corporation bank result updated

8/3/2019 Corporation Bank Result Updated

1/11

Please refer to important disclosures at the end of this report 1

Particulars (` cr) 2QFY12 1QFY12 % chg (qoq) 2QFY11 % chg (yoy)NII 744 708 5.1 715 4.0Pre-prov. profit 700 576 21.5 573 22.1

PAT 401 351 14.1 352 14.0Source: Company, Angel Research

For 2QFY2012, Corporation Bank registered net profit growth of 14.0% yoy to

`401cr, above our estimate of `349cr, mainly on account of better-than-

expected treasury income and a lower effective tax rate than built-in by us. Werecommend Buy on the stock.Advances growth healthy; Asset quality surprises negatively: During 2QFY2012,the banks advances increased by 17.0% yoy to `81,634cr, while deposits grew by

healthy 24.4% yoy to `120,613cr. Current account deposits witnessed high traction

during the quarter, growing by 12.3% qoq (2.6% yoy), while saving account growth

was moderate at 2.7% qoq (12.1% yoy). CASA ratio managed to improve by 75bp

to 21.8%. The banks yield on advances grew sequentially by 60bp; however, cost

of deposits also increased by 29bp qoq, leading to reported NIM remaining flat at

2.4%. During 2QFY2012, other income increased by 76.3% yoy to `399cr, driven

by strong treasury gains (`123cr in 2QFY2012 compared to `4cr in 2QFY2011).

The bank surprised negatively on the asset-quality front, with absolute gross and net

NPAs rising sharply by 27.3% qoq and 81.0% qoq. Consequently, gross and net

NPA ratios deteriorated to 1.3% (from 1.1% in 1QFY2012) and 0.9% (from 0.5% in1QFY2012), respectively. Slippages for the quarter stood at `510cr (annualized

slippage ratio of 2.3% compared to 0.8% in 1QFY2012). Management attributed

the rise in slippages to system-based NPA recognition and sounded confident of

stronger recoveries going ahead in 2HFY2012.

Outlook and valuation: The banks low CASA ratio (~22%) has contributed tohigher margin pressures, given the prevailing high interest rates. However, on the

flip side, the bank would be less impacted by savings deregulation and also

peaking of interest rates bodes well for it. Currently the stock is trading at 0.7x

FY2013E ABV, which we believe provides a margin of safety from current macro

headwinds. Also, the key positive for the bank is its proactive investment in modern

distribution and payment systems, which has led to consistently faster CASA growth

compared to peers. We value the bank at 0.8x FY2013E ABV and recommend aBuy rating on the stock with a target price of `498.Key financialsY/E March (` cr) FY2010 FY2011 FY2012E FY2013ENII 1,903 2,940 3,016 3,477% chg 12.6 54.5 2.6 15.3

Net profit 1,170 1,413 1,417 1,455% chg 31.1 20.8 0.3 2.7

NIM (%) 2.0 2.4 2.0 2.0

EPS (`) 81.6 95.4 95.7 98.2P/E (x) 5.3 4.5 4.5 4.4

P/ABV (x) 1.1 0.9 0.8 0.7

RoA (%) 1.2 1.1 0.9 0.8

RoE (%) 21.9 21.9 18.5 16.6

Source: Company, Angel Research

BUYCMP `430

Target Price `498

Investment Period 12 Months

Stock Info

Sector Banking

Market Cap (` cr) 6,367

Beta 0.6

52 Week High / Low 815/400

Avg. Daily Volume 12,070

Face Value (`) 10

BSE Sensex 17,481

Nifty 5,258

Reuters Code CPBK.BO

Bloomberg Code CRPBK@IN

Shareholding Pattern (%)

Promoters 58.5

MF / Banks / Indian Fls 30.6

FII / NRIs / OCBs 5.4

Indian Public / Others 5.5

Abs. (%) 3m 1yr 3yr

Sensex (4.6) (14.1) 78.6

Corporation Bk (13.4) (42.6) 120.0

Vaibhav Agrawal022 3935 7800 Ext: 6808

[email protected]

Shrinivas Bhutda022 3935 7800 Ext: 6845

[email protected]

Varun Varma022 3935 7800 Ext: 6847

[email protected]

