syndicate bank, 4th february, 2013

7/29/2019 Syndicate Bank, 4th February, 2013

1/11

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

Pre-prov. profit 864 843 2.5 923 (6.3)

Source: Company, Angel Research

During 3QFY2013, Syndicate Bank reported a moderate operating performance,

with a 6.3% and 11.8% yoy decline in its operating profits and profit before tax,

respectively. However tax write-back of `174cr as against tax expense of `41cr in

3QFY2012 aided the company to post an earnings growth of 50.4% yoy.

During the quarter, the bank witnessed healthy growth in its

business, as advances and deposits grew by 17.3% and 14.6% yoy, respectively.

Despite the 11.9% yoy growth witnessed in savings deposits, the growth in CASA

deposits remained moderate at 9.9% yoy, due to muted growth of 3.7% yoy in

current deposits. CASA ratio for the bank was lower by 39bp qoq to 29.5%. The

bank shed around `3,300cr of differential rate deposits during the quarter and

hence as of 3QFY2013, share of bulk deposits to total deposits stood reduced to

16.9% from 18% in 2QFY2013. NIMs remained largely stable sequentially at

3.3%. On the asset quality front, the bank witnessed stability, as gross and net

NPA levels remained almost flat sequentially, on an absolute basis. Though,

slippages for the bank remained elevated at`

903cr during 3QFY2013(annualized slippage ratio of 2.9%), the bank reported stable performance on

the asset quality front, due to higher recoveries and upgrades (`727cr in

3QFY2013 compared to `480cr in 2QFY2013 and average of `600cr in past

one year). Gross and net NPA ratios came in lower sequentially by 16bp and

7bp, respectively to 2.3% and 0.9%. The banks PCR improved by 75bp

sequentially and remained on the higher side within the PSU segment at 83%.

During the quarter, the banks restructuring book grew by ~`600cr (lower

than `1,100cr restructured in 2QFY2013), to `9,874cr.

Although, the bank has a moderate CASA and fee

income franchise, with the CASA ratio in the vicinity of 30% as of 3QFY2013

and fee income at 0.6% of average assets as of FY2012, it has relativelycomfortable asset quality outlook than peers. Moreover, it is currently trading at

0.75x FY2014E ABV, lower than its median one year forward valuation of 0.9x.

% chg 60.0 16.0 9.5 15.3

% chg 28.8 25.3 46.8 (13.9)

NIM (%) 3.0 3.1 2.9 3.0

P/E (x) 7.4 6.2 4.2 4.9

P/ABV (x) 1.2 1.0 0.9 0.8

RoA (%) 0.7 0.8 1.0 0.7

RoE (%) 17.6 17.9 22.0 16.4


CMP `135

Target Price `157

Investment Period 12 months

Stock Info

Sector Banking

Market Cap (` cr) 8,096

Beta 1.2

52 Week High / Low 145/84

Avg. Daily Volume 157,451

Face Value (`) 10

BSE Sensex 19,895

Nifty 6,035

Reuters Code SBNK.BO

Bloomberg Code SNDB@IN

Shareholding Pattern (%)

Promoters 66.2

MF / Banks / Indian Fls 17.5

FII / NRIs / OCBs 4.9

Indian Public / Others 11.4

Abs. (%) 3m 1yr 3yr

Sensex 7.5 15.7 21.6

SyndicateBank

14.4 39.7 57.0

022 3935 7800 Ext: 6808

[email protected]

022 3935 7800 Ext: 6872

[email protected]

Performance Highlights

3QFY2013 Result Update | Banking

January 31, 2013


2/11

Syndicate Bank | 3QFY2013 Result Update

January 31, 2013 2

Exhibit 1:3QFY2013 performance (Standalone)

- on Advances / Bills 3,333 3,403 (2.1) 3,212 3.8 10,059 9,072 10.9- on investments 813 780 4.1 733 10.9 2,400 1,981 21.2

