Corporate Presentation. February 2015

Transcription

1 Corporate Presentation February 2015

2 Disclaimer This document does not constitute or form part of and should not be construed as an offer to sell or issue or the solicitation of an offer to buy or acquire securities of Union Bank of India (the Bank ) or any of its subsidiaries or affiliates in any jurisdiction or as an inducement to enter into investment activity. No part of this document, nor the fact of its distribution, should form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. This document is not financial, legal, tax or other product advice. This document has been prepared by the Bank based on information available to them for use at a non-deal road show presentation by the Bank for selected recipients for information purposes only and does not constitute a recommendation regarding any securities of the Bank. The information has not been independently verified. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein. None of the Bank or any of its affiliates, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with the document. The statements contained in this document speak only as at the date as of which they are made, and the Bank expressly disclaims any obligation or undertaking to supplement, amend or disseminate any updates or revisions to any statements contained herein to reflect any change in events, conditions or circumstances on which any such statements are based. By preparing this presentation, none of the Bank, its management, and their respective advisers undertakes any obligation to provide the recipient with access to any additional information or to update this presentation or any additional information or to correct any inaccuracies in any such information which may become apparent. This presentation is not an offer of securities for sale in the United States or any other jurisdiction. Securities may not be offered or sold in the United States absent registration or an exemption from registration. This presentation contains forward-looking statements based on the currently held beliefs and assumptions of the management of the Bank, which are expressed in good faith and, in their opinion, reasonable. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, financial condition, performance, or achievements of the Bank or industry results, to differ materially from the results, financial condition, performance or achievements expressed or implied by such forward-looking statements. Given these risks, uncertainties and other factors, recipients of this document are cautioned not to place undue reliance on these forward-looking statements. 2

3 Table of Contents #1 India Macroeconomic & Banking Sector Overview #2 Company Overview #3 Strategy Going Forward #4 Key Financials #5 Appendix 3

4 India Macroeconomic & Banking Sector Overview

5 -3.0% -1.0% (%) (%) 0.6% 0.1% 0.3% 1.5% 1.4% 2.1% 2.5% 0.1% 0.6% 0.8% 2.6% 2.7% 2.4% 5.8% 6.3% 6.5% 7.4% 6.8% 6.3% US China India Japan Germany Russia Brazil S. Korea Indonesia S. Africa 4.4% 11.8% 9.3% 12.0% 10.5% 11.7% 11.0% 10.1% 10.0% 8.9% 9.2% 5.5% (US$ tn) (%) 41.1% 44.2% India Macroeconomic Overview Indian GDP expected to rebound, supported by strong demographic profile India: 3rd Largest Economy by GDP 1 (PPP) Supported by Improving Demographic Mix 2 % of Total Population % 40.0% 30.0% 20.0% 10.0% 0.0% Working age population is now 63.4%, against 61.1% in 2001 Median age of 26.9 years in 2011 against 27.7 in Yrs 5-9 Yrs Yrs Yrs Yrs Yrs Yrs in 2001 in 2011 High Historical Growth Rates India GDP Expected to Increase Steadily, and Continue the Strong Momentum % 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% -2.0% -4.0% Real GDP at Market Prices Growth Y-o-Y (%) 3 9.3% 9.3% 9.8% 3.6% 4.1% 3.9% FY06 / CY05 FY07 / CY06 3.9% 1.5% FY08 / FY09 / CY07 CY08 India GDP Growth 8.5% 10.3% 4.1% 6.6% -2.1% FY10 / FY11 / FY12 / CY09 CY10 CY11 Global GDP Growth 4.7% 5.0% 2.8% 2.3% 2.2% FY13 / CY12 FY14 / CY13 Source: 1. World Bank 2. India Census 2011; 3. Central Statistical Organisation, World Bank data, 4. IMF World Economic Outlook, October As of CY13, 3. Fiscal year ending March 31 for India growth corresponds to calendar year ending December 31 for Global growth i.e. FY06 corresponds to CY05, 4. For India, data is for FY15E, FY16E and FY17E, for others it is as per calendar year % 8.0% 6.0% 4.0% 2.0% 0.0% -2.0% -4.0% -6.0% India * China Russia Brazil S. Africa United 2014E 2015E 2016E Kingdom Japan

