The South Indian Bank Limited
NSE Symbol SOUTHBANK
The South Indian Bank is progressing well as reflected in the results of Q1 FY 12.
Interest on Advances is Rs.609.98 Cr – up by 9.58% from Q4 FY11; Up by 22.82% from Q3 FY 11; Up by 33.88% from Q2 FY 11; and up by 44.84% from Q1 FY11.
Income on Investments is Rs.144.04 cr – up by 8.82% from Q4 FY11; cup by 16.95% from Q3 FY 11; up by 23.72% from Q2 FY 11; and up by 31.46% from Q1 FY 11.
Total Interest Earned is Rs.768.72 cr – up by 9.24% from Q4 FY 11; up by 23.46% from Q3 FY 11; up by 32.65% from Q2 FY 11; and up by 42.32% from Q1 FY 11.
Interest Expended is Rs.563.75 – up by 16.94% from Q4 FY 11; up by 34.91% from Q3 FY 11; up by 47.5% from Q2 FY 11; and up by 51.24% from Q1 FY 11; This is more than proportionate increase compared to Interest earned and indicates some pressure on margins.
Net Interest Income is Rs.204.97 cr – down by 7.52% from Q4 FY11; but up by 0.09% from Q3 FY 11; up by 3.88% from Q2 FY 11; and up by 22.47% from Q1 FY11.
Total Income is Rs.820.35 - up by 7.35% from Q4 FY 11; up by 22.01% from Q3 FY 11; up by 31.39% from Q2 FY 11; and up by 41.01% From Q1 FY 11.
Operating Profit is Rs.143.14 cr – down by 6.56% from Q4 FY 11; but up by 0.2% from Q3 FY 11; up by 14.7% from Q2 FY 11; and up by 37.11% from Q1 Fy11.
Provisions for Q1 FY 12 is Rs.20.84 cr – against Rs.26.41 cr in Q4 FY 11; Rs.29.83 cr in Q3 FY11; Rs.6.81 cr in Q2 FY11; and Rs.16.70 Cr in Q1 FY11.
Profit before tax is Rs.122.30 cr – down by 3.53% from Q4 FY 11; but up by 8.2% from Q3 FY11; up by 3.65% from Q2 FY11; and up by 39.45% from Q1 FY11.
Net Profit is Rs.82.49 cr – up by 0.88% from Q4 FY11; up by 9.46% from Q3 FY11; up by 7.13% from Q2 FY11; and up by 41.15% from Q1 FY11.The YoY improvement is impressive. But, QoQ, there is some pressure on Margins, which may ease when the bank increases its lending rates.
Capital Adequacy Ratio is 12.36 - against 13.17 in Q4 FY11 and 14.65 in Q1 FY11
Basic EPS against a Face Value of Rs.1 is Rs.0.73 - against Rs.0.72 in Q4 FY11; and Rs.5.17 in Q! FY11
Annualized EPS will be around 2.92 to 3 easily. At current MP of Rs.24.65, the PE Ratio is 8.22. The Bank has good margins and good expansion plans and is a good bet for Medium / long term Investors
% of Gross/Net NPA is comfortable at 0.29 - against 0.29 in Q4 FY11; and 0.39 in Q1 FY11.
Return on Assets is 1.02 - against 1.08 in Q4 FY11 and 0.23 in Q1 FY11.
RESULTS TABLE :
| SoutnInd Bank | Q1FY12 | Q4FY11 | Q3FY11 | Q2FY11 | Q1FY11 |
| Interest on Advancess | 60998 | 55666 | 49663 | 45560 | 42113 |
| Income on Investments | 14404 | 13236 | 12316 | 11642 | 10957 |
| Interest Earned | 76872 | 70371 | 62266 | 57953 | 54012 |
| Total Income | 82035 | 76419 | 67236 | 62438 | 58178 |
| Interest Expended | 56375 | 48208 | 41787 | 38221 | 37276 |
| N I I | 20497 | 22163 | 20479 | 19732 | 16736 |
| Total Expenditure excl. provisions | 67721 | 61100 | 52950 | 49958 | 47738 |
| Operating Profit | 14314 | 15319 | 14286 | 12480 | 10440 |
| Provisions | 2084 | 2641 | 2983 | 681 | 1670 |
| Profit before tax | 12230 | 12678 | 11303 | 11799 | 8770 |
| Tax Expense | 3981 | 4501 | 3767 | 4099 | 2926 |
| Net Profit | 8249 | 8177 | 7536 | 7700 | 5844 |
| Face Value | 1 | 1 | 1 | 1 | 10 |
| Paid-up Equity | 11301 | 11301 | 11301 | 11301 | 11301 |
| Capital Adequacy Ratio | 12.36 | 13.17 | - | 14.38 | 14.65 |
| Basic EPS | 0.73 | 0.72 | - | 0.68 | 5.17 |
| Gross/Net NPA | 6349 | 6002 | - | 6711 | 6476 |
| % of Gross/Net NPA | 0.29 | 0.29 | - | 0.38 | 0.39 |
| Return on Assets | 1.02 | 1.08 | - | 1.15 | 0.23 |
| Public holding (%) | 100 | 100 | 100 | 100 | 100 |
ANNOUNCEMENTS TO NSE
26-05-2011 The South Indian Bank has decided to raise capital by way of a QIP issue of Equity shares not exceeding Rs. 40 crore in nominal value, the time of issue to be decided later, subject to the approval of the shareholders and other regulatory authorities, if any. Accordingly, the Bank will be seeking shareholders approval for the above issue at its next Annual General Meeting to be held on July 15, 2011.
03-05-2011 The South Indian Bank Limited has recommended a dividend of Rs.0.50 per share (50%) for the year ended March 31, 2011 (Previous year Rs.0.40 per share (40%)), subject to Approval of the members in the ensuing Annual General Meeting and issuance of a Notification by the Government of India, under section 53, read with section 15 of the Banking Regulation Act 1949.
31-03-2011 "Reserve Bank of India vide DBOD No. PSBD/15155/16.01.074/2010-11 dt 24/03/2011 has given its approval for altering the object clause of the Memorandum of Association of the Bank to form a Non-Deposit taking NBFC as a wholly owned subsidiary".
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