ANDHRA BANK
Q1 FY 2011 RESULTS
COMPARISON
Andhra Bank has released its first quarter result results of FY2011.
It has registered a net profit of Rs 320.41 crore for the quarter of the 2010-11 fiscal, with total business touching Rs 1,31,844 crore, said its CMD.
Net profit surged by 25.05 per cent, while the business grew by 24.59 per cent vis-a-vis the corresponding period of the previous fiscal.
Net profit surged by 25.05 per cent, while the business grew by 24.59 per cent vis-a-vis the corresponding period of the previous fiscal.
Total income rose to Rs 2,073.23 crore during the quarter, from Rs 1,742.70 crore in the same period last year.
Operating profit is Rs 510.40 crore, up from Rs 348 crore in the corresponding period of the previous year.
The bank's advances rose to Rs 57,144 crore in Q1, 2010, from Rs 44,911 crore in Q1 FY10.
"Andhra Bank's credit-deposit ratio improved to 76.86 per cent in June, 2010, as against 74.04 per cent last year," Reddy added.
"We are above the industry level in all parameters of growth," the CMD said.
STAND ALONE FIGURES
The following comparison of the Q1 FY11 figures with the previous qtr (Q4 FY10), the corresponding Qtr (Q1 FY10) and proportionately (q1 FY11 x 4) with FY2010 figures indicates the progress of the bank.
Interest on Advances is Rs.1499 Cr – up by 9.1 from previous Qtr (Rs.1374 CR) - up by 23.1% from corresponding Qtr (Rs.1218 Cr) – and proportionately up by 16.2 from FY2010 (Rs.5161 Cr)
Income on Investments is Rs.357 Cr – up by 9.1% from Previous qtr (Rs.327 CVr) – up by 27.1% from corresponding Qtr (Rs.281 Cr) – and up proportionately by 20.2 % from FY2010 (Rs.119 Cr).
Total Interest Earned is Rs.1865 Cr – up by 9.2% from previous Qtr (Rs.1708 Cr) – up by 24% from corresponding Qtr (Rs.1505 Cr) – and up proportionately by 17.1% from FY 2010 (Rs.6373 Cr).
Total Income at Rs.2073 Cr – is up by 4.9% from previous Qtr (Rs.1977 Cr) – up by 19% from corresponding re (Rs.1743 Cr) – and up proportionately by 13% from FY2010 (Rs.7337 Cr).
Interest Expended is Rs.1129 Cr – up by 7.3% compared to previous Qtr (Rs.1052 Cr) – up by 6.2 % from corresponding Qtr (Rs.1063 Cr) – and up proportionately by 8.1% from FY2010(Rs.4178 Cr).
Total Expenditure is Rs.1563 Cr – up by 7.8% from previous Qtr (Rs.1449.8 Cr) – up by 12.1% from corresponding Qtr (Rs. 1395 Cr) – and up proportionately by 13.1% from FY2010 (Rs.5528 Cr).
Operating Profit at rs.510 Cr is – down by 3.2% from previous Qtr (Rs.527 Cr) – but up by a huge 46.7% from corresponding Qtr (Rs.348 Cr) – and up proportionately by 12.8% from FY2010 (Rs.1809.8 Cr).
Provisions is Rs.51.99 Cr – down by 76.7% from previous Qtr (Rs.223 Cr) .
Net Profit is Rs.320 Cr – up by 33.4% from previous Qtr (Rs.240 Cr) – up by 25.1% from corresponding Qtr (Rs.256 Cr) – and up proportionately by 22.5% from FY2010 (Rs.1046 Cr).
Capital Adequacy Ratio is 12.9 which is healthy but slightly down from 13.3 in previous Qtr – and 13.5 in corresponding Qtr.
% of Gross/Net NPA is quite healthy at 0.3 – but slightly higher from [previous Qtr (0.17) – and from corresponding Qtr (0.22).
Return on Assets is quite good at 1.47 compared to previous Qtr (1.14) and corresponding Qtr (1.48).
Basic EPS is Rs.6.61 compared to Rs.4.95 in previous Qtr (Up by 33.5%) – and rs.5.28 in corresponding Qtr (25.2%) – and compared to Rs.21.56 in FY2010(proportionately up by 22.6%).
