vijaya bank result updated

8/3/2019 Vijaya 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 513 423 21.4 487 5.4Pre-prov. profit 340 326 4.4 296 14.8

PAT 204 72 181.8 144 41.0Source: Company, Angel Research;

For 2QFY2012, Vijaya Bank reported a decent set of numbers, which were

considerably higher than our expectations partly on account of lower effective tax rate

of 16.5%. Overall, results surprised positively with the absolute amount of gross and

net NPAs declining sequentially. We maintain our Neutral stance on the stock.Business growth momentum sustained; slippages elevated but more than offset byrecoveries and upgrades: For 2QFY2012, the banks advances growth washealthy on a yoy basis at 36.4% and deposits growth was also ahead of peers at

24.1% yoy. CASA ratio as of 2QFY2012 dipped by 105bp qoq and 275bp yoy to

23.0%. Reported NIM for the quarter improved by 40bp qoq on the back of a

51bp qoq expansion in yield on advances. Considering the banks weak deposit

franchise, cost of deposits increased by 36bp qoq to 7.6%. Non-interest income

declined by 10.2% yoy, primarily on account of a 75% yoy dip in treasury income.

On the asset-quality front, though the annualized slippage ratio came off from

5.0% witnessed in 1QFY2012, it remained elevated at 3.7%. However, aggressive

recoveries and stronger upgrades led to a 4.7% and 8.6% qoq decline in grossand net NPAs, respectively. Consequently, gross and net NPA ratios improved to

2.5% (from 2.8% in 1QFY2012) and 1.4% (from 1.7% in 1QFY2012),

respectively. Provision coverage ratio (including technical write-offs) improved by

266bp qoq to 66.1%.

Outlook and valuation:During 2QFY2012, Vijaya Banks asset-quality concernspersisted with slippages remaining elevated. However, in line with the

managements guidance, the bank did witness a rise in recoveries and upgrades

leading to a sequential decline in gross and net NPAs. Despite this, RoA is likely to

remain at low levels of ~0.4-0.5% for FY2012 and FY2013. Currently, the stock

is trading at 0.7x FY2013E ABV, which is slightly expensive compared to its peers

which have better return ratios. Hence, we remain Neutral on the stock.

Key financials

Y/E March (` cr) FY2010 FY2011 FY2012E FY2013ENII 1,449 1,947 1,981 2,136% chg 28.8 34.3 1.7 7.8

Net profit 507 524 540 558% chg 93.3 3.3 3.0 3.4

NIM (%) 2.3 2.6 2.3 2.2

EPS (`) 10.8 8.8 9.1 9.4P/E (x) 5.4 6.7 6.5 6.2

P/ABV (x) 1.0 0.9 0.8 0.7

RoA (%) 0.7 0.5 0.5 0.4

RoE (%) 18.8 13.8 12.3 11.7

Source: Company, ngel Research

NEUTRALCMP `59

Target Price -

Investment Period -

Stock Info

Sector Banking

Market Cap (` cr) 2,765

Beta 1.4

52 Week High / Low 115/52

Avg. Daily Volume 424,665

Face Value (`) 10

BSE Sensex 17,362

Nifty 5,221

Reuters Code VJBK.BO

Bloomberg Code VJYBK@IN

Shareholding Pattern (%)

Promoters 57.7

MF / Banks / Indian Fls 8.0

FII / NRIs / OCBs 5.2

Indian Public / Others 25.8

Abs. (%) 3m 1yr 3yr

Sensex 3.0 (17.1) 74.2

Vijaya Bank (1.8) (48.7) 107.1

Vaibhav Agrawal022 3935 7800 Ext: 6808

[email protected]

Shrinivas Bhutda022 3935 7800 Ext: 6845

[email protected]

Varun Varma022 3935 7800 Ext: 6847

[email protected]

Vijaya BankPerformance Highlights

2QFY2012 Result Update | Banking

November 9, 2011


2/11

Vijaya Bank |2QFY2012 Result Update

November 9, 2011 2

Exhibit 1:2QFY2012 performanceParticulars (` cr) 2QFY12 1QFY12 % chg (qoq) 2QFY11 % chg (yoy)Interest earned 1,993 1,785 11.6 1,403 42.0- on Advances / Bills 1,503 1,331 12.9 996 50.8- on investments 458 446 2.7 400 14.6