6 Russia Brazil France S. Africa Malaysia China Indonesia India # ATMs per 100,000 people (%) US Malaysia China Brazil S. Africa Russia India Indonesia Brazil France Russia US India S. Africa Indonesia 19.6% (%) 35.2% 88.0% 66.2% 63.8% 55.9% 53.6% 48.2% Commercial Bank Branches per 100,000 Adults India Macroeconomic Overview 100% 80% 60% 40% 20% 0% Percentage of Banked customers 1 Significant unbanked and under-banked segment in Indian Banking Significant Growth Opportunity (Domestic credit as % of GDP CY13) 2 Low Branch Penetration Low ATM Penetration 3 Penetration and Low Life Insurance Density ,474 3, ,000 2,500 1,684 1,392 2, , , China India Brazil Russia US UK Germany Penetration Density (RHS) (USD) Source: 1. World Bank Financial Inclusion Report 2014; 2. World Bank Data for CY2013; 3. World Bank Data for CY2012; 4. IRDA Annual Report

7 Company Overview

8 Brief Overview Overview Union Bank of India (the Bank ) is the 5th largest nationalized bank in India by assets as of December 31, 2014, and one of the leading banks in terms of number of customers (49mn), as of March 31, 2014 Government of India s (the Government ) shareholding at 60.47% as of December 31, 2014 Business divided into four principal areas: corporate banking, retail banking, agricultural lending and MSME banking; also earns revenue from treasury, international banking and other fee income businesses Wide distribution network of 4,031 branches and 6,618 ATMs across the country, and three overseas branches, four representative offices and a foreign subsidiary, as of 31 December 2014 the Bank added 1,016 branches and 3,984 ATMs between April 2011 and December 2014 Strong funding profile and low cost deposit base, with CASA share at 29% of deposits as of December 31, 2014 Standalone Financials INR million FY12 FY13 FY14 9MFY15 Net Interest Income 67,931 75,428 78,794 63,228 Net Profit 17,870 21,578 16,962 13,378 Total Assets 2,622,114 3,121,338 3,537,809 3,717,797 Advances 1,778,820 2,081,022 2,291, 044 2,415,120 Deposits 2,228,689 2,637,616 2,976,756 3,129,121 Shareholder's Equity 146, , , ,919 Total Liabilities 2,622,114 3,121,338 3,537,809 3,717,797 Deposits/Liabilities (%) 85.0% 84.6% 84.1% 84.2% Net Interest Margin (%) 3.2% 3.0% 2.6% 2.5% Cost-to-Income Ratio (%) 43.2% 44.7% 51.2% 52.1% CRAR / Basel III (%) NA NA 10.8% 10.3% Tier 1 Ratio / Basel III (%) NA NA 7.5% 7.3% Net NPA Ratio (%) 1.7% 1.6% 2.3% 3.0% ROAA (%) 0.8% 0.8% 0.5% 0.5% ROE (%) 13.7% 13.7% 10.0% 9.7% Standalone Assets (as on December 31, 2014) Standalone Liabilities (as on December 31, 2014) Cash & Balance with RBI 3.4% Balance with Banks / Monet at Call & Short Notice 2.4% Fixed and Other Assets 2.0% Investments 27.2% Advances 65.0% CASA : Current and Savings Account 8

9 Key Milestones Incorporation of the Bank Management independence granted from Central Bank of India Business reaches INR 500bn Business reaches INR 1,000bn Enters into life insurance business Bank s total business crosses INR 5,000bn 1st nationalized bank to achieve this milestone before centenary year Inauguration of the registered office of the Bank by Mahatma Gandhi Bank nationalized along with 13 other banks IPO of the Bank First large nationalized bank to install CBS throughout its branch network Enters into asset management business Network of more than 4,000 branches & 6,500 ATMs Business: Advances + Deposits Opens 1st overseas branch in Hong Kong Established its first overseas subsidiary in London 9

10 Key Highlights Strong and trusted brand with large and stable customer base Sovereign ownership and experienced management #6 #1 #2 Extensive & specialized distribution network focused on the needs of different business segments Strong technology-enabled operating platform #5 #4 #3 Diversified asset portfolio with increasing focus on RAM segment Strong funding profile and low cost deposit base RAM = Retail, Agriculture and MSME 10

