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					                                                                                             Regd off: P. B. No. 88, Mangaladevi Temple Road, Mangalore - 575 001
CORPORATION BANK                                                                             E-Mail:    isd@corpbank.co.in
                                                                                             Web site: www.corpbank.in
                                                                                             Telephone: (0824) 242 6416 / 20 Fax: (0824) 242 3853
BANKING                                                                  GOVERNMENT          Tr agent: Karvy Computershare, Plot 17-24, Vithalrao Nagar, Madhapur, Hyd. - 81
Chairman: J. M. Garg                                                           SEC: S. K. Dash                                            AUD: Jain Chopra & Co.
Yr of Inc   B. Code      BL. Code     F.V.         Price        % ch 1-m       % ch 12-m       P/E       P/CF           Yield           Mkt cap                Vol.             ISIN
 1906   532179           CRPBK:IN     10           390.1          13.1            34.5         4.0          6.2          3.2            55,955.9               15.9        INE112A01015
SHAREHOLDING                                                     FX Transaction (FY09)                              ADJUSTED DAILY SHARE PRICE DATA
Indian Promoters           : 57.2%               Exports (fob)          Rs m        0                (Rs)
Foreign collaborators      :  0.0%               Imports (cif)          Rs m        0
Indian inst/Mut Fund       : 34.6%               Fx inflow              Rs m        0          600
FIIs/GDR                   :  3.2%               Fx outflow             Rs m        0                                                                           DAILY
Free float                 :  5.0%               Net fx                 Rs m        0
Shareholders               : 33,276                                                                                                                             100 DMA
                                                                                               475
                           No. of months                  12            12            12
                             Year ending            31/03/07      31/03/08      31/03/09
EQUITY SHARE DATA
                                                                                               350
High                                  Rs                 428            472           353
Low                                   Rs                 208            237           158
Income per share                      Rs               234.8          314.9         423.0
Earnings per share                    Rs                36.0           52.3          62.8      225
Cash flow per share                   Rs                90.7          124.8         138.3
Dividends per share                   Rs                9.00          10.50         12.50
Avg Dividend yield                    %                  2.8            3.0           4.9
                                                                                               100
Book value per share                  Rs               265.2          298.6         344.6
Shares outstanding (eoy)              m              143.44         143.44        143.44        Aug-06              Jun-07             Feb-08              Nov-08               Aug-09
Bonus/Rights/Conversions                                    -              -             -
Avg Price / Income ratio              x                   1.4            1.1           0.6                                No. of months                  12            12             12
Avg P/E ratio                         x                   8.8            6.8           4.1                                  Year ending            31/03/07      31/03/08       31/03/09
                                                                                              CASH FLOW
Avg P/CF ratio                        x                   5.4            5.5           2.8
Avg Price/Bookvalue ratio             x                  1.2             1.2           0.7    From Operations                           Rs   m      28,376            24,067      41,520
Dividend payout                       %                 25.0           20.1          19.9     From Investments                          Rs   m        -845              -506        -872
Avg Mkt Cap                           Rs m            45,614         50,849        36,649     From Financial Activity                   Rs   m      -1,227            -1,594      -1,821
No. of employees                      `000                12             12            12     Net Cashflow                              Rs   m      26,303            21,967      38,827
Total wages & salary                  Rs m             3,785          4,280         4,681
Avg. income/employee                  Rs Th          2,834.6        3,760.4       4,867.5                                       INTERIM RESULTS
Avg. wages/employee                   Rs Th            318.6          356.3         375.5                                           2QFY09  3QFY09                4QFY09         1QFY10
Avg. net profit/employee              Rs Th            434.5          624.8         722.3     Operating income             Rs   m    14,488  16,235                17,064         17,422
                                                                                              Gross Profit                 Rs   m     4,067   4,780                 4,283          4,675
INCOME DATA                                                                                   Gross profit margin          %           28.1     29.4                 25.1           26.8
Interest income                       Rs     m        33,675        45,166        60,673      Net profit                   Rs   m     1,915   2,565                 2,605          2,612
