PUNJAB NATIONAL BANK
Q1 FY 2011 RESULTS
COMPARISON
NON CONSOLIDATED FIGURES
PUNJAB NATIONAL BANK has improved its performance further in the first quarter of FY2011compared to the corresponding quarter of Q1 FY2010. The results are compared below with the previous quarter of Q4 FY2010, corresponding quarter of Q1 FY2010, and proportionately with the full year of FY2010.
Interest on Advances at Rs.4695 Cr is up by 8.4% compared to Q4 FY2010(Rs.4329.96Cr) – and up by 16.6% compared to Q1 FY2010(Rs.4026 Cr) – and proportionately up by 12.4% compared to FY2010(Rs.16701 Cr).
Income on Investments is at Rs.1277 cr – up by 4% compared to Q4 FY2010 (Rs.1228 Cr) – and up by 12.8% compared to Q1 FY2010(Rs.1132 Cr) – and up proportionately by 11.6% compared to FY2010 (Rs.4577 Cr).
Total Income at Rs.6863 Cr is up by 6.2% compared to Q4 FY2010 (Rs.6461Cr) – and up by 11.1% compared to Q1 FY2010 (Rs.6178Cr) – and up proportionately by 10.3% compared to FY2010 (Rs.24879 Cr).
Interest Expended is Rs.3373 Cr – up by 8.5% compared to Q4 FY2010 (Rs.3109.68 Cr) – and up by 0.8% compared to Q1 FY2010 (Rs.3346Cr) – and up proportionately by 4.2% compared to FY2010 (Rs.12944 Cr).
Total Expenditure is Rs. 4765 Cr – up by 13.2% compared to Q4 FY2010 (Rs.4210 Cr) – and up by 3.4% compared to Q1 FY2010 (Rs.4608 Cr) – and up proportionately by 7.7% compared to FY 2010 (Rs. 17706 Cr).
Net Profit is Rs.1068 Cr – down by 5.9% compared to Q4 FY2010(Rs.1135 Cr) – but UP By 28.4% compared to Q1 FY2010 (Rs.832 Cr) – and up proportionately by 9.4% compared to FY2010 (Rs.3905 Cr).
Capital Adequacy Ratio is 12.36 - compared to 12.97 in Q4 FY2010 and compared to 13.19in Q1 FY2010.
Basic EPS is Rs.33.88 –compared to Rs.36 in Q4 FY2010 (-5.9%) – and compared to Rs.26.39 in Q1 FY2010 (+28.4%) – and proportionately compared to Rs.123.86 in FY2010 (+9.4%).
PE RATIO : PNB is likely to clock an EPS of Rs.136 or above in FY2011. The current market price of the share is around Rs.1059. Thus, the PE Ratio works out to 7.79.
% of Gross/Net NPA has increased to 0.66 in Q1 FY11 – compared to 0.53in Q4 FY10, and 0.19 in Q1 FY10.
Return on Assets is 1.38 – compared to 1.58 in Q4 FY2010 – and compared to 1.35 in Q1 FY2010 – and compared to 1.44 in FY2010.
To Sum Up : PNB has been producing excellent results consistently. But for some increase in NPAs in current Quarter, this quarter also is an excellent quarter. Its EPS etc are much higher than most of the Public sector and Private sector banks including the top ranked private sector Banks on most of the parameters. It is therefore appropriate that its valuations must improve much more than at present in the market.
RESULTS IN FIGURES :
| Jun-10 | Mar-10 | dif%1 | Jun-09 | dif%2 | dif%3 | ||
| Interest on Advances | 469469 | 432996 | 8.4 | 402580 | 16.6 | 1670130 | 12.4 |
| Income on Investments | 127676 | 122768 | 4 | 113229 | 12.8 | 457674 | 11.6 |
| Income on RBI Balances | 1600 | 3075 | -48 | 4523 | -64.6 | 14921 | -57.1 |
| Others | 441 | 1924 | -77.1 | 410 | 7.6 | 3966 | -55.5 |
| Interest Earned | 599186 | 560763 | 6.9 | 520742 | 15.1 | 2146691 | 11.6 |
| Other Income | 87152 | 85315 | 2.2 | 97016 | -10.2 | 341249 | 2.2 |
| Total Income | 686338 | 646078 | 6.2 | 617758 | 11.1 | 2487940 | 10.3 |
| Interest Expended | 337329 | 310968 | 8.5 | 334561 | 0.8 | 1294402 | 4.2 |
| Employees Cost | 99522 | 65317 | 52.4 | 90764 | 9.6 | 312114 | 27.5 |
| Other OptgExp. | 39670 | 44692 | -11.2 | 35499 | 11.7 | 164078 | -3.3 |
| Operating Exp. | 139192 | 110009 | 26.5 | 126263 | 10.2 | 476192 | 16.9 |
| Total Exp.excl.Prov. | 476521 | 420977 | 13.2 | 460824 | 3.4 | 1770594 | 7.7 |
| Operating Profit | 209817 | 225101 | -6.8 | 156934 | 33.7 | 717346 | 17 |
| Provisions | 53413 | 62186 | -14.1 | 30179 | 77 | 142150 | 50.3 |
| Exceptional Items | - | -8145 | | - | | -15282 | |
| Profit before tax | 156404 | 171060 | -8.6 | 126755 | 23.4 | 590478 | 6 |
| Tax Expense | 49575 | 57557 | -13.9 | 43550 | 13.8 | 199943 | -0.8 |
| P A T | 106829 | 113503 | -5.9 | 83205 | 28.4 | 390535 | 9.4 |
| Extrao. Items | - | - | | - | | - | |
| Net Profit | 106829 | 113503 | -5.9 | 83205 | 28.4 | 390535 | 9.4 |
| Face Value | 10 | 10 | 0 | 10 | 0 | 10 | |
| Paid-up Equity | 31530 | 31530 | 0 | 31530 | 0 | 31530 | |