11 #1 Strong and trusted brand with large and stable customer base Ranking of Nationalized Banks* by Assets Award & Recognitions Rank : Winner 2014: Winner 1 Golden Peacock Award for Training Best Payments Initiative 2 Institute of Directors, New Delhi Indian Bank's Association Banking Technology Awards : Runner-up Best Technology Bank of the year Indian Bank's Association Banking Technology Awards 2014: Runner-up Best Risk Management & Security Indian Bank's Association Banking Technology Awards th largest nationalized bank in India by assets 2014: Runner-up Best use of Mobility Technology Indian Bank's Association Banking Technology Awards 2014: Runner-up Best use of Technology in Training & Learning Initiative Indian Bank's Association Banking Technology Awards 2014: Runner-up Best Internet Bank Indian Bank's Association Banking Technology Awards 2014: Winner MSME Banking Excellence Award Chamber of Indian Micro, Small & Medium Enterprises Source: RBI, Bank Reports; *Including banks nationalized in 1969 and

12 #2 Extensive & specialized distribution network focused on the needs of the different business segments Branch Distribution by Urbanization* Metro 18.0% Urban 21.0% Dadra, Nagar Haveli (1) (2) Daman & Diu (1) (2) Chandigarh (10) (20) Punjab (137) (194) Haryana (104) (149) Gujarat (260) (442) Rajasthan (124) (159) Jammu & Kashmir (12) (20) Madhya Pradesh (272) (587) Maharashtra (500) (1,042) Telangana (76) (151) Himachal Pradesh (20) (29) Uttarakhand (82) (151) Delhi (94) (328) Uttar Pradesh (896) (1,139) Bihar (132) (161) Jharkhand (82) (97) Orissa (116) (145) Meghalaya (5) (4) Sikkim (8) (7) Assam (67) (91) West Bengal (168) (264) Arunachal Pradesh (1) (1) Tripura (7) (9) Nagaland (1) (1) Manipur (1) (1) Mizoram (1) (1) Rural 32.0% Semi Urban 29.0% 61% branches in rural/semi-urban markets Branch Distribution by Geography* Goa (15) (39) Kerala (234) (374) Andhra Pradesh (164) (219) Karnataka (154) (332) Tamil Nadu (222) (343) Pondicherry (4) (6) # Domestic Branches* (4,031) # ATMS* (6,618) *Data as of December 31, 2014 Andaman & Nicobar (1) (1) Geographical diversification minimizes regional risks Extensive network across India, which enables the Bank to cater to its large customer base of over 49 mn as of March 31, 2014 Overseas branches in Hong Kong, Dubai and Antwerp, in addition to representative offices in Shanghai, Beijing, Abu Dhabi and Sydney Operates in the UK through its wholly owned subsidiary, Union Bank of India (UK) Ltd. The Bank has 31 extension counters and 47 service branches in addition to its regular bank branches (as of December 31, 2014) 12

13 (mn) 3,201 3,801 3,511 4,603 3,871 4,034 6,429 6,618 (#) (#) #2 Extensive & specialized distribution network focused on the needs of different business segments (Cont d.) Branch & ATM Growth Rural Branches FI Outlets 7,000 6,000 5,000 CAGR ( 12 14) Total Braches: 8.8% ATMs: 22.3% CAGR ( 12-14) Rural Branches: 10.9% Villages Covered: 23.8% 12,000 10,000 8,407 11,141 10,076 10,363 4,000 8,000 3,000 6,000 2,000 4,000 1,000 0 Mar-12 Mar-13 Mar-14 Dec-14 Total Branches ATMs 2,000 0 Mar-12 Mar-13 Mar-14 Dec-14 FI Accounts Opened CASA Deposits from FI Bank added 1,016 branches and 3, ATMs between April 2011 and December 2014 benefits of the platform to accrue over time Extended banking facilities to unbanked and under-banked population through Mobile Van and Kiosk Banking 2 0 FY12 FY13 FY14 9MFY15 Engaged 10,363 Business Correspondents for Financial inclusion activities as of December 31, 2014 FI = Financial Inclusion 13