- on balance with RBI & others - - (88.9) - (80.0)

- on others 32 8 314.1 7 376.2

Interest Expended 1,479 1,362 8.6 916 61.5Net Interest Income 513 423 21.4 487 5.4Other income 106 168 (37.3) 118 (10.2)Other income excl. treasury 100 114 (12.9) 94 6.4

- Fee Income 21 89 (76.4) 21 -

- Treasury Income 6 54 (88.9) 24 (75.0)

- Recoveries from written off a/cs 21 25 (16.0) 21 -

- Others 58 - - 52 11.6Operating income 619 591 4.7 605 2.3Operating expenses 279 266 5.0 309 (9.6)- Employee expenses 165 169 (2.5) 209 (21.0)

- Other Opex 114 96 18.3 100 14.1

Pre-provision Profit 340 326 4.4 296 14.8Provisions & Contingencies 96 231 (58.5) 102 (5.6)- Provisions for NPAs 59 154 (61.7) 126 (53.2)

- Provisions for Investments 38 77 (50.6) (23) -

- Other Provisions (1) - - (1) -PBT 244 94 158.8 194 25.5Provision for Tax 40 22 83.4 50 (19.3)PAT 204 72 181.8 144 41.0Effective Tax Rate (%) 16.5 23.3 (681)bp 25.7 (919)bp

Source: Company, Angel Research

Exhibit 2:2QFY2012 Actual vs. Angel estimatesParticulars (` cr) Actual Estimates % chgNet interest income 513 434 18.2

Non-interest income 106 120 (12.0)Operating income 619 554 11.7Operating expenses 279 323 (13.5)

Pre-prov. profit 340 232 46.7Provisions & cont. 96 106 (9.7)

PBT 244 125 94.6

Prov. for taxes 40 31 28.8

PAT 204 94 116.6Source: Company, Angel Research


3/11


November 9, 2011 3

Exhibit 3:2QFY2012 performance analysisParticulars 2QFY12 1QFY12 %chg (qoq) 2QFY11 %chg (yoy)Balance sheetAdvances (`cr) 53,679 51,100 5.0 39,343 36.4Deposits (`cr) 77,802 76,000 2.4 62,668 24.1

Credit-to-Deposit ratio (%) 69.0 67.2 176bp 62.8 621bp

Current deposits (` cr) 4,596 - - 4,306 6.7

Saving deposits (`cr) 13,261 - - 11,800 12.4

CASA deposits (`cr) 17,857 18,240 (2.1) 16,106 10.9

CASA ratio (%) 23.0 24.0 (105)bp 25.7 (275)bp

CAR (%) 12.6 13.0 (41)bp 14.3 (162)bp

Tier 1 CAR (%) 9.2 - - 9.7 (47)bp

Profitability Ratios (%)Cost of deposits 7.6 7.3 36bp 5.6 198bp

Yield on advances 11.8 11.3 51bp 10.2 162bp

Reported NIM 2.7 2.3 40bp 3.2 (44)bp

Cost-to-income ratio 45.1 45.0 15bp 51.1 (597)bp

Asset qualityGross NPAs (`cr) 1,381 1,449 (4.7) 970 42.3

Gross NPAs (%) 2.5 2.8 (29)bp 2.4 10bp

Net NPAs (`cr) 761 833 (8.6) 521 46.2

Net NPAs (%) 1.4 1.7 (23)bp 1.3 10bp

Provision coverage ratio (%) 66.1 63.4 266bp 68.8 (269)bp

Slippage ratio (%) 3.7 5.0 (129)bp 2.3 148bp

Loan loss provision to avg. assets (%) 0.3 0.7 (47)bp 0.7 (43)bp



4/11


November 9, 2011 4

Business growth momentum sustained; NIM rebounds by 40bp qoq

For 2QFY2012, the banks advances growth was healthy on a yoy basis at 36.4%

and deposits growth was also ahead of peers at 24.1% yoy. CASA deposits

declined sequentially (by 2.1%) for the second straight quarter; increased by muted

10.9% yoy. Consequently, CASA ratio as of 2QFY2012 dipped by 105bp qoq and

275bp yoy to 23.0%.

