Union Bank of India
NSE Symbol UNIONBANK
UNION BANK IF INDIA has performed below par in the first quarter of FY 2012 ending June 2011.
Interest on Advances stands at Rs.3754.17 cr – up by 8.58% from Q4 FY 11 and up by 37.34% from Q1 FY 11.
Income on Investments stands at Rs.1063.40 cr – up by 2.89% from Q4 FY 11 and up by 16.83% from Q1 FY 11.
Net Interest Income stands at Rs.1590.21 cr – down by 7.36% from Q4 FY 11 and up by 17.97% from Q1 FY 11.
Total Income stands at Rs.5399.68 cr – up by 3.53% from Q4 FY 11 and up by 31.04% from Q1 FY 11.
Total Expenditure excl. provisions comes to Rs.4233.88 cr – down by 2.59% from Q4 FY 11 and up by 37.6% from Q1 FY 11.
Operating Profit is at Rs.1165.80 cr – up by 34.07% from Q4 FY 11 and up by 11.7% from Q1 FY 11.
Provisions is Rs.428.38 cr – up by a huge 179.57% from Q4 FY 11 and 117.15% from Q1 FY 11.
Profit before tax stands at Rs.737.42 cr – up by 2.95% from Q4 FY 11 and down by 12.88% from Q1 FY 11.
Basic EPS stands at Rs.8.86 – against Rs.11.38 in Q4 FY 11 and Rs.11.91 in Q1 FY 11.
HIGHLIGHTS OF RESULTS
Net Interest Margin (on earning assets) for Q1/FY12 was 3.10%, up from 3.03% in Q1/FY11.
Non Interest Income for Q1/FY12 was Rs.484 crore, compared to Rs.435 crore in Q1/FY11, a growth of 11.26% YoY.
Net Profit at Rs.464.42 cr – is down by 22.29% from Q4 FY 11 and down by 22.78% from Q1 FY 11. The decline in Net Profit is mainly due to increase of Rs.214 crs in provisions on NPAs (Rs.185 crs) and restructured accounts (Rs.29 crs) as per revised norms of RBI. Without this exceptional items, Net Profit would have been Rs.678 crs with a growth of 12.81%.
Return on average assets (annualised) in Q1/FY12 was 0.86% compared to 1.27% in Q1/FY11.
Return on equity (annualised) in Q1/FY12 was 15.96% compared to 25.71% in Q1/FY11.
Earning per share (annualised) in Q1/FY12 was Rs.35.43 compared to Rs.47.63 in Q1/FY11.
Bank added 4.96 lakh customer accounts during the quarter. Bank’s customer base increased to 30.18 million as of 30th June, 2011.
Cost-to-income ratio stood at 43.79% as against 41.45% in the corresponding period of last year.
Gross NPA ratio stood at 2.57% in Q1/FY12 as against 2.19% in the corresponding period of last year.
Provision Coverage ratio stood at 68.22% as against 71.12% in the corresponding period of last year.
Balance Sheet
Balance Sheet size of the Bank increased by 17.84% to Rs.233311 crore as on June 30, 2011 from Rs.197997 crore as on June 30, 2010.
Global Business grew by 16.38%, from Rs.296227 crore to Rs. 344747 crore as on June 30, 2011
Domestic Deposits increased from Rs.171080 cr. to Rs.198542 cr., a growth of 16.05%.
Global Deposits increased from `171484 crore (June 2010) to Rs.199178 crore (June 2011), recording a growth rate of 16.15%.
CASA deposits grew by 12.40% to Rs.62768 crore from Rs.55845 crore in the previous year. Despite higher term deposit rates prevailing during the year,
CASA share in total deposits was at 31.51%.
Domestic Advances increased from Rs.120858 cr. to Rs.138861 cr., a growth of 14.90%.
Global Advances increased from Rs.124743 crore (June 2010) to Rs.145567 crore (June 2011), recording a growth rate of 16.70%.
Credit-Deposit ratio for the quarter June 2011 stood at 75.40% compared to 75.05% in June10.
Asset Quality
Bank’s Gross NPAs stood at 2.57% as compared to 2.19% in the corresponding period of last year.
There is a declining trend in delinquency ratio. It declined from 2.10% to 2.05% in June 11.
Net NPA ratio is at 1.32% as on June 30, 2011 as against 0.94% in the previous year.
Capital Adequacy
• Capital Adequacy ratio of the Bank, under Basel II, is 12.88% as on June 30, 2011.
• The Tier I CRAR is 8.82% as on June 2011 from 7.88% in June 2010.
