VIJAYA BANK PERFORMS WELL IN FY2010

VIJAYA BANK

PERFORMANCE REVIEW  
FY 2010 VS FY 2009

Vijaya Bank has performed well in FY10 compared to FY09.

Viaya Bank said that it has posted a net profit of Rs 507 crore for the fiscal ending March 2010, which is higher by 93.28 per cent.

The bank's business volumes also crossed the Rs 100,000- crore mark.

For 4th Q/E March 2010, the bank saw its net profit touch Rs 130.92 crore, up by 28 per cent.

The total business was up by 15 per cent at Rs 1,03,867 crore. NIM for the full fiscal stood at 2.54 per cent as against 2.04 per cent last year. NII for the year rose by 28.83 per cent.

Operating profit for the year increased to Rs 1,057 crore compared to Rs 899 crore for previous year.

The Bank has declared Dividend of  25 percent against 10 percent last year.

Deposits for the year was up by 13.56 per cent to Rs 61,932 core and gross advances went up by 16.89 per cent to Rs 41,935 crore. SB portfolio also crossed the Rs 10,000-crore mark with a year-on-year growth of 20 per cent.

For 4th quarter, its NIM improved from 2.29 per cent to 2.73 per cent on QOQ basis.

The Capital Adequacy Ratio has come down to 11.79 in FY 2010 from 13.08 last year.

The Basic EPS for current year has increased to 11.7 in FY 2010 from 6.05 last year.

The current Market price is Rs.53.65. The P/E ratio works out to  4.59, which leaves a huge scope for appreciation.

The gross NPA ratio for the year was at 2.37 per cent as against 1.95 per cent last fiscal and the net NPA ratio stood at 1.40 per cent as against 0.82 per cent.

The Return on Assets in current year has increased in current year to 0.76 from  0.59 in FY 2009.

The bank has targetted a business of Rs 1,26,000 crore with a year-on-year growth of 20 per cent in the current fiscal. It has planned to contain net NPA within one per cent and net interest margin to three per cent.

It plans to shift to retail mode, have less recourse on bulk business, ensure thrust on SB and high net worth individual clients for improving low cost deposit and is looking at adding close to 2,000 head counts, including 800 clerical staff.

ANNOUNCEMENTS BY VIJAYA BANK

30-04-2010        Vijaya Bank has informed the Exchange that at the meeting of the Board of Directors of the Bank held on April 30, 2010 recommended a dividend of Rs.2.50 per Share on Bank's Equity Share Capital and at 6% p.a. on Perpetual Non Cumulative Preference Share Capital (PNCPS) of the Bank payable to Government of India for the Financial Year 2009-2010.

30-04-2010        Vijaya Bank has informed the Exchange regarding the standalone Results for the quarter ended on 31-MAR-2010 as follows: Interest earned of Rs. 121786 lacs for the quarter ending on 31-MAR-2010 against Rs. 136422 lacs for the quarter ending on 31-MAR-2009. Interest expended of Rs. 92886 lacs for the quarter ending on 31-MAR-2010 against Rs. 104317 lacs for the quarter ending on 31-MAR-2009. Net Profit / (Loss) of Rs. 13092 lacs for the quarter ending on 31-MAR-2010 against Rs. 10225 lacs for the quarter ending on 31-MAR-2009.

30-04-2010        Vijaya Bank has informed the Exchange regarding the standalone Results for the year ended on 31-MAR-2010 as follows: Interest earned of Rs. 520065 lacs for the year ending on 31-MAR-2010 against Rs. 523782 lacs for the year ending on 31-MAR-2009. Interest expended of Rs. 375157 lacs for the year ending on 31-MAR-2010 against Rs. 411302 lacs for the year ending on 31-MAR-2009. Net Profit / (Loss) of Rs. 50729 lacs for the year ending on 31-MAR-2010 against Rs. 26248 lacs for the year ending on 31-MAR-2009.