14 #3 Diversified asset portfolio with increasing focus on RAM segment Corporate Banking Services to corporate customers, including large and medium-sized businesses: Term Loans: for financing acquisitions, construction or improvement of assets and project finance Cash Credit & Other Working Capital Facilities: credit facilities secured by working capital assets Letters of Credit: partially or fully secured facilities Guarantees: generally secured by a counter guaranteeor a fixed or floating charge on the assets Retail Banking Offers a wide variety of retail loans and specialized sector loans Retail loans includes personal loans, home loans, education loans, and automobile loans Credit & Debit Cards: MSME Banking MSME lending is a core focus area of the Bank Offers a range of loans and advances to MSME customers to satisfy their financial needs 700 dedicated business banking branches (BBBs) promoting and providing financial services to MSMEs and 20 Saral centers for speedy appraisal and sanction of MSME loans Working capital loans, capital subsidy and providing guarantees to collateral free loans are some of the other products Agricultural Lending Offers various products and services to the agricultural community to assist rural development Provided through ~2,400 branches located in rural and semi-urban areas Short to medium term financing including crop loans and for other agricultural needs Entered into tie-up arrangements with corporates for financing purchase of livestock for the purpose of milk production RAM = Retail, Agriculture and MSME Treasury & International Banking Offers a range of products and services for corporate and commercial customers Foreign Exchange Operations: undertakes all types of foreign exchange transactions under license from the RBI Export Credit: offers both pre- and postshipment credit to Indian exporters Import Finance: provides various types of credit facilities & other services to importers Bullion Business: the Bank is a leading player in the bullion Market and offers various financial products related to bullion Overseas Operations: The Bank is present in 8 international cities to meet the banking requirements of international & large Indian corporates Other Products and Services Life Insurance: Life Insurance JV (Star Union Daiichi Life Insurance Company Limited) with Bank of India and Dai-ichi Life, in which the Bank owns 26% Asset Management: The Bank offers mutual funds and allied services through its subsidiary Union KBC Asset Management Company Private Limited Other Services: The Bank offers merchant banking services, depository services, online trading services, and safe deposit lockers 14

15 #3 Diversified asset portfolio with increasing focus on RAM segment (Cont d.) Revenue Across Segments Advances Across Segments Retail Loans Across Segments Corporate / Wholesale Banking 44.3% Other Banking Operations 0.9% Treasury Operations 26.0% Retail Banking Operations 28.8% Mortgage (LAP) 16.3% Education 8.1% Personal 3.0% Vehicle 8.4% Other 5.0% Housing 59.2% Over 9 months FY15 As on December 31, 2014; Others include international loans As on December 31, 2014 Increasing Share of RAM in Domestic Advances Focus on RAM segments has led to substantial increase in these segments share of loan advances The Bank believes higher RAM share leads to better risk diversification, efficient capital utilization and improved margins RAM = Retail, Agriculture and MSME 15

16 (mn) (%) (%) #4 Strong funding profile and low-cost deposit base Deposits as % of Total Liabilities Credit / Deposit Ratio CASA Ratio 90% 80% 70% 60% 50% 81.2% 80.3% 78.7% 79.3% 35% 30% 25% 20% 31.3% 31.0% 29.5% 28.7% 40% 30% 20% 10% 15% 10% 5% 0% Mar-12 Mar-13 Mar-14 Dec-14 0% Mar-12 Mar-13 Mar-14 Dec-14 CASA Accounts Opened* Total and CASA Accounts* Mar-12 Mar-13 Mar-14 Dec-14 Strong and growing retail deposit base- growth in new CASA accounts has been significant Well matched funding profile : credit-deposit ratio has remained stable at approximately 80% Total Accounts CASA Accounts *Total and CASA accounts excludes no-frills accounts 16

17 (mn) (mn) ('000) (mn) (INR bn) #5 Strong technology-enabled operating platform Share of Electronic Transactions Card User Base Card Transaction Value Mar-12 Mar-13 Mar-14 Dec-14 0 FY12 FY13 FY14 9MFY15 Internet Banking User Base SMS Banking User Base Mobile Banking User Base Mar-12 Mar-13 Mar-14 Dec Mar-12 Mar-13 Mar-14 Dec-14 0 Mar-12 Mar-13 Mar-14 Dec-14 First large nationalized bank to successfully implement 100% CBS (core banking solution) in 2008 The Bank was winner in one and runner-up in five categories in the Indian Bank s Association s Technology awards in 2014 Significant increase in electronic transactions and card transaction volumes / value in recent years The Bank has witnessed strong growth in internet, SMS and mobile banking user base 17