- on balance with RBI & others 75 65 15.9 18 307.1 202 81 149.0

- on others - 28 - 10 - 78 10 653.3

Other income excl. treasury 234 245 (4.4) 235 (0.5) 692 701 (1.3)

- Fee Income 55 31 77.4 143 (61.5) 163 307 (46.9)

- Treasury Income 35 25 40.0 5 600.0 83 75 10.7

- Profit on exchange transactions 28 20 (2.1) 31 3.8 87 9 866.7

- Others 151 194 (22.1) 61 146.4 442 385 14.8

- Employee expenses 550 565 (2.6) 394 39.6 1,601 1,297 23.4

- Other Opex 254 253 0.7 248 2.4 736 671 9.7

- Provisions for NPAs 208 478 (56.5) 386 (46.1) 950 1,094 (13.2)

- Provisions for Investments 40 (4) - 10 300.2 30 50 (40.4)

- Other Provisions 282 6 4,926.0 148 90.9 543 233 132.7

Provision for Tax (174) (100) - 41 - (386) 175 -

Effective Tax Rate (%) (52.1) (27.4) - 10.8 - (37.6) 14.9 -


Exhibit 2:3QFY2013 Actual vs Angel estimatesNet interest income 1,400 1,437 (2.6)

Non-interest income 269 288 (6.4)

Operating expenses 805 800 0.6

Provisions & cont. 530 414 28.1

PBT 334 511 (34.6)

Prov. for taxes (174) 128 (236.4)



3/11


January 31, 2013 3

Exhibit 3:3QFY2013 performance (Standalone)

Advances (`cr) 134,629 126,781 6.2 114,817 17.3Deposits (`cr) 164,075 155,854 5.3 143,128 14.6

Credit-to-Deposit Ratio (%) 82.1 81.3 71bp 80.2 183bp

Current deposits (`cr) 11,430 10,419 9.7 11,020 3.7

Saving deposits (`cr) 36,930 36,126 2.2 32,994 11.9

CASA deposits (` cr) 48,360 46,545 3.9 44,014 9.9

CASA ratio (%) 29.5 29.9 (39)bp 30.8 (128)bp

CAR (%) 11.4 11.3 5bp 11.5 (10)bp

Tier 1 CAR (%) 7.8 8.4 (68)bp 8.4 (59)bp

Cost of deposits 6.7 7.0 (30)bp 6.9 (21)bp

Yield on advances 10.5 10.8 (37)bp 11.1 (65)bp

Reported NIM 3.3 3.3 (4)bp 3.5 (16)bp

Cost-to-income ratio 48.2 49.2 (101)bp 41.1 717bp

Gross NPAs (` cr) 3,160 3,179 (0.6) 2,674 18.2

Gross NPAs (%) 2.3 2.5 (16)bp 2.3 2bp

Net NPAs (`cr) 1,141 1,164 (2.0) 993 15.0

Net NPAs (%) 0.9 0.9 (7)bp 0.9 (1)bp

Provision Coverage Ratio (%) 83.0 82.3 75bp 78.5 451bp

Slippage ratio (%) 2.9 3.3 (34)bp 1.9 105bp

NPA to avg. assets (%) 0.4 1.0 (60)bp 0.9 (49)bp


Business growth healthy; Global NIM stable at 3.3%

During 3QFY2013, the bank witnessed healthy growth in its business, as advances

grew by 17.3% yoy, while growth in deposits came in at 14.6% yoy. Despite the

11.9% yoy growth witnessed in savings deposits, the growth in CASA deposits

remained moderate at 9.9% yoy, due to muted growth of 3.7% yoy in current

deposits. CASA ratio for the bank was lower by 39bp qoq (128bp yoy) to 29.5%.

The bank shed around `3,300cr of differential rate deposits during the quarterand hence as of 3QFY2013, share of bulk deposits to total deposits (differential

rate deposits and Certificate of deposits) stands reduced to 16.9% from 18.0% as

of 2QFY2013.

