Sunday, July 25, 2010

ALLAHABAD BANK = FIRST QTR = Q1 FY 2011 RESULT = CONSISTENT IMPROVEMENT QOQ YOY = VERY GOOD PERFORMANCE



ALLAHABAD BANK
Q1 FY 2011 RESULTS
COMPARISON

Allahabad Bank has declared its results for Q1 FY 2011. These are compared with its results for the previous Quarter of Q4 FY2010, the corresponding Qtr of Q1 FY2010 and proportionately (Q1 FY2011 *4) with the full year of FY2010. The performance shows consistent improvement on most of the parameters  QOQ and YOY.
Interest on Advances at  Rs.1811 Cr is – up by 8.8% compared to Q4 FY2010 – and up by 16.2% compared to Q1 FY2010 – and proportionately up by 13.2% compared to FY2010.
Income on Investments     is Rs.582 Cr – up by 8% from Q4 FY10 – up by31.4 from Q1 FY2010 – and up by 19.6% proportionately from FY2010.
Total Income is Rs.2702 Cr – up by 3.6% from Q4 FY2010 – up by 13.6% from Q1 FY2010 and proportionately up by 9.3% from FY2010.
Interest Expended is Rs.1553 cr – which is up by 6.1% from Q4 FY2010 – and up by 12.6% from Q1 FY2010 – and proportionately up by 8.6% from FY2010.
Total Expenditure excluding Provisions is Rs.1997 Cr -  up by 2.4% from Q4 FY2010 – up by 11.8% from Q1 FY2010 – and proportionately up by 8.9% from FY2010.
Operating Profit is Rs.705 Cr – up by 7.1% from Q4 FY2010 – up by 19.3% from Q1 FY2010 -  and up by 10.6% From FY2010.
Provisions      are at Rs.151 Cr – DOWN by 49% from Q4 FY2010 – but UP by 281% from Q1 FY2010 – but DOWN by 22.2% from FY2010.
Provision coverage ratio is 85.36% in June 2010 up from 78.95% in March 2010 and 88.06% in June 2009.
Net Profit      is Rs.347 Cr – up by 54.6% from Q4 FY2010 (of Rs.225 Cr) – and up by 14.6% from Q1 FY2010 (Rs.303 Cr) – and also up proportionately by 15.1% from FY2010 (Of Rs.1206 Cr).
Basic EPS is Rs.7.77        against Rs.5.03 in Q4 FY2010 (up by 54.5%) – and compared to Rs.6.78 (+14.6%) in Q1 FY2010 – and compared proportionately to Rs.27.01 (+15.1) in FY2010.Considering the consistent improvement QOQ and YOY, Allahabad bank is likely to clock an annual EPS upwards of Rs.32 in FY2011.
Capital Adequacy Ratio      is quite healthy at 13.55.
The % of Gross / Net NPA is down to 0.41 from 0.66 in previous quarter.
Return on Assets is quite good at 1.16 as in previous quarter and previous year.
PE RATIO : The current market price of the share is Rs.184. At the FY11 estimated EPS of Rs.32+, the PE ratio works out to 5.75. The way, the bank is adding to its Branches and Business, QOQ and YOY, Allahabad bank is likely to post higher EPS every quarter.
               
BUSINESS HIGHLIGHTS

    * Business mix stood at Rs.184039 cr as on 30th, June 2010 -  against Rs.150403 cr in FY2010 showing a growth of 22%.
    * Deposits went up to Rs 108320 cr as on 30th, June 2010 - from Rs 89401 cr as on end of June 09 and Rs 106056 cr as on end of March 2010; registering growth of 21% on y-o-y and 2% on q-o-q basis respectively.
    * Gross Credit was Rs 75718 cr. as on 30th, June 10 as against Rs 61002 cr. as on30th, June 09 and Rs 72437 crore as on 31st, March10; registering y-o-y growth of 24% and 5% on q-o-q basis.
    * Credit Deposit Ratio increased to 70.30 % as on 30th, June, 2010 against 69% corresponding previous year.
    * Net Interest Margin (NIM) improved to 3.10 % in Q1FY10 as against 3.00% a year ago.
    * Bank added 30 more branches during June'10 quarter into the system taking the total to 2316 (excluding one at Hong Kong) of which 25 Branches have been upgraded from existing Extension Counters.
    * Bank has computerized all its 2316 Branches in India and 69 Extension Counters and 41 Currency Chests and Field/ Zonal Offices covering 100% of Bank's business.

