Saturday, July 24, 2010

U CO BANK - FIRST QTR - Q1 FY 2011 = RESULTS = EXCELLENT PROGRESS = FUTURE HIGHLY PROMISING



UCO Bank
NSE Symbol UCOBANK
Q1 FY 2011 RESULTS

Details of U Co Bank PRESS RELEASE
 Performance - Q1 2010-2011

NET PROFIT & OPER. PROFIT :
    * NET PROFIT REGISTERS A GROWTH OF 45.49% AT RS. 260 CRORE FROM RS. 179 CRORE DURING FY 2009- 10.
    * OPERATING PROFIT REGISTERS A GROWTH 108.39% AT Rs 646 CRORE FROM Rs 310 CRORE DURING FY 2009-10

GLOBAL BUSINESS :
    * GLOBAL BUSINESS RECORDS A GROWTH OF 18.85% Y-O-Y  AT RS. 2,00,623 CRORE.
    * GLOBAL DEPOSITS & ADVANCES GREW AT 18.37% & 19.55% Y-O-Y STOOD AT RS. 1,18,876 CRORE AND RS 81,746 CRORE RESPECTIVELY.

DOMESTIC BUSINESS :
    * DOMESTIC BUSINESS GROWTH AT 18.23% Y-O-Y & PLACED AT RS. 1,87,604 CRORE.
    * DOMESTIC DEPOSITS & ADVANCES GREW AT 18.20% & 18.28%, Y-O-Y STOOD AT RS. 1,12,046 CRORE & RS. 75,558 CRORE RESPECTIVELY.

CASA :
    * SAVINGS DEPOSIT GROWTH AT 30.92 % y-o-y.

CRAR:
    * CRAR AT 13.61% WITH T1 AT 7.55% IS VERY HEALTHY

NET NPA & COVERAGE RATIOS :
    * NET NPA RATIO BROUGHT DOWN TO 1.14%.
    * COVERAGE RATIO STEPPED UP FROM 50.10% TO 58.04%.

KEY FINANCIAL RATIOS :

    * IMPROVEMENT EFFECTED IN KEY FINANCIAL RATIOS SUCH AS RETURN ON ASSETS (ROA), COST TO INCOME RATIO, NET INTEREST MARGIN (NIM) DURING Q1 2010-11
    * NIM IS 3.07% VIS-À-VIS 1.74%

TECHNOLOGY INITIATIVES         :
    * 100% CBS COVERAGE OF ALL 2152 BRANCHES AND 7 EXTENSION COUNTERS.
    * 500 ATMS OPERATIONAL AS OF 30TH JUNE 2010, OF WHICH 340 ON-SITE & 160 OFF-SITE.
    * 9.66 LACS VISA DEBIT CARDS ACTIVATED (0.40 LACS ADDED DURING THIS QUARTER)
    * ALL 2152 BRANCHES ARE RTGS/NEFT LIVE
    * RTGS/NEFT IMPLEMENTED THROUGH E-BANKING.

RESULTS COMPARISON

The above press release details and the following comparisons show that U Co Bank is progressing well on all parameters.
Interest  on Advances is up by 13.2% at Rs.1982 Cr – compared to Q4 FY2010 (Rs.1751Cr) – and up by 11.1% compared to Q1 FY2010 (Rs.1784 Cr) – and proportionately up by 11.6% compared to FY2010(Rs.7107 Cr).
Interest Earned   total is – up by 9.7% at Rs.2673 Cr – compared to Q4 FY 2010 (Rs.2436 Cr) – and up by 14.6% compared to Q1 FY2010 (Rs.2331 Cr) – and also up proportionately by 12.2% compared to FY2010 (Rs.9526 Cr).
Total Income is up by 6.4% to Rs.2863 Cr – compared to Q4 FY 2010 (Rs.2690 Cr)- and up by 10.8% compared to Q1 FY2010 (Rs.2584 Cr) – and up proportionately by 9.1% compared to FY 2010 (Rs.10492 Cr).
Interest Expended at Rs.1736 Cr – up by 2.6% compared to Q4 FY2010 (Rs.1692 Cr) – and DOWN BY 8.8% compared to Q1 FY2010 (Rs. 1904 Cr) which is significant – and also proportionately down by 3.6% compared to FY2010(Rs.7202 Cr).
Provisions at Rs.374 Cr – is up by 111% compared to Q4 FY2010 (Rs.177 Cr) – and up by 195% compared to Q1 FY2010 (Rs.126 Cr) – and UP proportionately by 127.8% compared to FY2010 (Rs.656 Cr). As seen from the press release, the bank has increased its coverage ratio from 50% to 58% by this increased Provision. The Bank may soon increase it to the level of RBI requirements due to the improvement in Profits.
% of Gr./Net NPA        has also slightly increased to 1.14        from Q4 FY2010 figure of 1.17. There is need to reduce this percentage further.
Net Profit  at Rs.260 Cr – is down by 31.5% compared to Q4 FY2010(Rs.379.80 Cr) due to the additional provision coverage – but still up by 45.5% compared to Q1 FY2010 (Rs.179 Cr) – and up by 2.8% proportionately compared to FY 2010 (Rs.1012 Cr).
Capital Adequacy Ratio      is 11.91 – which is improving with each quarter.
Return on Assets is down to 0.79 – from 1.22 in Q4 FY2010 but up from 0.64 in Q1 FY2010 – and it was 0.87 in FY2010. As and when the provision coverage reaches RBI prescribed level, these ratios will shoot up well.     
Basic EPS is Rs.4.74 – compared to Rs.6.91 in Q4 FY2010 – and Rs.3.26 in Q1 FY2010 – and proportionately compared to FY2010 (Rs.18.42). The EPS at current profits level would be higher after the provision coverage ratio is reached. Hence, Annual EPS may be over Rs.20 easily.
PE Ratio : Current MP is Rs.91. On this, FY2011 EPS of around 20 & above gives a PE Ratio of 4.55. After provision coverage reaches prescribed level, even at current profit level, the EPS would be significantly higher and at current prices, U Co Bank is really going cheap.

