Financial RatiosMar '15 Mar '14

Investment Valuation Ratios

Face Value 10 10

Dividend Per Share 4.7 5.5

Operating Profit Per Share (Rs) 31.48 37.72

Net Operating Profit Per Share (Rs) 326.48 298.12

Profitability Ratios

Interest Spread 4.96 5.06

Adjusted Cash Margin(%) 7.2 9.17

Net Profit Margin 7.04 9.19

Return on Long Term Fund(%) 149.01 135.11

Return on Net Worth(%) 12.54 15.7

Adjusted Return on Net Worth(%) 12.54 15.7

183.37 174.48

197.24 189.63

Management Efficiency Ratios

Interest Income / Total Funds 7.82 8.01

Net Interest Income / Total Funds 2 2.38

Non Interest Income / Total Funds 0.76 0.57

Interest Expended / Total Funds 5.82 5.63

Operating Expense / Total Funds 1.24 1.37

1.45 1.53

Net Profit / Total Funds 0.55 0.74

Loans Turnover 0.11 0.12

Total Income / Capital Employed(%) 8.58 8.58

5.82 5.63

Total Assets Turnover Ratios 0.08 0.08

Asset Turnover Ratio 0.08 0.08

Profit And Loss Account Ratios

Return on Assets Excluding Revaluations

Return on Assets Including Revaluations

Profit Before Provisions / Total Funds

Interest Expended / Capital Employed(%)

Interest Expended / Interest Earned 74.46 70.25

Other Income / Total Income 8.89 6.64

Operating Expense / Total Income 14.48 15.96

Balance Sheet Ratios

Capital Adequacy Ratio 10.54 11.41

Advances / Loans Funds(%) 78.96 80.94

Debt Coverage Ratios

Credit Deposit Ratio 80.52 80.84

Investment Deposit Ratio 26.7 25.44

Cash Deposit Ratio 5.28 5.23

Total Debt to Owners Fund 21.04 19.49

Financial Charges Coverage Ratio 0.26 0.28

1.11 1.14

Leverage Ratios

Current Ratio 0.02 0.03

Quick Ratio 26.92 22.79

Cash Flow Indicator Ratios

Dividend Payout Ratio Net Profit 20.43 21.62

Dividend Payout Ratio Cash Profit 18.2 20.22

Earning Retention Ratio 79.57 78.38

Cash Earning Retention Ratio 81.8 79.78

AdjustedCash Flow Times 149.39 116.06

Mar '15 Mar '14

Earnings Per Share 23 27.4

Book Value 183.37 174.48

Financial Charges Coverage Ratio Post Tax

Financial RatiosMar '13 Mar '12 Mar '11

10 10 10

6.7 3.8 3.7

39.47 38.82 33.24

284.42 253.65 199.74

5.72 6.31 5.85

11.5 8.43 9.04

11.7 8.6 9.15

138.3 147.17 125.48

20.95 16.34 15.74

20.95 16.34 15.74

158.91 133.5 116.12

175.12 150.2 122.99

8.66 9.05 7.77

2.76 3.01 2.97

0.59 0.64 0.62

5.9 6.03 4.8

1.56 1.63 1.68

1.74 1.98 1.87

1.01 0.78 0.71

0.13 0.13 0.12

9.25 9.68 8.39

5.9 6.03 4.8

0.09 0.09 0.08

0.09 0.09 0.08

68.14 66.7 61.73

6.42 6.58 7.4

16.83 16.81 20.03

12.59 12.24 13.04

80.48 78.83 77.85

79 78.49 78.06

25.19 25.85 26.95

4.92 6.56 6.98

19.38 19.65 20.37

0.3 0.34 0.4

1.18 1.14 1.16

0.02 0.02 0.01

24.89 27.62 27.33

20.12 17.41 20.24

19.15 16.58 18.95

79.88 82.59 79.76

80.85 83.42 81.05

88.05 114.5 121.19

Mar '13 Mar '12 Mar '11

33.3 21.82 18.28

158.91 133.5 116.12

Financial Ratios

Syndicate Bank Peers AverageNet Profit Margin(%) 7.04 7.78Cost of Funds Ratio 5.7 6.45Int. Expended/Int. Earned 74.46 71.88Other Income/Total Income 8.89 8.4

Net Profit Margin(%)

Cost of Funds Ratio

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Syndicate BankPeers Average

Promoter Insurance Cos. Bank & FIs69.24 9.32 0.21

Ownership pattern

A greater than 35 % promoter holding offers safety to the retail investors. Large promoter holding indicates conviction and sincerity of the promoters.Also, the large institutional holding in the bank indicates the confidence of seasoned investors. At the same time, it can also lead to high volatility in the stock price as

institutions buy and sell larger stakes than retail participants.

PromoterInsurance Cos.Bank & FIsMutual Fund & UTIBodies CorporateFIIsOthers

Mutual Fund & UTI Bodies Corporate FIIs0.85 1.92 7.64

A greater than 35 % promoter holding offers safety to the retail investors. Large promoter holding indicates conviction and sincerity of the promoters.Also, the large institutional holding in the bank indicates the confidence of seasoned investors. At the same time, it can also lead to high volatility in the stock price as

institutions buy and sell larger stakes than retail participants.

PromoterInsurance Cos.Bank & FIsMutual Fund & UTIBodies CorporateFIIsOthers

Others10.82

A greater than 35 % promoter holding offers safety to the retail investors. Large promoter holding indicates conviction and sincerity of the promoters.Also, the large institutional holding in the bank indicates the confidence of seasoned investors. At the same time, it can also lead to high volatility in the stock price as

institutions buy and sell larger stakes than retail participants.

