CMP 161.85

Target Price 181.00

ISIN: INE614B01018

JAN 26th

, 2013

KARNATKA BANK LTD Result Update: Q3 FY13

BUYBUYBUYBUY

Stock Data

Sector Banking

BSE Code 532652

Face Value 10.00

52wk. High / Low (Rs.) 198.80/70.80

Volume (2wk. Avg ) 1156000

Market Cap ( Rs in mn ) 30481.21

Annual Estimated Results (A*: Actual / E*: Estimated)

Years FY12A FY13E FY14E

Net Income 31128.80 38259.03 43615.29

NII 10784.00 12840.20 14461.53

Net Profit 2460.70 3709.42 4611.64

EPS 13.07 19.70 24.49

P/E 12.38 8.22 6.61

Shareholding Pattern (%)

1 Year Comparative Graph

BSE SENSEX KARNATKA BANK LTD

SYNOPSIS

Karnataka Bank Limited is a leading 'A' Class

Scheduled Commercial Bank and tech savvy

private bank of the country having pan-India

presence.

Net profit for Q3FY13 was up 11.13% to Rs.

800.70 mn as compared to Rs. 720.50 mn for

Q3FY12.

During the half year, the Bank has opened 15

branches and 100 ATMs.

CASA increased by Rs. 9750 mn from Rs. 71380

mn to Rs. 81140 mn, registering a y-o-y growth

of 13.7 per cent.

The total deposit increased by Rs. 48350 mn

from Rs. 297850 mn to Rs. 346200 mn,

registering a y.o.y growth of 16.20 per cent.

The total business has also increased by Rs.

85490 mn from Rs. 494750 mn to Rs. 580240

mn during the period, registering a y.o.y growth

of 17.30 per cent.

During the quarter ended December 2012, the

bank has raised Rs. 25000.00 lakhs of Lower

Tier II Subordinated Debentures/Bonds for

augmenting its capital funds.

The capital adequacy ratio stood at 12.93 per

cent (under BASEL II standards) against the

regulatory requirement of minimum 9 per cent.

Net Income & PAT of the company are expected

to grow at a CAGR of 23% and 31% over 2011

to 2014E respectively.

Peer Groups CMP Market Cap EPS P/E (x) P/BV(x) Dividend

Company Name (Rs.) Rs. in mn. (Rs.) Ratio Ratio (%)

Karnatka Bank Ltd 161.85 30481.21 13.07 12.38 1.17 35.00

ICICI Bank 1183.10 1354816.10 64.16 18.31 0.00 165.00

Axis Bank 1388.00 592892.00 114.75 12.10 2.60 160.00

SBI 2520.00 1691705.10 219.40 11.49 2.02 350.00

Investment Highlights

Results updates- Q3 FY13,

The company’s net profit jumps to Rs. 800.70 million as against Rs. 720.50 million in the corresponding quarter

ending of previous year, an increase of 11.13%. Revenue for the quarter rose 20.90% to Rs. 9643.40 million from

Rs. 7976.50 million, when compared with the prior year period. Reported earnings per share of the company

stood at Rs. 4.25 a share during the quarter, registering 11.10% an increase over previous year period. Net

Interest Income is Rs. 3140.40 millions as against Rs. 2720.10 millions in the corresponding period of the

previous year.

Months Dec-12 Dec-11 % Change

Net Income 9643.40 7976.50 20.90%

PAT 800.70 720.50 11.13%

EPS 4.25 3.83 11.10%

Segment Revenue

Particulars (Rs.mn.) Q3 FY13

Wholesale Banking 3206.70

Treasury Operations 2706.70

Retailing Banking 4375.20

Other Banking Operations 217.20

Total 10505.80

Latest Updates

• The total business has also increased by Rs. 85490 mn from Rs 494750 mn to Rs 580240 mn during the

period, registering a y.o.y growth of 17.30 per cent.

• The total deposit increased by Rs 48350 mn from Rs.297850 mn to Rs. 346200 mn, registering a y.o.y growth

of 16.20 per cent. The advances increased by Rs. 37150 mn from Rs. 196890 mn to Rs. 234040 mn,

registering a y.o.y growth of 18.90 per cent. The clientele base increased by 10 lakhs from 58 lakhs as on

December 2011 to 68 lakhs as on December 2012.