Exhibit 4:Business growth remains strong


Exhibit 5:CD ratio continues to expand


Reported NIM for the quarter improved by 40bp qoq on the back of a 51bp qoq

expansion in yield on advances. Considering the banks weak deposit franchise,

cost of deposits increased rather sharply by 36bp qoq to 7.6%.

Exhibit 6:Uptick in yield on advances...


Exhibit 7:...leads to rise in reported NIM


Other income declines on lower treasury gains

For 2QFY2012, non-interest income declined by 10.2% yoy, primarily due to a

75% yoy dip in treasury income. Fee income and recoveries from written-off

accounts were virtually flat on a yoy basis. We are building in core fee income

growth of 17% and 14% for FY2012 and FY2013, respectively.

Slippages remain elevated but offset by recoveries and upgrades

On the asset-quality front, though the annualized slippage ratio came off from the

5.0% witnessed in 1QFY2012, it remained elevated at 3.7%. However, aggressive

recoveries and stronger upgrades led to a 4.7% qoq decline in gross NPAs. Net

(6.2

)1

6.4

6.4

4.9

5.0

(0.0

)

9

.7

6

.6

3

.8

2

.4

(10.0)

(5.0)

-

5.0

10.0

15.0

20.0

2QFY11 3QFY11 4QFY11 1QFY12 2QFY12

Adv. qoq chg (%) Dep. qoq chg (%)

62.8

66.6 66.567.2

69.0

58.0

60.0

62.0

64.0

66.0

68.0

70.0


(%)

10.20 10.3210.48

11.31

11.82

9.00

9.50

10.00

10.50

11.00

11.50

12.00


(%)

3.16

3.44

2.82

2.32

2.72

1.70

2.00

2.30

2.60

2.90

3.20

3.50


(%)


5/11


November 9, 2011 5

NPAs also declined by 8.6% qoq. Consequently, gross and net NPA ratios

improved to 2.5% (from 2.8% in 1QFY2012) and 1.4% (from 1.7% in 1QFY2012),

respectively. Provision coverage ratio (including technical write-offs) improved by

266bp qoq to 66.1%.

The bank had completed the switchover to system-based NPA recognition platform

in 1QFY2012 itself. We were expecting recoveries and upgrades to pick up in

2QFY2012, and (in-line with our expectations) they did witness a rise during the

quarter.

Exhibit 8:Asset quality improves a bit


Cost ratios remain under control

Operating expenses declined by 9.6% yoy, primarily due to a 21.0% yoy decrease

in employee expenses. The sharp fall in employee expense on a yoy basis was

likely due to a high base effect because of pension costs related to retired

employees. However, with overall operating expenses under control, cost ratios

remained stable sequentially.

Exhibit 9:Cost-to-income ratio improves by ~600bp yoy


2.4

2.5

2.6

2.8

2.5

1.3

1.4

1.5

1.7

1.4

68.8 67.8

63.7 63.466.1

30.0

40.0

50.0

60.0

70.0

-

0.5

1.0

1.5

2.0

2.5

3.0


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

51.1

48.8

82.3

45.0

45.1

1.7 1.7

2.5

1.3 1.3

-

0.6

1.2

1.8

2.4

3.0

-

30.0

60.0

90.0


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


6/11


November 9, 2011 6

Investment concerns

Unfavorable deposit mixVijaya Banks CASA ratio as of 2QFY2012 stood at 23.0%, which is on the lower

side. In fact, with the persistence of higher FD interest rates, the banks CASA ratio

has been witnessing a declining trend over the past few quarters. The banks CASA

ratio has fallen from 25.7% in 2QFY2011 to 23.0% as of 2QFY2012. The bank

also has a high proportion of bulk deposits at ~33% as of FY2011. Owing to an

unfavorable deposit mix and high prevailing interest rates, we expect the banks

NIM to remain under pressure in the short term. The only positive surprise on the

NIM front can come in the form of recognition of interest income, which was

reversed at the time of switchover to system-based NPA recognition platform.

Lower return ratiosThe banks RoA and RoE at 0.5% and 13.8% in FY2011 are on the lower side.