Corporation BankPerformance Highlights

2QFY2012 Result Update | Banking

November 2, 2011


2/11

Corporation Bank | 2QFY2012 Result Update

November 2, 2011 2

Exhibit 1:2QFY2012 performanceParticulars (` cr) 2QFY12 1QFY12 % chg (qoq) 2QFY11 % chg (yoy)Interest earned 3,091 2,978 3.8 2,158 43.2- on Advances / Bills 2,210 2,204 0.3 1,480 49.4- on investments 790 660 19.7 607 30.0

- on balance with RBI & others 9 5 86.5 3 180.0

- on others 82 110 (25.3) 68 20.2

Interest Expended 2,347 2,271 3.4 1,443 62.7Net Interest Income 744 708 5.1 715 4.0Other income 399 290 37.6 226 76.3Other income excl. treasury 275 255 7.9 222 24.3

- Fee Income 199 186 6.8 174 14.1

- Treasury Income 123 34 259.4 4 2,669.9

- Recov. from written off a/cs 33 39 (15.3) 31 7.7

- Others 44 30 44.6 17 160.8

Operating income 1,142 997 14.5 941 21.3Operating expenses 442 421 5.1 368 20.2- Employee expenses 235 215 9.1 187 25.8

- Other Opex 207 206 0.8 181 14.4

Pre-provision Profit 700 576 21.5 573 22.1Provisions & Contingencies 205 167 22.4 98 109.7- Provisions for NPAs 173 90 91.5 88 95.4

- Provisions for Investments - - - - -

- Other Provisions 32 77 (58.4) 9 246.5

PBT 495 409 21.1 476 4.1Provision for Tax 94 58 63.4 124 (24.0)PAT 401 351 14.1 352 14.0Effective Tax Rate (%) 19.0 14.1 493bp 26.1 (705)bp


Exhibit 2:2QFY2012 Actual vs. estimatesParticulars (` cr) Actual Estimates Var. (%)Net interest income 744 719 3.4

Other income 399 301 32.5

Operating income 1,142 1,020 12.0Operating expenses 442 430 2.9

Pre-prov. profit 700 591 18.5Provisions & cont. 205 137 49.0

PBT 495 453 9.3

Prov. for taxes 94 104 (9.6)

PAT 401 349 14.9Source: Company, Angel Research


3/11


November 2, 2011 3

Exhibit 3:2QFY2012 performance analysisParticulars 2QFY12 1QFY12 % chg (qoq) 2QFY11 % chg (yoy)Balance sheetAdvances (

