Indian Banking Industry

India I Equities Banks Sector Report 11 March 2010 India Banks Environment better, hurdling remain Underweight Nifty/Sensex: 5116/17098 Clyton Fernandes +9122 6626 6744 clytonfernandes@rathi.com Kaitav Shah +9122 6626 6545 kaitavshah@rathi.com Anand Rathi Financial Services, its affiliates and subsidiaries, do and seek to do business with companies covered in its research reports. Thus, investors should be alert that the firm may have a conflict of affair that could affect the objectivity of this report. Investors should consider this report as nevertheless a single factor in making their investment decision. Disclosures and analyst certifications are located in Appendix 1. Anand Rathi explore India Equities 11 March 2010 India Banks - Environment better, hurdles remain India Banks valuation matrix P/ABV (x) Target P/ABV (x) P/BV (x) Target P/BV (x) P/E (x) RoE % EPS Rs Dividend Yield % FY11e FY11e FY12e BV Rs ABV Rs % FY11e FY12e FY11e FY12e FY11e FY12e FY11e FY12e FY11e FY12e FY11e FY12e FY11e FY12e FY11e FY12e Bloomberg code Price Mcap Target Upside Rating (Downside) FY10-12 EPS CAGR Bank Rs US$bn Rs % AXSB 32.5 31.4 6.1 24.1 24.4 24.4 12.

9 20.7 40.7 49.1 19.5 17.8 26.8 1.0 0.8 1.3 1.0 0.9 0.8 1.2 1.0 4.0 1.0 0.8 1.1 1.0 0.9 0.8 1.1 0.9 5.5 1.1 1.0 1.5 1.3 0.8 0.7 1.1 1.0 7.6 6.0 4.5 3.0 2.7 2.2 3.3 2.7 2.6 2.1 3.1 2.6 12.2 8.6 2.3 1.9 3.1 2.5 2.3 1.8 3.1 2.4 13.0 8.8 20.5 20.9 11.5 18.2 22.5 1.2 1.0 1.5 1.3 1.1 0.9 1.4 1.2 6.1 4.9 19.6 1.7 1.5 1.3 1.1 1.5 1.3 1.1 1.0 14.0* 11.5* 13.6 14.9 20.4 23.5 24.9 12.7 19.0 24.6 1.4 1.1 1.7 1.4 1.4 1.1 1.7 1.4 6.5 5.3 23.2 23.6 2.1 2.0 2.7 2.4 1.9 1.8 2.4 2.2 19.7 15.2 9.6 11.5 46.7 141.8 145.8 43.5 19.1 13.3 16.0 26.8 39.8 3.7 3.2 2.8 2.5 3.6 3.1 2.7 2.4 27.3 19.7 13.8 16.9 66.5 92.3 60.4 175.1 177.8 53.7 28.4 18.9 20.1 32.8 52.8 1.3 1.0 1.2 0.9 1.0 0.8 0.9 0.8 6.1 4.8 17.0 18.7 68.2 87.3 1.3 1.1 1.1 0.9 1.2 1.0 1.0 0.8 7.3 5.6 15.2 17.2 46.2 59.9 1.9 2.5... If you want to get a full essay, order it on our website: Orderessay

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