RESULTS IN FIGURES:

Jun-10
Mar-10
Dif%1
Jun-09
Dif%2
dif%3
Interest on Advances
181066
166367.4
8.8
155823.8
16.2
639846.5
13.2
Income on Investments
58162.2
53866.91
8
44249.06
31.4
194476.2
19.6
Income on RBI Balances
795.13
418.86
89.8
745.58
6.6
2517.37
26.3
Others
288.92
3.77
7564
-

79.93
1345.9
Interest Earned
240312.2
220656.9
8.9
200818.5
19.7
836920
14.9
Other Income
29856
40203.36
-26
36951.24
-19
151590.2
-21.2
Total Income
270168.1
260860.3
3.6
237769.7
13.6
988510.3
9.3
Interest Expended
155278
146396.6
6.1
137913
12.6
571872.1
8.6
Employees Cost
28528
30571.8
-6.7
27208.11
4.9
101137.9
12.8
Other Operating Expenses
15904
18096.88
-12
13585.53
17.1
60645.24
4.9
Operating Expenses
44432
48668.68
-8.7
40793.64
8.9
161783.2
9.9
Total Exp.excl.prov.
199710.2
195065.3
2.4
178706.6
11.8
733655.3
8.9
Operating Profit
70458
65794.96
7.1
59063.05
19.3
254855
10.6
Provisions
15105.1
29715.57
-49
3963.42
281
77692.83
-22.2
Excepti.Items
-
13628.7

-

-

P B T
55352.94
22450.69
147
55099.63
0.5
177162.2
25
Tax Expense
20638.7
-

24813.5
-17
56529.46
46
P A T
34714.23
22450.69
54.6
30286.13
14.6
120632.7
15.1
Net Profit
34714.23
22450.69
54.6
30286.13
14.6
120632.7
15.1
Dividend%





55

Face Value
10
10
0
10
0
10

Paid-up Equity
44670
44670
0
44670
0
44670

Reserves
-
543756.4

-

543756.4

Shares OF GOI%
55.23
55.23
0
55.23
0
55.23

Capital Adeq.Ratio
13.55
13.62
-0.5
12.54
8.1
13.62

Basic EPS B EI
7.77
5.03
54.5
6.78
14.6
27.01
15.1
Diluted EPS B EI
7.77
5.03
54.5
6.78
14.6
27.01
15.1
Basic EPS A EI
7.77
5.03
54.5
6.78
14.6
27.01
15.1
Diluted EPS A EI
7.77
5.03
54.5
6.78
14.6
27.01
15.1
% of Gr./Net NPA
0.41
0.66
-38
0.37
10.8
0.66

Return on Assets
1.16
1.16
0
1.22
-4.9
1.16

Public Shareholding (%)
44.77
44.77
0
44.77
0
44.77




ANNOUNCEMENTS
TO THE EXCHANGE

23-07-2010        Allahabad Bank has informed the Exchange regarding a press release dated July 23, 2010, titled "Consistent growth all the way; Allahabad Bank Business Crosses Rs. 184000 Crore". 
23-07-2010        Allahabad Bank has informed the Exchange regarding the standalone Results for the quarter ended on 30-JUN-2010 as follows: Interest earned of Rs. 240312.17 lacs for the quarter ending on 30-JUN-2010 against Rs. 200818.45 lacs for the quarter ending on 30-JUN-2009. Interest expended of Rs. 155278.13 lacs for the quarter ending on 30-JUN-2010 against Rs. 137913 lacs for the quarter ending on 30-JUN-2009. Net Profit / (Loss) of Rs. 34714.23 lacs for the quarter ending on 30-JUN-2010 against Rs. 30286.13 lacs for the quarter ending on 30-JUN-2009.      -
30-06-2010        Allahabad Bank has informed the Exchange that:"As per Reserve Bank of India, directives, the Bank has fixed the Base Rate at 8.00%. The Base Rate is applicable with effect from 01-07-2010. The Base Rate and the spread thereon will be reviewed by the Bank at least once in a quarter".      -
30-04-2010        Allahabad Bank has informed the Exchange regarding a press release dated April 30, 2010, titled "Allahabad Bank Net Profit Surges to Rs.1206 crore
30-04-2010        Allahabad Bank has informed the Exchange regarding the standalone Results for the year ended on 31-MAR-2010 as follows: Interest earned of Rs. 836920.01 lacs for the year ending on 31-MAR-2010 against Rs. 736472.79 lacs for the year ending on 31-MAR-2009. Interest expended of Rs. 571872.09 lacs for the year ending on 31-MAR-2010 against Rs. 520606.13 lacs for the year ending on 31-MAR-2009. Net Profit / (Loss) of Rs. 120632.71 lacs for the year ending on 31-MAR-2010 against Rs. 76859.81 lacs for the year ending on 31-MAR-2009.
30-04-2010        Allahabad Bank has informed the Exchange regarding the consolidated Results for the year ended on 31-MAR-2010 as follows: Interest earned of Rs. 837195 lacs for the year ending on 31-MAR-2010 against Rs. 736481 lacs for the year ending on 31-MAR-2009. Interest expended of Rs. 571816 lacs for the year ending on 31-MAR-2010 against Rs. 520587 lacs for the year ending on 31-MAR-2009. Net Profit / (Loss) of Rs. 122846 lacs for the year ending on 31-MAR-2010 against Rs. 79047 lacs for the year ending on 31-MAR-2009.      -
30-04-2010        Allahabad Bank has informed the Exchange that the Board of Directors have recommended dividend @ 55% on the equity share capital i.e. Rs. 5.50 per equity share of face value of Rs. 10.00 each.

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