
0.2
0.2
1.6
55.1
0.6
11.7
UnionBk
Neutral
114
-
-
0.3
0.3
2.9
17.7
0.6
11.3
CanBk
Neutral
171
-
-
0.3
0.2
2.5
11.3
0.5
11.0
IDBI#
Neutral
52
-
-
0.3
0.5
3.8
59.5
0.6
9.1
DenaBk
Neutral
28
-
-
0.2
0.3
2.9
44.0
0.4
7.7
Source: Company, Angel Research; Note:*Target multiples=SOTP Target Price/ABV (including subsidiaries), #Without adjusting for SASF
February 16, 2016
6
State Bank of India | 3QFY2016 Result Update
Company background
State Bank of India is the largest bank in India, with an asset size of ~`21.4lakh
cr. The bank has the widest network of ~16,500 branches, with dominant
presence across all regions in the country, with two-third of its branches in rural
and semi-urban areas. It has subsidiaries in life insurance, asset management,
credit cards and capital markets space, among others; and five regional subsidiary
banks.
Income statement (standalone)
Y/E March (` cr)
FY12
FY13
FY14
FY15
FY16E
FY17E
Net Interest Income
43,291
44,331
49,282
55,015
54,215
60,383
- YoY Growth (%)
33.1
2.4
11.2
11.6
(1.5)
11.4
Other Income
14,351
16,035
18,553
22,643
25,742
25,677
- YoY Growth (%)
(9.3)
11.7
15.7
22.0
13.7
(0.3)
Operating Income
57,643
60,366
67,835
77,659
79,958
86,060
- YoY Growth (%)
19.2
4.7
12.4
14.5
3.0
7.6
Operating Expenses
26,069
29,284
35,726
38,678
41,730
46,314
- YoY Growth (%)
13.3
12.3
22.0
8.3
7.9
11.0
Pre - Provision Profit
31,574
31,082
32,109
38,981
38,228
39,747
- YoY Growth (%)
24.6
(1.6)
3.3
21.4
(1.9)
4.0
Prov. & Cont.
13,090
11,131
15,793
19,599
23,212
16,143
- YoY Growth (%)
26.1
(15.0)
41.9
24.1
18.4
(30.5)
Profit Before Tax
18,483
19,951
16,316
19,382
15,016
23,604
- YoY Growth (%)
23.6
7.9
(18.2)
18.8
(22.5)
57.2
Prov. for Taxation
6,776
5,846
5,425
6,213
5,018
8,169
- as a % of PBT
36.7
29.3
33.2
32.1
33.4
34.6
PAT
11,707
14,105
10,891
13,169
9,998
15,435
- YoY Growth (%)
41.7
20.5
(22.8)
20.9
(24.1)
54.4
February 16, 2016
7
State Bank of India | 3QFY2016 Result Update
Balance sheet (standalone)
Y/E March (` cr)
FY12
FY13
FY14
FY15
FY16E
FY17E
Share Capital
671
684
747
747
747
747
Reserves & Surplus
83,280
98,200
1,17,536
1,28,741
1,36,539
1,48,378
Deposits
10,43,647
12,02,740
13,94,409
15,76,793
17,97,544
20,49,201
- Growth (%)
11.7
15.2
15.9
13.1
14.0
14.0
Borrowings
86,989
1,28,954
1,40,550
1,63,633
1,83,736
2,09,459
Tier 2 Capital
40,016
40,229
42,581
41,517
40,479
39,467
Other Liab & Prov.
