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Please refer to important disclosures at the end of this report

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Particulars (` cr) 4QFY14 3QFY14 % chg (qoq) 4QFY13 % chg (yoy)
NII 614 661 (7.1) 562 9.3
Pre-prov. profit 448 371 20.8 401 11.7
PAT 187 68 176.2 126 49.0
Source: Company, Angel Research
Dena Bank reported weak asset quality performance during 4QFY2014,
continuing the trend witnessed over the last seven quarters. On the operating
performance front, while the NII grew moderate at 9.3% yoy, the non-interest
income grew 15.7% yoy, thus enabling the bank to report an operating profit
growth of 11.7% yoy to `448cr. The provisioning expense for the quarter grew by
66.8% yoy to `570cr, leading the bank to register a PBT level loss of `123cr. But
tax reversals to the tune of `310cr enabled the bank to register an earnings
growth of 49.0% yoy to `187cr for the quarter.
Business growth picks up; Asset quality witnesses pressure: During 4QFY2014,
the bank’s advance book grew at a healthy pace of 17.9% yoy, while deposits
grew moderate at 13.2% yoy. Healthy loan growth was primarily aided by strong
growth in the agriculture segment which rose by 30.1% and healthy growth in the
MSME segment which grew by 23.8% yoy. CASA deposits grew moderate at
9.9% yoy. The CASA ratio for the bank decreased by 89bp qoq to 28.0%. The
NIM for the bank decreased sequentially by 34bp to 2.3%. During 4QFY2014,
the non-interest income (excluding treasury) grew strong by 70.7% yoy to `261cr.
Overall, non-interest income for the bank grew by 15.7% yoy to `272cr. The bank
continued to witness asset quality pressures, as slippages spiked sequentially at
`1,026cr (annualized slippage rate of 6.2%), compared to `507cr in 3QFY2014
(annualized slippage rate of 3.1%). Recoveries and upgrades came in lower at
`247cr as compared to `312cr in 3QFY2014. ARC sale during the quarter stood
at `535cr (`236cr realized). The PCR (incl. technical write-offs) dipped by 784bp
sequentially to 56.4%. As of 4QFY2014, the bank’s outstanding restructured book
stood at ~`7,637cr (as compared to `7,043cr in 3QFY2014). The restructuring
pipeline for the bank stands at `300cr for 1QFY2015.
Outlook and valuation: Dena Bank has a structurally strong CASA franchise (with
a majority of its branches being in rural and semi-urban areas of CASA rich
western India), aiding a better NIM than peers. The bank has witnessed a marked
decline in its CASA ratio from 34.5% as of 4QFY2012 to 28.0% as of 4QFY2014,
which can be attributed to a) muted performance on CASA deposits front (CAGR
of 7.7%) and b) healthy traction witnessed in term deposits (CAGR of 25.1%)
required to fuel its aggressive loan book growth. Bank has aggressively grown its
loan book over the past couple of years. At CMP stock trades at 0.7x FY2016E
P/ABV. We recommend an Accumulate rating on the stock.
Key financials (standalone)
Y/E March (` cr) FY2013 FY2014 FY2015E FY2016E
NII 2,383 2,505 2,814 3,109
% chg 13.4 5.1 12.3 10.5
Net profit 810 552 619 826
% chg 0.9 (31.9) 12.2 33.4
NIM (%) 2.4 2.2 2.2 2.2
EPS (`) 23.1 10.3 11.5 15.4
P/E (x) 3.6 8.2 7.3 5.5
P/ABV (x) 0.6 0.8 0.7 0.7
RoA (%) 0.8 0.5 0.5 0.6
RoE (%) 17.6 9.9 9.5 11.6
Source: Company, Angel Research; Note: CMP as of May 23, 2013
ACCUMULATE
CMP `84
Target Price `94
Investment Period 12 Months

Stock Info

Sector Banks
Market Cap (` cr) 4,502
Beta 1.5
52 Week High / Low 90/42
Avg. Daily Volume 466,272
Face Value (`) 10
BSE Sensex 24,693
Nifty 7,367
Reuters Code DENA.BO
Bloomberg Code DBNK@IN

Shareholding Pattern (%)

Promoters 58.0
MF / Banks / Indian
Fls
17.0
FII / NRIs / OCBs 7.7
Indian Public / Others