`cr) 81,634 78,904 3.5 69,780 17.0

Deposits (`cr) 120,613 117,782 2.4 96,920 24.4

Credit-to-Deposit Ratio (%) 67.7 67.0 69bp 72.0 (432)bp

Current deposits (`cr) 9,660 8,600 12.3 9,414 2.6

Saving deposits (`cr) 16,645 16,200 2.7 14,850 12.1

CASA deposits (` cr) 26,305 24,800 6.1 24,264 8.4

CASA ratio (%) 21.8 21.1 75bp 25.0 (323)bp

CAR (%) 13.6 14.1 (47)bp 14.5 (90)bp

Tier 1 CAR (%) 8.2 8.7 (46)bp 8.3 (8)bp

Profitability Ratios (%)Cost of deposits 7.6 7.3 29bp 5.6 196bp

Yield on advances 11.8 11.2 60bp 9.8 193bp

Yield on investments 7.8 7.7 10bp 7.0 75bp

Reported NIM 2.4 2.4 2bp 2.6 (21)bp

Cost-to-income ratio 38.7 42.2 (349)bp 39.1 (37)bp

Asset qualityGross NPAs (` cr) 1,080 848 27.3 740 45.9

Gross NPAs (%) 1.3 1.1 25bp 1.1 27bp

Net NPAs (`cr) 745 412 81.0 270 176.4

Net NPAs (%) 0.9 0.5 39bp 0.4 52bp

Provision Coverage Ratio (%) 84.7 74.9 982bp 78.5 621bp

Slippage ratio (%) 2.3 0.8 150bp 1.1 117bp

Loan loss provision to avg. assets (%) 0.5 0.2 23bp 0.3 18bp


Healthy growth in business; NIM stays flat

During 2QFY2012, the banks advances increased by 17.0% yoy to `81,634cr,

while deposits increased by healthy 24.4% yoy to `120,613cr. Current account

deposits witnessed high traction during the quarter, growing by 12.3% qoq (2.6%

yoy), while saving account growth was moderate at 2.7% qoq (12.1% yoy). CASA

ratio managed to improve by 75bp qoq to 21.8%. The bank opened 13 branches

and six ATMs during the quarter

The banks yield on advances grew sequentially by 60bp qoq; however, cost of

deposits also increased by 29bp qoq, leading to reported NIM remaining flat at

2.4% during the quarter.


4/11


November 2, 2011 4

Exhibit 4:Advances and deposits growth in 2QFY2012


Exhibit 5:Growth in branch network remains slow


Exhibit 6:Reported NIM remains flat at 2.4%


Exhibit 7:Higher cost of deposits for 2QFY2012


Non-interest income healthy for 2QFY2012

During 2QFY2012, other income of the bank increased by 76.3% yoy to `399cr,

driven by strong treasury gains (`123cr in 2QFY2012 compared to `4cr in

2QFY2011). Fee income growth was moderate at 14.1% yoy, while recoveries

from written-off account grew by 7.7% yoy (down 15.3% qoq) to `33cr.

Asset quality weakens, slippage ratio shoots up

The bank surprised negatively on the asset-quality front, with absolute gross and

net NPAs rising sharply by 27.3% qoq and 81.0% qoq. Consequently, gross and

net NPA ratios deteriorated to 1.3% (from 1.1% in 1QFY2012) and 0.9% (from

0.5% in 1QFY2012), respectively. Slippages for the quarter stood at `510cr

(annualized slippage ratio of 2.3% compared to 0.8% in 1QFY2012).

Management attributed the rise in slippages to system-based NPA recognition and

sounded confident of stronger recoveries going ahead in 2HFY2012.

7.7

3.1

20.7

(9.1

)

3.5

6.5

1.7

18.5

0.9

2.4

72.073.0

74.4

67.0 67.7

60.0

64.0

68.0

72.0

76.0

(15.0)

(10.0)

(5.0)

-

5.0

10.0

15.020.0

25.0

2QFY11 3QFY11 4QFY11 1QFY12 2QFY12

Adv. qoq chg (%) Dep. qoq chg (%) CDR (%, RHS)

1,1

76

1,2

55

1,3

61

1,3

62

1,3

75

1,1591,174

1,250 1,250

1,256

1,110

1,140

1,170

1,200

1,230

1,260

1,290

1,050

1,100

1,150

1,200

1,250

1,3001,350

1,400


Branches ATMs (RHS)

2.64

2.71

2.48

2.41 2.43

2.20

2.40

2.60

2.80


5.60 5.72 5.70

7.277.56

4.00

5.00

6.00

7.00

8.00



5/11


November 2, 2011 5

Exhibit 8:Slippages shoot up in 2QFY2012


Exhibit 9:NPA ratios deteriorate in 2QFY2012


Exhibit 10:Operating expenses stable for the quarter


Exhibit 11:Stable opex-to-avg. assets


Investment arguments

Modern, cost-efficient network to support moderate CASA

growth

During FY200711, growth in average CASA deposits of the bank was robust

relative to peers at 20.4%. We believe the banks efficient and expanding network,

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.

Low operating cost, superior asset quality owing to corporate,

urban-centric business

Large corporates comprise ~38% of the banks credit book, leading to relatively

low yield on advances, but simultaneously offering superior asset quality to the

bank. Corporation Bank is also among the most cost-efficient PSU banks, both in

terms of opex/average assets as well as branch and employee productivity.