RESULTS IN FIGURES :

Jun-10
Mar-10
Dif%1
Jun-09
Dif%2
Dif%3
Int. on Advances
198230
175134
13.2
178410
11.1
710685
11.6
Inco. on Investm.
63805
60794
5
49527
28.8
218898
16.6
Inco. on RBI Bala.
4793
5013
-4.4
4960
-3.4
19887
-3.6
Others
457
2650
-82.8
249
83.5
3162
-42.2
Interest Earned
267285
243591
9.7
233146
14.6
952632
12.2
Other Income
18988
25409
-25.3
25222
-24.7
96593
-21.4
Total Income
286273
269000
6.4
258368
10.8
1049225
9.1
Interest Expended
173588
169198
2.6
190435
-8.8
720220
-3.6
Employees Cost
34765
28778
20.8
25341
37.2
105762
31.5
Other Optg Expen.
13361
14466
-7.6
11565
15.5
52680
1.5
Operating Expen.
48126
43244
11.3
36906
30.4
158442
21.5
Exp.excl.prov.
221714
212442
4.4
227341
-2.5
878662
0.9
Operating Profit
64559
56558
14.1
31027
108
170563
51.4
Provisions
37391
17685
111
12690
195
65647
127.8
P B T
27168
38873
-30.1
18337
48.2
104916
3.6
Tax Expense
1147
893
28.4
452
154
3698
24.1
P A T
26021
37980
-31.5
17885
45.5
101218
2.8
Net Profit
26021
37980
-31.5
17885
45.5
101218
2.8
Face Value
10
10
0
10
0
10
Paid-up Eq.
54936
54936
0
54936
0
54936
Reserves
-
306212

-

306212
Dividend (%)
-
15

-

15
Shares  OF GOI%
63.59
63.59
0
63.59
0
63.59
Capital Adeq.Ratio
11.91
11.35
4.9
10.11
17.8
11.35
Basic EPS B EI
4.74
6.91
-31.4
3.26
45.4
18.42
2.9
% of Gr./Net NPA
1.14
1.17
-2.6
1.15
-0.9
1.17
Return on Assets
0.79
1.22
-35.2
0.64
23.4
0.87
Public holding%
36.41
36.41
0
36.41
0
36.41


ANNOUNCMENTS
TO THE EXCHNAGE

23-07-2010        UCO Bank has informed the Exchange regarding the standalone Results for the quarter ended on 30-JUN-2010 as follows: Interest earned of Rs. 267285 lacs for the quarter ending on 30-JUN-2010 against Rs. 233146 lacs for the quarter ending on 30-JUN-2009. Interest expended of Rs. 173588 lacs for the quarter ending on 30-JUN-2010 against Rs. 190435 lacs for the quarter ending on 30-JUN-2009. Net Profit / (Loss) of Rs. 26021 lacs for the quarter ending on 30-JUN-2010 against Rs. 17885 lacs for the quarter ending on 30-JUN-2009. 
01-02-2010        Uco Bank has informed the Exchange that the Board of Directors at its meeting dated January 30, 2010 had , interalia, resolved to raise 6 (Six) crore equity shares of face value of Rs. 10/- at a suitable premium either through FPO (for which Government of India's approval has been received ) or through QIP (Subject to GOI's approval ) and to convene an Extra Ordinary General Meeting (EGM) of the shareholder to obtain their approve for raising the subject equity capital either through FPO or QIP (subject to Government approval).
21-01-2010        Uco Bank has informed the Exchange that "Vide Gazette Notification dated 21.11.2009 (Ref. page no. 7321-7322), the Authorised Capital of our Bank has been increased from Rs.1500 Crore to Rs.3000 crore".

 *  *  *   E N D   *  *  *

No comments:

Post a Comment