Contents

Selective growth plays 3
Three non-consensus picks 3
Share price drivers 5
Higher growth = higher rates 9
Valuations: Focus on PE 11
Rolling one-year forward PE and PB charts 13
ROE – Myths busted 16
Company highlights 19
Bank of Baroda 20
Profitability trends 20
Valuation and risks 20
Financials & valuation: 22
Canara Bank 23
Profitability trends 23
Valuation and risks 23
Financials & valuation: 25
Punjab National Bank 26
Profitability trends 26
Valuations and risks 26
Financials & valuation: 28
State Bank of India 29
Profitability trends 29
Valuations and risks 29
Financials & valuation: 31
Axis Bank 32
Profitability trends 32
Valuations and risks 32
Financials & valuation: 34
HDFC Bank 35
Profitability trends 35
Valuations and risks 35
Financials & valuation: 37
ICICI Bank 38
Profitability trends 38
Valuations and risks 38
Financials & valuation: 40
Disclosure appendix 44
Disclaimer 47