1.1

1.8

1.1

0.7

2.4

0.3

0.50.6

0.2

0.5

-

0.2

0.4

0.6

-

0.5

1.0

1.5

2.0

2.5


Slippages (%) Credit cost (%, RHS)

1.1

1.3

0.9

1.1

1.3

0.4

0.6

0.5

0.5

0.9

78.5 72.8 74.7

51.5

31.0

-

20.0

40.0

60.0

80.0

100.0

-

0.2

0.4

0.6

0.8

1.0

1.2

1.4


Gross NPAs (%) Net NPAs (%) PCR (%, RHS)

187 183300

215 235

181 187

206

206 207

368 370

506

421 442

-

150

300

450

600


Staff exps (` cr) Other opex (` cr)

39.1

33.4

40.4

42.2

38.7

1.3 1.2

1.5

1.2 1.2

-

0.5

1.0

1.5

2.0

20.0

25.0

30.0

35.0

40.0

45.0


Cost-to-income ratio (%) Opex to average assets (%, RHS)


6/11


November 2, 2011 6

Outlook and valuation

The banks low CASA ratio (~22%) has contributed to higher margin pressures,

given the prevailing high interest rates. However, on the flip side, the bank would

be less impacted by savings deregulation and also peaking of interest rates bodes

well for it. Currently the stock is trading at 0.7x FY2013E ABV, which we believe

provides a margin of safety from current macro headwinds. Also, the key positive

for the bank is its proactive investment in modern distribution and payment

systems, which has led to consistently faster CASA growth compared to peers. Wevalue the bank at 0.8x FY2013E ABV and recommend a Buy rating on the stockwith a target price of `498.

Exhibit 12:Key assumptionsParticulars (%)

Earlier estimates Revised estimatesFY2012 FY2013 FY2012 FY2013

Credit growth 12.0 19.0 12.0 19.0

Deposit growth 15.0 19.0 15.0 19.0

CASA ratio 25.5 24.2 25.5 24.2

NIMs 1.9 1.9 2.0 2.0

Other income growth (3.3) 14.6 3.4 16.4

Growth in staff expenses - 15.0 4.0 15.0

Growth in other expenses 15.0 15.0 18.0 15.0

Slippages 1.1 1.1 1.7 1.7

Coverage Ratio 75.0 75.0 65.0 65.0

Source: Angel Research

Exhibit 13:Change in estimatesParticulars (` cr) FY2012 FY2013Earlierestimates Revisedestimates Var. (%) Earlierestimates Revisedestimates Var. (%)NII 2,927 3,016 3.0 3,334 3,477 4.3

Non-interest income 1,281 1,369 6.9 1,468 1,594 8.6

Operating income 4,208 4,386 4.2 4,802 5,071 5.6Operating expenses 1,754 1,812 3.3 2,017 2,084 3.3

Pre-prov. profit 2,454 2,574 4.9 2,785 2,987 7.3Provisions & cont. 625 733 17.3 596 833 39.9

PBT 1,829 1,841 0.6 2,189 2,154 (1.6)

Prov. for taxes 421 423 0.6 710 699 (1.6)

PAT 1,408 1,417 0.6 1,479 1,455 (1.6)Source: Angel Research


7/11


November 2, 2011 7

Exhibit 14:P/ABV band


0

200

400

600

800

1,000

1,200

Mar-02

Oct-02

May-0

3

Dec-0

3

Jul-04

Feb-05

Sep-05

Apr-06

Nov-0

6

Jun-07

Jan-0

8

Aug-0

8

Mar-09

Oct-09

May-1

0

Dec-1

0

Jul-11

Feb-1

2

Price (`) 0.5x 0.8x 1.1x 1.4x 1.7x


8/11


November 2, 2011 8

Exhibit 15:Recommendation summaryCompany Reco. CMP(`) Tgt.price (`) Upside(%) FY2013EP/ABV (x) FY2013ETgt. P/ABV (x) FY2013EP/E (x) FY11-13ECAGR in EPS (%) FY2013ERoA (%) FY2013ERoE (%) AxisBk Buy 1,135 1,41424.5 1.8 2.3 9.9 17.7 1.5 20.0