18 (INR bn) (INR bn) (INR bn) (%) #5 Strong technology-enabled operating platform(cont d.) Income from Alternate Channels Cost-to-Income Ratio (%) % 50.0% 40.0% 30.0% 20.0% 43.2% 44.7% 51.2% 52.1% % 0 FY12 FY13 FY14 9MFY15 0.0% FY12 FY13 FY14 9MFY15 Business per Employee Business per Branch FY12 FY13 FY14 9MFY FY12 FY13 FY14 9MFY15 Strong technology platform has enabled the Bank to maintain cost-to-income ratio, despite ramp-up in branch and ATM network Significant investment in information technology has improved productivity parameters 18

19 #6 Sovereign ownership and experienced management Shareholding Pattern (December 31, 2014) Key Management Personnel The Bank has an experienced management team, with more than 30 years of banking and financial services experience Arun Tiwari Chairman & Managing Director Strong capital support from the Government, with total capital infusion of INR 25.76bn since nationalization in 1969 Over 35 years of banking experience across all key banking segments Also Non-Executive Chairman & Director of Union KBC Asset Management Company Pvt. Ltd. Previously General Manager of Bank of Baroda, before being elevated to Executive Director at Allahabad Bank Previously held director-level positions in AllBank Finance Ltd. and General Insurance Corporation of India Exclusively authorized to service the accounts of 4 Government ministries: Ministry of Labour & Employment, Ministry of Environment & Forest, Ministry of Science & Technology and Ministry of Statistics & Program Implementation Technological capabilities allow the Bank to gain an increasing share of Government business K Subrahmanyam Executive Director Over 30 years of professional banking experience Prior to assuming the post of Executive Director, was General Manager at Indian Overseas Bank Rakesh Sethi Executive Director Over 35 years of diverse banking experience primarily with Bank of India Served overseas, including as the Chief Executive of Bank of India s European operations 19

20 Strategy Going Forward

21 Strategy Going Forward Continue to focus on growth of RAM segments Deepen liability franchise for enhancing low cost deposit Identified growing its RAM business as a priority business initiative, as it will offer large and potentially profitable growth opportunities Within retail, the focus is on mortgage-based retail products, to reduce the risk associated with loans having less or no collateral Further expand its MSME banking activities by establishing more MSME branches and loan processing centers ( Saral Centers ) Leveraging its presence in rural and semi-urban centres, the Bank intends to maintain and enhance its position as one of the leading banks for agricultural lending Extensive distribution network and wide geographic presence has led to a stable CASA deposit base The Bank intends to continue leveraging its expanding network to tap additional CASA accounts Marketing to corporates and Government agencies to handle their CASA accounts Government s Direct Benefits Transfer program will also provide opportunities to increase its CASA Focus on capital optimization and operational efficiencies Continue to endeavor to improve the Bank s organizational structure to develop and optimize its business opportunities more effectively such as Better utilization of branch space and personnel to enhance customer service Improve marketing and sales by centralizing back office support Optimization of capital usage through stable growth combined with efforts to effectively manage NPAs Focus on enhancement of NPA recovery, diversifying its loan portfolio and implementing credit risk management initiatives Continue to leverage significant investments in technology to improve operational efficiencies, and increase focus on digital banking offerings and analytics Continue to strengthen risk management capabilities Continuously strengthening its risk management and internal control capabilities by improving policies and procedures and introducing advanced risk management tools Currently working with internationally recognized consultants to implement more advanced integrated approaches to risk management Attract, motivate and develop talented and experienced professionals Continue to focus on recruiting, retaining, motivating and developing talented and experienced professionals through: Extensive on the job and classroom training Offering a variety of placement choices Merit-based promotions 21

