INDIAN BANK = Q2 FY 2011 (SEPT 2010) RESULTS = VERY GOOD PERFORMANCE = IMPRESSIVE EPS

INDIAN BANK

Q2 FY 2011 RESULTS

Highlights of the performance

for the quarter ended September 2010

Profit

_ Operating Profit for the second quarter of current financial year (Q2 FY11) stood at `738.94 crore as against `553.86 crore in Q2 FY10, recording a y-o-y growth of 33.42%.

o Core operating profit excluding trading profit rose by 51.22 % to ` 680.32 crore

in Q2 FY 11 from ` 449.88 crore in Q2 FY 10.

_ Net Profit of the Bank for the Q2 FY11 amounted to ` 415.77 crore as compared to `371.99 crore in the corresponding quarter, registering a y-o-y growth of 11.77%

Business

_ Total Business of the Bank rose to `1,67,980 crore as compared to ` 1,33,987 crore in September 2009, showing a y-o-y growth of 25.37%.

_ Deposits of the Bank at the end of September 2010 amounted to ` 98,007 crore as

compared to ` 80,068 crore in September 2009, exhibiting a growth of 22.40% on y-o-y basis.

_ CASA improved to ` 31,604 crore in September 2010 from ` 24,790 crore in September 2009 recording a growth of 27.49%.

_ CASA share improved to 32.25% in Q2 of FY 2010-11 from 30.96% a year ago.

_ Advances of the Bank at ` 69,973 crore as on 30.09.2010 grew by 29.77% (y-o-y) as against ` 53,919 crore as on 30.09.2009.

_ Credit Deposit Ratio improved to 71.40% as at September 2010 from 67.34 % in

September 2009.

Income and Expenses

_ Total Income increased by 17.70% to ` 2559 crore, led by y-o-y growth of 20.29% in interest Income.

_ Net Interest Income rose by 37.75% on y-o-y basis to reach `983 crore in Q2 FY11 from ` 714 crore.

_ Core Non Interest Income excluding trading profit witnessed a y-o-y growth of

26.0% to touch ` 225 crore.

_ Total expenses were at `1820 crore at the end of September 2010, as against `1621 crore in September 2009.

Important Ratios

_ Gross NPA to Gross Advances ratio stood at 1.29% as at September 2010 as compared to 1.45 % in Q1 FY 11

_ Net NPA to Net Advances ratio stood at 0.73% as against of 0.76% in Q1 FY 11

_ Provision Coverage Ratio is at 83.27 % compared to RBI’s stipulation of 70%.

_ Net Interest Margin (NIM) has improved to 3.76% for the quarter ended September 2010 from 3.71% in Q1 FY 11.

_ Cost to Income Ratio at 41.67% for the quarter ended September 2010 as against

44.41% last year.

_ Earnings per Share rose to `37.60 (annualized) for the quarter ended 30.09.2010 as against `33.52 in corresponding period last year.

_ Book Value per Share was higher at `172.91 as at September 2010 from `143.89 as on September 2009.

_ As per Basel II the CRAR is 12.96% as at end of September’10 compared to 12.56 % in Q2 FY 10.

·        Global Branch Network crossed 1800 mark and reached 1803 branches.

_ Capital Adequacy Ratio (Basel II) is comfortable at 12.96%

RESULTS IN FIGURES:

INDIAN BANK	30-Sep-10	30-Jun-10	Dif% 1	30-Sep-09	Dif% 2
Interest on Advances	172586.48	158457.84	8.92	141229.22	22.2
Income on Investments	53882.6	52623.34	2.39	50390.08	6.93
Income on Balances With RBI	1093.2	1097.43	-0.39	2097.87	-47.89
Interest Earned	227562.28	212178.61	7.25	193717.17	17.47
Other Income	28366.14	35545.94	-20.2	23720.38	19.59
Total Income	255928.42	247724.55	3.31	217437.55	17.7
Interest Expended	129240.43	119513.79	8.14	117804.86	9.71
Employees Cost	36922.05	32149.02	14.85	31135.52	18.58
Other Operating Expenses	15871.72	12279.73	29.25	13111.51	21.05
Operating Expenses	52793.77	44428.75	18.83	44247.03	19.32
Operating Profit	73894.22	83782.01	-11.8	55385.66	33.42
Provisions	13296.95	34390.32	-61.34	2927.81	354.16
Profit before tax	60597.27	49391.69	22.69	52457.85	15.52
Tax Expense	19019.9	12576.75	51.23	15259.47	24.64
Net Profit After Tax	41577.37	36814.94	12.94	37198.38	11.77
Net Profit	41577.37	36814.94	12.94	37198.38	11.77
Face Value.Rs.	10	10	0	10	0
Paid-up Equity	42977	42977	0	42977	0
Capital Adequacy Ratio	12.2	12.16	0.33	13.2	-7.58
Basic EPS	9.4	8.29	13.39	8.38	12.17
Gross/Net NPA	50566.52	51139.86	-1.12	9746.49	418.82
% of Gross/Net NPA	0.73	0.76	-3.95	0.18	305.56
Return on Assets	1.51	1.42	6.34	1.62	-6.79
Public Shareholding (%)	20	20	0	20	0

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