Other income                          Rs     m         6,353         7,012        11,105      Net profit margin            %           13.2     15.8                 15.3           15.0
Interest expense                      Rs     m        20,545        30,631        43,710
Net interest income                   Rs     m        13,130        14,535        16,963                                            KEY DATA
Operating expense                     Rs     m         8,045         8,923        10,019      Parameters                          Unit                FY07             FY08        FY09
Gross profit                          Rs     m         5,085         5,612         6,944      Branches                            nos.                  901              981       1,054
Gross profit margin                   %                 15.1          12.4          11.4      Employees                           nos.               11,880           12,011      12,465
Provisions/contingencies              Rs     m         3,235         1,825         4,120      Business / branch                   Rs m                  685              779       1,162
Profit before tax                     Rs     m         8,207        10,808        13,938      Profit / employee                   Rs m                   0.4              0.6         0.7
Extraordinary Inc (Exp)               Rs     m             0             0             0      NIM                                 %                      3.2              2.7         2.4
Minority Interest                     Rs     m             0             0             0
                                                                                                                                       NOTES
Prior Period Items                    Rs     m             0             0             0
Tax                                   Rs     m         3,045         3,304         4,935     Construed as one of the best managed PSU banks in India with a relatively clean
Profit after tax                      Rs     m         5,162         7,504         9,003     balance sheet and impressive track record, Corporation Bank (with 1.7% share of the
                                                                                             total non-food credit and 2.4% share of the total deposits in the banking sector in
Net profit margin                     %                 15.3          16.6          14.8
                                                                                             FY09) has been able to sustain its high margins and capital adequacy over the years.
BALANCE SHEET DATA
                                                                                             Shy of possible slippages in the retail segment, particularly mortgages that the bank
Advances                              Rs     m      299,497        391,856       485,122     had encountered earlier, Corporation Bank grew its advance book by 24% YoY in
Deposits                              Rs     m      422,266        553,105       739,266     FY09, largely relying on the incremental offtakes to the large corporates. The bank
Credit/Deposit ratio                  x                70.9           70.8          65.6     has witnessed a drop in NIMs (2.4% in FY09 from 2.7% in FY08) partially due to the
Yield on advances                     %                  7.9            8.2           9.0    write-off of interest charged on agricultural loans that are subject to waiver.
Cost of deposits                      %                  4.5            5.2           5.5    Corporation Bank's cost to income ratio fell from 42% in FY08 to 36% in FY09. This
Net Interest Margin                   %                  3.2            2.7           2.4    was despite the fact that the bank had increased its employee base and added 73
Net fixed assets                      Rs     m        2,814          2,720         2,990     branches to its franchise in the past 12 months. Going forward, over the next 5 years,
Share capital                         Rs     m        1,434          1,434         1,434     the bank is planning to add 700 braches a year that may entail higher costs. A large
Free reserves                         Rs     m       24,517         26,655        26,659     part of the cost curtailment is due to the bank's financial inclusion initiative in the rural
                                                                                             areas through use of biometric cards. Corporation Bank has pioneered the effort in
Net worth                             Rs     m       38,047         42,832        49,423
                                                                                             setting up branchless banking units and introduced the same in 411 villages until the
Borrowings                            Rs     m       18,296          7,335        20,724
                                                                                             end of March 2009 as against the target of 400 villages.
Investments                           Rs     m      143,207        172,631       249,147
Total assets                          Rs     m      526,300        665,421       868,926     With CAR at 13.7% at the end of March 2009, Corporation Bank stands well
Debt/equity ratio                     x                11.6           13.1          15.4     capitalized. Although it outperformed our growth estimates in FY09, erosion of
Return on assets                      %                  1.0            1.1           1.0    margins due to the higher cost of deposits remain a concern. Having said that,
Return on equity                      %                13.6           17.5          18.2     investors should not discount the fact the bank continues to enjoy one of the asset
Capital adequacy ratio                %                13.2           12.5          13.7     qualities and capital adequacy ratios amongst PSU banks.
Net NPAs                              %                  0.5            0.3           0.3


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posted:11/6/2010
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