80,915
94,826
96,413
1,37,677
1,41,092
1,63,195
Total Liabilities
13,35,519
15,65,632
17,92,235
20,49,108
23,00,137
26,10,447
Cash balances
54,076
65,830
84,956
1,15,884
89,877
1,02,460
Bank balances
43,087
48,990
47,594
58,978
66,223
75,494
Investments
3,12,198
3,50,927
3,98,308
4,96,055
6,39,554
7,74,411
Advances
8,67,579
10,45,617
12,09,829
13,00,026
14,17,029
15,58,732
- Growth (%)
14.7
20.5
15.7
7.5
9.0
10.0
Fixed Assets
5,467
7,005
8,002
9,329
10,161
11,236
Other Assets
53,113
47,263
43,546
68,836
77,292
88,113
Total Assets
13,35,519
15,65,632
17,92,235
20,49,108
23,00,137
26,10,447
- Growth (%)
9.1
17.3
14.5
14.3
12.3
14.0
February 16, 2016
8
State Bank of India | 3QFY2016 Result Update
Ratio analysis (standalone)
Y/E March
FY12
FY13
FY14
FY15
FY16E
FY17E
Profitability Ratios (%)
NIMs
3.6
3.2
3.0
3.0
2.6
2.6
Cost to Income Ratio
45.2
48.5
52.7
49.8
52.2
53.8
RoA
0.9
0.9
0.6
0.7
0.4
0.6
RoE
16.5
16.2
10.4
11.1
7.7
11.2
B/S ratios (%)
CASA Ratio
44.8
44.8
42.9
40.4
40.4
41.2
Credit/Deposit Ratio
83.1
86.9
86.8
82.4
78.8
76.1
CAR
13.9
12.9
12.4
11.6
11.0
10.4
- Tier I
9.8
9.5
9.6
9.1
8.8
8.5
Asset Quality (%)
Gross NPAs
4.5
4.8
5.0
4.3
6.4
7.3
Net NPAs
1.8
2.1
2.6
2.1
3.0
3.3
Slippages
3.2
3.6
3.8
2.4
4.1
3.3
Loan Loss Prov./Avg. Assets
0.9
0.7
0.9
1.0
1.0
0.6
Provision Coverage
68.1
66.6
62.9
65.0
62.0
62.0
Per Share Data (`)
EPS
17.4
20.6
14.6
17.6
13.4
20.7
ABVPS
120.0
136.5
144.8
162.9
164.4
176.2
DPS
35.0
41.5
30.0
58.2
26.0
42.5
Valuation Ratios
PER (x)
9.0
7.6
10.7
8.9
11.7
7.6
P/ABVPS (x)
1.3
1.1
1.1
1.0
1.0
0.9
Dividend Yield
22.4
26.5
19.2
37.2
16.6
27.2
DuPont Analysis (%)
NII
3.4
3.1
2.9
2.9
2.5
2.5
(-) Prov. Exp.
1.0
0.8
0.9
1.0
1.1
0.7
Adj. NII
2.4
2.3
2.0
1.9
1.4
1.8
Treasury
(0.1)
0.1
0.1
0.1
0.2
0.2
Int. Sens. Inc.
2.3
2.4
2.1
2.0
1.6
2.0
Other Inc.
1.2
1.0
1.0
1.0
1.0
0.9
Op. Inc.
3.5
3.4
3.1
3.0
2.6
2.9
Opex
2.0
2.0
2.1
2.0
1.9
1.9
PBT
1.4
1.4
1.0
1.0
0.7
1.0
Taxes
0.5
0.4
0.3
0.3
0.2
0.3
RoA
0.9
0.9
0.6
0.7
0.4
0.6
Leverage (x)
18.8
17.1
16.6
16.6
17.5
17.7
RoE
16.5
16.2
10.4
11.1
7.7
11.2
February 16, 2016
9
State Bank of India | 3QFY2016 Result Update
Research Team Tel: 022 - 39357800
E-mail: [email protected]
Website: www.angelbroking.com
DISCLAIMER
Angel Broking Private Limited (hereinafter referred to as “Angel”) is a registered Member of National Stock Exchange of India Limited,
Bombay Stock Exchange Limited and Metropolitan Stock Exchange of India Limited. It is also registered as a Depository Participant with
CDSL and Portfolio Manager with SEBI. It also has registration with AMFI as a Mutual Fund Distributor. Angel Broking Private Limited is
a registered entity with SEBI for Research Analyst in terms of SEBI (Research Analyst) Regulations, 2014 vide registration number
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/dealing in securities Market. Angel or its associates including its relatives/analyst do not hold any financial interest/beneficial
ownership of more than 1% in the company covered by Analyst. Angel or its associates/analyst has not received any compensation /
managed or co-managed public offering of securities of the company covered by Analyst during the past twelve months. Angel/analyst
has not served as an officer, director or employee of company covered by Analyst and has not been engaged in market making activity
of the company covered by Analyst.
This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment
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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
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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
State Bank of India
1. Analyst ownership of the stock
No
2. Angel and its Group companies ownership of the stock
No
3. Angel and its Group companies' Directors ownership of the stock
No
4. Broking relationship with company covered
No
Note: We have not considered any Exposure below ` 1 lakh for Angel, its Group companies and Directors
Ratings (Based on expected returns
Buy (> 15%)
Accumulate (5% to 15%)
Neutral (-5 to 5%)
over 12 months investment period):
Reduce (-5% to -15%)
Sell (< -15%)
February 16, 2016
10