Central Bank of India
NSE Symbol CENTRALBK
CENTRAL BANK OF INDIA has declared its results for Q4 FY 2011.
Interest/Discount on Advances/Bills for Q4 FY 11 is : Rs.3121.59 cr – up by 5.92% from Q3 FY 11 ; up by 15.35% from Q2 FY 11; Up by 25.93% from Q1 FY 11; and up by 40.39% from Q4 FY 10.
Income on Investments : is Rs.971.47 cr – up by 1.04% from Q3 FY 11; up by 5.72% from Q2 FY 11; up by 6.14% from Q1 FY 11; and up by 7.35% from Q4 FY 11.
Total Income : is Rs.4755.21 cr – up by 13.69% from Q3 FY 11; up by 22.25% from Q2 FY 11; up by 30% from Q1 FY 11; and up by 27.69% from Q4 FY 11.
Net Interest Income (earned – expended) : is Rs.1428.54 cr – down by 0.21% from Q3 FY 11; up by 6.07% from Q2 FY 11; up by 27.72% from Q1 FY 11; and a huge 115.25% from Q4 FY 10. NIM for the quarter was 3.47% up from 1.18% in the corresponding quarter of previous year.
Total Expenditure excluding provisions and contingencies : stands at Rs.4424.10 cr – up by 31.37% from Q3 FY 11; up by 42.16% from Q2 FY 11; up by 47.94% from Q1 FY 11; and up by 41.35% from Q4 FY 10. The expenditure has gone up hugely under employees cost, operating expenses and other operating expenses. This is presumably due to the additional pensionary and Gratuity liability of the Bank during the year.
Operating Profit before provisions and contingencies : has therefore come down significantly to Rs.331.11 cr – a full 59.37% down from Q3 FY 11; 57.43% down from Q2 FY 1; 50.4% down from Q1 FY 11; and 44.26% down from Q4 Down from q4 ft 10.
Provisions (Other than tax) & Contingencies : stands at Rs.306.02 cr – up by 61.12% from Q3 FY 11; Up by 27.25% from Q2 FY 11; Up by 56.3% from Q1 FY 11; and up by 4.98% from Q4 FY 10.
Central Bank has changed the accounting policy with regard to provision for NPAs and has made provision at normal rates in accordance with prudential norms issued by RBI. In the year, it has created a counter cyclical provisioning buffer aggregating to Rs. 141.29 crore as per the RBI circular for lower than 70% PCR. Provision coverage ratio stood at 67.64% at end of FY11.
Profit from Ordinary Activities before tax stands at a meager amount of Rs.25.09 cr – down by a huge 95.99% from Q3 FY 11; down by 95.33% from Q2 FY 11; down by 94.68% from Q1 FY 11; and down by 91.71% from Q4 FY 10.
Tax Expense is a NEGATIVE Rs.(-)107.61 Cr which has helped restore profitability to some extent.
Net Profit for the Period therefore stands at Rs.132.70 cr – which is down by 67.11% from Q3 FY 11; down by 65.02% from Q2 FY 11; down by 60.6% from Q1 FY 11 and down by 22.71% from Q4 FY 10.
Capital Adequacy Ratio is not high – at 10.77
Basic EPS is Rs.2.51 (against FV of Rs.10) – against Rs.9.2 in Q3; Rs.8.7 in Q2; Rs.7.72 in Q1 and Rs.3.65 in Q4 FY 10.
% of Gross/Net NPA is 0.65, which is reasonable.
Return on Assets has come down drastically to 0.28 from 0.89 in Q3; 0.86 in Q2 ; 0.78 in Q1 and 0.45 in Q4 FY 10.
ANNUAL BUSINESS HIGH LIGHTS
- Business is up by 16% to Rs. 309081 Cr at end of FY2011 against Rs. 267491 Cr last year.
- Total deposits grew by 11% to Rs. 179356 Cr at end of FY 2011 - against Rs.162107 Cr in FY 2010.
- CASA deposits grew by 26% to Rs. 45624 Cr by FY 2011 end - against Rs. 36305 Cr at end of FY 2010.
- CASA deposits stood at 35.17% at 2011 end against 34.45% last year end.
- Advances grew by 23% to Rs. 131407 Cr by end of FY 2011 against Rs. 107118 Cr last Year end.
- For FY2011, NIM stood at 3.31% against 1.86% last year.
Over all – while the Income side is consistently improving -the expenditure side has taken a huge toll in Q4 FY 11, mainly due to pensionary benefits etc. But, the burden on the bank is heavier, bringing down the Net profit very heavily. We therefore need to watch the Q1 FY 12 performance carefully, for this Bank.
ANNOUNCEMENTS TO NSE
06-05-2011 Board of Directors of the Bank at its meeting held on May 06, 2011 have recommended a final dividend @ 25% on the Equity Share Capital (i.e. Rs. 2.50/- Per Equity Share of Rs. 10/- each) including an interim dividend @ 10% on Equity Share Capital (i.e. Rs. 1.00/- Per Equity Share of Rs. 10/- each) declared earlier by the Bank during the Financial Year 2010-11, subject to approval of Government of India and Shareholders.
06-05-2011 standalone Results for the year ended on 31-MAR-2011 as follows: Interest earned of Rs. 1522057 lacs for the year ending on 31-MAR-2011. Interest expended of Rs. 989523 lacs for the year ending on 31-MAR-2011. Net Profit / (Loss) of Rs. 125241 lacs for the year ending on 31-MAR-2011.
15-03-2011 the Committee of Directors of the Bank constituted for the Rights Issue, in its meeting held on March 14, 2011 has approved "24th March 2011 as Issue Opening Date" and "7th April 2011 as Issue Closing Date".
09-03-2011 the Committee of Directors of the Bank constituted for the Rights Issue, in its meeting held on March 08, 2011 approved Rs.103.00 as issue price for every rights equity shares and March 18, 2011 to be the Record Date for the purpose of deciding the shareholders who are eligible to apply for Equity Shares on rights basis in the proposed issue. Further the Company has submitted a copy of Synopsis with respect to rights issue.
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