Union Bank, 1Q FY 2014

7/27/2019 Union Bank, 1Q FY 2014

1/11

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

Particulars (` cr) 1QFY14 4QFY13 % chg (qoq) 1QFY13 % chg (yoy)NII 1,909 1,979 (3.6) 1,822 4.8Pre-prov. profit 1,412 1,685 (16.2) 1,267 11.4

PAT 560 789 (29.0) 511 9.5Source: Company, Angel Research

Union Bank reported a modest operating performance for 1QFY2014. The NII forthe bank grew by 4.8% yoy. Non-interest income grew strongly by 54.0% yoy,boosted by treasury gains which grew more than four times to `239cr. Overall,the pre-provisioning profit for the bank grew by 11.4% yoy. During the quarter,the bank continued to witness pressure on the asset quality front and

consequently, the provisioning expenses for the bank increased by 31.5%, therebylimiting the bottom-line growth to 9.5% yoy.

NIM declines 26bp qoq; Asset quality pressures prevail: During 1QFY2014, thebanks advance book grew by a healthy 16.6% yoy, largely driven by stronggrowth in MSME advances (42.9% yoy) and healthy growth of around 23.2% yoyin both agriculture and retail advances. On the deposits front, the bank witnesseda healthy growth of 22.3% yoy. CASA deposits grew by 15.1% yoy and hence, theCASA ratio declined sequentially by 182bp to 29.0%. The Reported NIM for thebank declined by 26bp to 2.6%, on back of 19bp qoq decline in yield on funds.The bank registered a healthy growth of 18.6% yoy in its non-interest income(excl. treasury), driven by CEB Income growth of 19.3% to `352cr and forexincome growth of 43.4% yoy to `119cr. During the quarter, the bank continued towitness pressure on the asset quality front, as addition of stressed assets

(slippages and incremental restructuring) remained at elevated levels. Slippagescame in at `1,468cr (annualized slippage rate of 2.8%), compared to `875cr(annualized slippage rate of 2.0%) in 4QFY2013. Of the slippages during thequarter, four chunky accounts contributed ~`900cr. The PCR for the bankdeclined sequentially by 178bp to 63.4%, which resulted in a sequential increaseof 15.8% in net NPA levels, higher than the sequential increase of 12.3%witnessed in gross NPA levels. The bank restructured advances worth `1,068crduring 1QFY2014 (as against `1,400cr in 4QFY2013), thereby taking itsoutstanding restructured book to `13,235cr. The Management has guided forfresh restructuring of ~ `5,000cr in the next quarter (which includes SEB advancesworth `2,300cr and advances which are already NPA worth `941cr).

Outlook and valuation: Recent RBI liquidity tightening measures amidst an overallweak economic environment clearly suggests that the asset quality pressures forthe banking sector are unlikely to abate as quickly as was expected earlier.Overall, we have a cautious view on the sector, with a positive bias towards moreretail-oriented banks, on both assets as well as on liabilities. Hence, werecommend a Neutral rating on the stock.Key financials (standalone)

Y/E March (` cr) FY2012 FY2013 FY2014E FY2015ENII 6,793 7,543 8,007 9,095% chg 9.3 11.0 6.2 13.6

Net profit 1,787 2,158 1,922 2,432% chg (14.2) 20.7 (10.9) 26.5

NIM (%) 2.8 2.7 2.5 2.5

EPS (`) 32.2 36.0 32.0 40.6P/E (x) 3.9 3.5 3.9 3.1

P/ABV (x) 0.6 0.5 0.5 0.4

RoA (%) 0.7 0.7 0.6 0.6

RoE (%) 14.8 15.0 11.6 13.4

Source: Company, Angel Research; Note: CMP as of August 2, 2013

NEUTRALCMP `117

Target Price -

Investment Period -

Stock Info

Sector Banking

Market Cap (` cr) 6,971

Beta 1.1

52 Week High / Low 288/115

Avg. Daily Volume 230,667

Face Value (`) 10BSE Sensex 19,164

Nifty 5,678

Reuters Code UNBK.BO

Bloomberg Code UNBK@IN

Shareholding Pattern (%)

Promoters 57.9

MF / Banks / Indian Fls 17.7

FII / NRIs / OCBs 11.7

Indian Public / Others 12.8

Abs. (%) 3m 1yr 3yr

Sensex (2.9) 11.3 6.0

Union Bank (52.7) (33.0) (63.8)