At this rate of progress, annual EPS for FY2011 must be upwards of Rs.27.
At the current price of rs.142, the PE ratio on this EPS works out to 5.26. Going forward, at current rate of growth,Andhra bank can further improve its EPS and PE ratio.
STAND ALONE FIGURES :
Jun-10 | Mar-10 | Dif%1 | Jun-09 | Dif%2 | dif%3 | ||
Interest on Advances | 149919 | 137436.8 | 9.1 | 121783.3 | 23.1 | 516127.7 | 16.2 |
Income on Invest. | 35703.7 | 32732.5 | 9.1 | 28094.44 | 27.1 | 118831.9 | 20.2 |
Income on RBI Balan. | 758.08 | 456.37 | 66.1 | 585.02 | 29.6 | 1582.94 | 91.6 |
Others | 123.52 | 168.91 | -26.9 | - | 744.1 | -33.6 | |
Interest Earned | 186504.8 | 170794.6 | 9.2 | 150462.7 | 24 | 637286.6 | 17.1 |
Other Income | 20818.7 | 26910.52 | -22.6 | 23807.38 | -12.6 | 96462 | -13.7 |
Total Income | 207323.4 | 197705.1 | 4.9 | 174270.1 | 19 | 733748.6 | 13 |
Interest Expended | 112880 | 105177 | 7.3 | 106325.6 | 6.2 | 417812.9 | 8.1 |
Employees Cost | 28698.3 | 24388.9 | 17.7 | 21138.65 | 35.8 | 82408.21 | 39.3 |
Other OptgExp. | 14705.2 | 15418.78 | -4.6 | 12005.97 | 22.5 | 52545.3 | 11.9 |
Operating Exp. | 43403.4 | 39807.68 | 9 | 33144.62 | 31 | 134953.5 | 28.6 |
Total Expenditure | 156283.8 | 144984.7 | 7.8 | 139470.2 | 12.1 | 552766.4 | 13.1 |
Operating Profit | 51039.6 | 52720.42 | -3.2 | 34799.89 | 46.7 | 180982.2 | 12.8 |
Provisions | 5198.79 | 22293.97 | -76.7 | -322.21 | -1714 | 37397.38 | -44.4 |
P B T | 45840.85 | 30426.45 | 50.7 | 35122.1 | 30.5 | 143584.8 | 27.7 |
Tax Expense | 13800 | 6400 | 115.6 | 9500 | 45.3 | 39000 | 41.5 |
P A T | 32040.85 | 24026.45 | 33.4 | 25622.1 | 25.1 | 104584.8 | 22.5 |
Net Profit | 32040.85 | 24026.45 | 33.4 | 25622.1 | 25.1 | 104584.8 | 22.5 |
Face Value. | 10 | 10 | 0 | 10 | 0 | 10 | |
Paid-up Equity | 48500 | 48500 | 0 | 48500 | 0 | 48500 | |
Reserves | - | 392504.4 | - | 392504.4 | |||
Dividend (%) | - | 50 | - | 50 | |||
Shares OF GOI(%) | 51.55 | 51.55 | 0 | 51.55 | 0 | 51.55 | |
C A R | 12.9 | 13.3 | -3 | 13.5 | -4.4 | 13.3 | |
Basic EPS B EI | 6.61 | 4.95 | 33.5 | 5.28 | 25.2 | 21.56 | 22.6 |
Diluted EPS B EI | 6.61 | 4.95 | 33.5 | 5.28 | 25.2 | 21.56 | 22.6 |
Basic EPS A EI | 6.61 | 4.95 | 33.5 | 5.28 | 25.2 | 21.56 | 22.6 |
Diluted EPS A EI | 6.61 | 4.95 | 33.5 | 5.28 | 25.2 | 21.56 | 22.6 |
Gross/Net NPA | 16976.5 | 9572 | 77.4 | 9961.63 | 70.4 | 9572 | |
% of Gross/Net NPA | 0.3 | 0.17 | 76.5 | 0.22 | 36.4 | 0.17 | |
Return on Assets | 1.47 | 1.14 | 28.9 | 1.48 | -0.7 | 1.39 | |
Publicholding (%) | 48.45 | 48.45 | 0 | 48.45 | 0 | 48.45 |
PERFORMANCE HIGH LIGHTS FOR Y/E 31.03.2010
a. Net Profit : Net profit of the Bank for the FY ended March 2010 increased by Rs 393 crore ( 60.15 %) from Rs 653 crore in March 2009 to Rs.1046 Crore.
