Union Bank Of India reports 11.5% revenue growth in FY2015
12-05-2015 • About Union Bank Of India (
$UNIONBANK) • By InTwits
Union Bank Of India reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Union Bank Of India has low CAPEX intensity: 5 year average CAPEX/Revenue was 1.2%. At the same time it's in pair with industry average of 1.4%.
- CAPEX is quite volatile: 17,250 in FY2015, 6,347 in FY2014, 3,884 in FY2013, 6,397 in FY2012, 4,041 in FY2011
- It operates with high leverage: Net Debt/EBITDA is 6.5x while industry average is
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Union Bank Of India ($UNIONBANK) key annual financial indicators
| mln. INR | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 185,010 | 234,694 | 280,383 | 324,439 | 361,594 | 11.5% |
| Net Income | 21,989 | 17,720 | 21,572 | 16,761 | 17,605 | 5.0% |
Balance Sheet
|
|---|
| Cash | 176,448 | 116,337 | 107,632 | 184,200 | 150,639 | -18.2% |
| Short Term Debt | 16,467 | 110,456 | 130,321 | 133,869 | 150,817 | 12.7% |
| Long Term Debt | 133,160 | 179,095 | 237,969 | 293,162 | 351,680 | 20.0% |
Cash flow
|
|---|
| Capex | 2,148 | 2,809 | 3,732 | 3,801 | 3,461 | -9.0% |
Ratios
|
|---|
| Revenue growth | -70.8% | 26.9% | 19.5% | 15.7% | 11.5% | |
| Net Income Margin | 11.9% | 7.6% | 7.7% | 5.2% | 4.9% | -0.3% |
| CAPEX, % of revenue | 1.2% | 1.2% | 1.3% | 1.2% | 1.0% | -0.2% |
| ROIC | | | 5.9% | 3.3% | | -3.3% |
| ROE | | 12.9% | 13.5% | 9.3% | 9.1% | -0.2% |
Revenue and profitability
The company's Revenue jumped on 11.5% in FY2015.
Net Income marign showed almost no change in FY2015.
Capital expenditures (CAPEX) and working capital investments
The company's CAPEX/Revenue was 0.96% in FY2015. The company showed almost no change in CAPEX/Revenue from FY2012 to FY2015. For the last three years the average CAPEX/Revenue was 1.2%.
Leverage (Debt)
Debt jumped on 17.7% in FY2015 while cash dropped on 18.2% in FY2015.
Appendix 1: Peers in Banks
Below you can find Union Bank Of India benchmarking vs. other companies in Banks industry. It's shown for the period of 5 years for the key financial metrics. Each table has median value for all the companies in the industry together with individual financial data of the top-5 companies in the industry by particular financial metric.
Top companies by Revenue growth, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Dcb Bank ($DCBBANK) | | 26.7% | 26.2% | 22.5% | 25.3% |
| Yes Bank ($YESBANK) | | 53.0% | 33.7% | 21.6% | 17.7% |
| Bank Of India ($BANKINDIA) | -66.6% | 30.3% | 12.4% | 18.1% | |
| Karur Vysya Bank ($KARURVYSYA) | | 45.9% | 29.7% | 16.5% | 11.0% |
| United Bank Of India ($UNITEDBNK) | | 24.6% | 18.7% | 14.4% | 1.6% |
| |
|---|
| Median (28 companies) | -54.5% | 29.5% | 15.6% | 10.3% | 10.2% |
|---|
| Union Bank Of India ($UNIONBANK) | | 26.9% | 19.5% | 15.7% | 11.5% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Kotak Mahindra Bank ($KOTAKBANK) | 1.3% | 1.4% | 1.4% | 2.6% | 1.4% |
| Karur Vysya Bank ($KARURVYSYA) | 4.2% | 2.0% | 2.9% | 2.5% | 1.7% |
| Dhanlaxmi Bank ($DHANBANK) | 6.8% | 3.0% | 1.7% | 2.2% | |
| Jammu & Kashmir Bank ($J&KBANK) | 5.6% | 1.4% | 1.3% | 2.2% | |
| Lakshmi Vilas Bank ($LAKSHVILAS) | 4.4% | 2.1% | 1.4% | 1.6% | 2.4% |
| |
|---|
| Median (27 companies) | 1.3% | 1.2% | 1.1% | 1.3% | 1.3% |
|---|
| Union Bank Of India ($UNIONBANK) | 1.2% | 1.2% | 1.3% | 1.2% | 1.0% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Axis Bank ($AXISBANK) | 10.2% | 9.6% | 8.9% | 9.1% | 8.8% |
| Yes Bank ($YESBANK) | 11.8% | 9.8% | 8.4% | 8.4% | 8.7% |
| Karnataka Bank ($KTKBANK) | 5.5% | 6.8% | 10.2% | 7.7% | |
| Kotak Mahindra Bank ($KOTAKBANK) | 7.8% | 6.8% | 6.5% | 7.1% | 8.5% |
| Oriental Bank Of Commerce ($ORIENTBANK) | 12.4% | 7.6% | 7.4% | 6.7% | |
| |
|---|
| Median (28 companies) | 7.1% | 7.2% | 6.3% | 3.3% | 4.9% |
|---|
| Union Bank Of India ($UNIONBANK) | | | 5.9% | 3.3% | |