Vaibhav Agrawal022 3935 7800 Ext: 6808

[email protected]

Sourabh Taparia022 3935 7800 Ext: 6872

[email protected]

Harshal Patkar022 3935 7800 Ext: 6847

[email protected]

Union Bank of IndiaPerformance Highlights

1QFY2014 Result Update | Banking

August 5, 2013

7/27/2019 Union Bank, 1Q FY 2014

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Union Bank of India | 1QFY2014 Result Update

August 5, 2013 2

Exhibit 1:1QFY2014 performance (standalone)Particulars (` cr) 1QFY14 4QFY13 % chg (qoq) 1QFY13 % chg (yoy) FY2013 FY2012 % chg (yoy)Interest earned 6,857 6,625 3.5 6,070 13.0 25,125 21,088 19.1- on Advances / Bills 5,126 5,056 1.4 4,729 8.4 19,140 16,027 19.4- on investments 1,634 1,495 9.3 1,266 29.1 5,671 4,570 24.1

- on balance with RBI & Others 51 42 22.2 53 (2.7) 199 331 (40.0)

- on others 46 32 43.5 22 106.6 115 161 (28.7)

Interest Expended 4,948 4,646 6.5 4,248 16.5 17,582 14,235 23.5Net Interest Income 1,909 1,979 (3.6) 1,822 4.8 7,543 6,853 10.1Other income 756 875 (13.6) 491 54.0 2,552 2,388 6.9Other income excl. treasury 517 640 (19.2) 436 18.6 2,075 1,947 6.6

- Fee Income 352 433 (18.7) 295 19.3 1,423 1,332 6.8

- Treasury Income 239 235 1.7 55 334.5 477 441 8.2

- Recov. from written off a/cs 46 101 (54.2) 58 (20.2) 324 353 (8.2)

- Others 119 106 11.7 83 43.0 328 262 25.1

Operating income 2,665 2,855 (6.6) 2,313 15.2 10,095 9,241 9.2Operating expenses 1,254 1,170 7.1 1,046 19.9 4,512 3,988 13.2- Employee expenses 790 664 18.9 679 16.3 2,755 2,479 11.1

- Other Opex 464 506 (8.4) 366 26.6 1,757 1,508 16.5

Pre-provision Profit 1,412 1,685 (16.2) 1,267 11.4 5,583 5,254 6.3Provisions & Contingencies 682 656 4.0 518 31.5 2,518 2,541 (0.9)- Provisions for NPAs 483 221 118.6 437 10.5 1,565 1,511 3.6

- Provisions for Investments 41 154 (73.4) 49 (16.3) 198 55 260.0

- Other Provisions 158 281 (43.8) 32 385.2 755 975 (22.5)

PBT 730 1,029 (29.0) 748 (2.4) 3,064 2,713 13.0Provision for Tax 170 240 (29.1) 237 (28.3) 906 926 (2.1)

PAT 560 789 (29.0) 511 9.5 2,158 1,787 20.7Effective Tax Rate (%) 23.3 23.3 (1)bp 31.7 (838)bp 29.6 34.1 (454)bp

Source: Company, Angel Research

Exhibit 2:1QFY2014 Actual vs EstimatesParticulars (` cr) Actual Estimates Var. (%)NII 1,909 2,020 (5.5)

Other income 756 570 32.6

Operating income 2,665 2,591 2.9Operating expenses 1,254 1,209 3.7

Pre-prov. profit 1,412 1,381 2.2Provisions & cont. 682 537 26.8

PBT 730 844 (13.5)

Prov. for taxes 170 287 (40.7)

PAT 560 557 0.5Source: Company, Angel Research

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August 5, 2013 3

Exhibit 3:1QFY2014 performance analysis (standalone)Particulars 1QFY14 4QFY13 % chg (qoq) 1QFY13 % chg (yoy)Balance sheetAdvances (` cr) 198,543 208,102 (4.6) 170,325 16.6Deposits (`cr) 271,558 263,762 3.0 222,110 22.3

