Saturday, July 31, 2010

BANK OF INDIA = FIRST QUARTER (Q1 FY 2011) RESULTS = EXCELLENT PERFORMANCE = MAY IMPROVE FURTHER



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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