BANK OF INDIA = Q2 FY 2011 (SEPT 2010) RESULTS = EXCELLENT IMPROVEMENT = FUTURE PROMISES TO BE BETTER

BANK OF INDIA

Q2 FY 2011 RESULTS

BANK OF INDIA  after a number of quarters, produced excellent results in Q2 FY 2011.

Interest on Advances   at Rs.3659.79 cr – is up by 4.81% from previous Qtr and by 10.9% from corresponding Qtr of last year.

Income on Investments        is Rs. 1307.15 Cr – up by 11% from previous Qtr and by 21.42% from corresponding Qtr.

Total Income is Rs.5740.05      Cr – up by 6.15% from previous Qtr and 11.13% from corresponding Qtr.

Operating Profit is Rs.1379.60 Cr – down by 2.119% from previous Qtr and up by 14.4% from corresponding Qtr.

Net Profit   is Rs.616.78 Cr against Rs.725.13 cr in previous Qtr (down by14.94% - and compared to Rs.323.34 (a huge up by 90.75%) from corresponding Qtr.

Capital Adequacy Ratio is comfortable at 12.27.

Basic EPS is Rs.11.74 against Rs.13.81 in previous Qtr and Rs.6.16 in corresponding Qtr.        90.58

% of Gross/Net NPA is 1.14 against 1.18 in previous Qtr and 1.08 in corresponding Qtr.

Return on Assets is 0.87.

OTHER DETAILS :

Net interest income rose 26 per cent to Rs 1,776 crore from Rs 1,409 crore.

Net interest margin rose to 2.81 per cent in the quarter ended September 30, from 2.57 per cent a year earlier.

Net interest margin is expected to improve further to as much as 2.95 per cent in the year to March 2011. 

The bank’s advances, which grew 22.4 per cent during the quarter to Rs 144,696 crore, are expected to grow at 19-20 per cent and deposits at 20 per cent for the year.

The bank’s provisioning coverage ratio rose to 70 per cent, the level mandated by the Reserve Bank of India, compared with 65.5 in March this year.

The bank said its CASA, or current account savings account, ratio rose to 33.48 per cent from 32.64 per cent in the previous quarter.

RESULTS IN FIGURES:

BANK OF INDIA	30-Sep-10	30-Jun-10	DIF % 1	30-Sep-09	DIF% 2
Interest on Advances	365979	349190	4.81	330021	10.9
Income on Investments	130715	117764	11	107652	21.42
Income on Balances With RBI	18838	14776	27.49	5313	254.56
Others	23	442	-94.8	5913	-99.61
Interest Earned	515555	482172	6.92	448899	14.85
Other Income	58450	58590	-0.24	67597	-13.53
Total Income	574005	540762	6.15	516496	11.13
Interest Expended	337950	308126	9.68	308009	9.72
Employees Cost	60308	57382	5.1	54479	10.7
Other Operating Expenses	37787	34198	10.49	33412	13.09
Operating Expenses	98095	91580	7.11	87891	11.61
Operating Profit	137960	141056	-2.19	120596	14.4
Provisions	52736	38590	36.66	60213	-12.42
Tax Expense	23546	29953	-21.39	28049	-16.05
Net Profit	61678	72513	-14.94	32334	90.75
Face Value (in Rs.)	10	10	0	10	0
Paid-up Equity Share Capital	52591	52591	0	52591	0
Capital Adequacy Ratio	12.27	12.59	-2.54	13.52	-9.25
Basic EPS	11.74	13.81	-14.99	6.16	90.58
Gross/Net NPA	207040	206123	0.44	160471	29.02
% of Gross/Net NPA	1.14	1.18	-3.39	1.08	5.56
Return on Assets	0.87	1.05	-17.14	0.55	58.18
Public holding (%)	35.53	35.53	0	35.53	0

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VIJAYA BANK = Q2 FY 2011 (SEPT 2010) RESULTS = IMPROVED PERFORMANCE = FUTURE PROMISES TO BE BETTER

VIJAYA BANK

QR FY 2011 LEVELS

VIJAYA BANK  has reported good performance in Q2 FY 11.

Interest on Advances at Rs.996.45 Cr has grown by 1.51% over previous Qtr and by 2.62% over corresponding Qtr of last year.

Income on Investments is Rs.400.02 cr – up by 12.18% over previous Qtr and by 12.55% over corresponding Qtr.

Total Income is Rs.1520.92 Cr – up by 0.04% over previous Qtr and by 4.34% over corresponding Qtr.

Operating Profit   is Rs.295.85 Cr – down by 5.86% from previous Qtr and by 26.46% over corresponding Qtr.