RESULTS FOR FY 10 VS FY 09

Description :  FY 2010 (Rs. in lakhs)  :FY 2009 (Rs. in lakhs)

Interest on Advances/Bills  :383851: 382996

Income on Investments  : 128183 :   131641

Interest on Balances With RBI :  23  :  419

Others         :   8008       :  8726

Interest Earned        : 520065  : 523782

Other Income        :  67945      :  69881

Total Income         :  588010  :  593663

Interest Expended  :  375157  : 411302

Employees cost       :70562      : 59747

Other Operating Expenses: 36595  : 32723

Operating Expenses : 107157 : 92470

Total Expenditure :  482314  : 503772

Operating Profit :  105696  :  89891

Provisions  :   35582 : 35741

Profit(+)  before tax  :  70114  : 54150

Tax Expense  : 19385 : 27902

Net Profit(+)  after tax  : 50729 :       26248

Net Profit (+)  for the period : 50729 : 26248

Dividend (%) :       25 : 10

Face Value (in Rs.) : 10 : 10

Paid-up Equity : 43352 :  43352

Reserves : 188455  :  167289

Capital Adequacy Ratio : 11.79 :         13.08

Basic EPS (in Rs.)  :  11.7          :  6.05

Diluted EPS  (in Rs.) :  11.7 : 6.05

% of Gross/Net NPA        :  1.4 : 0.82

Return on Assets  : 0.76  :  0.59

ORIENTAL BANK OF COMMERCE FARES BETTER IN FY19 (VERSUS FY 09)

ORIENTAL BANJK OF COMMERCE 

RESULTS FY 10 VS FY09

1.     Review :

Oriental Bank of commerce has produced good results in FY 10 compared to FY09.Total  Interest Earned has increased to Rs.1025712 lakhs from Rs.885647 lakhs. Consequently, Total Income has zoomed to Rs.1145717 lakhs from Rs.992779 lakhs in previous year.

Net Profit (+) / for the period has gone up to Rs.113468 lakhs from Rs.90542 Lakhs in FY09.

The Basic EPS has increased smartly to Rs.45.29                from Rs. 36.14 on a Face value of Rs.10. This is a good increase over the year. At current Market price of Rs.354, the P/E ratio is  7.82, which leaves scope for price appreciation.

But capital adequacy ratio has come down to 10.83 from 12 last year, indicating the need for the Bank to go in for more capital funds.

The percentage of Gross/Net NPA has increased to 0.87               from 0.65. Though it is not very high, the Bank may have to exercise better scrutiny on its loan book expansion.

Quarter on quarter also,  the % of Gross/Net NPA has been increasing to 0.87 from 0.75,              0.66 and 0.71 in earlier quarters of the year.

Return on Assets has increased to 0.91  from 0.88. ROA has been increasing QOQ reasonably ( .95, .91, .89, .89).

Over all, business expansion has taken place very smartly and is expected to continue in future.

2. OTHER NEWS :

Aided by better core operations and decline in cost of deposits, Oriental Bank of Commerce (OBC) has reported a 61.90 per cent increase in net profit for the fourth quarter ended March 31, 2010 at Rs 317.04 crore.

Net interest income for the quarter under review increased 114.94 per cent to Rs 989.37 crore. The net profit jump in the fourth quarter can be attributed to better core operations, Mr T.Y. Prabhu, Chairman and Managing Director of OBC, told reporters after a board meeting here.

He also highlighted that the quantum jump in net profits has come despite a sharp fall in treasury income. For the quarter under review, OBC's treasury income stood at Rs 27 crore (Rs 157 crore in Q4 of 2008-09).

For the year ended March 31, 2010, OBC has reported a net profit of Rs 1134.68 crore, registering a 25.32 per cent increase over the previous year. The board of directors has recommended a dividend of 91 per cent. The bank's cost of deposits declined to 6.57 per cent as on end March 2010 against 7.52 per cent as on March 31, 2009.

On OBC's capital raising plans, Mr Prabhu said that the bank had sought capital support of Rs 1,000 crore from the Government. “As of now, capital is adequate. But we may raise capital during the current fiscal. We will take a call after May. There is enough headroom to raise capital both in Tier-I and Tier-II,” he said.

