Table of Contents
Loan growth – A big push and very little pull ................................. 3
Margin compression and how long it lasts ..................................... 7
The bond yield connection ............................................................. 10
Employee costs and productivity................................................... 13
Asset quality and seeing through restructuring clouds............... 17
Valuations, ratings and target prices............................................. 23
Bank of Baroda................................................................................. 31
Bank of India .................................................................................... 40
Canara Bank ..................................................................................... 49
PNB................................................................................................... 56
State Bank of India .......................................................................... 66
Union Bank of India......................................................................... 79