The Net profit of the Bank for the Quarter (Q4) ended March 2010 is up by 19.42 %. The Net profit was at Rs.240.29 Crore , as compared to Rs.201.21 Crore for Q4 of the previous fiscal, recording an increase of Rs 39.08 crore.
The Net Profit per employee increased to Rs.7.32 Lacs from Rs.4.58 Lacs in March 2009.
The Net Profit per branch increased to Rs.67.17 Lacs from Rs.45.60 Lacs in March 2009.
b. Operating Profit : Operating Profit of the Bank for the FY ended March 2010 increased by Rs.522 Crore (40.51%) from Rs.1,288 Crore in March 2009 to Rs.1,810 Crore.
The Operating Profit of the Bank for the Quarter (Q4) ended March 2010 is up by 22.10 %.
c. Net Interest Income: The Net interest income increased by Rs.568 Crore from Rs 1627 crore to Rs. 2195 crore in March 2010, recording an increase of 34.90 % on y-o-y basis.
During Q4 of the financial year, the net interest income was Rs.656 Crore , in comparison with Rs 395 crore in Q4 of the previous fiscal.
d. Net Interest Margin (NIM): The Net interest margin, which was 3.03% last year, moved up significantly to 3.21 % this year.
e. Non-Interest Income: The non-interest income was at Rs 964.62 crore , as compared to Rs 765.38 crore in 2008-09. While profit on sale of investments increased by Rs 86.89 crore this fiscal, the Fee based income has gone up by Rs. 27.32 crore from Rs 80.20 crore in 2008-09 to Rs 107.52 crore in 2009-10.
Business Growth:
a. Total Business : Total Business of the Bank as on 31.3.2010 stood at Rs. 1,34,194 crore. The total business increased by Rs. 30,376 crore from Rs. 1,03,818 crore as on 31.3.2009, recording a growth of 29.26%.
b. Deposits: Total deposits of the Bank increased by Rs.18,298 crore to Rs. 77,688 crore from Rs. 59,390 crore as on 31.3.2009, recording a growth of 30.81 %.
c. CASA Deposits: CASA deposits increased from Rs. 18,653 crore as on 31.3.2009 to Rs. 22,864 crore as on 31.3.2010, registering a growth of 22.57%. The share of CASA deposits stood at 29.43%.
d. Advances : The Gross Bank Credit stood at Rs. 56,505 crore as on 31.3.2010, registering an increase of Rs. 12,077 crore over the previous year, with growth rate of 27.19 %. The Credit Deposit ratio stood at 73.05 %.
MSME Advances stood at Rs. 8,285 crore as at the end of March 2010, as against Rs. 5,357 crore as at the end of March 2009, reflecting an annual growth of 54.66%.
Retail Advances also recorded a substantial growth of 47.63% over last year, reaching Rs. 8,920 Crore by 31.3.2010, as against Rs. 6,042 crore as on 31.3.2009.
Advances to Agriculture sector increased from Rs. 6,834 crore as on 31.3.2009 to Rs. 9,173 crore as on 31.3.2010, registering a growth of 34.23%.
Total Priority Sector advances constituted 42.79 % of Adjusted Net Bank Credit which is well above the RBI norm of 40% . Like wise, Agricultural advances constituted 20.65% of Adjusted Net Bank Credit against RBI norm of 18%.
Network : The Bank s network spread across 2,502 business delivery channels comprising 1557 branches, 48 Extension counters and 859 ATMs spread across 23 States and 3 Union Territories. During the year, the Bank opened 125 branches.
Clientele expansion : 16.44 lakh new accounts were opened in the CASA group during the year .