Provisions have increased to Rs.101.54 cr – up by 67.06% over previous Qtr and by 0.73% over corresponding Qtr,

Net Profit is Rs.144.31 Cr – down by 16.81% over previous Qtr and up by a good         33.1% over corresponding Qtr.

Capital Adequacy Ratio is very good at 14.27.

Basic EPS is Rs.3.33 (on FV of Rs.10) compared to Rs.4 in previous Qtr and Rs.2.5 in corresponding Qtr.

% of Gross/Net NPA is 1.32% compared to 1.35% in previous Qtr and 1.46% in corresponding Qtr.

Return on Assets is reasonable at 0.81 compared to 0.96 in previous Qtr and 0.68 in corresponding Qtr.

The Bank saw a 34 per cent growth in Net Interest Income (NII) and an  improvement in Net Interest Margin (NIM) to 3.16 per cent from 2.39 per cent year-on-year.

Improved margins were mainly a result of higher Yield on Advances (10.20 per cent) and lower cost of deposits (5.64 per cent).

Cumulatively, for the first half of the current financial, the trends are similar. Higher Operating Profit of Rs 610.11 crore registering a growth of 37.50 per cent and Net Profit of Rs 317.78 crore which showed an improvement of 26.20 per cent were driven by 40.03 per cent growth in NII and NIM of 3.01 per cent which was at 2.36 per cent for the previous half year ended on September 30, 2009.

Aggregate business of the bank stood at Rs 1,02,473 crore, comprising Rs 62,688 crore of deposits and Rs 39,805 crore of advances. The bank's Capital Adequacy Ratio stood at 14.25 per cent (Basel-II).

As regards asset quality, gross NPA ratio and Net NPA ratio of the Bank stood at 2.44 per cent and 1.32 per cent respectively, coming down from 2.91 per cent and 1.46 per cent respectively from the corresponding period last year.

Going forward the bank is looking at a business level of Rs 1,26,000 crore, envisaging a 20 per cent growth by Marche 2011.

The bank will be opening 100 additional branches and 250 additional ATMs taking the branch and ATM strength to 1250 and 750 respectively. The bank is also looking at corporate agency for life insurance and non-life insurance.

Current MP of the share is Rs.107. The annual RPS is likely to be between 15 and 16 on current performance levels but could improve further going forward. The PE ratio currently is thus just around 7 and deserves better valuations based on its expected performance levels.

vijaya bank	30-Sep-10	30-Jun-10	Dif% 1	30-Sep-09	Dif%2
Interest on Advances	99645	98165	1.51	97104	2.62
Income on Investments	40002	35659	12.18	35543	12.55
Income on Balances With RBI	10	1	900	4	150
Others	667	1128	-40.87	1096	-39.14
Interest Earned	140324	134953	3.98	133747	4.92
Other Income	11768	17073	-31.07	12013	-2.04
Total Income	152092	152026	0.04	145760	4.34
Interest Expended	91602	90463	1.26	97334	-5.89
Employees Cost	20908	20608	1.46	16075	30.07
Other Operating Expenses	9997	9529	4.91	8957	11.61
Operating Expenses	30905	30137	2.55	25032	23.46
Operating Profit	29585	31426	-5.86	23394	26.46
Provisions	10154	6078	67.06	10080	0.73
Profit  before tax	19431	25348	-23.34	13314	45.94
Tax Expense	5000	8000	-37.5	2472	102.27
Net Profit  After Tax	14431	17348	-16.81	10842	33.1
Net Profit	14431	17348	-16.81	10842	33.1
Face Value of Share (in Rs.)	10	10	0	10	0
Paid-up Equity Share Capital	43352	43352	0	43352	0
Capital Adequacy Ratio	14.27	13.85	3.03	12.04	18.52
Basic EPS	3.33	4	-16.75	2.5	33.2
Gross/Net NPA	52055	56087	-7.19	54181	-3.92
% of Gross/Net NPA	1.32	1.35	-2.22	1.46	-9.59
Return on Assets	0.81	0.96	-15.63	0.68	19.12
Public Shareholding (%)	46.13	46.13	0	46.13	0

ANNOUNCEMENTS

TO THE EXCHANGE

22-10-2010        Vijaya Bank has informed the Exchange regarding the standalone Results for the quarter ended on 30-SEP-2010 as follows: Interest earned of Rs. 140324 lacs for the quarter ending on 30-SEP-2010 against Rs. 133747 lacs for the quarter ending on 30-SEP-2009. Interest expended of Rs. 91602 lacs for the quarter ending on 30-SEP-2010 against Rs. 97334 lacs for the quarter ending on 30-SEP-2009. Net Profit / (Loss) of Rs. 14431 lacs for the quarter ending on 30-SEP-2010 against Rs. 10842 lacs for the quarter ending on 30-SEP-2009.