3.     AUDITED,CUMULATIVE,NON-CONSOLIDATED RESULTS

Description        FY 10(Rs. in lakhs)           FY 09(Rs. in lakhs)

Interest/Discount on Advances/Bills      756747  651970

Income on Investments                246180  :214103

Interest on Balances With RBI    20958 :  16892

Others  1827 :    2682

Interest Earned                1025712 :             885647

Other Income    120005  :107132

Total Income     1145717  :992779

Interest Expended:         734969 :685997

Employees cost:  97129:                75616

Other Operating Expenses:         71469 :  62668

Operating Expenses:      168598 : 138284

Total Expenditure excluding provisions:               903567  : 824281

Operating Profit :            242150  : 168498

Provisions (other than tax) :       81598 :  52490

Profit(+) before tax :      160552 : 116008

Tax Expense :    47084    : 25466

Net Profit(+)  after tax :                113468: 90542

Net Profit (+) / for the period    113468  90542

Dividend (%)     : - 91      : 73

Face Value (in Rs.)          :10          :10

Paid-up Equity :l              25054    :25054

Reserves :           706998  :620181

Capital Adequacy Ratio : 10.83   : 12

Basic EPS  (in Rs.) :           45.29 :   36.14

Diluted EPS  (in Rs.) :      45.29 :   36.14

Gross/Net NPA : 72382  : 44242

% of Gross/Net NPA       :0.87      :0.65

Return on Assets:            0.91 :     0.88

4 . Announcements on NSE site

29-04-2010          Oriental Bank Of Commerce has informed the Exchange that the Board of Directors of the Bank at its meeting held on April 29, 2010 have proposed dividend of 91% (Rs 9.10 per share) for the year ended March 31, 2010.

29-04-2010          Oriental Bank of Commerce has informed the Exchange regarding the standalone Results for the year ended on 31-MAR-2010 as follows: Interest earned of Rs. 1025712 lacs for the year ending on 31-MAR-2010 against Rs. 885647 lacs for the year ending on 31-MAR-2009. Interest expended of Rs. 734969 lacs for the year ending on 31-MAR-2010 against Rs. 685997 lacs for the year ending on 31-MAR-2009. Net Profit / (Loss) of Rs. 113468 lacs for the year ending on 31-MAR-2010 against Rs. 90542 lacs for the year ending on 31-MAR-2009.

29-04-2010          Oriental Bank of Commerce has informed the Exchange regarding the standalone Results for the quarter ended on 31-MAR-2010 as follows: Interest earned of Rs. 268549 lacs for the quarter ending on 31-MAR-2010 against Rs. 234811 lacs for the quarter ending on 31-MAR-2009. Interest expended of Rs. 169613 lacs for the quarter ending on 31-MAR-2010 against Rs. 188781 lacs for the quarter ending on 31-MAR-2009. Net Profit / (Loss) of Rs. 31704 lacs for the quarter ending on 31-MAR-2010 against Rs. 19582 lacs for the quarter ending on 31-MAR-2009.

ASHOK LEYLAND RESULTS FY 10 VS FY 09

ASHOK LEYLAND 

FY10 RESULTS VS FY 09

(audited, cumulative, non-consolidated)

Ashok Leyland has produced a much better result for FY 10 compared to FY 09. Sales has improved smartly from Rs.598107 lakhs to Rs.724471 lakhs. Net Profit has risen smartly to                Rs.42367.48lakhs from Rs. 18999.63 lakhs. On a face value of Rs.1, a 150 % dividend has been declared against 100 percent last year.

Basic EPS has registered a big increase to Rs.3.18 from Rs.1.43.

A creditable performance and a smart jump over FY 09.

At the current price of 59,and EPS of Rs.3.18, the P/E works out to 18.55.

We may watch further improvements QOQ.

Note : Readers may kindly offer their comments, suggestions, ideas and corrections, if any,which will be gratefully taken note of.

