UNION BANK OF INDIA
Q3 FY 2011 RESULTS
QTR ENDING DECEMBER, 2010
Total deposits : grew 24% to Rs. 186655 cr as on 31st Dec. 2010 from Rs. 151085 cr as on 31st December 2009. The Bank's CASA deposits have increased by 27.11% to Rs. 62106 cr as on 31st December'10 from Rs. 48861 cr in the previous year. CASA to total deposits improved 93 bps at 33.27%. Global Deposits in Q3 FY'11 grew by 23.54% to Rs. 186655 cr from Rs. 151085 cr in the previous year.
Gross advances : reached Rs. 133787 cr in Q/E Dec. 2010, - an increase of 26% over previous year. MSME advances grew by 15% to Rs. 23705 cr during the quarter from Rs. 20630 cr in the corresponding previous year. Bank's retail advances, grew by 29% Y-o-Y to Rs. 15219 cr from Rs. 11843 cr in the previous year. Agriculture increased 10% Y-o-Y to Rs. 19252 cr from Rs. 17535 cr in the previous year. Global Advances in Q3 FY'11 increased to Rs. 133787 cr from Rs. 106534 cr in the previous year, a growth of 25.58%.
INTEREST ON ADVANCES : is Rs.3064 cr – up by 10.4% from previous qtr (Q2) and up by 24.96% from the corresponding qtr Q3 of FY 2010.
INCOME ON INVESTMENTS : is Rs.1074 Cr – up by 9% from Q2 FY11 and up by 32.03% from Q3 FY10.
Net Interest Income (Interest earned minus expended) : is Rs.1616 Cr – up by 5.21% from Q2; and up by 51.77% from Q3 FY 10.
The Net Interest Margin (NIM) stands at 3.44% for the quarter ended December'10 as against 2.77% in the corresponding period of the previous year. The bank expects NIM to reach around 3.20% to 3.25% by March'11 end.
TOTAL INCOME : is Rs.4693 Cr – up by 5.18% from Q2 and Up by 24.87% from Q3 FY 10. The improvement in Income streams is impressive.
OPERATING PROFIT ; is Rs.1261 Cr – up by 11.54% from Q2 FY11 and up by 37.94% from Q3 FY10. At OPT level, the improvement is very good.
NET PROFIT : is Rs.580 cr – up by 91.03% from Q2 FY11 and up by 8.51% from Q3 FY 10.NPT increase has come down to 8.51% YOY due to higher provisions YOY.
Capital Adequacy Ratio is adequate at 11.88, though down from previous qtrs.
Basic EPS : is Rs.11.46 – up from Rs.6.01 in Q2 FY 11 and up from Rs.10.57 in Q3 FY10.
Return on Assets : is reasonable at 1.16.
% of Gross/Net NPA is 1.21 – compared to 1.18 in Q2 FY11 and compared to 0.58 in Q3 FY 10. This reflects slightly lower asset quality.
PROVISIONS : is Rs.399.96 cr – compared to Rs.598.89 cr in Q2 FY 11 and compared to Rs.161.09 cr in Q3 FY 10.
Over all, the performance of Union Bank is impressive and likely to improve in coming qtrs.
Guidance:
- The Bank aims for a deposits growth of approx. 20% and advances growth of 25% for 2010-11.
- Bank targets CASA Ratio of 35% by March 2012.
- Return on Equity to be 22.00% and Return on Average Assets to be 1.17% by March 2011.
- Transaction through electronic mode to reach 50% of total transactions by March 2011.
- Bank will endeavour to reign in Gross NPAs below 2.40% by Mar'11.
RESULTS TABLE :
UNION BANK | 31-Dec-10 | 30-Sep-10 | 30-Jun-10 | 31-Mar-10 | 31-Dec-09 |
Interest on Advances | 306438 | 277579 | 273351 | 255013 | 245228 |
DIF %1 | 3064 | 10.4 | 12.1 | 20.17 | 24.96 |
Income on Investments | 107383 | 98512 | 91020 | 96589 | 81333 |
DIF %2 | 1074 | 9 | 17.98 | 11.18 | 32.03 |
Income on Balances With RBI | 3076 | 5612 | 1424 | 765 | 1448 |
Others | 3049 | 13521 | 2772 | 3800 | 1346 |
Interest Earned | 419946 | 395224 | 368567 | 356167 | 329355 |
Other Income | 49360 | 50964 | 43499 | 49253 | 46477 |
Total Income | 469306 | 446188 | 412066 | 405420 | 375832 |
DIF %3 | 4693 | 5.18 | 13.89 | 15.76 | 24.87 |
Interest Expended | 258364 | 241640 | 233764 | 216555 | 222888 |
NII | 161582 | 153584 | 134803 | 139612 | 106467 |
DIF %4 | 1616 | 5.21 | 19.87 | 15.74 | 51.77 |
Employees Cost | 52020 | 59194 | 43497 | 42360 | 32450 |
Other Operatng Expenses | 32810 | 32291 | 30436 | 31753 | 29072 |
Operatng Expenses | 84830 | 91485 | 73933 | 74113 | 61522 |
Operating Profit | 126112 | 113063 | 104369 | 114752 | 91422 |
DIF %5 | 1261 | 11.54 | 20.83 | 9.9 | 37.94 |
Provisions | 39996 | 59889 | 19727 | 34002 | 16109 |
Tax Expense | 28159 | 22835 | 24500 | 21400 | 21900 |
Net Profit | 57957 | 30339 | 60142 | 59350 | 53413 |
DIF %6 | 580 | 91.03 | -3.63 | -2.35 | 8.51 |
Face Value (in Rs.) | 10 | 10 | 10 | 10 | 0 |
Paid-up Equity | 50512 | 50512 | 50512 | 50512 | 50512 |
Dividend (%) | - | - | - | 55 | - |
Capital Adequacy Ratio | 11.88 | 12.53 | 12.59 | 12.51 | 13.46 |
Basic EPS | 11.46 | 6.01 | 11.91 | 11.75 | 10.57 |
% of Gross/Net NPA | 1.21 | 1.18 | 0.94 | 0.81 | 0.58 |
Return on Assets | 1.16 | 0.64 | 1.22 | 1.34 | 1.29 |
Public holding (%) | 44.57 | 44.57 | 44.57 | 44.57 | 44.57 |
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