Bank of Baroda
NSE Symbol BANKBARODA
Bank of Baroda has produced excellent results for the FY 2011.
The quarterly comparison below is on stand alone basis – while FY11 and FY 10 comparison is on consolidated basis.
Interest on Advances has gone up by 29.07% from FY 10 to Rs.16570.46 Cr in FY 11, on consolidated basis.
In Q4 FY 11, the same was Rs.4587.23 cr on stand alone basis – up by 8.9% from previous qtr of Q3 FY 11and by 41.31% from the corresponding qtr of Q4 FY 10.
Income on Investments has gone up by 30.35% from FY 10 to Rs.5006.88 cr in FY 11. The same was Rs.1318.40 cr in Q4 FY 11, up by 3.21% from Q3 FY 11 and by 42.54% from Q4 FY 10.
Total Income has gone up by 28.24% from FY 10 to Rs.25800.41 cr in FY 11; In Q4 FY 11, the same Rs.7168.65 Cr in Q4 FY 11 – up by 13.03% from Q3 FY 11 and BY 39.99% from Q4 FY 10.
Net Interest Income was up by 47.53% from FY 10 to Rs. 9163.71 cr in FY 11; while the same was Rs.2613.88 cr in Q4 FY 11, up by 14.03% from Q3 FY 11 and By 49.8% from Q4 FY 10.
Employees cost has gone up by 24.4% from FY 10 to Rs.3018.46 cr in FY 11; while the same was Rs.989.71 cr in Q4 FY 11 – up by 42.57% from Q3 FY 11 and Up by 86.11% from Q4 FY 10. Other operating expenses and operating expenses also has recorded similar big increases – presumably due to the pensionary expenses arising out of wage settlement in PSBs.
Total Expenditure excluding Provisions has therefore gone up by 21.29% from FY 10 to Rs.18200.18cr in FY 11; the same was Rs.5222.84 cr in Q4 FY 11 – up by 16.29% from Q3 FY 11 and by 46.16% from Q4 FY 10.
Operating Profit has gone up by 48.62% from FY 10 to Rs.7600.23 cr in FY 11; The same was Rs.1945.81 cr in Q4 FY 11 – up by 5.11% from Q3 FY 11 and up by 25.75% from Q4 FY 10.
Profit before tax has gone up by 34.44% from FY10 to Rs.5896.43 cr in FY 11. The same was Rs.1355.40 cr in Q4 FY 11, down by 12.39% from Q3 FY 11 but up by 8.31% from Q4 FY 10.
Net Profit has gone up by 40.3% from FY 10 to Rs.4419.21 cr in FY 11; The same was Rs.1294.35 cr in Q4 FY 11 – up by 21.09% from Q3 FY 11; and up by 42.82% from Q4 FY 10.
The Consolidated Net Profit has gone up by 39.46% from FY 10 to Rs.4433.71 cr in FY 11.
Provisions have gone up from Rs.809.29 cr in FY 10 to Rs.1703.80 cr in FY 11. The same was Rs.590.41 cr in Q4 FY 11 against Rs.304.06 cr in Q3 FY 11 and Rs.377.33 cr in Q4 FY 10.
Capital Adequacy Ratio has gone up from 13.37 in FY 10 to 13.66 in FY 11.
Basic EPS has gone up from Rs.87.28 (on consolidated basis) in FY 10 to Rs.121.64 in FY 11; The same was Rs.35.51 in Q4 FY 11; against Rs.29.34 in Q3 FY 11 and Rs.24.88 in Q4 FY 10.
% of Gross/Net NPA is quite comfortable at 0.35 at Q4 FY 11 against 0.36 in Q3 FY 11 and 0.34 in Q4 FY 10.
Return on Assets is impressive at 1.51, against 1.34 in Q3 FY 11 and 1.37 in Q4 FY 10.
While the current Market price is around Rs.839, the price being paid by Government of India for the preferential issue is at Rs.902.14. Most of the PSBs have performed well in their core businesses – in Q4 as well as FY 2011, except for provisions to be made for pensionary benefits, most of which is a one time measure. Government is infusing funds into these banks at a reasonable rate, which is not high. But, markets, in current state, are pricing them much lower. When, market improves, the PSB valuations need much better valations.