17.3
Abs. (%) 3m 1yr 3yr
Sensex 20.2 25.5 37.1
DBNK 61.3 (4.0) (4.0)













Vaibhav Agrawal
022 – 3935 7800 Ext: 6808
vaibhav.agrawal@angelbroking.com

Harshal Patkar
022 – 3935 7800 Ext: 6847
harshal.patkar@angelbroking.com
Dena Bank
Performance Highlights
4QFY2014 Result Update | Banking
May 24, 2014




Dena Bank | 4QFY2014 Result Update

May 24, 2014
2
Exhibit 1: 4QFY2014 performance (standalone)
Particulars (` cr) 4QFY14 3QFY14 % chg (qoq) 4QFY13 % chg (yoy) FY2014 FY2013 % chg (yoy)
Interest earned 2,594 2,534 2.4 2,304 12.6 9,978 8,899 12.1
- on Advances / Bills 1,922 1,848 4.0 1,737 10.7 7,353 6,819 7.8
- on investments 662 654 1.4 557 19.0 2,557 2,019 26.6
- on balance with RBI & others 5 3 105.0 8 (37.3) 26 31 (14.6)
- on others 5 30 (83.9) 3 83.9 42 30 40.0
Interest Expended 1,980 1,873 5.7 1,742 13.6 7,473 6,516 14.7
Net Interest Income 614 661 (7.1) 562 9.3 2,505 2,383 5.1
Other income 272 129 111.2 235 15.7 917 655 39.9
Other income excl. treasury 261 123 111.7 153 70.7 632 503 25.7
- Fee Income 97 72 34.6 83 17.3 298 282 5.7
- Treasury Income 12 6 101.0 83 (85.7) 285 153 86.6
- Recov. from written off a/cs 117 17 572.1 16 613.3 158 44 259.9
Operating income 887 790 12.3 797 11.2 3,422 3,039 12.6
Operating expenses 439 419 4.7 397 10.7 1,648 1,300 26.8
- Employee expenses 260 255 1.7 248 4.5 1,005 792 26.9
- Other Opex 179 164 9.5 148 21.0 643 508 26.6
Pre-provision Profit 448 371 20.8 401 11.7 1,774 1,739 2.0
Provisions & Contingencies 570 382 49.1 342 66.8 1,516 706 114.6
- Provisions for NPAs 335 124 169.6 143 134.6 733 373 96.4
- Provisions for Investments 130 124 4.4 98 32.6 338 54 530.5
- Other Provisions 105 134 (21.4) 101 3.9 445 279 59.1
PBT (123) (12) 948.9 59 (308.5) 258 1,032 (75.0)
Provision for Tax (310) (79) 289.9 (67) 363.5 (294) 222 (232.3)
PAT 187 68 176.2 126 49.0 552 810 (31.9)
Effective Tax Rate (%) 252.7 680.0 - (113.7) 36642bp (113.9) 21.5 -
Source: Company, Angel Research

Exhibit 2: 4QFY2014 – Actual vs. Angel estimates
Particulars (` cr) Actual Estimates % chg
Net interest income 614 675 (9.0)
Non-interest income 272 181 50.2
Operating income 887 857 3.5
Operating expenses 439 444 (1.0)
Pre-prov. profit 448 413 8.4
Provisions & cont. 570 303 88.5
PBT (123) 111 (210.8)
Prov. for taxes (310) 21 (1,601.3)
PAT 187 90 108.1
Source: Company, Angel Research






Dena Bank | 4QFY2014 Result Update

May 24, 2014
3
Exhibit 3: 4QFY2014 performance analysis (standalone)
Particulars 4QFY14 3QFY14 % chg (qoq) 4QFY13 % chg (yoy)
Balance sheet

Advances (` cr) 77,554 69,895 11.0 65,781 17.9
Deposits (` cr) 110,028 96,081 14.5 97,207 13.2
Credit-to-Deposit Ratio (%) 70.5 72.7 (226)bp 67.7 281bp
Current deposits (` cr) 6,673 5,786 15.3 6,755 (1.2)
Savings deposits (` cr) 24,142 21,983 9.8 21,283 13.4
CASA deposits (` cr) 30,816 27,769 11.0 28,038 9.9
CASA ratio (%) 28.0 28.9 (89)bp 28.8 (84)bp
CAR (%)* 11.1 10.6 53bp 10.5 67bp
Tier 1 CAR (%)* 7.6 7.3 32bp 7.0 67bp
Profitability Ratios (%)