During the quarter, the bank witnessed 37bp sequentially decline in its yield on

advances to 10.5%, while cost of deposits for the bank came off by 30bp qoq

(largely due to shedding of high cost bulk deposits). Hence, the NIM for the bank

came in largely stable at 3.3%.

Flat performance on non-interest income (excl treasury) front

During 3QFY2013, the non-interest income (excluding treasury) for the bank camein flat yoy at `234cr, largely due to a muted performance on the fee income front.

Treasury income for the bank came in at `35cr compared to `5cr in 3QFY2012.

Overall, the bank reported a moderate growth of 12.0% in its non-interest income.


4/11


January 31, 2013 4

Exhibit 4:Business growth remained moderate


Exhibit 5:CASA ratio remained in the vicinity of 30%


Exhibit 6:30bp qoq fall in CoD, were fully offset by...


Exhibit 7:...37bp fall in YoA, resulting in largely stable NIMs


Despite elevated slippages, better recoveries/upgrades aided

stable asset quality

On the asset quality front, the bank witnessed stability, as gross and net NPA

levels remained almost flat sequentially, on an absolute basis. Though

slippages for the bank remained elevated at `903cr during 3QFY2013

(annualized slippage ratio of 2.9%), the bank reported stable performance on

the asset quality front, due to higher recoveries and upgrades (`727cr in

3QFY2013 compared to `480cr in 2QFY2013 and average of `600cr in the

past one year). Gross and net NPA ratios came in lower sequentially by 16bp

and 7bp, respectively to 2.3% and 0.9%. The provisioning coverage ratio for

the bank improved 75bp sequentially and stood comfortable at 83.0% (on the

higher side within the PSU segment).

During the quarter, the banks restructuring book grew by ~`600cr, lower

than `1,100cr restructured in 2QFY2013. As of 3QFY2013, its outstanding

restructured book stood at around `9,874cr (~7.3% of its overall loan book).

14.9

15.8

16.8

12.7

17.3

14.9

16.5

18.4

10.5

14.6

80.2

78.3

82.1

81.3

82.1

76.0

77.0

78.0

79.0

80.0

81.0

82.0

83.0

-

5.0

10.0

15.0

20.0

3QFY12 4QFY12 1QFY13 2QFY13 3QFY13

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

30.8

29.4

28.1

29.9

29.5

6.6

10.7

7.1

8.1

9.9

-

7.5

15.0

25.0

27.5

30.0

32.5


CASA ratio CASA yoy growth (%, RHS)

6.91 6.92

7.08

7.00

6.70

6.50

6.60

6.70

6.80

6.90

7.00

7.10

7.20


(%)

3.453.60

3.193.33 3.29

2.00

2.50

3.00

3.50

4.00


(%)


5/11


January 31, 2013 5

Exhibit 8:Slippages remain elevated in 3QFY2013


Exhibit 9:NPA ratios improve sequentially

Source: Company, Angel Research; Note: PCR including tech. write-offs

Exhibit 10:Network expansion at steady pace


Exhibit 11:Cost ratios remain elevated


CAR on the lower side; Capital raising via QIP in next fiscal

As of 3QFY2013, the banks total CAR stood at 11.4%, with the tier-1 ratio at

7.8% (excluding 9MFY2013 profits), which remains on the lower side. The bank in

FY2012 had received `327cr via capital infusion from the Life Insurance

Corporation of India (LIC). To ensure sufficient capital for future growth, the bank

has plans to raise upto `1,500cr of equity capital via QIP route in next fiscal.

During the quarter, it has also raised lower tier-II bonds for `1,000cr and hasfurther plans to raise `2,000cr in the form of lower tier-II bonds.

Tax rate negative for 9MFY2013

During 9MFY2013, the bank has written back tax provisions amounting to `386cr,

which as per the Management is primarily due to availing of tax deduction benefits

on provisions made for rural advances and MAT credit. The Management has

guided for continuance of current trend of negative tax expenses in 4QFY2013.

Accordingly, we have built in an effective tax rate of negative 30% for FY2013 and

30% for FY2014.