Credit-to-Deposit Ratio (%) 73.1 78.9 (579)bp 76.7 (357)bp

Current deposits (`cr) 21,445 24,138 (11.2) 18,177 18.0

Savings deposits (`cr) 57,663 57,497 0.3 50,565 14.0

CASA deposits (`cr) 79,108 81,635 (3.1) 68,742 15.1

Reported CASA ratio (%) 29.1 31.0 (182)bp 30.9 (182)bp

CAR (%) 11.1 11.5 (31)bp 11.6 (50)bp

Tier 1 CAR (%) 8.1 8.2 (12)bp 8.4 (25)bp

Profitability Ratios (%)Yield on funds 8.9 9.1 (19)bp 9.3 (47)bp

Cost of funds 6.4 6.4 4bp 6.5 (14)bp

Reported NIM 2.6 2.9 (26)bp 3.0 (38)bp

Cost-to-income ratio 47.0 41.0 604bp 45.2 181bp

Asset qualityGross NPAs (`cr) 7,093 6,314 12.3 6,541 8.4

Gross NPAs (%) 3.5 3.0 52bp 3.8 (26)bp

Net NPAs (` cr) 3,883 3,353 15.8 3,747 3.6

Net NPAs (%) 2.0 1.6 35bp 2.2 (24)bp

Provision Coverage Ratio (%) 63.4 65.2 (178)bp 59.0 443bp

Slippage ratio (%) 2.8 2.0 85bp 3.7 (85)bp

LLP to avg. assets (%) 0.6 0.3 32bp 0.7 (5)bp


Healthy business growth; NIM declines 6bp sequentially

During 1QFY2014, the banks advance book grew by a healthy 16.6% yoy.Within

advances, strong growth was seen in MSME advances, which grew by 42.9% yoy,

while both agriculture and retail advances, grew by 23.2% yoy. Going forward, the

Management has guided for a credit growth at ~15-16% yoy for FY2014E.

On the deposits front, the bank witnessed a healthy growth of 22.3% yoy. CASA

deposits grew by 15.1% yoy, on back of a healthy 18.0% yoy growth in currentdeposits and moderate 14.0% yoy growth in saving deposits. As aggregate

deposits growth came in much higher than growth in CASA deposits, CASA ratio

declined sequentially by 182bp to 29.0%. As of 1QFY2014, the share of high cost

deposits (incl. CDs) to total deposits for the bank stood at 8.0%, as compared to

8.9% witnessed in 4QFY2013 and 16.6% in 1QFY2013.

Yield on funds for the bank came off sequentially by 19bp to 8.9%, as the full

impact of base rate reduction done in February 2013 was felt in current quarter

and also due to higher interest reversals on higher slippages. Cost of funds inched

up slightly by 4bp qoq to 6.4%. Consequently, the reported NIM for the bank

declined by 26bp to 2.6%.

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August 5, 2013 4

Exhibit 4:Healthy Business growth continues


Exhibit 5:CASA ratio declines sequentially


Exhibit 6:Yield on funds lower by 19bp sequentially...


Exhibit 7:...hence, NIM declines 26bp qoq


Robust growth in fee income and forex income aids healthy

non-interest income (excl. treasury) performance

During 1QFY2014, the bank registered a healthy performance on the non-interest

income (excl. treasury) front, with a growth of 18.6% yoy. The CEB Income for the

bank grew at a healthy pace of 19.3% yoy to `352cr, while profit on exchange

transactions for the bank registered a healthy growth of 43.4% yoy to `119cr.

Recoveries from written-off accounts came in at `46cr compared to `58cr in1QFY2013. Treasury income for the bank came in at `239cr, more than four

times as compared to `55cr in 1QFY2013, thereby aiding overall other income to

grow strongly by 54.0% yoy to `756cr.

17.0

17.4

19.0

17.0

16.6

11.5

15.6

16.6

18.3

22.3

76.7 76.577.7

78.9

73.1

70.0

72.0

74.0

76.0

78.0

80.0

-

10.0

20.0

30.0

1QFY13 2QFY13 3QFY13 4QFY13 1QFY14

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

30.9

30.5

31.3

31.0

29.1

9.69.9

12.0

17.1

15.1

-

10.0

20.0

28.0

28.5

29.0

29.5

30.0

30.5

31.0

31.5


CASA ratio (%) CASA yoy growth (%, RHS)

9.34

9.16 9.139.06

8.87

8.50

9.00

9.50


(%)

3.01 3.022.95

2.89

2.63

2.40

2.60

2.80

3.00

3.20


(%)