Financial Inclusion:
AB Smart Card project is implemented for Electronic Benefit Transfer of Govt. Schemes covering 10.17 lakh members. As a part of educating the rural population about the various banking services, four Financial Literacy and Credit Counselling Centres(FLCCs) were set up in the four districts of A.P., where our Bank is the lead bank. The bank has finalized a road map as per the directions of RBI to provide banking service outlets in the villages having population above 2,000 by the year 2011. The plan will be implemented with Business Correspondent network (i.e., Branchless banking mode).
Asset Quality & Recovery
a. NPAs : Gross NPAs stood at 0.86% as compared to 0.83 % as on 31.3.2009 . Net
NPAs stood at 0.17 % as on 31.3.2010 compared to 0.18 % as on 31.3.2009. In absolute terms, the Gross NPA was Rs 487.87 crore (previous year Rs.368.14 Crore) and Net NPAs stood at Rs.95.72 crores (previous year Rs 79.22 crore).
b. Provision coverage: The NPA Provision coverage ratio stood at 91.56 % as at 31.3.2010, compared to 91.08 % as at 31.3.2009.
Capital
The Net profit of the Bank for the Quarter (Q4) ended March 2010 is up by 19.42 %. The Net profit was at Rs.240.29 Crore , as compared to Rs.201.21 Crore for Q4 of the previous fiscal, recording an increase of Rs 39.08 crore.
The Net Profit per employee increased to Rs.7.32 Lacs from Rs.4.58 Lacs in March 2009.
The Net Profit per branch increased to Rs.67.17 Lacs from Rs.45.60 Lacs in March 2009.
b. Operating Profit : Operating Profit of the Bank for the FY ended March 2010 increased by Rs.522 Crore (40.51%) from Rs.1,288 Crore in March 2009 to Rs.1,810 Crore.
The Operating Profit of the Bank for the Quarter (Q4) ended March 2010 is up by 22.10 %.
c. Net Interest Income: The Net interest income increased by Rs.568 Crore from Rs 1627 crore to Rs. 2195 crore in March 2010, recording an increase of 34.90 % on y-o-y basis.
During Q4 of the financial year, the net interest income was Rs.656 Crore , in comparison with Rs 395 crore in Q4 of the previous fiscal.
d. Net Interest Margin (NIM): The Net interest margin, which was 3.03% last year, moved up significantly to 3.21 % this year.
e. Non-Interest Income: The non-interest income was at Rs 964.62 crore , as compared to Rs 765.38 crore in 2008-09. While profit on sale of investments increased by Rs 86.89 crore this fiscal, the Fee based income has gone up by Rs. 27.32 crore from Rs 80.20 crore in 2008-09 to Rs 107.52 crore in 2009-10.
Business Growth:
a. Total Business : Total Business of the Bank as on 31.3.2010 stood at Rs. 1,34,194 crore. The total business increased by Rs. 30,376 crore from Rs. 1,03,818 crore as on 31.3.2009, recording a growth of 29.26%.
b. Deposits: Total deposits of the Bank increased by Rs.18,298 crore to Rs. 77,688 crore from Rs. 59,390 crore as on 31.3.2009, recording a growth of 30.81 %.
c. CASA Deposits: CASA deposits increased from Rs. 18,653 crore as on 31.3.2009 to Rs. 22,864 crore as on 31.3.2010, registering a growth of 22.57%. The share of CASA deposits stood at 29.43%.
d. Advances : The Gross Bank Credit stood at Rs. 56,505 crore as on 31.3.2010, registering an increase of Rs. 12,077 crore over the previous year, with growth rate of 27.19 %. The Credit Deposit ratio stood at 73.05 %.
MSME Advances stood at Rs. 8,285 crore as at the end of March 2010, as against Rs. 5,357 crore as at the end of March 2009, reflecting an annual growth of 54.66%.
Retail Advances also recorded a substantial growth of 47.63% over last year, reaching Rs. 8,920 Crore by 31.3.2010, as against Rs. 6,042 crore as on 31.3.2009.
Advances to Agriculture sector increased from Rs. 6,834 crore as on 31.3.2009 to Rs. 9,173 crore as on 31.3.2010, registering a growth of 34.23%.