| Reserves | - | 1591562 | | - | | 1591562 | |
| Dividend (%) | - | 120 | | - | | 220 | |
| Shares OF GOI(%) | 57.8 | 57.8 | 0 | 57.8 | 0 | 57.8 | |
| C A R | 12.36 | 12.97 | -4.7 | 13.19 | -6.3 | 12.97 | |
| Basic EPS B EI | 33.88 | 36 | -5.9 | 26.39 | 28.4 | 123.86 | 9.4 |
| Diluted EPS B EI | 33.88 | 36 | -5.9 | 26.39 | 28.4 | 123.86 | 9.4 |
| Basic EPS A EI | 33.88 | 36 | -5.9 | 26.39 | 28.4 | 123.86 | 9.4 |
| Diluted EPS A EI | 33.88 | 36 | -5.9 | 26.39 | 28.4 | 123.86 | 9.4 |
| Gross/Net NPA | 128334 | 98169 | 30.7 | 29719 | 332 | 98169 | |
| % of Gr/Net NPA | 0.66 | 0.53 | 24.5 | 0.19 | 247 | 0.53 | |
| Return on Assets | 1.38 | 1.58 | -12.7 | 1.35 | 2.2 | 1.44 | |
| Public holding (%) | 42.2 | 42.2 | 0 | 42.2 | 0 | 42.2 |
ANNOUNCEMENTS
TO THE EXCHANGE
22-07-2010 Punjab National Bank has informed the Exchange regarding the standalone Results for the quarter ended on 30-JUN-2010 as follows: Interest earned of Rs. 599186 lacs for the quarter ending on 30-JUN-2010 against Rs. 520742 lacs for the quarter ending on 30-JUN-2009. Interest expended of Rs. 337329 lacs for the quarter ending on 30-JUN-2010 against Rs. 334561 lacs for the quarter ending on 30-JUN-2009. Net Profit / (Loss) of Rs. 106829 lacs for the quarter ending on 30-JUN-2010 against Rs. 83205 lacs for the quarter ending on 30-JUN-2009. -
29-06-2010 Punjab National Bank has informed the Exchange that as per Reserve Bank directives, Board of the Bank has fixed the Base Rate at 8.00%. The Base Rate has been arrived at by taking the average cost of deposits of the last quarter as the benchmark. The Card Rate under any lending scheme of the Bank would be sum of the Base Rate and the Spread. The Base Rate is applicable w.e.f. July 01, 2010.
23-06-2010 Punjab National Bank has informed the Exchange that the Bank has signed a Memorandum of Agreement with Principal Financial Group of Mauritius and Vijaya Bank for restructuring of their existing joint ventures subject to statutory approvals as under : (1) Punjab National Bank and Vijaya Bank will continue to support Principal in the Asset Management Company for a period of three years; (2) Punjab National Bank and Vijaya Bank shall sell their 30% and 5% stake respectively in distribution JV Company to Principal; (3) Punjab National Bank will buy out Principal and Berger Paints stake of 26% and 25% in Insurance Broking Company; (4) Punjab National Bank will buy out Principal and UK Paints stake of 26% and 32% respectively in Principal PNB Life Insurance Company Ltd. -
28-05-2010 Punjab National Bank has informed the Exchange regarding the consolidated Results for the year ended on 31-MAR-2010 as follows: Interest earned of Rs. 2198239 lacs for the year ending on 31-MAR-2010 against Rs. 1977765 lacs for the year ending on 31-MAR-2009. Interest expended of Rs. 1323001 lacs for the year ending on 31-MAR-2010 against Rs. 1257636 lacs for the year ending on 31-MAR-2009. Net Profit / (Loss) of Rs. 397257 lacs for the year ending on 31-MAR-2010 against Rs. 319703 lacs for the year ending on 31-MAR-2009.
21-05-2010 Punjab National Bank has informed the Exchange that the Bank will be raising Upper Tier II Bonds as PNB Upper Tier II Bonds Issue Series XII through an issue size of Rs. 500 crore. The proposed date of opening and closing is May 24, 2010. -
06-05-2010 Punjab National Bank has informed the Exchange regarding the standalone Results for the year ended on 31-MAR-2010 as follows: Interest earned of Rs. 2146691 lacs for the year ending on 31-MAR-2010 against Rs. 1932616 lacs for the year ending on 31-MAR-2009. Interest expended of Rs. 1294402 lacs for the year ending on 31-MAR-2010 against Rs. 1229530 lacs for the year ending on 31-MAR-2009. Net Profit / (Loss) of Rs. 390535 lacs for the year ending on 31-MAR-2010 against Rs. 309088 lacs for the year ending on 31-MAR-2009. -
06-05-2010 Punjab National Bank has informed the Exchange that the Board of Directors at its meeting held on May 06, 2010 has recommended Final Dividend of Rs. 12/- (Rupees twelve only) (i.e. 120%) per Equity Share of Rs. 10/- for the F.Y. 2009-10, subject to declaration in the ensuing Annual General Meeting.
Note : As always, readers’ comments, suggestions, and corrections are most welcome.
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