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August 5, 2013 5

Exhibit 8:De-growth in Non-interest income (excl. treasury)Particulars (` cr) 1QFY14 4QFY13 % chg (qoq) 1QFY13 % chg (yoy)CEB 352 433 (18.7) 295 19.3

Treasury 239 235 1.7 55 334.5Recoveries 46 101 (54.2) 58 (20.2)

Forex 119 106 12.3 83 43.4

Other income 756 875 (13.6) 491 54.0Other income excl. treasury 517 640 (19.2) 436 18.6


Asset quality pressure persists

During the quarter, the bank continued to witness pressure on the asset quality

front, as addition of stressed assets (slippages and incremental restructuring)

remained at elevated levels. Slippages came in at `1,468cr (annualized slippage

rate of 2.8%), compared to `875cr (annualized slippage rate of 2.0%) in

4QFY2013. Of the slippages during the quarter, four chunky accounts contributed

~`900cr. Recoveries/upgrades for the bank came in flat sequentially at `443cr for

the quarter. The PCR for the bank declined sequentially by 178bp to 63.4%, which

resulted in a sequential increase of 15.8% in net NPA levels, higher than the

sequential increase of 12.3% witnessed in gross NPA levels. On relative basis,

Gross and net NPA ratios deteriorated sequentially by 52bp and 35bp respectively

to 3.5% and 2.0%.

The bank restructured advances worth `1,068cr during 1QFY2014 (as against

`1,400cr in 4QFY2013) of which ~`715cr was from 6 accounts of Large

enterprises. The outstanding restructured book stands at `13,235cr. The

Management has guided for fresh restructuring of around `5,000cr in the next

quarter (which includes SEB advances worth `2,300cr and advances which are

already NPA worth `941cr).

Exhibit 9:Slippages at elevated levels in 1QFY2014


Exhibit 10:NPA ratios deteriorate sequentially


3.7

1.8

1.5

2.0

2.8

0.7

0.5

0.8

0.3

0.6

-

0.3

0.6

0.9

-

1.5

3.0

4.5


Slippages (%) Credit cost (%, RHS)

3.8

3.7

3.4

3.0

3.5

2.2

2.1

1.7

1.6

2.0

59.061.5

66.265.2

63.4

50.0

55.0

60.0

65.0

70.0

-

1.0

2.0

3.0

4.0


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

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August 5, 2013 6

Exhibit 11:Steady network expansion continues


Exhibit 12:Cost ratio trends


Investment Concerns

Asset quality pressures likely to prevail

In the last two years, the bank has been witnessing heavy accretion to stressed

assets (slippages and incremental restructuring taken together) quarter after

quarter. Accretion of stressed assets for the bank has remained elevated at an

average quarterly run rate of `2,000cr. Though, recoveries/upgrades have also

increased, the performance however has remained moderate, so far. Moreover,

the Management has guided for elevated level of stressed asset addition in

2QFY2014. Recent macro developments (RBIs liquidity tightening measures)

amidst an overall weak economic environment, clearly suggest that the asset

quality pressures for the banking sector are unlikely to subside as quickly as was

anticipated earlier.

Outlook and valuation

Recent RBI liquidity tightening measures amidst an overall weak economic

environment clearly suggests that the asset quality pressures for the banking sector

are unlikely to abate as quickly as was expected earlier. Overall, we have a

cautious view on the sector, with a positive bias towards the more retail-oriented

based banks, on both assets as well as on liabilities. Hence, we recommend aNeutral rating on the stock.

3,2

39

3,3

11

3,3

95

3,5

11

3,6

04

4,139 4,1854,300

4,603

5,006

2,000

2,500

3,000

3,500

4,000

4,5005,000

5,500

3,000

3,100

3,200

3,300

3,400

3,5003,600

3,700


Branches ATMs (RHS)

45.2

46.9

46.3

41.0

47.0

1.6

1.7 1.7

1.6 1.6

-

0.4

0.8

1.2

1.6

2.0

-

10.0

20.0

30.0

40.0

50.0


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

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August 5, 2013 7

Exhibit 13:Key assumptionsParticulars (%) Earlier estimates Revised estimatesFY2014E FY2015E FY2014E FY2015ECredit growth 16.0 16.0 8.0 16.0Deposit growth 16.0 16.0 13.0 16.0