Total Priority Sector advances constituted 42.79 % of Adjusted Net Bank Credit which is well above the RBI norm of 40% . Like wise, Agricultural advances constituted 20.65% of Adjusted Net Bank Credit against RBI norm of 18%.
Network : The Bank s network spread across 2,502 business delivery channels comprising 1557 branches, 48 Extension counters and 859 ATMs spread across 23 States and 3 Union Territories. During the year, the Bank opened 125 branches.
Clientele expansion : 16.44 lakh new accounts were opened in the CASA group during the year .
Financial Inclusion:
AB Smart Card project is implemented for Electronic Benefit Transfer of Govt. Schemes covering 10.17 lakh members. As a part of educating the rural population about the various banking services, four Financial Literacy and Credit Counselling Centres(FLCCs) were set up in the four districts of A.P., where our Bank is the lead bank. The bank has finalized a road map as per the directions of RBI to provide banking service outlets in the villages having population above 2,000 by the year 2011. The plan will be implemented with Business Correspondent network (i.e., Branchless banking mode).
Asset Quality & Recovery
a. NPAs : Gross NPAs stood at 0.86% as compared to 0.83 % as on 31.3.2009 . Net
NPAs stood at 0.17 % as on 31.3.2010 compared to 0.18 % as on 31.3.2009. In absolute terms, the Gross NPA was Rs 487.87 crore (previous year Rs.368.14 Crore) and Net NPAs stood at Rs.95.72 crores (previous year Rs 79.22 crore).
b. Provision coverage: The NPA Provision coverage ratio stood at 91.56 % as at 31.3.2010, compared to 91.08 % as at 31.3.2009.
Capital
a. Capital Adequacy Ratio: The Capital Adequacy Ratio under Basel II norms was 13.93 % as on 31.3.2010 as compared to 13.22 % as on 31.3.2009.
b. Networth : The Networth of the Bank stood at Rs. 4,692.82 crore as on 31.3.2010, compared to Rs.3,646.99 Crore as on 31.3.2009.
c. Return on Enquity: The Return on Equity was 25.08 % for the year ended 31.3.2010 as compared to18.94% for the previous year.
d. Earning Per Share: The Earnings per share has gone up from Rs.13.46 in FY 2008-09 to Rs. 21.56 in FY 2009-'10 with an an increase of 60.18 %.
e. Book Value Per Share: The Book Value Per Share was at Rs 96.76 as at 31.3.2010 as compared to Rs.75.20 as at 31.3.2009, an increase of 28.67 %.
Productivity Ratios :
a. ROA : The Return on Assets worked out to 1.39 % as compared to 1.09 % as at March 2009.
b. Cost to Income Ratio: The Cost to Income ratio improved to 42.72 % for the year ended March 2010 compared to 46.16 % in the year ended March 2009.
c. Cost of Deposits : The Cost of deposits stood at 6.10 % p.a as against 6.96 % in 2008-09.
d. Yield on advances : Yield on Advances stood at 10.92 % p.a compared to11.41 % in 2008-09.
b. Networth : The Networth of the Bank stood at Rs. 4,692.82 crore as on 31.3.2010, compared to Rs.3,646.99 Crore as on 31.3.2009.
c. Return on Enquity: The Return on Equity was 25.08 % for the year ended 31.3.2010 as compared to18.94% for the previous year.
d. Earning Per Share: The Earnings per share has gone up from Rs.13.46 in FY 2008-09 to Rs. 21.56 in FY 2009-'10 with an an increase of 60.18 %.
e. Book Value Per Share: The Book Value Per Share was at Rs 96.76 as at 31.3.2010 as compared to Rs.75.20 as at 31.3.2009, an increase of 28.67 %.
Productivity Ratios :
a. ROA : The Return on Assets worked out to 1.39 % as compared to 1.09 % as at March 2009.
b. Cost to Income Ratio: The Cost to Income ratio improved to 42.72 % for the year ended March 2010 compared to 46.16 % in the year ended March 2009.
c. Cost of Deposits : The Cost of deposits stood at 6.10 % p.a as against 6.96 % in 2008-09.
d. Yield on advances : Yield on Advances stood at 10.92 % p.a compared to11.41 % in 2008-09.
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