• Current account, Savings account (CASA) increased by Rs. 9750 mn from Rs. 71380 mn to Rs. 81140 mn,

registering a y-o-y growth of 13.7 per cent.

• The capital adequacy ratio stood at 12.93 per cent (under BASEL II standards) against the regulatory

requirement of minimum 9 per cent.

• The bank is planning to increase the number of Service Outlets to 1000 by increasing the number of branches

to 550 & ATMs to 450 by the year end. Against this, the bank has already opened 15 branches & 100 ATMs &

as a result, at present Bank has 518 branches & 447 ATMs. The bank has plans to open about 15 financial

inclusion branches and 28 ultra small branches during the current year, in line with its Financial Inclusion

Agenda.

• The Bank is Business Turnover of Rs. 65,0000 mn for FY 2012-13 with Deposits of Rs. 39,0000 mn and

Advances of Rs. 26,0000 mn.

• During the quarter ended December 2012, the bank has raised Rs. 25000.00 lakhs of Lower Tier II

Subordinated Debentures/Bonds for augmenting its capital funds.

• Karnataka Bank, the premier Private sector Bank of India, has been awarded with "Operational Excellence

Award” in recognition of its excellent performance in ATMs and switch connected to National Financial

Switch ATM Network. Karnataka Bank is operating its ATM network under the BRAND NAME Money PlantTM'.

• Karnataka Bank opened its first Ultra small Branch at Byadanur village of Tumkur District on 27.12.2012.

Ultra Small Branch will facilitate Direct cash Transfer of benefits under various Govt Schemes as part of its

financial outreach programme in tune with national priority.

Company Profile

Karnataka Bank Limited, a leading 'A' Class Scheduled Commercial Bank in India, was incorporated on February

18th, 1924 at Mangalore, a coastal town of Dakshina Kannada district in Karnataka State. The bank took shape in

the aftermath of patriotic zeal that engulfed the nation during the freedom movement of 20th Century India. Over

the years the Bank grew with the merger of Sringeri Sharada Bank Ltd., Chitradurga Bank Ltd. and Bank of

Karnataka.

With over 88 years experience at the forefront of providing professional banking services and quality customer

service, the bank now have a national presence with a network of 503 branches spread across 20 states and 2

Union Territories.

Karnataka Bank is one of the leading scheduled, tech savvy private bank of the country having pan-India

presence. Bank is one of the pioneers in Rural and Agricultural lending and has introduced good number of Agri.

loan products for hassle free finance to Farm sector. The Bank has set a lending target of Rs.3770 crore to

Agriculture sector by March 2013. NABCONS (National Bank for Agriculture and Rural Development Consultancy

Services), a wholly owned Company of NABARD is a leader in consultancy services in the field of agriculture and

rural development, serving both national and international clients viz: Govt. of India, State Governments, Banks

and Financial Institutions, Companies, individuals, International Agencies etc. NABCONS operates from its offices

located in 30 States of the country. It leverages on vast pool of technical experts available with NABARD in the

field of agriculture, Plantation & Horticulture, Animal Husbandry, Agro-processing, Fisheries, Agri-engineering,

Food Processing, Finance, Economics etc. The expertise and strong commitment to the quality helps achieving its

clients to realize their potential.

Products & Services offered

MoneyClick

� MoneyClickTM - Retail: It offers different online services to our retail/individual customers, like balance

enquiry, requests for Chequebooks, recording stop-payment instructions, balance transfer instructions,

account opening and other forms of traditional banking services. This also offers utility bill payment services

to our valued customers for payment of BSNL Mobile, Electricity, Water bills etc.

� MoneyClickTM - Corporate: In addition to the above services, our Corporate Customers can avail Trade

Finance Facilities such as Import/ Export Credit facilities, Requests for Forward Contracts, Inland Trade,

Bank Guarantee etc. Also MoneyclickTM facilitates access control at Corporate User level wherein various

users at different hierarchy levels have varying powers to operate a corporate account.

� MoneyClickTM - Cyberkids: Children between 12-18 years who are having Account with us are eligible for

this special e-banking facility.

Mobile Banking

� mCommerce: Karnataka Bank offers its customers the convenience of paying for utility bills, mobile

recharge, movie tickets, online purchases, retail shopping and much more at over 15,000 merchants directly

from your mobile.