The results are as below :

Description      FY 2010(Rs. in lakhs) : FY 2009(Rs. in lakhs)

Net Sales/Income from Operations: 724471.05 : 598107.37

Other Operating Income              -              -

Increase/Decrease in S-I-T and WIP: 651.14 : -4879.84

Consumption of Raw Materials : 496612.71 :429885.65

Purchase of traded goods            24488.36 :20219.17

Employees Cost               66592.54              56617.7

Depreciation    : 20410.79 :17841.42

Other Expenditure         : 59842.38 :   49321.18

Total Expenditure           668597.92 : 569005.28

Profit from Operations     :55873.13 : 29102.09

Other Income    7044.54 : 4962.28

Profit before Interest & Exceptional Items :62917.67 :34064.37

Interest          :   8113.04 : 11870.87

Profit after Interest but before Exceptional Items:54804.63 :22193.5

Exceptional items    :       327.15  : 1348.87

PBT:      54477.48 : 20844.63

Tax Expense    :   12110 :   1845

NPT after tax:42367.48 :18999.63

Extraordinary Items        -              -

Net Profit (+) : 42367.48  :18999.63

Dividend (%)   :  150  :       100

Face Value (in Rs.)  :  1      :  1

Paid-up Equity :  13303.42 :13303.38

Reserves  :220254.98 :197600.04

Basic EPS  (in Rs.):3.18   :1.43

Diluted EPS  (in Rs.): 3.18:1.43

Andhra Bank produces very good result : Better times ahead!

ANDHRA BANK RESULTS 

FOR FY10 VS FY 09

Good results - Better times ahead 

1. Review

2. More news

3. Results (Numbers)

4.announcements on NSE site

REVIEW :
Andhra Bank has produced a quantum jump in its results for the FY10, compared to FY 09. Total income has risen  to Rs.734058 lakhs from Rs.614225 lakhs. This was on the back of  smart rise in interest on advances.bills to Rs.516127 from Rs.421506 lakhs.Operating profit has also risen smartly to Rs. 181379.07 lakhs from Rs. 129110.41 lakhs.

Net profit has therefore risen to Rs.104967 lakhs from Rs.65605 lakhs. The Basic EPS has risen to 21.64 from 13.53, which is a good jump. Dividend has been hiked to 50 percent from 45 percent.

The percentage of gross to net NPAs is down from 0.18 to 0.17 which is sufficiently low and respectable. Return on assets has risen to 1.39 from 1.09.

At the current price of Rs.133, the P/E ratio works out to 6.15. The last (4^th qtr) had seen a significant jump in Net income. But, a rise in employee cost and other operating expenses has slightly brought down the EPS to 4.95 from 5.68 in previous quarter. . It may be partly due to opening of a large number of branches, last year, the benefit of which will accrue in current year.  

Andhra Bank had consistently improved QOQ in the past. Going forward, it seems, we can expect a smart jump in CASA RATIO, Interest income and EPS. Current year (FY11)could therefore be better than FY10.

MORE NEWS ON 

ANDHRA BANK PERFORMANCE

Further reports on Andhra Bank which have appeared are as below :

 “This year, we have crossed Rs 1,000-crore mark in net profit. This is a great achievement for us,” Mr R S Reddy, Chairman and Managing Director of Andhra Bank, told newspersons on Friday.

The key drivers for growth were reduction in the cost of funds, better management of yield on advances and a diversified credit growth in MSME, retail and agriculture, he added.

While the growth in MSME was 56 per cent, retail and agriculture portfolios grew by 47.6 per cent and 34.2 per cent respectively.

As a strategy, Andhra Bank had moved away a little from corporate lending (which grew only by 17 per cent) and focussed on MSME and retail to drive higher interest income.

The Non Performing Asset (NPA) provision coverage stood at 91.56 per cent as against RBI's stipulation of 70 per cent.

On the future growth, Mr Reddy said the bank was confident about “good” growth.

Joint-venture

The proposed joint venture banking company to be set up by Bank of Baroda (BoB), Indian Overseas Bank (IoB) and Andhra Bank in Kaula Lampur had obtained licence. “This may be operational in the next three to six months,” he added.