RESULTS TABLE :
| FY 11 CS | Q4FY11 | Q3FY11 | Q4FY10 | ||
| 1283811 | Interest on Advances | 1657046 | 458723 | 421220 | 324613 |
| 384119 | Income on Investments | 500688 | 131840 | 127740 | 92495 |
| 1723483 | Interest Earned | 2251331 | 633416 | 566615 | 435384 |
| 2011868 | Total Income | 2580041 | 716865 | 634230 | 512073 |
| 1102334 | Interest Expended | 1334960 | 372028 | 337389 | 260889 |
| 621149 | N I I | 916371 | 261388 | 229226 | 174495 |
| 242634 | Employees cost | 301846 | 98971 | 69418 | 53179 |
| 155528 | Other Operating Expenses | 183212 | 51285 | 42303 | 43272 |
| 398162 | Operating Expenses | 485058 | 150256 | 111721 | 96451 |
| 1500496 | Total Expendr excl. provi | 1820018 | 522284 | 449110 | 357340 |
| 511372 | Operating Profit | 760023 | 194581 | 185120 | 154733 |
| 80929 | Provisions | 170380 | 59041 | 30406 | 37733 |
| 438588 | Profit before tax | 589643 | 135540 | 154714 | 125145 |
| 123609 | Tax Expense | 147722 | 6105 | 47826 | 34517 |
| 314979 | Net Profit | 441921 | 129435 | 106888 | 90628 |
| 317930 | Consolidated Net Profit | 443371 | |||
| 10 | Face Value (in Rs.) | 10 | 10 | 10 | 10 |
| 36553 | Paid-up Equity | 39281 | 39281 | 36553 | 36553 |
| 13.37 | Capital Adequacy Ratio | 13.66 | 13.02 | 11.68 | 12.84 |
| 87.28 | Basic EPS (in Rs.) | 121.64 | 35.51 | 29.34 | 24.88 |
| Gross/Net NPA | - | 79088 | 74424 | 60232 | |
| % of Gross/Net NPA | - | 0.35 | 0.36 | 0.34 | |
| Return on Assets | - | 1.51 | 1.34 | 1.37 | |
| Public holding (%) | - | 42.97 | 46.19 | 46.19 |
ANNOUNCEMENTS TO NSE
27-05-2011 consolidated Results for the year ended on 31-MAR-2011 as follows: Interest earned of Rs. 2251331 lacs for the year ending on 31-MAR-2011 against Rs. 1723483 lacs for the year ending on 31-MAR-2010. Interest expended of Rs. 1334960 lacs for the year ending on 31-MAR-2011 against Rs. 1102334 lacs for the year ending on 31-MAR-2010. Net Profit / (Loss) of Rs. 443371 lacs for the year ending on 31-MAR-2011 against Rs. 317930 lacs for the year ending on 31-MAR-2010.
05-05-2011 Bank Of Baroda has decided to increase its Benchmark Prime Lending Rate (BPLR) by 50 basis points from 13.75% to 14.25% and Base Rate by 50 basis points from 9.50% to 10.00% with effect from May 06, 2011.
05-05-2011 Bank Of Baroda has informed the Exchange that the Bank has decided to revise rates of interest payable on Domestic Term Deposits of the Bank w.e.f. May 05, 2011.
28-04-2011 Board of Directors of the Bank at its meeting held on April 28, 2011 has recommended a dividend @ Rs. 16.50 (Rupees Sixteen & Paise Fifty Only) per equity share (Equity Share of Rs.10/- each fully paid up) for the Financial Year 2010-11 subject to necessary approvals and declaration at the ensuing Annual General Meeting of the Shareholders of the Bank, which will be paid / dispatched by July 14, 2011.
28-04-2011 standalone Results for the year ended on 31-MAR-2011 as follows: Interest earned of Rs. 2188592 lacs for the year ending on 31-MAR-2011 against Rs. 1669834 lacs for the year ending on 31-MAR-2010. Interest expended of Rs. 1308366 lacs for the year ending on 31-MAR-2011 against Rs. 1075886 lacs for the year ending on 31-MAR-2010. Net Profit / (Loss) of Rs. 424168 lacs for the year ending on 31-MAR-2011 against Rs. 305833 lacs for the year ending on 31-MAR-2010.
28-04-2011 standalone Results for the quarter ended on 31-MAR-2011 as follows: Interest earned of Rs. 633416 lacs for the quarter ending on 31-MAR-2011 against Rs. 435384 lacs for the quarter ending on 31-MAR-2010. Interest expended of Rs. 372028 lacs for the quarter ending on 31-MAR-2011 against Rs. 260889 lacs for the quarter ending on 31-MAR-2010. Net Profit / (Loss) of Rs. 129435 lacs for the quarter ending on 31-MAR-2011 against Rs. 90628 lacs for the quarter ending on 31-MAR-2010.
04-04-2011 Bank Of Baroda has allotted 2,72,79,579 equity shares of Rs.10 each for cash at a premium of Rs.892.14 amounting to Rs.2460,99,99,400 on preferential basis to Government of India. With the allotment of aforesaid shares the holding of the promoter i.e. Government of India in the Bank will be raised from 53.81% to 57.03%.
28-02-2011 Bank Of Baroda has decided to revise rates of interest payable on Domestic Term Deposits of the Bank w.e.f. March 01, 2011
03-02-2011 "Bank of Baroda has decided to increase its Benchmark Prime Lending Rate (BPLR) by 50 basis points from 13.25% to 13.75% and Base Rate by 50 basis points from 9% to 9.5% with effect from 04 February 2011".
28-01-2011 standalone Results for the quarter ended on 31-DEC-2010 as follows: Interest earned of Rs. 566615 lacs for the quarter ending on 31-DEC-2010 against Rs. 417697 lacs for the quarter ending on 31-DEC-2009. Interest expended of Rs. 337389 lacs for the quarter ending on 31-DEC-2010 against Rs. 257574 lacs for the quarter ending on 31-DEC-2009. Net Profit / (Loss) of Rs. 106888 lacs for the quarter ending on 31-DEC-2010 against Rs. 83249 lacs for the quarter ending on 31-DEC-2009.
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