� Mobile Banking SMS Alert Facility: Karnataka Bank Mobile Banking SMS Alerts keeps its customers

informed about the significant transactions in your Accounts. It keeps its customers updated.

Money Transfer

� Real Time Gross Settlement (RTGS): RTGS is a payment system in which both processing and final

settlement of fund transfer instructions take place on real time basis. It is a gross settlement system where

fund-transfers are settled individually, i.e. without netting debits against credits. The Customer can avail this

facility and make instantaneous transfer of funds to beneficiary`s account Karnataka Bank became a member

of Real Time Gross Settlement (RTGS) System from 16th July 2004 and has been settling Inter-Bank

transactions in Mumbai since then. MoneyQuick services can be accessed by customers which uses RTGS

service. This MoneyQuick facility provides INTERBANK funds transfer.

� Western Union Money Transfer (WUMT): Western Union Financial Services International has a legacy of

public trust built through more than 150 years of extra ordinary continuous service. This international

money transfer system facilitates quick, secure, reliable and convenient transfer of funds all over the world.

Online Shopping

� Online Shopping Service through Internet Banking (MoneyClick): tied up with major shopping websites

to facilitate online shopping for all our Internet Banking customers. The Customers can choose their products

online and pay conveniently through MoneyClick.

� Online Shopping Service through Debit Card (ecommerce Transactions): MoneyplantTM International

VISA Classic and Gold Debit card can now be used for online purchases. The ecommerce transactions would

facilitate and benefit the debit card holders for buying goods/services online through Internet which accept

Visa as a payment method. Our debit card holders would be able to buy airline/railway/bus tickets, movie

tickets, and pay mobile and utility bills online.

Online Trading

KBL Online Trading Services in alliance with M/s Way2Wealth Brokers Pvt. KBL Online Trading is a dynamic

online trading system, blending the best of technology, convenience, speed and efficiency with Traditional

Broking.

MoneyPlant ATM

Karnataka Bank has entered into ATM sharing arrangement with NPCI-NFS and CashTree ATM network. The

NFS network with NPCI has 66 Member Banks and 41 sub member banks and covers around 1,02,051 ATMs

while CashTree network has 12 member Banks and covers around 7400 ATMs. All Debit &

MoneyplantTM International Visa Debit Card holding customers of Karnataka Bank can avail the facility

of Withdrawal through Banks' MoneyPlantTM ATMs and shared network ATMs.

Cards

� MoneyPlantTMDebit Cards: MoneyPlantTM International Debit Card allows its customers to purchase goods

at Merchant Establishment and also gives freedom to withdraw cash from ATMs in India and abroad. This

card gives you the freedom of making the purchases without the hassle of paying in cash.

� KBL Gift Card: The KBL Gift Card has been specially designed to make it easy for people to choose a gift for

their loved ones. The card can be used as an elegant way of gifting to your near and dear ones, who in turn

can use this card to shop, dine, party or to purchase online items of their choice. It can be used for any

occasion including Marriage, Birthday, Diwali, Holi, New Year, etc.

� KBL Travel Card: this card make customer’s leisure trips a hassle free experience. KBL Travel Card that

offers the customers easy Forex access. So while you travel abroad, the card makes the trip convenient and

free from Forex hassles.

� Online Payment through Debit card (ecommerce transactions): MoneyplantTM International VISA Classic

and Gold Debit card is used for online purchases .The ecommerce transactions would facilitate and benefit

the debit card holders for buying goods/services online through Internet which accept Visa as a payment

method. And debit card holders would be able to buy airline/railway/bus tickets, movie tickets, pay mobile

and utility bills online.

Personal Banking

Karnataka Bank offers a total value package, a one-stop shop for all your banking needs. The bank provides

its customers with customized services designed to suit individual requirements whether it be high earning

deposits, easy & convenient loans, life insurance, utility bill payments or enabling to keep track of your

finances, thereby saving their time.

Multi Branch Banking

Multi Branch Banking facility is a value added service to our customers taking advantage of "Core Banking

Solution". It is a 'technology driven-anywhere banking' facility and 'at par' facilities for Savings Bank and

Current account with structured schedule of services and charges.