Cost of deposits 7.6 7.6 (6)bp 7.7 (12)bp
Yield on advances 11.0 11.5 (48)bp 11.3 (36)bp
Reported NIM 2.3 2.7 (34)bp 2.5 (14)bp
Cost-to-income ratio 49.5 53.1 (355)bp 49.7 (23)bp
Asset quality

Gross NPAs (` cr) 2,616 2,066 26.6 1,452 80.1
Gross NPAs (%) 3.3 3.0 37bp 2.2 114bp
Net NPAs (` cr) 1,819 1,379 31.9 917 98.3
Net NPAs (%) 2.4 2.0 35bp 1.4 96bp
Provision Coverage Ratio (%) 56.4 63.9 (748)bp 69.6 (1314)bp
Slippage ratio (%) 6.2 3.1 316bp 2.8 341bp
Loan loss prov. to avg. assets (%) 1.2 0.5 71bp 0.5 68bp
Source: Company, Angel Research, * Basel III
Business growth picks up; NIM decreases qoq
During 4QFY2014, the bank’s advance book grew at a healthy pace of
17.9% yoy, while deposits grew moderate at 13.2% yoy. Healthy loan growth was
primarily aided by strong growth in the agriculture segment which rose by 30.1%
and healthy growth in the MSME segment which grew by 23.8% yoy. Retail
advances grew strong at 25.7% yoy.
CASA deposits grew moderate at 9.9% yoy as current deposits de-grew by 1.2%
yoy, while savings deposits grew moderate at 13.4% yoy. The CASA ratio for the
bank decreased by 89bp qoq to 28.0%. Going forward, the Management has
guided for a business growth of 20% for FY2015.
Cost of deposits decreased 6bp qoq to 7.6% while yield on advances decreased
48bp qoq to 11.0% largely on interest reversal. Yield on investments decreased
3bp qoq to 7.5%. Overall, the NIM decreased sequentially by 34bp at 2.3%.




Dena Bank | 4QFY2014 Result Update

May 24, 2014
4
Exhibit 4: Business growth healthy
Source: Company, Angel Research
Exhibit 5: CASA growth moderate
Source: Company, Angel Research

Exhibit 6: Yield on Advances falls 48bp qoq....
Source: Company, Angel Research
Exhibit 7: ......NIM decreases by 34bp qoq
Source: Company, Angel Research
Non-interest income (excl. treasury) registers strong growth
During 4QFY2014, the non-interest income (excluding treasury) grew strong by
70.7% yoy to `261cr. Fee income grew healthy at 17.3% yoy to `97cr. Forex
income came in much lower at `16cr as compared with `27cr in 4QFY2013.
Recoveries from written off accounts came in higher at `117cr as compared to
`16cr in 4QFY2013. Treasury income came at `12cr as compared to `83cr in
4QFY2013. The overall non-interest income for the bank grew by 15.7% yoy to
`272cr.
Asset quality witnesses significant pressures
The bank continued to witness asset quality pressures as slippages spiked
sequentially at `1,026cr (annualized slippage rate of 6.2%), compared to `507cr
in 3QFY2014 (annualized slippage rate of 3.1%). Recoveries and upgrades came
in higher at `247cr as compared to `312cr in 3QFY2014. Elevated slippages but
healthy recoveries and upgrades restricted absolute increase in GNPA by 26.6%
sequentially. The bank has a healthy upgrades pipeline of `400cr for 1QFY2015.
ARC sale during the quarter stood at `535cr (`236cr realized). The Gross NPA
ratio as of 4QFY2014 stands at 3.3% (3.0% in 3QFY2014), while the net NPA
ratio stands at 2.4% (2.0% in 3QFY2014). The PCR (incl. technical write-offs)
dipped by 784bp sequentially to 56.4%.
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-
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4QFY13 1QFY14 2QFY14 3QFY14 4QFY14
Adv. yoy chg (%) Dep. yoy chg (%) CDR (%, RHS)
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4QFY13 1QFY14 2QFY14 3QFY14 4QFY14
CASA ratio CASA yoy growth (%, RHS)
11.33 11.34
11.44 11.45
10.97
10.00
10.20
10.40
10.60
10.80
11.00
11.20
11.40
11.60
4QFY13 1QFY14 2QFY14 3QFY14 4QFY14
(%)
2.46
2.55
2.57
2.66
2.32
2.10
2.20
2.30
2.40
2.50
2.60
2.70
4QFY13 1QFY14 2QFY14 3QFY14 4QFY14
(%)



