CORPORATION BANK
RESULTS FOR FOURTH QTR, FY 2011
Corporation Bank has declared its Results for the4th quarter and for FY 2011.
Interest on Advances for Q4 FY 11 is Rs.1882.26 cr – up by 9.34% from Q3 FY 11; up by 27.22% from Q2 FY 11; Up by 35.21% from Q1 FY 11; and up by 44.65% from Q4 FY 10.
Income on Investments fir Q4 FY 11 is : Rs.590.91 cr – which is down by 6.33% from Q3 FY11; down by 2.68% from Q2 FY 11; Up by 2.58% from Q1 FY 11; and up by 7.21% from Q4 FY 10.
Total Income for Q4 FY 11 is Rs.3045.78 cr – up by 11.33% from Q3 FY 11; up by 27.75% from Q2 FY 11; up by 32.78% from Q1 FY 11; up by 38.77% from Q4 FY 10.
N I I is Rs.761.75 cr – down by 9.57% from Q3 FY11; up by 6.5% from Q2 FY 11; up by 9.2% from Q1 FY 11; and up by 19.07% from Q4 FY 10.
Total Expenditure(excl. provisions) is Rs.2299.20 cr – up by 15.03% from Q3 FY 11; up by 26.97% from Q2 FY 11; up by 37.39% from Q1 FY 11; and up by 39.36% from Q4 FY 10. Thus, expenditure has gone up more than proportionately in this quarter. Employees Cost and Operating Expenses are the main expenditure components which have registered huge increases. As in the case of other Banks – this can be presumed to be additional one time component of the expense on gratuity, pension liability etc. We may therefore watch for next Qtr result for all PSBs – which may show significant improvement in profitability.
Operating Profit is Rs.746.58 cr – up by 1.31% from Q3 FY 11; up by 30.18% from Q2 FY 11; Up by 20.34% from Q1 FY 11; and up by 36.99% from Q4 FY 10.
Provisions in Q4 FY 11 is Rs.269.50 – up by 7.79% from Q3 FY 11; up by 176.03% from Q2 FY 11; up by 112.85% from Q1 FY 11; and up by 63.23% from Q4 FY 10.
Profit before tax is Rs.477.08 cr – down by 2.02% from Q3 FY 11; Up by 0.26% from Q2 FY 11; down by 3.38% from Q1 FY 11; Up by 25.59% from Q4 FY 10.
Net Profit is Rs.345.33 Cr – down by 9.7% from Q3 FY 11; down by 1.82%from Q2 FY 11; up by 3.46% from Q1 FY 11; and up by 10.57% from Q4 FY 10. As earlier said – for all PSBs, the next quarter results may not contain the one time component of the pension liabilities (as stated under Dena Bank earlier) and profitability may show good improvement from Q1 FY 12.
The bank had to provide Rs 184 crore towards pension liabilities in the fourth quarter.
The bank had to provide Rs 184 crore towards pension liabilities in the fourth quarter.
Capital Adequacy Ratio is reasonable at 12.9. The capital Adequacy is being increased by preferential issue of shares to GOI – at the rate of Rs.658.49 – against the current MP of Rs.577/-.
Basic EPS for Q4 FY 11 is 24.05 – around the same as in first 3 Qtrs.
% of Gross/Net NPA is comfortable at 0.46.
Return on Assets is 1.12.
ANNUAL RESULTS
(ON CONSOLIDATED BASIS)
(ON CONSOLIDATED BASIS)
Interest on Advances for FY 11 is Rs.6475 Cr – up by 30.04% from FY 10
Income on Investments for FY 11 is Rs.2327.67 Cr – up by 11.3% from FY 10.
Total Income for FY 11 is Rs.10469.07 Cr – up by 23.32% from FY 10.
N I I for FY 11 is Rs.2940.18 Cr – up by 32.96% from FY 10.
Total Expenditure( excl.prov) for FY 11 is Rs.7836.87 cr – up by 23.54% from FY 10.
Operating Profit for FY 11 is Rs.2632.20 cr – up by 22.65% from FY 10.
Provisions for FY 11 is Rs.688.76 cr – up by 45.18% from FY 10.
Profit before tax for FY 11 is Rs.1943.44 cr – up by 16.26% from FY 10.
Net Profit for FY 11 is Rs.1420.12 Cr – up by 20.21% from FY 10.
Dividend has been enhanced to 200% in FY 11, from 165% of FY 10.
Basic EPS for FY 11 is Rs.98.98 – against Rs.82.36 of FY 10. Current MP is Rs.577. The PE Ratio works out to a Low of 5.83. It is time, that all Banks are re-rated by the Market.
Corporation Bank will open about 200 new branches in the current financial year.
Deposits of the bank grew by 26 per cent to Rs 1,16,748 crore in FY 2011.
Advances grew by 37.42 per cent to Rs 86,850 crore.
Current account savings account (CASA) ratio stood at over 25 %.. The bank wants to increase its CASA deposit to 30 % in FY 12.
ANNOUNCEMENTS TO NSE
29-04-2011 consolidated Results for the year ended on 31-MAR-2011 as follows: Interest earned of Rs. 913503.8 lacs for the year ending on 31-MAR-2011 against Rs. 729460.41 lacs for the year ending on 31-MAR-2010. Interest expended of Rs. 619485.72 lacs for the year ending on 31-MAR-2011 against Rs. 508322.57 lacs for the year ending on 31-MAR-2010. Net Profit / (Loss) of Rs. 142011.97 lacs for the year ending on 31-MAR-2011 against Rs. 118134.81 lacs for the year ending on 31-MAR-2010.
29-04-2011 standalone Results for the year ended on 31-MAR-2011 as follows: Interest earned of Rs. 913524.82 lacs for the year ending on 31-MAR-2011 against Rs. 729460.41 lacs for the year ending on 31-MAR-2010. Interest expended of Rs. 619550.53 lacs for the year ending on 31-MAR-2011 against Rs. 508434.65 lacs for the year ending on 31-MAR-2010. Net Profit / (Loss) of Rs. 141326.79 lacs for the year ending on 31-MAR-2011 against Rs. 117025.12 lacs for the year ending on 31-MAR-2010.
29-03-2011 "Allotment of 46,92,554 Equity Shares on Preferential basis to Government of India".
15-03-2011 the shareholders have resolved and approved the following as a Special Resolution : (1) To issue 46,92,554 equity shares of the face value of Rs.10/- each of the Bank at a premium of Rs.648.49 per share i.e. at an issue price of Rs.658.49 per share, to the Government of India i.e. the Promoter, in the name of the President of India, subject to compliance of Chapter VII of the SEBI (ICDR) Regulations, 2009 and subject to necessary approvals.
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