22 Key Financials

23 Standalone Financials Profit & Loss Summary and Key Operational Highlights INR Million FY12 FY13 FY14 9M FY15 Interest Earned 210, , , ,433 Interest Expended 142, , , ,205 Net Interest Income (NII) 67,931 75,428 78,794 63,228 Other Income 24,482 25,520 28,215 23,799 Operating Income (NII+ Other Income) 92, , ,009 87,027 Operating Expenses 39,875 45,122 54,828 45,316 Operating Profit 52,536 55,826 52,181 41,711 Provisions and Contingencies 34,666 34,248 35,219 28,333 Net Profit 17,870 21,578 16,962 13,378 Shareholder's Equity 146, , , ,919 Key Ratios (%) NIM Cost to Income Credit Deposits Ratio GNPA NNPA ROAA ROE Yield of Funds Cost of Funds PCR CRAR/ Basel III N.A N.A

24 Standalone Financials (Cont d.) Balance Sheet Summary (INR mn) INR million FY12 FY13 FY14 9M FY15 Assets Cash and Balance with RBI 116, , , ,129 Balances with Banks & Money at Call & Short Notice 40,415 54,475 46,532 89,501 Investments 623, , ,232 1,011,586 Advances 1,778,820 2,081,022 2,291,044 2,415,120 Fixed Assets 23,358 24,790 26,084 26,656 Other Assets 39,549 45,117 52,720 48,805 Total Assets 2,622,114 3,121,338 3,537,809 3,717,797 Liabilities Capital 6,615 7,078 7,413 6,358 Reserves and Surplus 139, , , ,561 Deposits 2,228,689 2,637,616 2,976,756 3,129,121 Borrowings 179, , , ,575 Other Liabilities and Provisions 67,999 72,787 83,133 84,182 Total Liabilities 2,622,114 3,121,338 3,537,809 3,717,797 24

25 Consolidated Financials Profit & Loss Summary INR million FY12 FY13 FY14 Income Statement Interest Earned 211, , ,935 Interest Expended 142, , ,667 Net Interest Income 69,228 75,931 79,268 Other Income 23,163 28,680 31,407 Operating Income 92, , ,675 Operating Expenses 40,163 49,055 58,761 Operating Profit 52,228 55,556 51,914 Provisions and Contingencies 34,670 34,245 35,219 Net Profit 17,558 21,311 16,695 25

26 Consolidated Financials (Cont d.) Balance Sheet Summary INR million FY12 FY13 FY14 Assets Cash and Balance with RBI 116, , ,200 Balances with Banks & Money at Call & Short Notice 40,701 54,480 49,006 Investments 631, , ,364 Advances 1,778,821 2,081,024 2,291,047 Fixed Assets 23,478 24,954 26,234 Other Assets 39,872 42,946 53,294 Total Assets 2,630,247 3,129,119 3,550,145 Liabilities Capital 6,615 7,078 7,413 Reserves and Surplus 141, , ,040 Minority Interest Deposits 2,227,765 2,636,816 2,976,511 Borrowings 179, , ,162 Other Liabilities and Provisions 75,195 79,735 92,827 Total Liabilities 2,630,247 3,129,119 3,550,145 26

27 Appendix

28 Advances Top Exposures Sectors Top 10 Sectors (Domestic) % Share in Advances Top 10 Sectors (Domestic) (December 31, 2014) Mar-13 Mar-14 % Share Amount (INR bn) Infrastructure Retail Advances Agriculture Trade NBFCs and HFCs Basic Metal Product Textiles Food Processing Commercial Real Estate Gems & Jewellery

29 Asset Quality & Restructured Assets Asset Quality Sectors Slippages During Dec 14 (INR bn) NPAs Dec 14 (INR bn) % to Total NPAs % to Sector Loan Dec-13 Mar-14 Sep-14 Dec-14 Agriculture Micro and Small (MSE) Retail Loans Others Total Restructured Assets Particulars Standard (INR bn) NPAs (INR bn) Total (INR bn) Restructured Assets as on March 31, Fresh Restructuring during Apr-Dec Up gradation to Restructured Accounts during Apr-Dec (0.2) 0.0 Restructured Standard Advances which cease to attract higher provisioning and need not be shown as Restructured Assets (18.1) 0.0 (18.1) Down gradation of restructured accounts during Apr-Dec 2014 (10.2) Change in Outstanding/Write-off/ Recovery/Closures Restructured Accounts as on December 31, Outstanding Standard Restructured Assets excluding SEBs as % to Gross Advances (as on December 31, 2014): 2.8% 29

30 Thank You