BoB, IOB and Andhra Bank will have 40 per cent, 35 per cent and 25 per cent stake in the JV with Rs 400 crore investment.

Description   :    FY10(Rs. in lakhs)  :   FY09(Rs. in lakhs)

Interest on Advances/Bills: 516127.65 :421505.92

Income on Investments    :118831.89 :109898.47

Interest on Balances With RBI : 1582.94 :3767.31

Others  : 747 :2289.98

Interest Earned: 637289.48:         537461.68

Other Income : 96768.29 :            76763.56

Total Income :   734057.77 :          614225.24

Total Expenditure : 552678.7 : 485114.83

Operating Profit : 181379.07 :     129110.41

Provisions  : 37412.29 :  39005.1

Tax Expense : 39000 :     24500

Net Profit (+)  :  104966.78 :          65605.31

Consolidated Net Profit : 104966.78 :65605.31

Dividend (%)     :50 : 45

Face Value (in Rs.)          10           10

Paid-up Equity : 48500 : 48500

Reserves  : 394179.42 :   317492.44

Capital Adequacy Ratio 13.31     12.41

Basic EPS: 21.64 : 13.53

Diluted EPS : 21.64 :13.53

% of Gross/Net NPA : 0.17 : 0.18

Return on Assets : 1.39 :1.09

ANNOUNCEMENTS ON NSE SITE

9-04-2010            Andhra Bank has informed the Exchange regarding a press release dated April 29, 2010 , titled " Andhra Bank's profit up 60% at Rs. 1,046 crore, N.P.A contained at 0.86% Business Growth 29.26%". A copy of the press release shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Server (/Common/Corporate Announcements). For more details click here.

29-04-2010          Andhra Bank has informed the Exchange that the Board of Directors at its meeting held on April 29, 2010 has declared a Dividend of Rs.5/- ps. (50%) for the financial year 2009-10.

29-04-2010          Andhra Bank has informed the Exchange regarding the standalone Results for the quarter ended on 31-MAR-2010 as follows: Interest earned of Rs. 170794.62 lacs for the quarter ending on 31-MAR-2010 against Rs. 150670.23 lacs for the quarter ending on 31-MAR-2009. Interest expended of Rs. 105177.04 lacs for the quarter ending on 31-MAR-2010 against Rs. 111143.92 lacs for the quarter ending on 31-MAR-2009. Net Profit / (Loss) of Rs. 24026.45 lacs for the quarter ending on 31-MAR-2010 against Rs. 20121.05 lacs for the quarter ending on 31-MAR-2009.

29-04-2010          Andhra Bank has informed the Exchange regarding the consolidated Results for the year ended on 31-MAR-2010 as follows: Interest earned of Rs. 637289.48 lacs for the year ending on 31-MAR-2010 against Rs. 537461.68 lacs for the year ending on 31-MAR-2009. Interest expended of Rs. 417709.58 lacs for the year ending on 31-MAR-2010 against Rs. 374674.27 lacs for the year ending on 31-MAR-2009. Net Profit / (Loss) of Rs. 104966.78 lacs for the year ending on 31-MAR-2010 against Rs. 65605.31 lacs for the year ending on 31-MAR-2009.

29-04-2010          Andhra Bank has informed the Exchange regarding the standalone Results for the year ended on 31-MAR-2010 as follows: Interest earned of Rs. 637286.58 lacs for the year ending on 31-MAR-2010 against Rs. 537461.68 lacs for the year ending on 31-MAR-2009. Interest expended of Rs. 417812.87 lacs for the year ending on 31-MAR-2010 against Rs. 374771.2 lacs for the year ending on 31- mar-2009

RIL MAKES 4TH OIL DISCOVERY IN BLOCK CB-ONN-2003/1.

ANNOUNCEMENT ON NSE WEB SITE

Reliance Industries Limited has informed the Exchange regarding a media release dated April 28, 2010, titled "RIL makes Fourth Oil Discovery in block CB-ONN-2003/1". A copy of the media release shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Server (/Common/Corporate Announcements). For more details see NSE web site.

