ING Vysya Bank Limited
NSE Symbol INGVYSYABK
ING VYSYA BANK has produced GOOD results for the q3 ending Dec,2010.
INTEREST ON ADVANCES is Rs.523 cr – up by 8.59% from Q2; Up by 20.02% from Q1; Up by 22.63% from Q4 of FY10. And up by 25.21% from Q3 of FY10.
INCOME ON INVESTMENTS ; IS Rs.161 Cr – up by 4.6% from Q2; UP by 7.15% from Q1; Up by 14.81% from Q4 of FY10; Up by 30% from Q3 of FY10.
Thus both the main income streams have registered good increase during the quarter.
TOTAL INCOME : is Rs.858 cr – up by 3.06% from Q2; up by 20.43% from Q1; up by 19.79% from Q4 of FY 10; and up by 27.37% from Q3 of FY10. – This is a good increase QOQ and YOY.
NET INTEREST INCOME is Rs.246 cr – which is down by 3.27% from Q2; but UP by 3.31% from Q1; again down By 0.49% from Q4 of FY10; and up by 12.07% from Q3 of FY10.
OPERATING PROFIT is Rs.159 cr – which is down by 13.44% from Q2; up by 7.27% from Q1; down by 11.28% from Q4 of FY10; and up by 9.38% from Q3 of FY10.
Provisions is Rs.33.64 cr – compared to Rs.69.75 cr in Q2; Rs.43.94 Cr in Q1; Rs.106.32 cr in Q4 of FY10; and Rs.52.80 in Q3 of FY10.
Net profits is Rs.83 cr – up by 10.3% from Q2; Up by 20.17% from Q1; Up By 22.24% from Q4 of FY10; and up by a good 37.03% from Q3 of FY10. The boost has come by the lower provisions in current quarter.
Capital Adequacy Ratio is Rs.12.69, which is quite good – though down from previous qtrs slightly.
% of Gross/Net NPA is reasonably good at 0.64 and is showing a clear downtrend from earlier quarters which had 0.81 in Q2; 1.36 in q1; 1.2 in Q4 of FY10; and 1.67 in Q3 of FY10. The asset quality is thus improving gradually.
Return on Assets is reasonably good at 0.88 and is improving every quarter.
Basic EPS is Rs.6.88 – compared to Rs.6.26 in Q2; Rs.5.76 in Q1; Rs.5.66 in Q4 of FY10 and Rs.5.07 in Q3 of FY10
PE RATIO : Based on the above, the annualized EPS could be around Rs.25.76 for current year. At the current MP of Rs.331, the PE Ratio is 12.85.
Performance at a Glance
Q3 FY 11 v Q3 FY 10
Net Profit up 37% to Rs. 83.0 crores
Deposits up 16% over December 2009
CASA deposits up 21% over December 2009
CASA Ratio at 33.5% against 32.2%
Gross advances up 24% over December 2009
Provision Cover up at 76.4% against 45.1%
Net NPA at 0.64% against 1.67%
Return on Assets improves to 0.88% against 0.80%
YTD Dec 2010 v YTD Dec 09
Net Profit up 30% to Rs. 227.4 crores
Net Interest Income up 27% to Rs. 738.2 crores
Adjusted Net Interest Margin at 3.33% for FY 11 against 3.22% in the previous year
Return on Assets improves to 0.86% compared to 0.79% in previous year
RESULTS IN NUMBERS :
| ING VYSYA BANK | 31-Dec-10 | 30-Sep-10 | 30-Jun-10 | 31-Mar-10 | 31-Dec-09 |
| Interest on Advances | 52332 | 48191 | 43604 | 42674 | 41797 |
| DIF %1 | 523 | 8.59 | 20.02 | 22.63 | 25.21 |
| Income on Investments | 16135 | 15425 | 15058 | 14054 | 12412 |
| DIF %2 | 161 | 4.6 | 7.15 | 14.81 | 30 |
| Income on Balances With RBI | 92 | 34 | 7 | 17 | 10 |
| Others | 513 | 229 | 95 | 47 | 78 |
| Interest Earned | 69072 | 63879 | 58764 | 56792 | 54297 |
| Other Income | 16679 | 19326 | 12441 | 14790 | 13027 |
| Total Income | 85751 | 83205 | 71205 | 71582 | 67324 |
| DIF %3 | 858 | 3.06 | 20.43 | 19.79 | 27.37 |
| Interest Expended | 44480 | 38456 | 34961 | 32078 | 32353 |
| NII | 24592 | 25423 | 23803 | 24714 | 21944 |
| DIF % 4 | 246 | -3.27 | 3.31 | -0.49 | 12.07 |
| Employees Cost | 14535 | 16013 | 12438 | 11397 | 11122 |
| Other Operating Expenses | 10792 | 10316 | 8943 | 10136 | 9272 |
| Operating Expenses | 25327 | 26329 | 21381 | 21533 | 20394 |
| Operating Profit | 15944 | 18420 | 14863 | 17971 | 14577 |
| DIF % 5 | 159 | -13.44 | 7.27 | -11.28 | 9.38 |
| Provisions | 3364 | 6975 | 4394 | 10632 | 5280 |
| Tax Expense | 4279 | 3919 | 3561 | 3620 | 3239 |
| Net Profit | 8301 | 7526 | 6908 | 6791 | 6058 |
| DIF % 6 | 83 | 10.3 | 20.17 | 22.24 | 37.03 |
| Face Value.Rs. | 10 | 10 | 10 | 10 | 10 |
| Paid-up Equity | 12083 | 12045 | 12005 | 11997 | 11979 |
| Capital Adequacy Ratio | 12.69 | 13.5 | 14.54 | 14.91 | 14.47 |
| Basic EPS | 6.88 | 6.26 | 5.76 | 5.66 | 5.07 |
| Diluted EPS | 6.77 | 6.15 | 5.68 | 5.59 | 5.01 |
| % of Gross/Net NPA | 0.64 | 0.81 | 1.36 | 1.2 | 1.67 |
| Return on Assets | 0.88 | 0.86 | 0.83 | 0.85 | 0.8 |
| Public Shareholding (%) | 56.71 | 56.57 | 55.45 | 55.74 | 55.37 |
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