CASA ratio 30.1 29.8 30.9 30.6

NIMs 2.6 2.6 2.5 2.5

Other income growth (0.7) 11.7 (4.0) 10.8

Growth in staff expenses 15.0 12.5 15.0 10.0

Growth in other expenses 12.5 12.5 10.0 10.0

Slippages 2.0 1.9 2.5 2.2

Coverage ratio 70.0 72.5 63.5 67.0


Exhibit 14:Change in estimatesParticulars (` cr) FY2014E FY2015EEarlierestimates Revisedestimates % chg Earlierestimates Revisedestimates % chgNII 8,567 8,007 (6.5) 9,714 9,095 (6.4)

Non-interest income 2,534 2,450 (3.3) 2,829 2,714 (4.1)

Operating income 11,101 10,458 (5.8) 12,543 11,809 (5.9)Operating expenses 5,145 5,101 (0.9) 5,788 5,611 (3.1)

Pre-prov. profit 5,956 5,357 (10.1) 6,755 6,198 (8.2)Provisions & cont. 2,389 2,444 2.3 2,457 2,513 2.3

PBT 3,567 2,912 (18.4) 4,298 3,685 (14.3)

Prov. for taxes 1,212 990 (18.4) 1,461 1,253 (14.3)

PAT 2,355 1,922 (18.4) 2,837 2,432 (14.3)Source: Company, Angel Research

Exhibit 15:P/ABV band


0

100

200

300

400

500

600

Apr-06

Sep-0

6

Feb-0

7

Jul-07

Dec-0

7

May-0

8

Oct-08

Mar-09

Aug-0

9

Jan-1

0

Jun-1

0

Nov-1

0

Apr-11

Sep-1

1

Feb-1

2

Jul-12

Dec-1

2

May-1

3

Oct-13

Mar-14

Price (`) 0.65x 0.9x 1.15x 1.4x 1.65x

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7/27/2019 Union Bank, 1Q FY 2014

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August 5, 2013 9

Income statement (standalone)Y/E March (` cr) FY10 FY11 FY12 FY13 FY14E FY15ENII 4,192 6,216 6,793 7,543 8,007 9,095- YoY Growth (%) 9.9 48.3 9.3 11.0 6.2 13.6Other Income 1,975 2,039 2,448 2,552 2,450 2,714- YoY Growth (%) 33.2 3.2 20.1 4.2 (4.0) 10.8

Operating Income 6,167 8,255 9,241 10,095 10,458 11,809- YoY Growth (%) 16.4 33.9 11.9 9.2 3.6 12.9

Operating Expenses 2,508 3,950 3,988 4,512 5,101 5,611- YoY Growth (%) 13.3 57.5 0.9 13.2 13.1 10.0

Pre - Provision Profit 3,659 4,305 5,254 5,583 5,357 6,198- YoY Growth (%) 18.7 17.6 22.0 6.3 (4.0) 15.7

Prov. & Cont. 826 1,350 2,541 2,518 2,444 2,513- YoY Growth (%) 13.9 63.3 88.3 (0.9) (2.9) 2.8

Profit Before Tax 2,833 2,955 2,713 3,064 2,912 3,685- YoY Growth (%) 20.2 4.3 (8.2) 13.0 (5.0) 26.5

Prov. for Taxation 758 873 926 906 990 1,253- as a % of PBT 26.8 29.6 34.1 29.6 34.0 34.0

PAT 2,075 2,082 1,787 2,158 1,922 2,432- YoY Growth (%) 20.2 0.3 (14.2) 20.7 (10.9) 26.5

Balance sheet (standalone)Y/E March (` cr) FY10 FY11 FY12 FY13 FY14E FY15EShare Capital 505 635 662 708 708 708Reserves & Surplus 9,919 12,129 13,972 16,588 18,046 19,909

Deposits 170,040 202,461 222,869 263,762 298,051 345,739

- Growth (%) 22.6 19.1 10.1 18.3 13.0 16.0

Borrowings 3,125 7,126 11,719 17,007 19,145 22,078

Tier 2 Capital 6,090 6,190 6,190 6,790 6,620 6,455

Other Liab & Prov. 5,483 7,443 6,800 7,006 8,491 9,958

Total Liabilities 195,162 235,984 262,211 311,861 351,061 404,846Cash balances 12,468 17,610 11,634 10,763 13,412 15,558