BRIEF OF THE NEWS :

RIL MAKES 4^TH OIL DISCOVERY IN BLOCK 

CB-ONN-2003/1. 

This block had been awarded to RIL under NELP-V round of exploration bidding

This block is located at about 130 km from Ahmedabad in Cambay basis. The block covers an area of 635 sq  kms in two parts A and B. 

RIL, as operator, holds 100 % participating interest. 

14 exploratory wells are drilled so far. RIL is further continuing with its drilling efforts. This discovery, named ‘Dhiribhai-47’ ,the fourth well in the block do far, has been notified to GOI and DGHC. 

The potential commercial interest of the discovery is being ascertained through more data gathering and analysis 

COMMENTS : RIL is most likely to succeed in a big way in this basin. It might take some time in commercializing this oil interest. But, it will significantly enhance RIL's balance sheet and profits.

SHREE RENUKA SUGAR SHINES WELL AMONG SUGAR STOCKS IN Q/E 31.03.2010

SHREE RENUKA'S Q/E  MARCH 2010 RESULTS EXCELLENT RISE IN PROFITS
A PTI report dated 27.04.2010 on Shree Renuka sugars on its 2nd q/e 31.03.2010 results says that -  the company has reported a surge of nearly seven fold in its consolidated profit to Rs 224.2 crore for the 2nd quarter ended March 2010, as against Rs.33.2 cr for the 03 09 qtr last year.   The company's full financial year ends in September. The company's consolidated financial results include the unaudited results of all subsidiaries, (including the figures of Brazil- based Vale Do Ivai SA Acucar E Alcool (VDI), which has become subsidiary from March 19, 2010), Shree Renuka Sugars said in a filing to the Bombay Stock Exchange. During the Qtr, Renuka's consolidated total income increased to Rs 1,806.9 crore from Rs 442.5 crore of the corresponding period a year ago. On a standalone basis, the sugar producer posted a profit of Rs 195.9 crore for the quarter ended March 31, as compared to Rs 24.1 crore for the three-month period ended March, 2009. Thus, both its stand alone and consolidated results appear to be very good. Based on the Results, Shree Renuka must merit the attention of the market once again. As can be seen from the table below, the Face value of the share is Rs.1 . According to unaudited,consolidated, cumulative EPS for 6 months is 7.53. So, the annual EPS is likely to be around 15 on a FV of Rs.1, which is quite a good performance.  Even if sugar prices come down, the EPS will not fall below Rs.12 per share of Rs.1 FV. At current price of 63-64, the P/E is hardly 5 and leavers good scope for further appreciation. The comparative results are placed below : Quarter Ended 31-03-2010 31-12-2009 30-09-2009 30-06-2009 31-03-2010 Particulars Un-audited Un-audited Audited Un-audited Un-audited Net Sales 155700 125300 85630 71550 32410 Increase/decrease in SIT and WIP -45630 -13680 20780 -4490 -32470 Raw Materials 162120 103420 47180 58240 50660 Employees Cost 1480 1390 1070 960 1320 Depreciation  1940 1800 1720 1640 1550 Other Expenditure  8790 6820 6070 4630 5020 Total Expenditure 128700 99750 76820 60980 26080 Profit from Operations 27000 25550 8810 10570 6330 Other Income5 4470 2670 -730 930 240 P B I E 31470 28220 8080 11500 6570 Interest6 1600 2100 760 2260 2920 PAI &BE 29870 26120 7320 9240 3650 PBT 29870 26120 7320 9240 3650 Tax 10280 6650 2500 3130 1240 PAT 19590 19470 4820 6110 2410 Net Profit 19590 19470 4820 6110 2410 Dividend (%) - - - - - F V In Rs 1 1 1 1 1 Equity 6700 3170 3170 2800 2800 Reserves - - 121190 - - Basic EPS 3.04 6.14 1.13 2.18 0.86 Diluted EPS 2.91 6.14 1.13 2.18 0.86