This is mainly on account of lower other income excluding treasury (at 0.55% of

average assets as of FY2011) and high operating expenses (at 1.65% of average

assets excluding pension-related provisions with respect to retired employees as of

FY2011). The bank is also facing asset-quality pressures, as evident in its higher

slippages (5.0% in 1QFY2012 and 3.7% for 2QFY2012) and lower provision

coverage ratio of 66.1% as of 2QFY2012.

Outlook and valuation

We have tweaked our estimates to factor in the better-than-expected NIM trajectory

witnessed in 2QFY2012, a lower effective tax rate and a slightly lower other

income growth. The sustainability of cost ratios at relatively lower levels has led us

to cut our operating expenses forecast by ~6% each for FY2012 and FY2013. In

spite of the upward revision in our earnings forecasts, the CAGR growth in EPS is

expected to be a muted 3.9% over FY2011-13E.

During 2QFY2012, Vijaya Banks asset-quality concerns persisted with slippages

remaining elevated. However, in line with the managements guidance, the bank

did witness a rise in recoveries and upgrades leading to a sequential decline in

gross and net NPAs. Despite this, RoA is likely to remain at low levels of ~0.4-0.5% for FY2012 and FY2013. Currently, the stock is trading at 0.7x FY2013E

ABV, which is slightly expensive compared to its peers which have better return

ratios. Hence, we maintain our Neutral recommendation on the stock.


7/11


November 9, 2011 7

Exhibit 10:Key assumptionsParticulars (%) Earlier estimates Revised estimatesFY2012 FY2013 FY2012 FY2013Credit growth 18.0 21.0 21.0 18.0Deposit growth 15.0 14.0 14.0 14.0

CASA ratio 24.9 24.8 25.1 25.0

NIMs 2.1 2.1 2.3 2.2

Other income growth 4.7 16.1 2.8 14.0

Growth in staff expenses (17.0) 12.0 (25.0) 12.0

Growth in other expenses 10.0 13.0 10.0 13.0

Slippages 2.6 2.3 2.5 2.2

Coverage ratio 63.0 63.0 68.0 68.0

Source: Angel Research

Exhibit 11:Change in estimatesParticulars (` cr) FY2012 FY2013Earlierestimates Revisedestimates Var. (%) Earlierestimates Revisedestimates Var. (%)NII 1,775 1,981 11.6 2,022 2,136 5.7

Non-interest income 558 548 (1.8) 648 625 (3.6)

Operating income 2,334 2,529 8.4 2,670 2,761 3.4Operating expenses 1,304 1,223 (6.2) 1,465 1,374 (6.2)

Pre-prov. profit 1,030 1,306 26.8 1,205 1,387 15.1Provisions & cont. 506 605 19.6 466 561 20.2

PBT 524 701 33.8 739 826 11.8Prov. for taxes 131 161 23.1 240 268 11.8

PAT 393 540 37.3 499 558 11.8Source: Angel Research

Exhibit 12:P/ABVband


0

20

40

60

80

10 0

12 0

14 0

Mar-02

Oct-02

May-0

3

Dec-0

3

Jul-04

Feb-0

5

Sep-0

5

Apr-06

Nov-0

6

Jun-0

7

Jan-0

8

Aug-0

8

Mar-09

Oct-09

May-1

0

Dec-1

0

Jul-11

Feb-1

2

Price (`) 0.4x 0.7x 1x 1.3x 1.6x


8/11


November 9, 2011 8

Exhibit 13:Recommendation summaryCompany Reco. CMP(`) Tgt. price(`) Upside(%) FY2013EP/ABV (x) FY2013ETgt P/ABV (x) FY2013EP/E (x) FY2011-13EEPS CAGR (%) FY2013ERoA (%) FY2013ERoE (%) AxisBk Buy 1,112 1,41427.2 1.8 2.3 9.7 17.7 1.5 20.0

FedBk Accumulate 403 444 10.1 1.1 1.2 8.2 19.5 1.2 14.0

HDFCBk Neutral 477 - - 3.2 - 16.6 30.5 1.7 20.9

ICICIBk* Buy 862 1,114 29.2 1.6 2.0 12.7 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 307 355 15.9 1.9 2.3 10.2 19.9 1.3 20.8

