Monday, October 11, 2010

INDUSIND BANK = Q2 FY2011 RESULTS = EXCELLENT PERFORMANCE = FUTURE MORE PROMISING


IndusInd Bank Limited
NSE Symbol   INDUSINDBK
IndusInd Bank has declared its results for the second qtr Q2 FY 2011.
Total Income has increased handsomely to Rs.1029.20 cr  by 10.37% from Rs.932.50cr from previous qtr and by a very good 30.71% ,from Rs,787.38 cr, in the corresponding Qtr.
Net Interest Margin has been very strong at 2.86% (vs 1.68 earlier). The margins are likely to strengthen further in 3rd Qtr.
Net Profit has increased well by 12.32% to Rs.133.15 Cr – from Rs.118.55 in previous Qtr – and by a very handsome 71.1% from Rs.77.82 Cr in the corresponding Qtr.
Paid-up Equity      has gone up by 12.25% at the fag end of Q2 to Rs.461.41 cr from the previous Rs.411.06 cr. This increase in equity  due to a QIP has resulted in good increase in loanable funds for the bank and this should have a good positive impact on income and profits from next qtrs. In Current Qtr, however, the EPS comes down slightly from what it would have been without this equity increase.
Capital Adequacy Ratio has gone up to a handsome 16.22      from last qtr’s 13.71 – for the same reason as above.
Basic EPS is therefore at 3.21 , 11.07% higher even on the enhanced equity compared to Rs.2.89 in last qtr on lower equity. Even on the higher equity, the Q2 EPS is higher  by 56.59% compared to Rs.2.05 in corresponding qtr on lower equity.
% of Gross/Net NPA is further down to 0.36 from last qtr’s       0.38 and from corresponding qtr’s 0.98.
Return on Assets is higher at 1.38 compared to 1.33 in last qtr and 1.07 in corresponding qtr. At this rate of return, the Bank’s performance in future quarters can be quite encouraging.
FUND RAISING  vs UTILIZATION PHASES : In all Banks, periodical fund raising by way of equity or otherwise is a must. In fund raising phase, Equity goes up slightly but funds accrue by a much larger extent due to the PREMIUM  amount received.  Depending on efficiency of funds Utilization, subsequent quarters reflect much larger profits and EPS. It is usually preferable for investors to catch a Bank in the fund raising phase. IndusInd Bank is raising good amount of funds at a good premium and its profitability can be expected to shoot up considerably in coming Qtrs.
However, after the QIP mentioned above, the Bank says - it is unlikely to raise further capital in next 18-24 months. The Bank also says, the margins are likely to remain strong in 3rd quarter. The Bank is planning to add 30 Branches in 3rd Qtr and take the total to 300 this fiscal. This should have a very positive effect on 3rd Qtr results onwards.
One can see that the Bank has ambitious Plans to be among the TOP 3  private Banks in about 3 years.
IndusInd Bank has performed excellently in Q2 FY11 and –next 2 Qtrs of FY11 should be even better.

INDUS IND BANK Q2 FY11
Sep-10
Jun-10
Dif%1
Sep-09
Dif%2
Interest on Advances
67706
60477
11.95
52437
29.12
Income on Investments
17519
16445
6.53
12617
38.85
Income on Balan.With RBI
178
105
69.52
297
-40.07
Others
5
127
-96.1
152
-96.71
Interest Earned
85408
77154
10.7
65503
30.39
Other Income
17512
16096
8.8
13235
32.32
Total Income
102920
93250
10.37
78738
30.71
Interest Expended
52435
47586
10.19
44648
17.44
Employees Cost
9544
8904
7.19
7885
21.04
Other Operating Exp
14756
13699
7.72
10673
38.26
Operating Expenses
24300
22603
7.51
18558
30.94
Operating Profit
26185
23061
13.55
15532
68.59
Provisions
5671
4874
16.35
3885
45.97
Profit before tax
20514
18187
12.79
11647
76.13
Tax Expense
7199
6332
13.69
3865
86.26
Net Profit After Tax
13315
11855
12.32
7782
71.1
Net Profit
13315
11855
12.32
7782
71.1
Face Value
10
10
0
10
0
Paid-up Equity
46141
41106
12.25
41009
12.51
Reserves
-
-

-

Dividend (%)
-
-

-

Capital Adequacy Ratio
16.22
13.71
18.31
13.51
20.06
Basic EPS B EI
3.21
2.89
11.07
2.05
56.59
Diluted EPS B EI
3.12
2.81
11.03
2.05
52.2
Basic EPS A EI
3.21
2.89
11.07
2.05
56.59
Diluted EPS A EI
3.12
2.81
11.03
2.05
52.2
Gross/Net NPA
8373
8249
1.5
17177
-51.25
% of Gross/Net NPA
0.36
0.38
-5.26
0.98
-63.27
 Return on Assets
1.38
1.33
3.76
1.07
28.97
Public Shareholding (%)
80.27
77.85
3.11
77.8
3.17

ANNOUNCEMENTS TO
EXCHANGE

11-10-2010        IndusInd Bank Limited has informed the Exchange regarding the standalone Results for the quarter ended on 30-SEP-2010 as follows: Interest earned of Rs. 85408 lacs for the quarter ending on 30-SEP-2010 against Rs. 65503 lacs for the quarter ending on 30-SEP-2009. Interest expended of Rs. 52435 lacs for the quarter ending on 30-SEP-2010 against Rs. 44648 lacs for the quarter ending on 30-SEP-2009. Net Profit / (Loss) of Rs. 13315 lacs for the quarter ending on 30-SEP-2010 against Rs. 7782 lacs for the quarter ending on 30-SEP-2009. 
27-09-2010        Indusind Bank Limited has informed the Exchange regarding a Press Release dated September 27, 2010, titled "IndusInd Bank raises USD 253 million through QIP".
SEE PREVIOUS REVIEW ON INDUSINDBANK AT
AND
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