Dena Bank | 4QFY2014 Result Update

May 24, 2014
5
As of 4QFY2014, the bank’s outstanding restructured book stood at ~`7,637cr
(as compared to `7,043cr in 3QFY2014). The restructuring pipeline for the bank
stands at `300cr for 1QFY2015. Going forward, the Management plans to
achieve a Gross NPA ratio below 3.0% for FY2015.
Exhibit 8: Slippage ratio rose significantly
Source: Company, Angel Research
Exhibit 9: NPA ratios higher sequentially
Source: Company, Angel Research

Exhibit 10: Cost ratios rise yoy
Source: Company, Angel Research
Exhibit 11: Steady network expansion continues
Source: Company, Angel Research





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Slippages (%) Credit cost (%, RHS)
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4QFY13 1QFY14 2QFY14 3QFY14 4QFY14
Gross NPAs (%) Net NPAs (%) PCR (%, RHS)
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4QFY13 1QFY14 2QFY14 3QFY14 4QFY14
Cost-to-income ratio (%) Opex to average assets (%, RHS)
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1,600
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4QFY13 1QFY14 2QFY14 3QFY14 4QFY14
Branches ATMs (RHS)



Dena Bank | 4QFY2014 Result Update

May 24, 2014
6
Outlook and valuation
Dena Bank has a structurally strong CASA franchise (with a majority of its branches
being in rural and semi-urban areas of CASA rich western India), aiding a better
NIM than peers. The bank has witnessed a marked decline in its CASA ratio from
34.5% as of 4QFY2012 to 28.0% as of 4QFY2014, which can be attributed to
a) muted performance on CASA deposits front (CAGR of 7.7%) and b) healthy
traction witnessed in term deposits (CAGR of 25.1%) required to fuel its aggressive
loan book growth.
Despite challenging macro fundamentals, the bank has aggressively grown its loan
book over the last couple of years. We are cautious on the bank’s asset quality
performance. We recommend an Accumulate rating on the stock.
Exhibit 12: Key assumptions
Particulars (%)
Earlier estimates Revised estimates
FY2015E FY2016E FY2015E FY2016E
Credit growth 13.0 13.0 13.0 13.0
Deposit growth 10.0 10.0 10.0 10.0
CASA ratio 30.3 31.2 28.8 29.6
NIM 2.4 2.4 2.2 2.2
Other income growth (20.2) 11.4 (16.1) 11.4
Growth in staff expenses 2.5 5.0 5.0 5.0
Growth in other expenses 2.5 5.0 5.0 5.0
Slippages 2.3 2.1 2.3 2.1
Coverage ratio 67.5 70.0 60.0 62.5
Source: Angel Research

Exhibit 13: Change in estimates
Particulars (` cr)
FY2015E FY2016E
Earlier
estimates
Revised
estimates
Var. (%)
Earlier
estimates
Revised
estimates
Var. (%)
NII 2,879 2,814 (2.2) 3,138 3,109 (0.9)
Non-interest income 659 769 16.6 734 857 16.6
Operating income 3,538 3,583 1.3 3,873 3,966 2.4
Operating expenses 1,694 1,730 2.2 1,778 1,817 2.2
Pre-prov. profit 1,844 1,852 0.5 2,094 2,149 2.6
Provisions & cont. 1,001 993 (0.8) 977 935 (4.3)
PBT 843 860 1.9 1,117 1,215 8.7
Prov. for taxes 253 241 (4.8) 363 389 7.0
PAT 590 619 4.9 754 826 9.5
Source: Angel Research







