BANK OF INDIA
Q1 FY 2011 RESULTS
COMPARISON
BANK OF INDIA has performed well in the first quarter of FY2011.
Interest on Advances is Rs.3491.90 Cr – up by 6.6% from the previous Quarter of Q4 FY2010 (Rs.3275.23 Cr) – up by 4.2% from the corresponding quarter of Q1 FY2010 (Rs.3351.96 Cr) - and proportionately (q1 FY2011 x 4) up by 6.6% from FY2010 (Rs.13103.23cr).
Total Interest Earned is Rs.4821.72 Cr – up by 6.6% from previous quarter (Rs.4525.05Cr) – up by 10.1% from corresponding quarter (Rs.4377.72 cr) – and proportionately up by 7.9% from FY2010 (Rs.17877.99 Cr).
Total Income is Rs.5407.62cr – up by 3% from previous qtr (Rs.5248.22 cr) – up by 7.6% from corresponding qtr (Rs.5023.61 Cr) - up proportionately by 5.5 % from FY2010 (Rs.20494.62 Cr).
Interest Expended is Rs.3081.26 cr – up by 3.6% from previous qtr (Rs.2973.36 cr) - up by 0.1% from corresponding qtr (Rs.3077.12 cr) – up proportionately by 1.7% from FY 2010 (Rs.12122.04 cr). The increase in interest income is far more than increase in interest expended. Thus, the margin is improving well.
Net Profit is Rs.725.13 Cr – up by 69.5% from previous quarter (Rs.427.91 Cr) – up by 24.1% from corresponding quarter (Rs.584.32 Cr) - and up proportionately by a huge 66.6% from FY2010 (Rs.1741.07 Cr).
Capital Adequacy Ratio is 12.59 which is quite healthy.
Basic EPS is Rs.13.81 – up by 69.4% compared to previous quarter (Rs.8.15) - up by 24.1 from corresponding qtr (Rs.11.13) and up proportionately by 66.6% from FY2010 (Rs.33.15)
Return on Assets has improved to 1.05 from last quarter’s 0.65 (+61.5%) – and corresponding quarter’s 1.03 (+1.9%) and compared to FY2010’s 0.7.
% of Gross/Net NPA is 1.18% - though lower tha last quarter’s 1.31 by 9.9% - is much higher than corresponding qtr’s 0.84 (Up by 40.5%). This needs to come down further.
Provisions at Rs.385.90 Cr is down by 52.3% from last Qtr (Rs.808.97cr) but up by 72.7 % from corresponding Qtr (Rs.223.43 cr) - but down by 30.2% from FY2010 (Rs.2210.93 cr)
The bank has improved asset quality considerably. NPA slippages have been reduced and recoveries have increased. The NIM is stated to be 2.89%. These are likely to improve further. The Bank is aiming at a 20 to 21% Loan book growth rate. Thus, it seems that BOI is back to its old ways of High Growth numbers.
The current Market price is Rs.411. The annual EPS is likely to be between 53-57 at current EPS levels – which may improve further. The PE Ratio is around 7.4 on this EPS. Considering the present level of confidence of the Management, the performance is likely to improve further – going forward.