Deposit Products

Deposit Products includes basket of financial products like Tax Planner, Abhyudaya cash certificate, Fixed

deposits, Soulabhya deposit, Cumulative deposit, Insurance linked savings bank deposit, Resident foreign

currency(domestic) account, NRI services, benefits to Senior citizens.

Loans

The Bank offers loans to its customers the individuality with respect to their needs and earnings. The product

suite include Vidyanidhi Education loan scheme, Apna Ghar home loans, Car finance scheme, Varthak loans,

Easy ride, Scheme for salaried persons, Udyog mithra, Niveshan loans, Krishi card, K-Power.

Insurance Services

The bank has diversified into the marketing of life insurance products of MetLife India Insurance Co. Ltd., an

affiliate of MetLife, the 140 year old, largest life insurance company in the USA. The bank offers a wide range

of solutions to help you plan for your various financial needs like your children's education & wedding, your

retirement, protection of your housing loan repayments, protection for family etc.

And it has also forayed into General Insurance business by promoting a Joint Venture company

called Universal Sompo General Insurance Co. Ltd. and entered into a Corporate Agency arrangement for

distribution of their General Insurance products through our branches.

Mutual Fund

The bank has entered into a Distribution Agreement with the following AMCs for distribution of their mutual

fund products.

1. M/s. Franklin Templeton Asset Management India (P) Ltd.

2. M/s. Tata Asset Management Ltd.

3. M/s. ICICI Prudential Asset Management Company Ltd.

Through this tie up, we provide an opportunity to our customers to diversify their investment portfolios,

depending on their requirements and risk appetite.

Demat Services

NRI Services

Financial Highlight

Balance Sheet

(A*- Actual, E* -Estimations & Rs. In Millions)

FY11 FY12 FY13E FY14E

CAPITAL AND LIABILITIES

Capital 1882.00 1883.00 1883.30 1883.30

Reserves and Surplus 22408.87 24099.16 27808.62 32400.21

Deposits 273364.46 316083.24 360334.89 407178.43

Borrowings 10863.34 11470.73 12273.68 13132.84

Other Liabilities and Provisions 8411.40 9679.62 11034.77 12469.29

Total 316930.07 363215.75 413335.26 467064.07

ASSETS

Cash and Balances with Reserve Bank of India 19398.06 17047.50 17558.93 18155.93

Balances with Banks and Money at Call and Short notice 462.51 1608.17 2969.62 5097.87

Investments 115063.40 128412.34 142538.99 158218.28

Advances 173480.70 207207 240879.97 275734.85

Fixed Assets 1455.27 1522.26 1598.37 1678.29

Other Assets 7070.13 7418.46 7789.38 8178.85

Total 316930.07 363215.73 413335.26 467064.07

Annual Profit & Loss Statement for the period from 2011 to 2014E

Value(Rs.in.mn) FY11 FY12 FY13E FY 14E

Description 12m 12m 12m 12m

Net Income 23708.40 31128.80 38259.03 43615.29

Other Income 2917.60 3343.90 3528.77 3775.79

Total income 26626.00 34472.70 41787.80 47391.08

Interest Expended -17583.60 -23688.70 -28947.61 -32929.55

Net Interest Income 9042.40 10784.00 12840.20 14461.53

Operating Expenses -5489.50 -5681.90 -6370.77 -6978.45

Operating Profit 3552.90 5102.10 6469.43 7483.09

Provisions and Contingencies -1203.50 -2216.20 -1637.78 -1893.22

Profit Before Tax 2349.40 2885.90 4831.65 5589.87

Tax -303.30 -425.20 -1122.24 -978.23

Profit After Tax 2046.10 2460.70 3709.42 4611.64

Equity Capital 1882.00 1882.90 1883.30 1883.30

Reserves 22408.90 24099.20 27808.62 32420.26

Face Value (Rs.) 10.00 10.00 10.00 10.00

EPS 10.87 13.07 19.70 24.49

Quarterly Profit & Loss Statement for the period from 30 June 2012 to 31 Mar 2013E