FedBk Accumulate 415 444 7.0 1.1 1.2 8.5 19.5 1.2 14.0

HDFCBk Neutral 482 - - 3.3 - 16.8 30.5 1.7 20.9

ICICIBk* Buy 895 1,114 24.4 1.6 2.0 13.2 23.3 1.4 15.4

SIB Accumulate 23 24 5.3 1.1 1.2 6.7 15.6 1.0 18.2

YesBk Buy 308 355 15.5 1.9 2.3 10.2 19.9 1.3 20.8

AllBk Accumulate 149 163 9.5 0.7 0.8 4.2 8.9 0.9 17.7

AndhBk Neutral 121 - - 0.8 - 5.4 (0.9) 0.9 15.8

BOB Accumulate 799 881 10.4 1.1 1.2 5.7 14.2 1.2 20.7

BOI Accumulate 337 362 7.5 0.9 1.0 5.6 15.2 0.7 17.1

BOM Accumulate 51 55 9.7 0.7 0.7 4.3 38.1 0.6 16.5

CanBk Accumulate 478 510 6.8 0.9 1.0 5.6 (3.0) 0.9 17.2CentBk Neutral 102 - - 0.7 - 5.0 (14.6) 0.5 14.2

CorpBk Buy 430 498 15.9 0.7 0.8 4.4 1.5 0.8 16.6DenaBk Neutral 81 - 0.4 0.6 - 3.9 5.8 0.8 16.2

IDBI# Neutral 114 - - 0.7 0.8 5.4 12.3 0.7 14.0

IndBk Neutral 217 - - 0.9 - 5.6 0.2 1.1 17.4

IOB Accumulate 100 107 7.7 0.6 0.7 4.0 20.0 0.6 15.9

J&KBk Neutral 825 - - 0.9 - 5.7 6.7 1.2 16.4

OBC Accumulate 289 314 8.7 0.7 0.7 5.1 5.4 0.8 13.9

PNB Accumulate 1,013 1,106 9.1 1.1 1.3 6.0 9.9 1.1 20.6

SBI* Buy 1,902 2,239 17.7 1.4 1.7 7.3 41.4 1.0 21.9

SynBk Buy 107 123 15.4 0.7 0.8 4.7 11.8 0.7 16.3

UcoBk Neutral 75 - - 0.9 - 4.6 14.0 0.6 16.5

UnionBk Accumulate 222 238 7.5 0.8 0.9 5.1 5.2 0.8 17.0

UtdBk Accumulate 74 82 10.9 0.6 0.7 4.4 11.7 0.6 13.8

VijBk Neutral 60 -- 0.8 - 7.3 (3.2) 0.4 10.5

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


9/11


November 2, 2011 9

Income statement

Y/E March (` cr) FY08 FY09 FY10 FY11 FY12E FY13ENet Interest Income 1,443 1,691 1,903 2,940 3,016 3,477- YoY Growth (%) 4.8 17.2 12.6 54.5 2.6 15.3Other Income 700 1,107 1,493 1,324 1,369 1,594- YoY Growth (%) 9.4 58.2 34.9 (11.3) 3.4 16.4

Operating Income 2,143 2,798 3,397 4,264 4,386 5,071- YoY Growth (%) 6.2 30.6 21.4 25.5 2.8 15.6

Operating Expenses 892 1,047 1,260 1,642 1,812 2,084- YoY Growth (%) 11.0 17.3 20.4 30.3 10.4 15.0

Pre - Provision Profit 1,251 1,752 2,137 2,622 2,574 2,987- YoY Growth (%) 3.1 40.0 22.0 22.7 (1.9) 16.1

Prov. & Cont. 186 365 474 689 733 833- YoY Growth (%) (53.3) 96.8 29.8 45.2 6.4 13.7

Profit Before Tax 1,065 1,386 1,662 1,934 1,841 2,154- YoY Growth (%) 30.5 30.1 19.9 16.3 (4.8) 17.0

Prov. for Taxation 330 493 492 520 423 699- as a % of PBT 31.0 35.6 29.6 26.9 23.0 32.4

PAT 735 893 1,170 1,413 1,417 1,455- YoY Growth (%) 37.1 21.5 31.1 20.8 0.3 2.7

Balance sheetY/E March (` cr) FY08 FY09 FY10 FY11 FY12E FY13EShare Capital 143 143 143 148 148 148Reserve & Surplus 4,085 4,753 5,631 6,990 8,071 9,182