1.9

4.03.4 3.3

2.9

-

1.0

2.0

3.0

4.0

5.0


(%)

2.3

2.5

2.4

2.5

2.3

0.9

1.0

0.9

0.9

0.9

78.5 80.1 80.7 82.383.0

50.0

60.0

70.0

80.0

90.0

-

0.5

1.0

1.5

2.0

2.5


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

2,5

89

2,7

00

2,7

07

2,7

38

2,7

61

2,000

2,100

2,200

2,300

2,400

2,500

2,600

2,700

2,800


41.1

51.7

45.9

49.2

48.2

1.6

1.9

1.61.8 1.7

-

0.5

1.0

1.5

2.0

2.5

-

15.0

30.0

45.0

60.0


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


6/11


January 31, 2013 6

Investment argument

Relatively better asset quality and moderate NIM to aid

profitability

Slippages have remained at elevated levels for the bank for the past few quarters

and even going forward, they are likely to remain at above average levels. We

believe asset-quality pressures are likely to be well within manageable levels for

Syndicate Bank, as evident from the comfortable provisioning coverage for the

bank at 83.0% as of 3QFY2013. Further, recoveries and upgrades have been

encouragingly high during 9MFY2013. The banks conservative lending, visible in

its low yield on advances (11.0% in FY2012) and moderate advances growth

(16.9% CAGR over FY2010-12), is expected to lead to relatively better asset quality

than peers. We expect slippages to be at 3.3% in FY2013 and 2.9% in FY2014.

Outlook and valuation

Although, the bank has a moderate CASA and fee income franchise, with the

CASA ratio in the vicinity of 30% as of 3QFY2013 and fee income at 0.6% of

average assets as of FY2012, it has relatively comfortable asset quality outlook

than peers. Moreover, it is currently trading at 0.75x FY2014E ABV, lower than its

median one year forward valuation of 0.9x.

Exhibit 12:Key assumptions

Credit growth 14.0 14.0 16.0 14.0

Deposit growth 14.0 15.0 14.0 15.0

CASA ratio 28.2 27.0 28.2 27.0

NIMs 3.0 3.0 2.9 3.0

Other income growth 7.0 9.6 2.6 10.6

Growth in staff expenses 15.5 15.0 15.5 15.0

Growth in other expenses 10.0 11.0 10.0 11.0

Slippages 3.3 3.0 3.3 2.9

Coverage ratio 80.0 75.0 85.5 75.0

Source: Angel Research

Exhibit 13:Change in estimates

NII 5,659 5,570 (1.6) 6,545 6,424 (1.9)

Non-interest income 1,151 1,103 (4.2) 1,262 1,220 (3.3)

Operating expenses 3,200 3,200 - 3,639 3,639 -

Provisions & cont. 1,880 1,990 5.8 1,830 1,635 (10.7)

