Indian Overseas Bank
NSE Symbol IOB
INDIAN OVERSEAS BANK has released its results for Q4 FY 11 and FY 2011.
Total Business has grown from Rs.225191 cr in Q 4 FY 10 to Rs.259020 cr in Q 4 FY 11 – a growth of 15.02%.
Deposits have grown from Rs.1250cr cr to Rs.145229 cr. Advances have grown from Rs.100129 cr to Rs.113791 cr.
CASA Ratio is 30.2% .
Interest on Advances for Q4 FY 11 is : Rs.2615.64 cr – up by 15.05% from previous qtr of Q3 FY 11 and Up by 40.36% from Q4 FY 10, the corresponding qtr of previous Year. Q4 FY 11 is proportionately (Q4 x 4 vs FY 11 total) ) higher than FY 11 total by 18.24%. FY 11 total is higher than FY 10 by 15.52%.
Income on Investments for Q4 FY 11 is Rs.823.29 cr – up by 8.96 from Q3 FY 11 and by 32.08% from Q4 FY 10. Q4 FY 11 is proportionately higher to FY 11 total by 11.05% and FY 11 total is higher to FY 10 by 24.52%.
Total Income for Q4 FY11 is Rs.3916.58 cr – up by 13.43% from Q3 FY 11; and by 38.4% from Q4 FY 10. Q4 FY 11 is proportionately higher than FY 11 by 17.56%; and FY 11 is higher than FY 10 by 17.01%. Thus, from Income view point, IOB has scored well in Q4.
N I I for Q4 FY 11 is Rs.1215.28 cr – up by 7.53% from Q3 FY 11; and by 48.13% from Q4 FY 10.It is proportionately higher than FY 11 total by 15.52% and FY 11 total is higher than FY 10 by 32.83%. This indicates that both NII and total income are recording healthy increases for IOB in Q4.
Significantly, both employee cost and operating expenses show no increase in Q4 FY 11 for IOB – unlike the case of many other PSBs. But, the head – other operating expenses – shows significant increase, presumably because of the impact of pensionary benefits.
Therefore, overall, the total Expenditure ( Excl.prov.) for Q4 FY 11 is Rs.2939.64 cr – up by 10.98% from previous qtr and by 23.81% from Q4 FY 10; It is proportionately more from FY 11 by 12.35% ; while FY 11 total is more than FY 10 by 9.66% - which is moderate.
Operating Profit for Q4 FY 11 is Rs. 976.95 cr – up by 21.49% from previous qtr and by 114.44% from corresponding qtr. Q4 FY 11 is proportionately more than FY 11 total by 36.61%; and FY 11 is more than FY 10 by 55.08%.
Provisions for Q4 FY 11 is Rs.446.02 cr – up by 24.5% from Q3 FY 11 but down by 3% from Q4 FY 10. It is proportionately higher than FY 11 total by 50.4% ; and FY 11 is higher than FY 10 by 51.4%. Thus, there is no significant increase in provisions.
Thus –
Profit before tax for Q4 FY 11 is Rs.530.93 cr; up from Q3 FY 11(Rs.445.87 cr) by 19.08% ; up from the loss of Rs.4.24cr in Q4 FY 10 by a huge margin; Q4 FY 10 had incurred loss due to (i) very low operating profit and (ii) higher provisions. FY 11 total is Rs. 1592.23 cr compared to FY 10 total of Rs.978.96 cr (Up by 63%)
Net Profit for Q4 FY 11 is Rs.434.3 cr – up by 87.47% from Q3 FY 11; and up by 240.78% from Q4 FY 10. Q4 FY 11 is proportionately higher than FY 11 total by 61.97%; while FY 11 is higher than FY 10 by 51.71%.
Capital Adequacy Ratio is healthy at 13.28.
Basic EPS has risen smartly to Rs.7.88, compared to Rs.4.25 in Q3 FY 11 ; and Rs.2.34 in Q4 FY 10. FY total EPS was 19.63 – against Rs.12.98 for FY 10.
% of Gross/Net NPA has come down smartly to 1.19, compared to 1.51 in Q3 FY 11; and 2.52 in Q4 FY 10. This is a significant progress on the NPAs front for IOB.
Return on Assets also has climbed to 0.71 in Q4 FY 11; from 0.6 in Q3 FY 11 and 0.53 in Q4 FY 10.
IOB has recommended a dividend of 50% for FY 11.
Net Interest Margin for FY 11 is 3.11 against 2.74 in previous year.
IOB is raising USD 500 Million by way of Senior Unsecured Bonds, under Medium Term Note (MTN) Programme of USD 1 Billion, on April 12, 2011 through the Bank's Hong Kong Branch.
The Bank is also allotting preferential shares to GOI – for Rs.1054 cr – at Rs.142.53 rate.
IOB appears to have decisively come out of its NPA problems. With increased funds availability and good existing capital adequacy – IOB seems to be well geared to perform well in coming quarters.
ANNOUNCEMENTS TO NSE
02-05-2011 Recommended a dividend of Rs. 5/- per Equity Share of Rs. 10/- each (i.e. 50%) for the year 2010-11.
18-04-2011 Indian Overseas Bank has raised USD 500 Million by way of Senior Unsecured Bonds, under Medium Term Note (MTN) Programme of USD 1 Billion, on April 12, 2011 through the Bank's Hong Kong Branch. The Notes will be Issued on April 19, 2011 and will be listed in Singapore Stock Exchange. The same will be listed in Singapore Stock Exchange. The same will mature on October 19, 2016. The above bonds have been raised at the coupon rate of 5.00% P.A.(Fixed). -
24-03-2011 special resolution was passed by the shareholders approving the bank to offer, issue and allot 7,39,49,343 (Seven Crore Thirty Nine Lac Forty Nine Thousand Three Hundred Forty Three) equity shares of Rs.10 (Rupees Ten) each for cash at an issue price of Rs.142.53 (including premium of Rs.132.53) per equity share amounting to Rs.1053,99,99,857.79 (Rupees One Thousand Fifty Three Crore Ninety Nine Lac Ninety Nine Thousand Eight Hundred Fifty Seven Paisa Seventy Nine Only) on preferential basis to Government of India.
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