INDIAN BANK
Q4 & FY 2011 RESULTS
INDIAN Bank has declared its results for Q4 FY 11 and for FY 2011.
The Q4 FY 2011 Results are compared below with previous qtrs.
Interest Earned / Operating Income : is Rs.2594.18cr - up by 8.46% from Q3 FY 11; up by 14.00% from Q2 FY 11; up by 22.26% from Q1 FY 11; and up by 28.12% from Q4 FY 10. Thus, there has been steady increase of interest income each quarter.
Interest on Advances is Rs.1984.26 cr – up by 10.06% from Q3 FY 11; Up by 14.97% from Q2 FY 11; Up by 25.22% from Q1 FY 11; and up by 32.06 % from Q4 FY 10.
NII is Rs. 1111 cr – up by 7.07% from Q3 FY 11; up by 13.00% from Q2 FY 11; up by 19.90% from Q1 FY 11; and up by 18.94% from Q4 FY 10.
Total Income is Rs.2865.80 cr - up by 8.53% from Q3 FY 11; up by 11.98% from Q2 FY 11; up by 15.68% from Q1 FY 11; and up by 23.65% from Q4 FY 10.
Total Expenditure is Rs.1962.78 cr – up by 7.33% from Q3 FY 11; up by 7.82% from Q2 FY 11; up by 19.72% from Q1 Fy11: Up by 35.80% from Q4 FY 10. Total expenditure thus has gone up LESS THAN PROPORTIONATELY in Q3 and Q2 of FY 11 compared to total revenue; but MORE THAN proportionately compare to earlier quarters, presumed to be due to wage hikes occurred after Q4 FY 10.
Profit before Tax is Rs.903 cr – up by 11.22% from Q3 FY 11; up by 22.20% from Q2 FY 11; up by 7.78% from Q1 FY 11; and up by 3.52% from Q4 FY 10.Growth with reference to Q4 FY 10 is less, presumably due to wage hikes in FY 11.
Net Profit is Rs.438.86 cr in Q4 FY 1 - DOWN by 10.67% from Q3 FY 11; UP by 5.55% from Q2 FY 11; up by 19.21% from Q1 FY 11; and up by 7.05% from Q4 FY 10.
This is mainly due to –
(i) higher provisions in Q4 FY 11 compared to Q3 FY 11 ( Rs.126.8 cr vs Rs.53.55 cr); and
(ii) higher Tax in Q4 FY 11 compared to Q3 FY 11( Rs.337.37 cr vs Rs.267.05 Cr). The Tax was earlier much less at Rs.190 cr in Q2 FY 11; and Rs.126 cr in Q1 FY 11;
Basic EPS is Rs.9.94 in Q4 FY 11; Rs.11.16 in Q3 FY 11; Rs.9.4 in Q2 FY 11; Rs.8.29 in Q1 FY 11 = and Rs.9.27 in Q4 FY 10.. The EPS is moving up steadily. If the Tax expenditure is spread evenly in all 4 qtrs – we can see that the EPS in Q4 has grown in quite healthy manner.
Net Profit Margin is 16.92 in Q4 compared to 20.54 in Q3 – mainly due to the above mentioned reasons.