Dena Bank | 4QFY2014 Result Update

May 24, 2014
7
Exhibit 14: P/ABV Band
Source: Company, Angel Research

Exhibit 15: Recommendation summary
Company Reco.
CMP
(`)
Tgt. price
(`)
Upside
(%)
FY2016E
P/ABV (x)
FY2016E
Tgt. P/ABV (x)
FY2016E
P/E (x)
FY2014-16E
EPS CAGR (%)
FY2016E
RoA (%)
FY2016E
RoE (%)
HDFCBk Neutral 790 - - 3.2 - 14.2 25.2 2.0 23.4
ICICIBk* Buy 1,461 1,797 23.0 1.9 2.4 12.2 18.6 1.6 16.0
YesBk Buy 564 666 18.0 1.9 2.3 9.1 17.8 1.5 23.4
AxisBk Buy 1,865 2,300 23.3 1.7 2.2 10.2 17.5 1.7 18.2
J&KBk Accumulate 1,873 2,003 7.0 1.2 1.3 6.5 7.1 1.5 19.1
SBI* Neutral 2,755 - - 1.6 - 11.1 32.4 0.8 14.0
FedBk Neutral 127 - - 1.3 - 10.4 11.6 1.1 13.0
SIB Buy 28 36 30.3 0.9 1.2 5.7 13.4 0.9 16.7
BOB Neutral 955 - - 1.0 - 7.0 13.8 0.7 13.9
PNB Accumulate 1,035 1,135 9.6 0.9 1.0 6.5 31.3 0.8 14.2
UcoBk Neutral 111 - - 0.8 - 5.1 8.3 0.7 16.1
BOI Buy 345 413 19.7 0.7 0.9 5.5 21.6 0.6 12.2
UnionBk Buy 228 264 15.7 0.7 0.9 5.4 22.4 0.6 12.9
CanBk Accumulate 470 528 12.4 0.7 0.8 6.3 19.0 0.6 11.0
IDBI# Accumulate 95 107 12.0 0.6 0.7 7.2 37.0 0.5 8.7
DenaBk Accumulate 84 94 12.1 0.7 0.8 5.5 22.4 0.6 11.6
Source: Company, Angel Research; Note:*Target multiples=SOTP Target Price/ABV (including subsidiaries),
#
Without adjusting for SASF

Company Background
Dena Bank is a mid-sized PSU bank, with a balance-sheet size of around `1.1 lakh
cr. The bank has a network of 1,633 branches and 1421 ATMs. The bank's
branches are mainly concentrated in the rural and semi-urban areas (~59% of
overall branches) and has a major presence in the state of Gujarat.






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Dena Bank | 4QFY2014 Result Update

May 24, 2014
8
Income statement (standalone)
Y/E March (` cr) FY11 FY12 FY13 FY14 FY15E FY16E
NII 1,763 2,101 2,383 2,505 2,814 3,109
- YoY Growth (%) 60.3 19.1 13.4 5.1 12.3 10.5
Other Income 534 582 655 917 769 857
- YoY Growth (%) (9.3) 9.1 12.6 39.9 (16.1) 11.4
Operating Income 2,297 2,683 3,039 3,422 3,583 3,966
- YoY Growth (%) 36.0 16.8 13.2 12.6 4.7 10.7
Operating Expenses 1,073 1,155 1,300 1,648 1,730 1,817
- YoY Growth (%) 26.6 7.6 12.6 26.8 5.0 5.0
Pre - Provision Profit 1,224 1,528 1,739 1,774 1,852 2,149
- YoY Growth (%) 45.6 24.9 13.8 2.0 4.4 16.0
Prov. & Cont. 326 563 706 1,516 993 935
- YoY Growth (%) 111.7 72.8 25.6 114.6 (34.5) (5.8)
Profit Before Tax 898 966 1,032 258 860 1,215
- YoY Growth (%) 30.8 7.5 6.9 (75.0) 233.3 41.3
Prov. for Taxation 287 163 222 (294) 241 389
- as a % of PBT 31.9 16.9 21.5 (113.9) 28.0 32.0
PAT 612 803 810 552 619 826
- YoY Growth (%) 19.6 31.3 0.9 (31.9) 12.2 33.4



