INDIAN BANK
Results for Q3 FY 2011
ENDED DECEMBER,2010
The Q3 FY 2011 Results of Indian Bank are declared. The results in numbers are as below :
Each Quarter comparison with Q3 FY2011 is in the table below. YOY comparison is given hereunder :
Interest on Advances has grown by 23% YOY.
Total income has grown by 14.4 % YOY.
NII has grown to Rs.1038 Cr – from Rs.873 Cr YOY.
Operating Profit has grown to Rs.812 Cr – up by 17.55% YOY.
Net Profit is Rs. 491 cr – up BY 11.31% from Rs.441 Cr YOY.
Capital Adequacy Ratio is 11.75 down from 13.15 YOY.
Basic EPS is Rs.11.16 – up from Rs.10 YOY.
% of Gross/Net NPA is 0.57 compared to 0.16 YOY.
Return on Assets is : 1.73 compared to 1.86 YOY.
Provisions is Rs.53.55 cr – compared to Q1 FY11’s Rs.132.97cr; Rs.343.90 Cr in Q1 FY11; Rs.213.56 cr in Q4 of FY1- and Rs.32.04 cr in Q3 FY10. The provisions are clearly on a downtrend indicating the clear improvement in quality of assets. At the same time, provision coverage is improving much beyond RBI prescription as can be seen below :
RESULTS TABLE :
| INDIAN BANK | 31-Dec-10 | 30-Sep-10 | 30-Jun-10 | 31-Mar-10 | 31-Dec-09 |
| Interest on Advances | 180290.13 | 172586.48 | 158457.84 | 150257.92 | 146560.9 |
| DIF %1 | 1803 | 4.46 | 13.78 | 19.99 | 23.01 |
| Income on Investments | 58249.71 | 53882.6 | 52623.34 | 51157.63 | 53686.12 |
| Income on Balances With RBI | 649.93 | 1093.2 | 1097.43 | 1071.4 | 1230.97 |
| Interest Earned | 239189.77 | 227562.28 | 212178.61 | 202486.95 | 201477.99 |
| Other Income | 24868.8 | 28366.14 | 35545.94 | 29285.84 | 29350.06 |
| Total Income | 264058.57 | 255928.42 | 247724.55 | 231772.79 | 230828.05 |
| DIF %2 | 2641 | 3.18 | 6.59 | 13.93 | 14.4 |
| Interest Expended | 135420.28 | 129240.43 | 119513.79 | 109076.03 | 114181.08 |
| NII | 103769.49 | 98321.85 | 92664.82 | 93410.92 | 87296.91 |
| Employees Cost | 33279.1 | 36922.05 | 32149.02 | 21501.81 | 34079.22 |
| Other Operating Expenses | 14169.07 | 15871.72 | 12279.73 | 13961.06 | 13501.21 |
| Operating Expenses | 47448.17 | 52793.77 | 44428.75 | 35462.87 | 47580.43 |
| Operating Profit | 81190.12 | 73894.22 | 83782.01 | 87233.89 | 69066.54 |
| DIF %3 | 812 | 9.87 | -3.09 | -6.93 | 17.55 |
| Provisions | 5355.38 | 13296.95 | 34390.32 | 21355.94 | 3204.41 |
| Tax Expense | 26705.33 | 19019.9 | 12576.75 | 24881.98 | 21723.95 |
| Net Profit | 49129.41 | 41577.37 | 36814.94 | 40995.97 | 44138.18 |
| Face Value (in Rs.) | 10 | 10 | 10 | 10 | 10 |
| Paid-up Equity | 42977 | 42977 | 42977 | 42977 | 42977 |
| Reserves | - | - | - | 621725.3 | - |
| Dividend (%) | - | - | - | 40 | - |
| Capital Adequacy Ratio | 11.75 | 12.2 | 12.16 | 12.16 | 13.15 |
| Basic EPS | 11.16 | 9.4 | 8.29 | 9.27 | 10 |
| % of Gross/Net NPA | 0.57 | 0.73 | 0.76 | 0.23 | 0.16 |
| Return on Assets | 1.73 | 1.51 | 1.42 | 1.66 | 1.86 |
| Public holding (%) | 20 | 20 | 20 | 20 | 20 |
PERFORMANCE HIGHLIGHTS
Ø NET INTEREST MARGIN IMPROVED TO 3.84%(Q3) FROM 3.76%(Q2) &3.71%inQ1
Ø CORE OPERATING PROFIT UP BY 45%(YOY)
Ø GROSS NPAs DOWN TO 1.02% IN Q3 FROM 1.45% IN Q1
Ø NET NPAs DOWNTO 0.57% IN Q3 FROM 0.76% IN Q1
Ø Global Branch Network has reached 1822 (1758 as on March 31, 2010);
Ø Added 64 Branches.
Ø TOP LINE:
Ø Total Business: Rs.1,74,934 crore –up by 23.02 %YoY.
Ø Total Deposits : Crossed Rs. ONE LAKH CRORE MARK & reached a level of Rs.1,01,015 crore –up by 19.22 %YoY.
Ø Growth in CASA deposits 22.65%; CASA (Domestic) share to Aggregate Deposits higher at 32.9%from 31.8%.
Ø Total Credit: Rs.73,919crore –up by 28.63% YoY.
Ø CD Ratio at 73.18% as against 67.82% for December 2009.
Ø Agriculture Credit: Rs.10,798 crore(22.47%YoY growth).
Ø MSME:Rs. 9481Crore from Rs.7699crore-a growth of23.15 % (YoY).
Ø BOTTOM LINE
Ø Q3 Operating Profit up by 17.55%. To Rs.812crore from Rs.690.66 crore (Q3:2009-10)
Ø Net Profit improved by 11.31% to Rs.491.29 Crore from Rs.441.38 crore
Ø Net Interest Income up by 30.04% to Rs.2925 crore for nine months.
Ø Other details:
Ø Book value per share higher at Rs.184.34(Q3) from Rs.154.16 (Q32009-10)
Ø Net worth up by 18.46%(YoY) ie.To Rs.8322.24 crore (Q3) from Rs.7025.32 crore (Q32009-10)
Ø RoA up at 1.73%(Q3) from 1.51% (Q2)
Ø RoE up at 24.33% (Q3) from 21.82%(Q2)
Ø Business Per Employee improved to Rs.901.28 lakh (Q3) from Rs.708.62 lakh (Q3 2009-10)
Ø Business Per Branch improved to Rs.96.28 crore (Q3) from Rs.83.45 crore (Q3 2009-10)
Ø PROVISIONING :
Ø The Bank has a prudent provisioning policy to provide more than RBI prescription: Besides providing 100% for unsecured portion of NPA as per RBI norms,the Bank has provided 20%, 100% & 100% for secured portion of Sub standard, D1 & D2 as against the RBI prescription of 10%, 20% & 30% respectively.
Ø
The Banks’ provision Coverage Ratio is at 83.01% against “the prescribed norm of 70%”
In the over all analysis – the quality of assets has improved well; Net Profit is up by 11.31%;Total Income is up 14.4%.Brach Network and Business expansion is taking place Fast. Thus, Indian Bank can be expected to perform very well in coming quarters also.
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