• Since July,2010 Bank received an amount of Rs.111 crore towards contribution of the central government in the Perpetual Non Cumulative Preference Shares (PNCPS) of the bank. Further, Government of India has also infused an amount of Rs.682 crore in the Bank. Both these infusions are treated as Tier I capital
Delivery Channels
• Bank has 3016 branches including 1 overseas branch. 207 branches were opened during the year including 13 specialised Financial Inclusion (FI) branches. The plan is to add 400 branches during the current year including 100 FI branches.
• During the year, bank added 307 ATMs, taking the total number of ATMs to 2673. Bank’s ATMs to branches ratio is 0.9, compared to nationalized banks’ average of around 0.5. Considering the customers’ preference, Bank will almost double the number of ATMs this year to 5000.
ANNOUNCEMENTS TO NSE
22-07-2011 standalone Results for the quarter ended on 30-JUN-2011 as follows: Interest earned of Rs. 491572 lacs for the quarter ending on 30-JUN-2011 against Rs. 368567 lacs for the quarter ending on 30-JUN-2010. Interest expended of Rs. 332551 lacs for the quarter ending on 30-JUN-2011 against Rs. 233764 lacs for the quarter ending on 30-JUN-2010. Net Profit / (Loss) of Rs. 46442 lacs for the quarter ending on 30-JUN-2011 against Rs. 60142 lacs for the quarter ending on 30-JUN-2010.
11-07-2011 Union Bank Of India has informed the Exchange that the Bank has revised Base Rate by 25 bps from 10.00% to 10.25% per annum. The revised rate is effective from July 11, 2011.
06-05-2011 Union Bank Of India has informed the Exchange regarding a press release dated May 06, 2011, titled "REVISION IN BASE RATE AND BPLR".
06-05-2011 Union Bank Of India has recommended dividend of 80% i.e. Rs. 8/- per share for the financial year 2010-11 and the same will be paid to the shareholders on July 08, 2011 subject to its approval in the ensuing Annual General Meeting of shareholders of the Bank and notification to be issued to this effect by the Government of India under Section 53 of Banking Regulation Act, 1949.
06-05-2011 consolidated Results for the year ended on 31-MAR-2011 as follows: Interest earned of Rs. 1646094 lacs for the year ending on 31-MAR-2011. Interest expended of Rs. 1023431 lacs for the year ending on 31-MAR-2011. Net Profit / (Loss) of Rs. 206903 lacs for the year ending on 31-MAR-2011.
06-05-2011 standalone Results for the year ended on 31-MAR-2011 as follows: Interest earned of Rs. 1645262 lacs for the year ending on 31-MAR-2011 against Rs. 1330268 lacs for the year ending on 31-MAR-2010. Interest expended of Rs. 1023642 lacs for the year ending on 31-MAR-2011 against Rs. 911027 lacs for the year ending on 31-MAR-2010. Net Profit / (Loss) of Rs. 208195 lacs for the year ending on 31-MAR-2011 against Rs. 207492 lacs for the year ending on 31-MAR-2010.
RESULTS TABLE
| UNION BANK | 30-Jun-11 | 31-Mar-11 | 30-Jun-10 |
| Interest on Advances | 375417 | 345756 | 273351 |
| Income on Investments | 106340 | 103354 | 91020 |
| Income on Balances With RBI | 7549 | 5998 | 1424 |
| Others | 2266 | 6418 | 2772 |
| Interest Earned | 491572 | 461526 | 368567 |
| Other Income | 48396 | 60055 | 43499 |
| Total Income | 539968 | 521581 | 412066 |
| Interest Expended | 332551 | 289874 | 233764 |
| N I I | 159021 | 171652 | 134803 |
| Employees Cost | 59178 | 105259 | 43497 |
| Other Oprating Expenses | 31659 | 39494 | 30436 |
| Oprating Expenses | 90837 | 144753 | 73933 |
| Total Expenditure excl. provisions | 423388 | 434627 | 307697 |
| Operating Profit | 116580 | 86954 | 104369 |
| Provisions | 42838 | 15323 | 19727 |
| Profit before tax | 73742 | 71631 | 84642 |
| Tax Expense | 27300 | 11871 | 24500 |
| Net Profit | 46442 | 59760 | 60142 |
| Face Value (in Rs.) | 10 | 10 | 10 |
| Paid-up Equity | 63533 | 63533 | 50512 |
| Capital Adequacy Ratio | 12.88 | 12.95 | 12.59 |
| Basic EPS before Extraordinary items | 8.86 | 11.38 | 11.91 |
| % of Gross/Net NPA | 1.32 | 1.19 | 0.94 |
| Return on Assets | 0.86 | 1.05 | 1.22 |
| Public holding (%) | 42.94 | 42.94 | 44.57 |
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