Canara Bank - The Smart Investor
Canara Bank - The Smart Investor
Canara Bank - The Smart Investor
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<strong>Canara</strong> <strong>Bank</strong> | 4QFY2012 Result Update<br />
Ratio analysis<br />
Y/E March FY09 FY10 FY11 FY12 FY13E FY14E<br />
Profitability ratios (%)<br />
NIMs 2.4 2.4 2.7 2.2 2.3 2.3<br />
Cost to Income Ratio 42.9 40.7 42.0 44.0 44.6 44.4<br />
RoA 1.0 1.2 1.3 0.9 0.9 0.9<br />
RoE 22.6 26.8 26.4 17.0 16.7 16.4<br />
B/S ratios (%)<br />
CASA Ratio 30.1 29.1 28.3 24.3 24.3 23.7<br />
Credit/Deposit Ratio 74.0 72.2 72.3 71.1 74.2 74.2<br />
CAR 14.1 13.4 15.4 15.6 16.0 15.7<br />
- Tier I 8.0 8.5 10.9 11.2 11.2 10.7<br />
Asset Quality (%)<br />
Gross NPAs 1.6 1.5 1.4 1.7 2.2 2.5<br />
Net NPAs 1.1 1.1 0.8 1.5 1.4 1.4<br />
Slippages 2.2 2.4 2.1 2.1 1.6 1.5<br />
Loan Loss Prov. /Avg. Assets 0.5 0.6 0.3 0.4 0.3 0.3<br />
Provision Coverage 30.5 77.7 73.0 67.6 67.6 68.0<br />
Per Share Data (`)<br />
EPS 50.5 73.7 90.9 74.1 83.1 92.7<br />
ABVPS (75% cover.) 221.3 305.8 401.1 447.3 509.6 580.1<br />
DPS 8.0 10.0 11.0 11.0 15.5 17.5<br />
Valuation Ratios<br />
PER (x) 8.3 5.7 4.6 5.7 5.0 4.5<br />
P/ABVPS (x) 1.9 1.4 1.0 0.9 0.8 0.7<br />
Dividend Yield 1.9 2.4 2.6 2.6 3.7 4.2<br />
DuPont Analysis<br />
NII 2.4 2.3 2.6 2.2 2.2 2.2<br />
(-) Prov. Exp. 0.8 0.5 0.4 0.5 0.4 0.4<br />
Adj. NII 1.6 1.8 2.2 1.6 1.9 1.9<br />
Treasury 0.3 0.4 0.1 0.1 0.1 0.0<br />
Int. Sens. Inc. 1.9 2.2 2.3 1.7 1.9 1.9<br />
Other Inc. 0.9 0.8 0.8 0.7 0.8 0.8<br />
Op. Inc. 2.8 3.0 3.1 2.5 2.7 2.7<br />
Opex 1.5 1.4 1.5 1.3 1.3 1.3<br />
PBT 1.3 1.6 1.7 1.1 1.3 1.3<br />
Taxes 0.3 0.3 0.3 0.2 0.4 0.4<br />
RoA 1.0 1.2 1.3 0.9 0.9 0.9<br />
Leverage 21.8 21.5 19.7 18.4 18.1 18.3<br />
RoE 22.6 26.8 26.4 17.0 16.7 16.4<br />
May 10, 2012 10