PromoterInsurance Cos.Bank & FIsMutual Fund & UTIBodies CorporateFIIsOthers

Return on Assets The return on assets of the bank has continually increased over the five years that shows effective managerial efficiency i.e. management has been efficient in converting assets into net earnings

Operating Expenses/Total Funds The lower value of this ratio indicates expense control and that management and staff are generating more funds than the expenses

Quick RatioHigher the quick ratio,more likely will the company be able to pay its short term bills.The quick ratio for syndicate bank for Mar'15 is 26.92.

This shows the bank's robustness in paying off its short term obligations.

Credit Deposit Ratio The Credit Deposit Ratio of Syndicate Bank (80.84) is higher than the industry average of 78.92(2014).This indicates the good credit performance of the bank compared to its peers

Cash Deposit Ratio This ratio assesses the cash performance of the bank.The industry average is 5.53 while the Syndicate bank stands at 5.23.Though the average sustainable earnings of the bank is high,it could improve upon its performance to make itself more fundamentally sound.

Net Interest Margin Net interest margin (NIM) is a measure of the difference between the interest income generated by banks or other financial institutions and the amount of interest paid out to their lenders (for example, deposits), relative to the amount of their (interest-earning) assets.

NIM for syndicate bank at 2.79 is higher than the industry average of 2.70.This indicates the need to maintain the balance of assets and liabilities.

The return on assets of the bank has continually increased over the five years that shows effective managerial efficiency i.e. management has been efficient in converting assets into net earnings

The lower value of this ratio indicates expense control and that management and staff are generating more funds than the expenses

Higher the quick ratio,more likely will the company be able to pay its short term bills.The quick ratio for syndicate bank for Mar'15 is 26.92.This shows the bank's robustness in paying off its short term obligations.

The Credit Deposit Ratio of Syndicate Bank (80.84) is higher than the industry average of 78.92(2014).This indicates the good credit performance of the bank compared to its peers

This ratio assesses the cash performance of the bank.The industry average is 5.53 while the Syndicate bank stands at 5.23.Though the average sustainable earnings of the bank is high,it could improve upon its performance to make itself more fundamentally sound.

Net interest margin (NIM) is a measure of the difference between the interest income generated by banks or other financial institutions and the amount of interest paid out to their lenders (for example, deposits), relative to the amount of their (interest-earning) assets.

NIM for syndicate bank at 2.79 is higher than the industry average of 2.70.This indicates the need to maintain the balance of assets and liabilities.

Bank EPSState B Bikaner 118.99State Bk Mysore 89.16Canara bank 46.09State Bk Travan 44.22Union Bank 25.74Indian Bank 21.1Syndicate Bank 20.23 EPS indicates the portion of a company's profit allocated to each outstanding share of common stockSBI 17.77 Syndicate Bank stands well at seventh position among top twenty banking sector shares by EPS.BOI 15.52 Also its investments as a percentage of total assets is 23.97.Thus the bank has been efficient in using its capital BOB 13.93 to generate income for shareholdersOriental Bank 13.02PNB 12.82Andhra Bank 12.17Allahabad Bank 11.46UCO Bank 8.12Corporation Bank 6.65IDBI Bank 5.63Vijaya Bank 4.9Central Banl 3.73Bank of Mah 3.69Punjab & Sind 3.57Dena Bank 3.55United Bank 2.89

EPS indicates the portion of a company's profit allocated to each outstanding share of common stockSyndicate Bank stands well at seventh position among top twenty banking sector shares by EPS.

Also its investments as a percentage of total assets is 23.97.Thus the bank has been efficient in using its capital to generate income for shareholders

EPS indicates the portion of a company's profit allocated to each outstanding share of common stockSyndicate Bank stands well at seventh position among top twenty banking sector shares by EPS.

Also its investments as a percentage of total assets is 23.97.Thus the bank has been efficient in using its capital to generate income for shareholders

Central Bank 27.73SBI 15.11Bank of Baroda 13.24Oriental Bank 13.12PNB 12.97Punjab & Sind 12.51

Dena Bank 12.42 Low P/E of Syndicate Bank indicates that the stock is undervalued.Investors can choose such aIDBI Bank 11.76 stock for long term investement purposes.The last five years average returns show thatBank of India 10.97 UCO bank and Syndicate bank are two value stocks with low p/e ratio and minimun risk available in the marketState Bank Travan 9.63Bank of Mah 9.61Union Bank 8.08United Bank 7.94Vijaya Bank 7.94Allahabad Bank 7.94Corporation Bank 7.73Indian Bank 6.98Canara Bank 6.63UCO Bank 6.53Andhra Bank 6.21State Bk Mysore 5.22Syndicate Bank 5.04State B Bikaner 4.63

Low P/E of Syndicate Bank indicates that the stock is undervalued.Investors can choose such astock for long term investement purposes.The last five years average returns show that

UCO bank and Syndicate bank are two value stocks with low p/e ratio and minimun risk available in the market

Average Stock ReturnsAndhra Bank 15.64Canara Bank 16.93Central Bank 5.27Corporation Bank 18.2Indian Bank 12.47PNB 15.87Syndicate Bank 30UCO Bank 20.8

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Average Stock Returns

Low P/E of Syndicate Bank indicates that the stock is undervalued.Investors can choose such astock for long term investement purposes.The last five years average returns show that

UCO bank and Syndicate bank are two value stocks with low p/e ratio and minimun risk available in the market

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