Thursday, July 22, 2010

VIJAYA BANK = RESULTS =FIRST QUARTER = Q1 FY 2011 = CONSISTENT PROGRESS = EXCELLENT PLANS = ON GOOD GROWTH PATH



VIJAYA BANK
Q1 FY2011 RESULTS
COMPARISON

VIJAYA BANK  has produced much improved results for Q1 FY2011.These are compared below with Q4 FY2010 (previous Qtr), with Q1 FY2010 (corresponding Qtr) and in a proportionate manner with the full Year FY2010.
Interest on Advances is Rs.982 Cr – up by 2.2% compared to Q4 FY2011 (Rs.960 Cr) – up by 4.4% compared to Q1 FY2010 (Rs.940 Cr) and – up by 2.3%, proportionately compared to Full Year 2010(Rs.3839 Cr).
Income on Investments at Rs.357 Cr is – up by 59.9% compared to Previous Qtr (Rs.223 Cr) – up by 5% compared to Q1 FY2010 (Rs.340 Cr) and – up by 11.3% compared proportionately to FY2010 (Rs.1282 Cr).
Total Interest Earned at Rs.1350 Cr – is higher by 10.8% compared to Q4 FY2010 (Rs.1218Cr) – and up by 3.7% compared to Q1 FY2010 (Rs.1301 Cr) – and up by 3.8% compared proportionately to FY2010 (Rs.5201 Cr).
Total Income at Rs.1520 Cr – is up by 0.6% to Q4 FY2010 (Rs.1512 Cr) = up by 3.9% compared to Q1 FY2010 (Rs.1463 Cr) – and up by 3.4% compared proportionately to FY2010 (Rs.5880 Cr)
Interest Expended at Rs.905 cr – is down by 2.6% compared to Q4 FY2010 (Rs.929 Cr) – down by 5.7% compared to Q1 FY2010 (Rs.960 Cr) – and  down by 3.5% compared proportionately to FY2010 (Rs.3752 Cr).
Total Expenditure (excluding provisions) is Rs.1206 Cr – up by 0.7% compared to Q4 FY2010 (Rs.1197 Cr) – down by 3.8% compared to Q1 FY2010 (Rs.1254 Cr) – and proportionately at same level as FY2010 (Rs.4823 Cr).
Operating Profit at Rs.314 Cr – is at same level as Q4 FY2010(Rs.314 Cr) – up by 49.8% compared to Q1 FY2010 (Rs.210 Cr) – and up by 18.9% compared proportionately to     FY2010 (Rs.1057 Cr).
Provisions at  Rs.61 Cr – is down by 62% compared to Q4 FY2010 (Rs.160 Cr) – but up compared to Q1 FY2010 (Rs.-36 Cr) – and down by 31.7% compared proportionately to FY2010 (Rs.356 Cr).
Net Profit       at Rs.173 Cr – is up by 32.5% compared to Q4 FY2010 (Rs.131 Cr) – up by 21% compared to Q1 FY2010 (Rs.143 Cr) – and up by 36.8% proportionately compared to FY 2010 (Rs.507 Cr).
Basic EPS is at Rs.4 – compared to Rs.3.01 in Q4 FY2010 (+32.9%) – and compared to Rs.3.31 in Q1 FY2010(+20.8%) – and compared to Rs.11.7 in full year 2011(+36.8%).
PE RATIO : On a proportionate Basis – FY2011 EPS should be between 17-19. At the current price of around Rs.70, the FY2011 EPS gives a PE ratio of hardly 4 – which leaves a huge scope for appreciation.
% of Gross/Net NPA   is  1.35% - compared to 1.4% in Q4 FY2010(-3.6%) – compared to1.58 in  Q1 FY2010 (-14.6%).     
Return on Assets is at  0.96  - compared to 0.73 in  Q4 FY2010 (+31.55) – and compared to       0.93 in Q1 FY2010 (+3.2%) – and compared to 0.76 in FY2010  .
TIER I CAPITAL : Government of India has subscribed a sum of Rs. 700 Crore in innovative Tier I Capital instruments - OF Perpetual Non Cumulative Preference Shares (PNCPS).
LIFE/GENRAL INSURANCE BUSINESS : Vijaya Bank is entering into agreements with LIC/ united india insurance/ PNB etc for Life/General Insurance products businesses.
ONLINE TRADING :  Vijaya Bank has started 'Online Trading' services from June 30, 2010, in association with IDBI Capital Market Services Ltd