AllBk Neutral 166 -- 0.8 - 4.4 12.2 1.0 18.4

AndhBk Neutral 114 -- 0.8 - 5.1 (1.0) 0.9 15.6

BOB Buy 789 918 16.3 1.1 1.3 5.6 14.2 1.2 20.7

BOI Accumulate 325 346 6.4 1.0 1.0 5.6 13.4 0.7 16.9

BOM Accumulate 49 55 13.0 0.6 0.7 4.2 38.1 0.6 16.5

CanBk Accumulate 477 523 9.8 0.9 1.0 5.6 (3.0) 0.9 17.2CentBk Neutral 100 - - 0.7 - 5.1 (16.1) 0.5 13.9

CorpBk Buy 424 498 17.4 0.7 0.8 4.3 1.5 0.8 16.6

DenaBk Neutral 77 - - 0.6 - 3.6 7.5 0.8 16.4

IDBI# Neutral 111 - - 0.7 - 5.2 12.3 0.7 14.0

IndBk Accumulate 213 227 6.5 0.8 0.9 4.8 7.4 1.3 19.4

IOB Accumulate 101 107 6.2 0.6 0.7 4.0 20.0 0.6 15.9

J&KBk Neutral 817 - - 0.9 - 5.1 12.0 1.3 17.8

OBC Neutral 297 - - 0.7 - 5.2 5.1 0.8 14.1

PNB Accumulate 968 1,106 14.2 1.1 1.3 5.7 9.9 1.1 20.6

SBI* Buy 1,863 2,194 17.8 1.5 1.7 8.0 33.9 0.9 20.0

SynBk Buy 103 123 19.3 0.7 0.8 4.5 11.8 0.7 16.3

UcoBk Neutral 71 - - 0.8 - 4.2 15.9 0.7 16.7

UnionBk Accumulate 224 245 9.2 0.8 0.9 5.1 5.2 0.8 17.0

UtdBk Buy 70 82 17.1 0.6 0.7 4.1 13.4 0.6 14.1

VijBk Neutral 59 - - 0.7 - 6.2 3.9 0.4 11.7Source: Company, Angel Research; Note:*Target multiples=SOTP Target Price/ABV (including subsidiaries), #Without adjusting for SASF


9/11


November 9, 2011 9

Income statementY/E March (` cr) FY07 FY08 FY09 FY10 FY11 FY12E FY13ENII 1,072 830 1,125 1,449 1,947 1,981 2,136- YoY Growth (%) 10.2 (22.6) 35.5 28.8 34.3 1.7 7.8Other Income 336 532 699 679 533 548 625- YoY Growth (%) (8.9) 58.3 31.3 (2.8) (21.5) 2.8 14.0

Operating Income 1,408 1,362 1,824 2,129 2,480 2,529 2,761- YoY Growth (%) 5.0 (3.3) 33.9 16.7 16.5 2.0 9.2

Operating Expenses 650 701 925 1,072 1,433 1,223 1,374- YoY Growth (%) 4.3 7.9 31.9 15.9 33.8 (14.7) 12.4

Pre - Provision Profit 758 661 899 1,057 1,047 1,306 1,387- YoY Growth (%) 5.5 (12.8) 36.0 17.6 (1.0) 24.8 6.2

Prov. & Cont. 410 383 357 356 439 605 561- YoY Growth (%) (23.9) (6.6) (6.8) (0.4) 23.3 37.9 (7.3)

Profit Before Tax 348 278 541 701 608 701 826- YoY Growth (%) 93.8 (20.2) 95.1 29.5 (13.3) 15.3 17.9

Prov. for Taxation 16 (84) 279 194 84 161 268- as a % of PBT 4.7 (30.1) 51.5 27.6 13.8 23.0 32.4

PAT 331 361 262 507 524 540 558- YoY Growth (%) 161.1 9.0 (27.3) 93.3 3.3 3.0 3.4

Balance sheetY/E March (` cr) FY07 FY08 FY09 FY10 FY11 FY12E FY13EShare Capital 434 434 934 934 1,673 1,673 1,673Reserves & Surplus 1,463 2,026 2,216 2,542 3,144 3,463 3,799

Deposits 37,605 47,952 54,535 61,932 73,248 83,503 95,194

- Growth (%) 35.7 27.5 13.7 13.6 18.3 14.0 14.0

Borrowings 198 1,919 619 289 525 1,409 1,601

Tier 2 Capital 950 1,650 1,650 1,650 1,500 1,815 2,142

Other Liab & Prov. 1,708 2,204 2,428 2,877 1,600 2,051 2,293

Total Liabilities 42,358 56,184 62,382 70,222 81,691 93,913 106,701Cash balances 3,400 5,662 5,730 4,100 4,882 5,428 6,188