Bank balances 3,308 2,488 4,042 5,447 5,266 6,073

Investments 54,404 58,399 62,364 80,830 100,154 113,974

Advances 119,315 150,986 177,882 208,102 224,750 260,710

- Growth (%) 23.6 26.5 17.8 17.0 8.0 16.0

Fixed Assets 2,305 2,293 2,336 2,479 2,707 3,028

Other Assets 3,361 4,208 3,955 4,239 4,772 5,503

Total Assets 195,162 235,984 262,211 311,861 351,061 404,846- Growth (%) 21.2 20.9 11.1 18.9 12.6 15.3

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August 5, 2013 10

Ratio analysisY/E March FY10 FY11 FY12 FY13 FY14E FY15EProfitability ratios (%)NIMs 2.4 3.0 2.8 2.7 2.5 2.5Cost to Income Ratio 40.7 47.8 43.1 44.7 48.8 47.5

RoA 1.2 1.0 0.7 0.7 0.6 0.6

RoE 26.2 20.9 14.8 15.0 11.6 13.4

B/S ratios (%)CASA Ratio 31.7 31.8 31.3 31.0 30.9 30.6

Credit/Deposit Ratio 70.2 74.6 79.8 78.9 75.4 75.4

CAR 12.5 13.0 11.9 11.4 10.8 10.0

- Tier I 7.9 8.7 8.4 8.2 7.9 7.6

Asset Quality (%)Gross NPAs 2.2 2.4 3.0 3.0 4.1 4.5

Net NPAs 0.8 1.2 1.7 1.6 2.1 1.9

Slippages 1.8 2.4 2.5 2.2 2.5 2.2

Loan Loss Prov./Avg. Assets 0.4 0.6 0.6 0.5 0.6 0.6

Provision Coverage 74.0 67.6 62.2 65.2 63.5 67.0

Per Share Data (`)EPS 41.1 39.6 32.2 36.0 32.0 40.6

ABVPS 173.6 203.4 217.3 247.1 262.5 298.0

DPS 5.5 8.0 8.0 8.0 6.5 8.0

Valuation RatiosPER (x) 3.1 3.2 3.9 3.5 3.9 3.1

P/ABVPS (x) 0.7 0.6 0.6 0.5 0.5 0.4

Dividend Yield 4.4 6.3 6.3 6.3 5.1 6.3

DuPont Analysis (%)NII 2.4 2.9 2.7 2.6 2.4 2.4

(-) Prov. Exp. 0.5 0.6 1.0 0.9 0.7 0.7

Adj. NII 1.9 2.3 1.7 1.8 1.7 1.7

Treasury 0.3 0.2 0.2 0.2 0.1 0.0

Int. Sens. Inc. 2.2 2.5 1.9 1.9 1.7 1.8

Other Inc. 0.8 0.7 0.8 0.7 0.7 0.7

Op. Inc. 3.0 3.2 2.7 2.6 2.4 2.5

Opex 1.4 1.8 1.6 1.6 1.5 1.5PBT 1.6 1.4 1.1 1.1 0.9 1.0

Taxes 0.4 0.4 0.4 0.3 0.3 0.3

RoA before pref. div. 1.2 1.0 0.7 0.8 0.6 0.6

Pref. div. - 0.0 0.0 0.0 0.0 0.0

RoA 1.2 1.0 0.7 0.7 0.6 0.6Leverage (x) 22.5 21.7 20.7 20.0 20.2 20.9

RoE 26.2 20.9 14.8 15.0 11.6 13.4

7/27/2019 Union Bank, 1Q FY 2014

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August 5, 2013 11

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

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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 Pvt. Ltd. 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 Pvt. Ltd. has not independently verified all the information contained within this document. Accordingly, we cannottestify, nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document.While Angel Broking Pvt. Ltd. endeavours to update on a reasonable basis the information discussed in this material, there may beregulatory, compliance, or other reasons that prevent us from doing so.

This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced,

redistributed or passed on, directly or indirectly.

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

other advisory services in a merger or specific transaction to the companies referred to in this report, as on the date of this report or in

the past.

Neither Angel Broking Pvt. Ltd., 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.

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 Pvt. Ltd. and its affiliates may haveinvestment positions in the stocks recommended in this report.

Disclosure of Interest Statement Union Bank of India

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

Documents

Union Bank, 1Q FY 2014