Value(Rs.in.mn) 30-Jun-12 30-Sep-12 31-Dec-12 31-Mar-13E

Description 3m 3m 3m 3m

Net Income 8977.40 9454.80 9643.40 10183.43

Other Income 909.20 868.90 862.40 888.27

Total income 9886.60 10323.70 10505.80 11071.70

Interest Expended -6714.40 -7128.40 -7365.40 -7739.41

Net Interest Income 3172.20 3195.30 3140.40 3332.30

Operating Expenses -1482.90 -1607.60 -1600.00 -1680.27

Operating Profit 1689.30 1587.70 1540.40 1652.03

Provisions and Contingencies -570.60 -227.50 -370.50 -469.18

Profit Before Tax 1118.70 1360.20 1169.90 1182.85

Tax -284.40 -188.30 -369.20 -280.34

Profit After Tax 834.30 1171.90 800.70 902.52

Equity Capital 1883.00 1883.20 1883.30 1883.30

Face Value (Rs.) 10.00 10.00 10.00 10.00

EPS 4.43 6.22 4.25 4.79

Ratio Analysis

Particulars FY11 FY12 FY13E FY14E

EPS (Rs.) 10.87 13.07 19.70 24.49

Operating Profit Margin (%) 14.99% 16.39% 16.91% 17.16%

PAT Margin (%) 8.63% 7.90% 9.70% 10.57%

P/E Ratio (x) 14.89 12.38 8.22 6.61

ROE (%) 8.42% 9.47% 12.49% 13.44%

ROCE (%) 1.15% 1.44% 1.59% 1.60%

Book Value (Rs.) 129.07 137.99 157.66 182.15

P/BV (x) 1.25 1.17 1.03 0.89

Charts

Outlook and Conclusion

� At the current market price of Rs.161.85, the stock P/E ratio is at 8.22 x FY13E and 6.61 x FY14E respectively.

� Earning per share (EPS) of the company for the earnings for FY13E and FY14E is seen at Rs. 19.70 and

Rs.24.49 respectively.

� Net Income and PAT of the company are expected to grow at a CAGR of 23% and 31% over 2011 to 2014E

respectively.

� On the basis of Debt-Equity Ratio, the stock trades at 12.69 x for FY13E and 12.63 x for FY14E.

� Price to Book Value of the stock is expected to be at 1.03 x and 0.89 x for FY13E and FY14E respectively.

� We expect that the company will keep its growth story in the coming quarters also. We recommend ‘BUY’ in

this particular scrip with a target price of Rs. 181.00 for Medium to Long term investment.

Industry Overview

Existence of an efficient banking system is paramount for achieving economic growth as banks are the

mechanisms that channel the savings to investments. They have the capacity to promote economic growth as

they allocate savings to those investments which have potential to yield higher returns.

With 86 scheduled commercial banks, 82 regional rural banks, 1,645 urban cooperative banks (53 scheduled

cooperative banks) and 95,765 rural cooperative banks, India's banking system is a robust one and has proved

its mettle by standing unaffected during the recent global financial turmoil.

Key Statistics

• According to the Reserve Bank of India (RBI)'s 'Quarterly Statistics on Deposits and Credit of Scheduled

Commercial Banks', March 2012, Nationalised Banks accounted for 53.0 per cent of the aggregate deposits,

while the State Bank of India (SBI) and its Associates accounted for 21.8 per cent. The share of New Private

Sector Banks, Old Private Sector Banks, Foreign Banks, and Regional Rural Banks in aggregate deposits was

13.0 per cent, 4.8 per cent, 4.4 per cent and 3.0 per cent, respectively Nationalised Banks accounted for the

highest share of 52.0 per cent in gross bank credit followed by State Bank of India and its Associates (22.5 per

cent) and New Private Sector Banks (13.5 per cent). Foreign Banks, Old Private Sector Banks and Regional

Rural Banks had shares of around 4.8 per cent, 4.8 per cent and 2.4 per cent, respectively

• Another statement issued by the RBI revealed that foreign exchange reserves stood at, US$ 294.99 billion for

the week ended January 4, 2013 wherein the value of gold reserves was recorded at US$ 27.21 billion and

that of foreign currency assets (FCAs) was at US$ 261.06 billion

The value of special drawing rights (SDRs) was US$ 4.40 billion and the country's reserve position with the

IMF was at US$ 2.30 billion

• The number of mobile banking transactions in India has also increased by 6.39 per cent to 47, 20, 871 during

