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Apr-Jun 2013 Earnings Preview
Margins ‐ Seasonal pressure on NIMs on build up in priority sector book; No improvement
seen in NIMs for PSU from Q4FY13 lower levels
Q1FY13 Q4FY13 Q1FY14E YoY QoQ
HDFC Bank 4.30% 4.30% 4.20% ‐0.10% ‐0.10%
ICICI Bank 2.81% 3.05% 2.92% 0.11% ‐0.13%
Axis Bank 3.37% 3.59% 3.51% 0.14% ‐0.08%
HDFC 3.70% 4.53% 3.62% ‐0.08% ‐0.91%
SBI 2.92% 2.56% 2.56% ‐0.36% ‐0.01%
PNB 3.24% 3.22% 3.24% 0.00% 0.02%
BOI 2.08% 2.32% 2.25% 0.16% ‐0.07%
BOB 2.97% 2.65% 2.69% ‐0.28% 0.04%
Union 2.88% 2.77% 2.81% ‐0.08% 0.04%
Kotak 4.65% 4.69% 4.51% ‐0.13% ‐0.17%
IDFC 4.33% 4.06% 4.05% ‐0.28% ‐0.01%
IndusInd 3.41% 3.91% 3.91% 0.49% 0.00%
Yes 2.80% 3.00% 3.01% 0.21% 0.01%
SIB 3.27% 3.12% 3.37% 0.09% 0.25%
ING 3.10% 3.21% 3.00% ‐0.10% ‐0.21%
J&K 3.90% 4.11% 3.95% 0.06% ‐0.16%
Federal 3.04% 2.60% 2.97% ‐0.07% 0.37%
LIC Housing 2.18% 2.45% 2.17% ‐0.01% ‐0.28%
MMFSL 10.29% 10.91% 10.23% ‐0.06% ‐0.68%
Shriram Tran. 7.82% 7.43% 7.50% ‐0.32% 0.06%
Source: Company Data, Bloomberg
Credit costs Q1FY14 – Stability for private bank; weak trends continue for PSUs
Q1FY13 Q4FY13 Q1FY14E YoY QoQ
HDFC Bank 0.91% 0.50% 0.70% ‐0.21% 0.20%
ICICI Bank 0.70% 0.63% 0.68% ‐0.02% 0.05%
Axis Bank 0.60% 1.21% 0.90% 0.29% ‐0.31%
HDFC 0.00% 0.00% 0.00% 0.00% 0.00%
SBI 1.07% 1.60% 1.02% ‐0.05% ‐0.58%
PNB 1.40% 1.91% 1.29% ‐0.11% ‐0.62%
BOI 0.72% 2.09% 1.41% 0.69% ‐0.68%
BOB 1.25% 1.99% 1.20% ‐0.05% ‐0.80%
Union 1.19% 1.26% 1.20% 0.01% ‐0.06%
Kotak 0.32% 0.31% 0.55% 0.23% 0.24%
IDFC 0.82% 1.18% 0.70% ‐0.12% ‐0.48%
IndusInd 0.57% 0.74% 0.68% 0.11% ‐0.06%
Yes 0.31% 0.83% 0.74% 0.43% ‐0.09%
SIB 0.37% 0.83% 0.70% 0.33% ‐0.13%
ING 0.36% 0.42% 0.48% 0.12% 0.06%
J&K 0.92% 2.78% 1.06% 0.15% ‐1.71%
Federal 0.66% 0.89% 0.80% 0.14% ‐0.09%
LIC Housing 0.27% -0.02% 0.00% ‐0.27% 0.02%
MMFSL 1.57% 0.47% 1.51% ‐0.06% 1.04%
Shriram Tran. 1.93% 1.77% 1.88% ‐0.05% 0.12%
Source: Company Data, Bloomberg
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