Thus – it is seen that VIJAYA BANK has been progressing very consistently on all the parameters in each quarter. It is an excellent BUY for the medium to long term.

Results in figures :

Jun-10
Mar-10
Dif%1
Jun-09
Dif%2
Dif%3
Interest on Advan.
98165
96046
2.2
94028
4.4
383851
2.3
Income on Investm.
35659
22295
59.9
33963
5
128183
11.3
Income on RBI Balan.
1
-

19
-94.7
23
-82.6
Others
1128
3445
-67.3
2091
-46.1
8008
-43.7
Interest Earned
134953
121786
10.8
130101
3.7
520065
3.8
Other Income
17073
29381
-41.9
16241
5.1
67945
0.5
Total Income
152026
151167
0.6
146342
3.9
588010
3.4
Interest Expended
90463
92886
-2.6
95964
-5.7
375157
-3.5
Employees Cost
20608
16361
26
20734
-0.6
70562
16.8
Other Optg Expenses
9529
10483
-9.1
8667
9.9
36595
4.2
Operating Expenses
30137
26844
12.3
29401
2.5
107157
12.5
Tot.Exp.excl.provis
120600
119730
0.7
125365
-3.8
482314
0
Operating Profit
31426
31437
0
20977
49.8
105696
18.9
Provisions
6078
16007
-62
-3636
-267
35582
-31.7
P B T
25348
15430
64.3
24613
3
70114
44.6
Tax Expense
8000
2338
242
10275
-22.1
19385
65.1
P A T
17348
13092
32.5
14338
21
50729
36.8
Net Profit
17348
13092
32.5
14338
21
50729
36.8
Face Value.Rs
10
10
0
10
0
10
Paid-up Equity
43352
43352
0
43352
0
43352
Reserves
-
188455

-

188455
Dividend (%)
-
25

-

25
SharesOF goi
53.87
53.87
0
53.87
0
53.87
300
CA R
13.85
11.79
17.5
12.47
11.1
11.79
Basic EPS B EI
4
3.01
32.9
3.31
20.8
11.7
36.8
% of Gr./Net NPA
1.35
1.4
-3.6
1.58
-14.6
1.4
Return on Assets
0.96
0.73
31.5
0.93
3.2
0.76
Public holding (%)
46.13
46.13
0
46.13
0
46.13