PBT 1,730 1,483 (14.3) 2,339 2,370 1.4

Prov. for taxes 43 (445) - 702 711 1.4

Source: Angel Research


7/11


January 31, 2013 7

Exhibit 14:P/ABV band


0

40

80

120

160

200

240

Apr-04

O

ct-04

Apr-05

O

ct-05

Apr-06

O

ct-06

Apr-07

O

ct-07

Apr-08

O

ct-08

Apr-09

O

ct-09

Apr-10

O

ct-10

Apr-11

O

ct-11

Apr-12

O

ct-12

Price (`) 0.5x 0.7x 0.9x 1.1x 1.3x


8/11


January 31, 2013 8

Exhibit 15:Recommendation summary

AxisBk Buy 1,505 1,753 16.4 2.02 2.4 10.8 16.4 1.6 20.1

FedBk Accumulate 506 557 10.0 1.23 1.4 9.8 6.4 1.2 13.1

HDFCBk Neutral 643 - - 3.62 - 17.8 28.1 1.8 22.1

ICICIBk* Buy 1,191 1,397 17.3 1.92 2.2 14.4 21.6 1.5 15.6

SIB Buy 27 34 24.1 1.13 1.4 6.7 6.9 1.0 17.7

YesBk Accumulate 522 576 10.4 2.63 2.9 12.2 24.1 1.5 23.6

AllBk Buy 164 193 18.1 0.70 0.8 4.9 (5.2) 0.8 14.6

AndhBk Neutral 112 - - 0.77 - 5.1 (4.6) 0.8 13.8

BOB Neutral 867 - - 1.01 - 6.3 6.5 1.0 17.1

BOI Accumulate 353 381 8.0 0.88 1.0 5.4 18.0 0.8 15.9

BOM Neutral 59 - - 0.72 - 4.6 44.3 0.6 16.9

CanBk Accumulate 481 516 7.2 0.89 1.0 6.0 4.1 0.8 14.7CentBk Neutral 84 - - 0.73 - 3.9 102.0 0.6 14.8

CorpBk Accumulate 456 517 13.2 0.67 0.8 4.6 (3.1) 0.8 14.8

DenaBk Accumulate 111 124 11.4 0.67 0.8 4.6 2.6 0.8 15.6

IDBI# Accumulate 108 122 13.2 0.66 0.8 4.8 18.4 0.9 14.1

IndBk Buy 201 245 21.8 0.72 0.9 4.7 4.4 1.1 16.8

IOB Accumulate 81 90 11.3 0.54 0.6 4.0 24.3 0.6 13.3

J&KBk Neutral 1,369 - - 1.17 - 6.9 9.2 1.4 18.0

OBC Neutral 334 - - 0.75 - 5.6 23.2 0.8 13.5

PNB Accumulate 912 1,026 12.5 0.98 1.1 5.5 6.9 1.0 17.3

SBI* Accumulate 2,437 2,600 6.7 1.57 1.7 9.5 21.5 1.0 17.7

UcoBk Neutral 76 - - 0.86 - 5.1 2.6 0.5 13.5

UnionBk Accumulate 255 271 6.4 0.89 1.0 5.5 20.5 0.8 16.4

UtdBk Buy 74 87 17.5 0.53 0.6 3.4 19.6 0.7 16.1

VijBk Neutral 59 - - 0.69 - 5.5 9.7 0.5 12.6

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

Company Background

Syndicate Bank is a south-based mid-sized PSU bank, with an asset base in excess

of `1.9lakh cr. The bank has 2,750+ branches, with a more spread out network

than other regional banks, having 53% branches in the south and the remaining

spread across several states of the country (23% of branches in the northern

region). The bank also has a reasonable presence overseas, which accounts for

~10% of its total loans.


9/11


January 31, 2013 9

Income statement (Standalone)

- YoY Growth (%) (3.6) 22.9 7.5 60.0 16.0 9.5 15.3

- YoY Growth (%) 44.3 (2.7) 27.6 (21.6) 17.6 2.6 10.6

- YoY Growth (%) 7.5 14.9 12.8 35.6 16.3 8.3 14.6

- YoY Growth (%) 7.5 19.8 13.5 25.3 10.4 13.7 13.7

- YoY Growth (%) 7.6 10.1 12.1 46.8 21.7 3.8 15.3

- YoY Growth (%) (25.5) 24.0 10.2 109.3 31.1 3.7 (17.9)

- YoY Growth (%) 39.0 3.1 13.3 9.5 11.0 3.9 59.8

- as a % of PBT 15.7 11.9 30.7 18.5 8.0 (30.0) 30.0

- YoY Growth (%) 18.4 7.6 (10.9) 28.8 25.3 46.8 (13.9)

Balance sheet (Standalone)