Bank balances 1,670 436 1,942 1,450 542 1,878 2,134

Investments 12,018 16,617 17,388 21,107 25,139 24,910 25,716

Advances 24,224 31,689 35,468 41,522 48,719 58,943 6

- Growth (%) 45.4 30.8 11.9 16.8 17.6 21.0 18.0

Fixed Assets 186 508 493 493 486 542 597

Other Assets 859 1,273 1,361 1,551 1,924 2,212 2,513

Total Assets 42,358 56,184 62,382 70,222 81,691 93,913 106,701- Growth (%) 34.3 32.6 11.0 12.5 16.4 15.0 13.6


10/11


November 9, 2011 10

Ratio analysis

Y/E March FY07 FY08 FY09 FY10 FY11 FY12E FY13EProfitability ratios (%)NIMs 3.0 1.7 2.0 2.3 2.6 2.3 2.2Cost to Income Ratio 46.2 51.5 50.7 50.3 57.8 48.4 49.8

RoA 0.9 0.7 0.4 0.7 0.5 0.5 0.4

RoE 19.1 18.3 11.9 18.8 13.8 12.3 11.7

B/S ratios (%)CASA Ratio 30.8 27.3 24.0 24.6 25.3 25.1 25.0

Credit/Deposit Ratio 64.4 66.1 65.0 66.9 66.5 70.6 73.1

CAR 11.2 11.2 12.3 11.6 12.9 14.6 14.0

- Tier I 7.1 5.7 7.2 7.1 9.2 8.6 8.1

Asset Quality (%)Gross NPAs 2.3 1.6 1.9 2.4 2.6 3.1 3.7

Net NPAs 0.6 0.6 0.8 1.4 1.5 2.1 2.4

Slippages 2.3 1.7 2.1 3.4 3.3 2.5 2.2

Loan Loss Prov. /Avg. Assets 0.3 0.2 0.2 0.7 0.5 0.5 0.5

Provision Coverage 74.5 64.5 58.2 41.5 41.1 34.0 35.7

Per Share Data (`)EPS 7.6 8.3 6.1 10.8 8.8 9.1 9.4

ABVPS (75% cover.) 42.6 47.3 50.8 57.4 65.3 73.3 79.4

DPS 2.0 2.0 1.0 2.5 2.5 2.0 2.0

Valuation RatiosPER (x) 7.7 7.0 9.7 5.4 6.7 6.5 6.2

P/ABVPS (x) 1.4 1.2 1.2 1.0 0.9 0.8 0.7

Dividend Yield 3.4 3.4 1.7 4.3 4.3 3.4 3.4

DuPont AnalysisNII 2.9 1.7 1.9 2.2 2.6 2.3 2.1

(-) Prov. Exp. 1.1 0.8 0.6 0.5 0.6 0.7 0.6

Adj. NII 1.8 0.9 1.3 1.6 2.0 1.6 1.6

Treasury 0.2 0.4 0.5 0.4 0.2 0.1 0.1

Int. Sens. Inc. 2.0 1.3 1.8 2.1 2.1 1.6 1.6

Other Inc. 0.7 0.7 0.7 0.6 0.5 0.6 0.6

Op. Inc. 2.7 2.0 2.5 2.7 2.7 2.2 2.2

Opex 1.8 1.4 1.6 1.6 1.9 1.4 1.4PBT 0.9 0.6 0.9 1.1 0.8 0.8 0.8

Taxes 0.0 (0.2) 0.5 0.3 0.1 0.2 0.3

RoA 0.9 0.7 0.4 0.7 0.5 0.5 0.4Leverage 21.3 24.9 26.8 26.6 25.4 25.2 26.3

RoE 19.1 18.3 11.9 18.8 13.8 12.3 11.7


11/11


November 9, 2011 11

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

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Note: Please refer to the important `Stock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to thelatest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Limited and its affiliates may haveinvestment positions in the stocks recommended in this report.

Disclosure of Interest Statement Vijaya 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

vijaya bank result updated

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