RESULTS IN FUGURES :
Jun-10 | Mar-10 | dif%1 | Jun-09 | dif%2 | dif%3 | ||
Interest on Advan. | 349190 | 327523 | 6.6 | 335196 | 4.2 | 1310323 | 6.6 |
Income on Invest. | 117764 | 119316 | -1.3 | 96429 | 22.1 | 446430 | 5.5 |
Income on RBIBalan. | 14776 | 5667 | 160.7 | 5930 | 149.2 | 24940 | 137 |
Others | 442 | -1 | -44300 | 217 | 103.7 | 6106 | -71 |
Interest Earned | 482172 | 452505 | 6.6 | 437772 | 10.1 | 1787799 | 7.9 |
Other Income | 58590 | 72317 | -19 | 64589 | -9.3 | 261663 | -10.4 |
Total Income | 540762 | 524822 | 3 | 502361 | 7.6 | 2049462 | 5.5 |
Interest Expended | 308126 | 297336 | 3.6 | 307712 | 0.1 | 1212204 | 1.7 |
Employees Cost | 57382 | 59865 | -4.1 | 53314 | 7.6 | 229607 | 0 |
Other Opetg Exp | 34198 | 40083 | -14.7 | 31971 | 7 | 137175 | -0.3 |
Operating Exp | 91580 | 99948 | -8.4 | 85285 | 7.4 | 366782 | -0.1 |
Operating Profit | 141056 | 127538 | 10.6 | 109364 | 29 | 470476 | 19.9 |
Provisions | 38590 | 80897 | -52.3 | 22343 | 72.7 | 221093 | -30.2 |
Profit bef. tax | 102466 | 46641 | 119.7 | 87021 | 17.7 | 249383 | 64.4 |
Tax Expense | 29953 | 3850 | 678 | 28589 | 4.8 | 75276 | 59.2 |
P AT | 72513 | 42791 | 69.5 | 58432 | 24.1 | 174107 | 66.6 |
Net Profit | 72513 | 42791 | 69.5 | 58432 | 24.1 | 174107 | 66.6 |
Face Value | 10 | 10 | 0 | 10 | 0 | 10 | |
Paid-up Equity | 52591 | 52591 | 0 | 52591 | 0 | 52591 | |
Reserves | - | - | - | 1193008 | |||
Dividend (%) | - | 70 | - | ||||
Shares of GOI% | 64.47 | 64.47 | 0 | 64.47 | 0 | 64.47 | |
Capital Adeq.Ratio | 12.59 | 12.63 | -0.3 | 13.26 | -5.1 | 12.63 | |
Basic EPS B EI | 13.81 | 8.15 | 69.4 | 11.13 | 24.1 | 33.15 | 66.6 |
Diluted EPS B EI | 13.81 | 8.15 | 69.4 | 11.13 | 24.1 | 33.15 | 66.6 |
Basic EPS A EI | 13.81 | 8.15 | 69.4 | 11.13 | 24.1 | 33.15 | 66.6 |
Diluted EPS A EI | 13.81 | 8.15 | 69.4 | 11.13 | 24.1 | 33.15 | 66.6 |
% of Gross/Net NPA | 1.18 | 1.31 | -9.9 | 0.84 | 40.5 | 1.31 | |
Return on Assets | 1.05 | 0.65 | 61.5 | 1.03 | 1.9 | 0.7 | |
Public Shareholding (%) | 35.53 | 35.53 | 0 | 35.53 | 0 | 35.53 |
ANNOUNCEMENTS
TO THE EXCHANGE
31-07-2010 Bank of India has informed the Exchange regarding the standalone Results for the quarter ended on 30-JUN-2010 as follows: Interest earned of Rs. 482172 lacs for the quarter ending on 30-JUN-2010 against Rs. 437772 lacs for the quarter ending on 30-JUN-2009. Interest expended of Rs. 308126 lacs for the quarter ending on 30-JUN-2010 against Rs. 307712 lacs for the quarter ending on 30-JUN-2009. Net Profit / (Loss) of Rs. 72513 lacs for the quarter ending on 30-JUN-2010 against Rs. 58432 lacs for the quarter ending on 30-JUN-2009. -
19-07-2010 Bank Of India has informed the Exchange that the Bank has revised Deposit Rates in some maturities, effective from July 19, 2010. Click Here
16-07-2010 Bank Of India has submitted to the Exchange a copy of the proceedings of the Annual General Meeting of the Bank held on July 14, 2010. Click Here
30-06-2010 Bank Of India has informed the Exchange that the Bank has fixed the Base Rate at 8% per annum with effect from July 01, 2010.
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