RESULTS TABLE :
| (Rs.In Millions) | Q4 FY11 | Q3 FY11 | Q2 FY11 | Q1 FY11 | Q4 FY10 |
| Interest Earned / Operating Income | 25,941.81 | 23,918.98 | 22,756.23 | 21,217.86 | 20,248.70 |
| Interest on Advance | 19,842.61 | 18,029.01 | 17,258.65 | 15,845.78 | 15,025.79 |
| Income on Investment | 6,051.54 | 5,824.97 | 5,388.26 | 5,262.33 | 5,115.76 |
| Interest on Balances | 47.67 | 64.99 | 109.32 | 109.74 | 107.14 |
| Other Income | 2,716.20 | 2,486.88 | 2,836.61 | 3,554.59 | 2,928.58 |
| Total Income | 28,658.01 | 26,405.86 | 25,592.84 | 24,772.46 | 23,177.28 |
| Interest Expended | -14,831.71 | -13,542.03 | -12,924.04 | -11,951.38 | -10,907.60 |
| NII | 11,110.10 | 10,376.95 | 9,832.19 | 9,266.48 | 9,341.10 |
| Operating Expenses | -4,796.10 | -4,744.82 | -5,279.38 | -4,442.88 | -3,546.29 |
| Total Expenditure | -19,627.81 | -18,286.85 | -18,203.42 | -16,394.26 | -14,453.89 |
| Profit before Tax | 9,030.20 | 8,119.01 | 7,389.42 | 8,378.20 | 8,723.39 |
| Tax | -3,373.66 | -2,670.53 | -1,901.99 | -1,257.68 | -2,488.20 |
| Provisions and Contingencies | -1,267.97 | -535.54 | -1,329.70 | -3,439.03 | -2,135.59 |
| Net Profit | 4,388.57 | 4,912.94 | 4,157.74 | 3,681.49 | 4,099.60 |
| Equity Capital | 4,297.70 | 4,297.70 | 4,297.70 | 4,297.70 | 4,297.70 |
| Reserves | 74,967.73 | 62,172.53 | 62,172.53 | 62,172.53 | 62,172.53 |
| Capital Adequacy Ratio% | - | 24.1 | - | 24.66 | - |
| Basic And Diluted EPS | 9.94 | 11.16 | 9.4 | 8.29 | 9.27 |
| Percent of Shares-Public | 20 | 20 | 20 | 20 | 20 |
| Net Profit Margin | 16.92 | 20.54 | 18.27 | 17.35 | 20.25 |
RESULTS FOR FY 2011:
The performance for the FY 2011 is compared below with previous years :
Interest Earned / Operating Income is Rs.9361 Cr in FY 11 - up by 19.14% from FY 10; up by 37.05% from FY 09; and up by a huge 81.74% from FY 08.
Interest on Advances in FY 11 is Rs.7098 Cr - UP by 22.38% from FY 10; up by 39.53 from FY 09; and up by 102.63% from FY 08. Thus, in 3 years, it has more than doubled.
NII in FY 11 is Rs.4036 cr - UP by 22.16% from FY 10; up by 54.73% from FY 09; and up by 102.65% from FY 08.
Total Income in FY 11 is Rs.10542.92 CR – having crossed Rs,10000 mark this year. This is up by 16.74% from FY 10; Up by 34.04% from FY 09; and up by 69.54% from FY 08.
Total Expenditure in FY 11 is Rs.7251 Cr - up by 15.40% from FY 10; up by 28.64% from FY 09; and up by 59.04% from FY 08.
Profit before Tax is Rs.3292 Cr - Up by 19.81% from FY 10; Up by 47.69% from FY 09; and up by 98.38% from FY 08.
Net Profit in FY 11 is Rs.1714 Cr - up by 10.23% from FY 10; up by 37.64% from FY 09; and up by 69.92% from FY 08.
Capital Adequacy Ratio % at the end of FY 11 is quite good at 26.39.
Basic EPS is Rs.38.79 in FY 11 – against Rs.35.09 in FY 10; Rs.27.96 in FY 09; and Rs.22.52 in FY 08.
Net Profit Margin in FY 11 is at 18.31 – slightly down from 19.79 in FY 10; 18.23 in FY 09; and 19.58 in Fy 08. Since the wage settlement was taken care of in FY11 fully – the net profit margin can be expected to grow from FY 12 again, based on current, higher revenues.
DIVIDEND : Equity Dividend of Rs. 7.50 (75%) per Equity Share of face value of Rs. 10/- each is proposed.
Thus, FY 11 performance of Indian Bank, factoring in the wage hike occurred in all PSU Banks, is quite healthy. Going forward, the Bank may perform even better.
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