ING Vysya Bank Limited
NSE Symbol INGVYSYABK
ING VYSYA BANK has released its Q4 and FY 11 Results.
Q’LY RESULTS ANALYSIS:
Interest on Advances : IS Rs.591.36 cr in Q4 FY 11 an increase of 13% against previous qtr of Q3 FY 11 and an increase of 38.58% against the corresponding qtr of Q4 FY 10.
Income on Investments in Q4 FY 11 is Rs.180.12 cr – up by 11.63% from Q3 FY 11; and up by 28.16% from Q4 FY 10.
NII in Q4 FY 11 is Rs.268.34 cr – up by 9.12% from Q3 FY 11; and up by 8.58% from Q4 FY 10.
Total Income in Q4 FY 11 is Rs.947.42 cr – up by 10.49% from Q3 FY 11 and up by 32.35% from Q4 FY 10.
Operating Profit in Q4 FY 11 is Rs.143.20 cr – which is down by 10.19% from Q3 FY 11; and also down by 20.32% from Q4 FY 10. This is mainly dues to huge increase in employee cost and operating expenses.
Provisions amount to a much lower figure of Rs.4.27 cr in Q4 FY 11 – against Rs.33.64 cr in Q3 FY 11; and Rs.106.32 cr only in Q4 FY 10.
Profit before tax is however boosted to Rs.138.93 in Q4 FY 11 due to lower provisions - an increase of 10.44% from Q3 FY 11; and by 33.45% from Q4 FY 10.
Net Profit has risen to Rs.91.30 cr in Q4 FY 11 – up by 9.99% from Q3 FY 11 and up by 34.44% in Q4 FY 10. While the % increase of 34.445 looks impressive, it is partly helped by exceptional items of Rs(-)30.72 cr in Q4 FY 10, apart from other factors mentioned above.
Capital Adequacy Ratio is reasonable at 12.94. - down from 14.91% last year.
Basic EPS has grown in Q4 FY 11 to Rs.7.55, against Rs.6.88 in Q3 FY 11; and Rs.5.66 in Q4 FY 10, a growth YoY of 33.39%.
% of Gross/Net NPA has come down to 0.39 in Q4 FY 11; from 0.64 in Q3 FY 10; and 1.2 in Q4 FY 10.
Return on Assets has increased to 0.99 in Q4 FY 11 – from 0.88 in Q3 FY 11 and 0.85 in Q4 FY 10.
| ING VYSYA | 31-Mar-11 | 31-Dec-10 | 31-Mar-10 |
| Interest on Advances | 59136 | 52332 | 42674 |
| Income on Investments | 18012 | 16135 | 14054 |
| Income on Balances With RBI | 72 | 92 | 17 |
| Others | 471 | 513 | 47 |
| Interest Earned | 77691 | 69072 | 56792 |
| Other Income | 17051 | 16679 | 14790 |
| Total Income | 94742 | 85751 | 71582 |
| Interest Expended | 50857 | 44480 | 32078 |
| NII | 26834 | 24592 | 24714 |
| Employees Cost | 17580 | 14535 | 11397 |
| Other Operating Expenses | 11985 | 10792 | 10136 |
| Operating Expenses | 29565 | 25327 | 21533 |
| Operating Profit | 14320 | 15944 | 17971 |
| Provisions | 427 | 3364 | 10632 |
| Exceptional Items | - | - | -3072 |
| Profit before tax | 13893 | 12580 | 10411 |
| Tax Expense | 4763 | 4279 | 3620 |
| Net Profit | 9130 | 8301 | 6791 |
| Face Value (in Rs.) | 10 | 10 | 10 |
| Paid-up Equity | 12099 | 12083 | 11997 |
| Capital Adequacy Ratio | 12.94 | 12.69 | 14.91 |
| Basic EPS | 7.55 | 6.88 | 5.66 |
| % of Gross/Net NPA | 0.39 | 0.64 | 1.2 |
| Return on Assets | 0.99 | 0.88 | 0.85 |
| Public Holding (%) | 56.75 | 56.71 | 55.74 |
ANNUAL RESULTS :
Over the year, Interest on Advances has grown to Rs.2032.63 cr from Rs.1709.40 cr in previous year – a growth of 18.91% YoY.
Income on Investments has grown to Rs.646.30 cr from Rs.517.91 cr – up by 24.79% YoY.
Total Income has grown to Rs.3348.65 cr – up by 18.62% YoY.
NII has grown YoY to Rs.1006.52 cr – up by 21.29% from FY 2010.
Operating Profit has grown by a small 3.72% to Rs.635.37 – due to high employee cost and operating expenses increase.
But, lower provisions in current year 2011 and exceptional items in 2010 have enabled the Profit before tax to go up by 29.75% to Rs.483.77 cr.
Net Profit has gone up by 31% on consolidated basis to Rs.318.41 YoY and by 31.55% to Rs.318.65 on stand alone basis. (Not much difference between the two basis).
Dividend has been increased to 30% from last year’s 25%.
Basic EPS for FY 2011 is Rs.26.43 against Rs.21.69 in FY 2010, a good improvement.
Thus, annual performance shows reasonable improvement. Since revenue figures have shown good improvement – future quarters can be Better.
| CS-FY 2011 | ||||
| Interest on Advances | 203263 | 170940 | 203263 | 170940 |
| Income on Investments | 64630 | 51791 | 64630 | 51791 |
| Interest on Balances With RBI | 205 | 126 | 205 | 126 |
| Others | 1295 | 427 | 1308 | 433 |
| Interest Earned | 269393 | 223284 | 269406 | 223290 |
| Other Income | 65472 | 59022 | 65497 | 58948 |
| Total Income | 334865 | 282306 | 334903 | 282238 |
| Interest Expended | 168741 | 140300 | 168754 | 140306 |
| NII | 100652 | 82984 | 100652 | 82984 |
| Employees cost | 64534 | 45744 | 60566 | 42885 |
| Other Operating Expenses | 38053 | 35003 | 42036 | 37924 |
| Operating Expenses | 102587 | 80747 | 102602 | 80809 |
| Operating Profit | 63537 | 61259 | 63547 | 61123 |
| Provisions | 15160 | 27045 | 15160 | 27044 |
| Exceptional Items | - | -3072 | - | -3072 |
| Profit before tax | 48377 | 37286 | 48387 | 37151 |
| Tax Expense | 16536 | 12980 | 16522 | 12929 |
| Net Profit | 31841 | 24306 | 31865 | 24222 |
| Dividend (%) | - | - | 30 | 25 |
| Basic EPS(in Rs.) | 26.43 | 21.69 | 26.45 | 21.61 |
| Diluted EPS(in Rs.) | 25.93 | 21.4 | 25.95 | 21.33 |
ANNOUNCEMENTS TO NSE
20-04-2011 recommended a dividend of 30% i.e. Rs. 3/- per equity share of Rs. 10/- each, for the year ended March 31, 2011, subject to the approval of the shareholders at the ensuing Annual General Meeting and of the Regulatory Authorities, if any.
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