Deposits 55,424 73,984 92,734 116,748 134,260 159,769

- Growth (%) 30.9 33.5 25.3 25.9 15.0 19.0

Borrowings 2,138 2,072 4,290 10,628 10,597 12,610

Tier 2 Capital 800 2,738 4,788 5,338 5,978 7,114

Other Liab. & Prov. 3,867 3,215 4,081 3,658 3,977 5,184

Total Liabilities 66,458 86,906 111,667 143,509 163,031 194,007Cash Balances 7,104 5,591 8,835 8,142 8,727 10,385

Bank Balances 1,812 4,949 1,957 2,250 3,261 3,880

Investments 16,512 24,938 34,523 43,453 50,587 60,211

Advances 39,186 48,512 63,203 86,850 97,272 115,754

- Growth (%) 30.8 23.8 30.3 37.4 12.0 19.0

Fixed Assets 272 299 293 331 365 421

Other Assets 1,572 2,617 2,857 2,482 2,820 3,355

Total Assets 66,458 86,906 111,667 143,509 163,031 194,007- Growth (%) 26.1 30.8 28.5 28.5 13.6 19.0


10/11


November 2, 2011 10

Ratio analysis

Y/E March FY08 FY09 FY10 FY11 FY12E FY13EProfitability ratios (%)NIMs 2.5 2.3 2.0 2.4 2.0 2.0Cost to Income Ratio 41.6 37.4 37.1 38.5 41.3 41.1

RoA 1.2 1.2 1.2 1.1 0.9 0.8

RoE 18.4 19.6 21.9 21.9 18.5 16.6

B/S ratios (%)CASA Ratio 35.0 31.4 28.6 26.0 25.5 24.2

Credit/Deposit Ratio 70.7 65.6 68.2 74.4 72.5 72.5

CAR 12.1 12.7 14.4 13.3 14.2 13.8

- Tier I 9.6 8.3 8.7 8.2 8.7 8.2

Asset Quality (%)Gross NPAs 1.5 1.1 1.0 0.9 2.1 2.7

Net NPAs 0.3 0.3 0.3 0.5 1.0 1.2

Slippages 0.6 0.6 1.0 1.3 1.7 1.7

Loan Loss Prov. /Avg. Assets 0.2 0.2 0.3 0.4 0.4 0.4

Provision Coverage 77.1 74.2 80.8 74.7 65.0 65.0

Per Share Data (`)EPS 51.2 62.2 81.6 95.4 95.7 98.2

ABVPS (75% cover.) 294.8 341.1 402.6 481.5 535.8 603.6

DPS 10.5 12.5 16.5 20.0 19.5 20.0

Valuation RatiosPER (x) 8.4 6.9 5.3 4.5 4.5 4.4

P/ABVPS (x) 1.5 1.3 1.1 0.9 0.8 0.7

Dividend Yield 2.4 2.9 3.8 4.7 4.5 4.7

DuPont AnalysisNII 2.4 2.2 1.9 2.3 2.0 1.9

(-) Prov. Exp. 0.3 0.5 0.5 0.5 0.5 0.5

Adj. NII 2.1 1.7 1.4 1.8 1.5 1.5

Treasury 0.2 0.6 0.6 0.2 0.1 0.1

Int. Sens. Inc. 2.3 2.3 2.1 1.9 1.6 1.6

Other Inc. 0.9 0.9 0.9 0.9 0.8 0.8

Op. Inc. 3.3 3.2 2.9 2.8 2.4 2.4

Opex 1.5 1.4 1.3 1.3 1.2 1.2PBT 1.8 1.8 1.7 1.5 1.2 1.2

Taxes 0.6 0.6 0.5 0.4 0.3 0.4

RoA 1.2 1.2 1.2 1.1 0.9 0.8Leverage 14.9 16.8 18.6 19.8 20.0 20.3

RoE 18.4 19.6 21.9 21.9 18.5 16.6


11/11


November 2, 2011 11

Research Team Tel: 022 - 39357800 E-mail: [email protected] Website: www.angelbroking.com

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Disclosure of Interest Statement Corporation Bank

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

Ratings (Returns): Buy (> 15%) Accumulate (5% to 15%) Neutral (-5 to 5%)Reduce (-5% to 15%) Sell (< -15%)

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

corporation bank result updated

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