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Contents
1) An in-depth look at PSU banks................................................................................................................................................. 3
Key macro trends ............................................................................................................................................................... 3
Corporate capex on a comeback trail................................................................................................................................. 3
Expect net interest margins (NIMs) to expand .................................................................................................................... 5
Credit cost outlook ............................................................................................................................................................. 5
DuPont Decomposition of ROE for PSU banks................................................................................................................... 6
Structural variation in the ROE of our PSU bank universe .................................................................................................. 9
Valuation and pecking order............................................................................................................................................. 12
2) Company updates.................................................................................................................................................................... 13
Bank of Baroda ................................................................................................................................................................ 14
Punjab National Bank....................................................................................................................................................... 17
Union Bank of India.......................................................................................................................................................... 20
State Bank of India........................................................................................................................................................... 23
Bank of India .................................................................................................................................................................... 25
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