Share Capital 522 522 522 573 602 602 602

Reserve & Surplus 3,769 4,488 5,105 6,478 8,439 9,912 11,187

Deposits 95,171 115,885 117,026 135,596 157,941 180,053 207,061

- Growth (%) 21.0 21.8 1.0 15.9 16.5 14.0 15.0

Borrowings 1,306 2,190 8,555 6,010 7,072 8,031 9,203

Tier 2 Capital 2,585 3,224 3,618 3,518 3,518 3,430 3,344

Other Liab. & Prov. 3,779 3,946 4,225 4,364 4,896 5,168 6,058

Cash Balances 10,375 12,543 7,189 10,443 8,809 8,102 8,282

Bank Balances 1,282 1,861 5,545 1,523 5,076 4,144 4,749

Investments 28,076 30,537 33,011 35,068 40,815 46,885 55,653Advances 64,051 81,532 90,406 106,782 123,620 143,399 163,475

- Growth (%) 24.0 27.3 10.9 18.1 15.8 16.0 14.0

Fixed Assets 770 742 701 693 1,352 1,489 1,655

Other Assets 2,579 3,040 2,198 2,031 2,797 3,176 3,640

- Growth (%) 20.0 21.6 6.8 12.6 16.6 13.6 14.6


10/11


January 31, 2013 10

Ratio analysis

NIMs 2.2 2.2 2.1 3.0 3.1 2.9 3.0Cost to Income Ratio 49.6 51.7 52.0 48.1 45.7 47.9 47.6

RoA 0.9 0.8 0.6 0.7 0.8 1.0 0.7

RoE 24.0 21.6 16.6 17.6 17.9 22.0 16.4

CASA Ratio 30.9 27.6 31.2 30.9 29.5 28.2 27.0

Credit/Deposit Ratio 67.3 70.4 77.3 78.8 78.3 79.6 79.0

CAR 11.2 12.7 12.7 13.0 12.2 12.2 11.7

- Tier I 6.6 7.9 8.2 9.3 8.9 9.2 9.0

Gross NPAs 2.7 1.9 2.2 2.4 2.5 2.6 4.1

Net NPAs 1.0 0.8 1.1 1.0 1.0 0.7 1.5

Slippages 2.4 1.5 1.8 1.7 2.9 3.3 2.9

Loan Loss Prov. /Avg. Assets 0.4 0.3 0.4 0.6 0.9 0.7 0.6

Provision Coverage 64.8 60.4 73.3 77.2 80.1 85.5 75.0

EPS 16.2 17.5 15.6 18.3 21.8 32.0 27.6

ABVPS (75% cover.) 70.6 83.6 98.9 116.1 133.5 158.0 179.1

DPS 2.8 3.0 3.0 3.7 3.8 6.5 5.5

PER (x) 8.3 7.7 8.6 7.4 6.2 4.2 4.9

P/ABVPS (x) 1.9 1.6 1.4 1.2 1.0 0.9 0.8

Dividend Yield 2.1 2.3 2.2 2.8 2.8 4.8 4.1

NII 2.1 2.1 2.0 3.0 3.0 2.9 2.9

(-) Prov. Exp. 0.5 0.5 0.5 1.0 1.1 1.0 0.7

Adj. NII 1.6 1.6 1.5 2.0 1.9 1.8 2.2

Treasury 0.3 0.2 0.3 0.0 0.1 0.0 0.0

Int. Sens. Inc. 1.9 1.8 1.8 2.0 1.9 1.9 2.2

Other Inc. 0.6 0.6 0.6 0.6 0.6 0.5 0.5

Op. Inc. 2.5 2.4 2.4 2.6 2.5 2.4 2.7

Opex 1.5 1.5 1.5 1.7 1.7 1.6 1.6PBT 1.0 0.9 0.9 0.9 0.8 0.8 1.1

Taxes 0.2 0.1 0.3 0.2 0.1 (0.2) 0.3

Leverage 27.8 28.1 27.4 24.9 23.1 22.2 21.9


11/11


January 31, 2013 11

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

This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investmentdecision. 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 reliablesources 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 thisdocument is for general guidance only. Angel Broking Limited or any of its affiliates/ group companies shall not be in any wayresponsible 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. WhileAngel 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.

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Angel Broking Limited and its affiliates may seek to provide or have engaged in providing corporate finance, investment banking or

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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.

Disclosure of Interest Statement Syndicate 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

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

syndicate bank, 4th february, 2013

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