ANNOUNCEMENTS
TO THE EXCHANGE

22-07-2010        Vijaya Bank has informed the Exchange regarding the standalone Results for the quarter ended on 30-JUN-2010 as follows: Interest earned of Rs. 134953 lacs for the quarter ending on 30-JUN-2010 against Rs. 130101 lacs for the quarter ending on 30-JUN-2009. Interest expended of Rs. 90463 lacs for the quarter ending on 30-JUN-2010 against Rs. 95964 lacs for the quarter ending on 30-JUN-2009. Net Profit / (Loss) of Rs. 17348 lacs for the quarter ending on 30-JUN-2010 against Rs. 14338 lacs for the quarter ending on 30-JUN-2009.  -
09-07-2010        Vijaya Bank has informed the Exchange that at the Annual General Meeting of the Bank held on July 09, 2010, Bank declared a dividend of Rs.2.50 per Share on Bank's Equity Share Capital and a dividend 6.25% p.a. on Perpetual Non Cumulative Preference Share Capital (PNCPS) of the Bank for the Financial Year 2009-2010.        -
01-07-2010        Vijaya Bank has informed the Exchange that the Bank has started 'Online Trading' services from June 30, 2010, in association with IDBI Capital Market Services Ltd.     -
30-06-2010        Vijaya Bank has informed the Exchange that the Bank has fixed Base Rate for lending at 8.25% p.a. w.e.f. July 01, 2010. The rate has been introduced in terms of guidelines issued by RBI. -
29-06-2010        Vijaya Bank has informed the Exchange that the Bank has signed agreements for Referral Arrangement with Life Insurance Corporation Of India for Life Insurance Business from June 03, 2010 and also Referral Arrangement with United India Insurance co Ltd for General Insurance Business from May 25, 2010.        -
25-06-2010        Vijaya Bank has informed the Exchange that "Vijaya Bank has signed a Memorandum of agreement with Principal Financial Group, Mauritius and Punjab National Bank on 23.06.2010 for restructuring our existing Joint Venture subject to statutory approvals, as under: (1) Continuing in Principal PNB Asset Management Company Ltd. (AMC) and Principal Trustee Company Private Ltd. (TC); (2) Increasing our stake from the existing 19% to 26% in PNB Principal Insurance Broking Private Ltd.; (3) Increasing our stake from the existing 12% to 26% in Principal PNB Life Insurance Company Ltd.; (4) Divesting entire 5% stake in PNB Principal Financial Planners Pvt. Ltd. Punjab National Bank and Vijaya Bank will decide future course of action in the Insurance Companies after approvals and finalization of the deal."
15-06-2010        Vijaya Bank has informed the Exchange that Government of India, the major Shareholder of the Bank has subscribed a sum of Rs. 700 Crore (Rs. Seven Hundred Crore Only) in innovative Tier I Capital instruments in the Bank. Perpetual Non Cumulative Preference Shares (PNCPS) - At an annual Floating Coupon to be benchmarked to Repo Rate with a spread of 100 Basis Points above the Repo rate to be readjusted annualy, has been issued to the Government of India. As on date the PNCPS issued to Govt of India amount to Rs.1200/- Crores. The Perpetual Non Cumulative Preference Shares issued to the Government of India are not transferable and are not dealt with in the Stock Ecxhanges and accordingly cant be traded and/or listed. The said issue is made as per guidelines issued by Reserve Bank of India.
30-04-2010        Vijaya Bank has informed the Exchange that at the meeting of the Board of Directors of the Bank held on April 30, 2010 recommended a dividend of Rs.2.50 per Share on Bank's Equity Share Capital and at 6% p.a. on Perpetual Non Cumulative Preference Share Capital (PNCPS) of the Bank payable to Government of India for the Financial Year 2009-2010.   
30-04-2010        Vijaya Bank has informed the Exchange regarding the standalone Results for the quarter ended on 31-MAR-2010 as follows: Interest earned of Rs. 121786 lacs for the quarter ending on 31-MAR-2010 against Rs. 136422 lacs for the quarter ending on 31-MAR-2009. Interest expended of Rs. 92886 lacs for the quarter ending on 31-MAR-2010 against Rs. 104317 lacs for the quarter ending on 31-MAR-2009. Net Profit / (Loss) of Rs. 13092 lacs for the quarter ending on 31-MAR-2010 against Rs. 10225 lacs for the quarter ending on 31-MAR-2009. -
30-04-2010        Vijaya Bank has informed the Exchange regarding the standalone Results for the year ended on 31-MAR-2010 as follows: Interest earned of Rs. 520065 lacs for the year ending on 31-MAR-2010 against Rs. 523782 lacs for the year ending on 31-MAR-2009. Interest expended of Rs. 375157 lacs for the year ending on 31-MAR-2010 against Rs. 411302 lacs for the year ending on 31-MAR-2009. Net Profit / (Loss) of Rs. 50729 lacs for the year ending on 31-MAR-2010 against Rs. 26248 lacs for the year ending on 31-MAR-2009.

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