Balance sheet (standalone)
Y/E March (` cr) FY11 FY12 FY13 FY14 FY15E FY16E
Share Capital 333 350 350 538 538 538
Reserve & Surplus 3,323 4,127 5,414 6,605 7,099 7,768
Deposits 64,210 77,167 97,207 110,028 121,030 133,134
Growth (%) 25.1 20.2 26.0 13.2 10.0 10.0
Borrowings 176 2,365 6,048 2,854 3,122 3,427
Tier 2 Capital 1,516 1,516 2,366 2,307 2,249 2,193
Other Liab. & Prov. 1,281 1,863 2,056 2,532 2,565 2,866
Total Liabilities 70,838 87,388 113,440 124,863 136,603 149,925
Cash balances 4,721 5,195 8,644 6,244 6,052 6,657
Bank balances 687 356 1,177 129 1,366 1,499
Investments 18,769 23,028 34,343 36,612 36,856 37,629
Advances 44,828 56,693 65,781 77,554 87,636 99,028
Growth (%) 26.4 26.5 16.0 17.9 13.0 13.0
Fixed Assets 404 407 1,112 1,145 1,215 1,293
Other Assets 1,429 1,710 2,383 3,180 3,479 3,818
Total Assets 70,838 87,388 113,440 124,863 136,603 149,925
Growth (%) 23.0 23.4 29.8 10.1 9.4 9.8








Dena Bank | 4QFY2014 Result Update

May 24, 2014
9
Ratio Analysis (standalone)
Y/E March FY11 FY12 FY13 FY14 FY15E FY16E
NIMs 2.8 2.7 2.4 2.2 2.2 2.2
Cost to Income Ratio 46.7 43.0 42.8 48.2 48.3 45.8
RoA 1.0 1.0 0.8 0.5 0.5 0.6
RoE 20.9 20.7 17.6 9.9 9.5 11.6
B/S ratios (%)

CASA Ratio 35.5 34.6 29.0 28.0 28.8 29.6
Credit/Deposit Ratio 69.8 73.5 67.7 70.5 72.4 74.4
CAR 13.4 11.5 11.0 12.0 11.6 11.3
- Tier I 9.8 8.9 7.3 8.5 8.4 8.4
Asset Quality (%)

Gross NPAs 1.9 1.7 2.2 3.3 4.0 4.4
Net NPAs 1.2 1.0 1.4 2.3 2.3 2.2
Slippages 2.1 1.6 2.0 3.6 2.3 2.1
Loan Loss Prov./Avg. Assets 0.4 0.3 0.4 0.6 0.6 0.5
Provision Coverage 74.6 75.5 69.6 56.4 60.0 62.5
Per Share Data (`)

EPS 18.3 22.9 23.1 10.3 11.5 15.4
ABVPS 103.5 122.6 135.6 102.5 112.2 125.2
DPS 2.2 3.0 4.7 2.2 2.0 2.5
Valuation Ratios

PER (x) 4.6 3.6 3.6 8.2 7.3 5.5
P/ABVPS (x) 0.8 0.7 0.6 0.8 0.7 0.7
Dividend Yield 2.6 3.6 5.6 2.6 2.4 3.0
DuPont Analysis (%)

NII 2.7 2.7 2.4 2.1 2.2 2.2
(-) Prov. Exp. 0.5 0.7 0.7 1.3 0.8 0.7
Adj. NII 2.2 1.9 1.7 0.8 1.4 1.5
Treasury 0.0 0.0 0.2 0.2 0.1 0.1
Int. Sens. Inc. 2.3 2.0 1.8 1.1 1.4 1.6
Other Inc. 0.8 0.7 0.5 0.5 0.5 0.5
Op. Inc. 3.1 2.7 2.3 1.6 2.0 2.1
Opex 1.7 1.5 1.3 1.4 1.3 1.3
PBT 1.4 1.2 1.0 0.2 0.7 0.8
Taxes 0.4 0.2 0.2 (0.2) 0.2 0.3
RoA 1.0 1.0 0.8 0.5 0.5 0.6
Leverage (x) 21.9 20.4 21.8 21.3 20.0 20.1
RoE 20.9 20.7 17.6 9.9 9.5 11.6







Dena Bank | 4QFY2014 Result Update

May 24, 2014
10



Research Team Tel: 022 - 39357800 E-mail: research@angelbroking.com Website: www.angelbroking.com

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Disclosure of Interest Statement Dena Bank
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