November 2012, up from 44, 37, 205 recorded in October 2012, according to the RBI, wherein the total

amount transacted showed a boost of 8.3 per cent

Recent Developments

• In order to curb the risk of exchange rate volatility and ensure compatible relations among the banking

systems of two countries, the Government of India (GoI) has directed state-run banks to encourage local

currency payments for bilateral trade transactions. Under the proposed mechanism, Indian exporters will be

allowed to issue invoices and receive payments in Indian rupees while payments for imports will be made by

the partner country's bank in its local currency

• The Small Industries Development Bank of India (SIDBI) has partnered with eight regional rural banks

(RRBs) and urban co-operative banks in West Bengal. The scope of agreements includes training the staff of

RRBs and co-operative banks in project appraisal, monitoring and collection as also providing free access to

software on a down-scaling methodology developed for lending to micro enterprises

• Indian Overseas Bank (IOB) has signed a memorandum of understanding (MoU) with Deutsche Bank for

using its cross-currency payment solution namely FX4Cash to offer cash management services across 125

local currencies in more than 160 countries. The move would facilitate streamlined automated process for

forex dealing and payments to the bank

• In a bid to double its business turnover in the next three years and thereby clock an annual growth rate of 25

per cent to 30 per cent, the Karnataka Bank Ltd has signed an MoU with management consultant KPMG for its

business process re-engineering initiative, named as Project Tejas

• Meanwhile, the Export-Import Bank of India (EXIM) has decided to open a representative office in Myanmar

in order to increase the bilateral trade between the Northeast India and Myanmar. The opening of the trade

link with Myanmar and transit facility with Bangladesh is expected to offer new opportunities for the organic

agriculture produce of Northeast India

Government Initiatives

The Indian Government keeps initiating various steps to ensure safe and hassle-free banking in the country.

Recently, the RBI has relaxed the mandatory know your customer (KYC) norms for banks in order to make the

process of opening a bank account simpler and faster.

• Moreover, both the Houses of the Parliament have passed The Banking Laws (Amendment) Bill 2011. The Bill

would strengthen the regulatory powers of the RBI Reserve Bank of India (RBI) and would further develop

the banking sector in India. It will also help the nationalised banks to raise capital by issue of preference

shares or rights issue or issue of bonus shares while enabling them to increase or decrease the authorised

capital with approval from the Government and RBI without being limited by the ceiling of a maximum of Rs.

3000 crore (US$ 558.84 million). Furhermore, the Bill would offer possibilities for new bank licenses by RBI

resulting in opening of new banks and branches. This would not only help in achieving the goal of financial

inclusion by providing more banking facilities, but would also provide additional employment opportunities

to the people at large in the banking sector.

• The GoI has also approved the establishment of a Credit Risk Guarantee Fund Trust (CRGFT) for low income

housing, with an initial outlay of Rs.1000 crore (US$ 186.28 million). The CRGFT, registered on May 1, 2012

and launched on October 31, 2012 would administer and operate the Scheme, which is demand-driven, as

stated by Ajay Maken, Union Minister of Housing & Urban Poverty Alleviation (HUPA).

The Minister stated that under the Scheme, the Trust will provide guarantee to lending agencies for housing

loans extended by them to persons belonging to the Economically Weaker Sections / Low Income Groups

(upto Rs. 5 lakh [US$ 9,313.67]), without any third party guarantee or collateral security

Road Ahead

With the Parliament passing the much awaited Banking Laws Amendment Bill recently, the face of the Indian

banking industry is set to get a lift in the coming years as the passage of the bill has paved the way for more

banks. This will not only create a healthy competition among the players in the industry, but will also escalate the

style of operation and technology.

Disclaimer:

This document prepared by our research analysts does not constitute an offer or solicitation for the purchase or sale

of any financial instrument or as an official confirmation of any transaction. The information contained herein is

from publicly available data or other sources believed to be reliable but do not represent that it is accurate or

complete and it should not be relied on as such. Firstcall India Equity Advisors Pvt. Ltd. or any of it’s affiliates shall

not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the

information contained in this report. This document is provide for assistance only and is not intended to be and must

not alone be taken as the basis for an investment decision.

Firstcall India Equity Research: Email – info@firstcallindia.com

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