Thursday, July 28, 2011

VIJAYA BANK = RESULTS = FOR Q1 FY 2012 (Q/E JUNE 2011) = LACK LUSTRE = NPT DOWN 58.37% YoY = HUGE NPAs = May Stabilise in Q2 FY 12


Vijaya Bank

NSE Symbol        VIJAYABANK

VIJAYA BANK has performed in a lack lustre manner in the first quarter of FY 2012, due mainly to higher provisioning, but also to lesser Net Interest income. The results are analyzed below :

Interest on Advances is at Rs.1330.78 cr – up by 13.07% from Q4 FY 11; and up by 35.57% from Q1 FY 11.

Income on Investments is at Rs.446.33 cr – up by 4.75% from Q4 FY 11; and up by 25.17% from Q1 FY 11.

Total Income is at Rs.1953.40 cr – up by 11.52% from Q4 FY 11; and up by 28.49% from Q1 FY 11.

Net Interest Income has slipped to Rs.423.02 cr in Q1 FY 12; from Rs.478.34 cr in Q4 FY 11; and Rs.444.90 cr – affecting profitability in the quarter slightly.

NIM for the current quarter is  at 2.32%- but is expected to increase to 2.8 going forward

Operating Profit  stands at Rs.325,51 cr – up by 196.03% from Q4 FY 11; but up only by 3.58% from Q1 FY11.

Provisions has increased hugely to Rs.       231.29 cr – from Rs.85.73 cr in Q4 FY 11; and Rs.60.78 cr in Q1 FY 11.

Profit  before tax has therefore come down to Rs.94.22 cr – which though up by 288.86% from Q4 FY 11; is down by 62.83% from Q1 FY 11.

Net Profit stands at Rs.72.22 cr – up by 33.17% from Q4 FY 11; but down by a huge 58.37% from the comparable , corresponding quarter of Q1 FY 11.

Capital Adequacy Ratio is 12.27.

Basic EPS, has come down to Rs.1.53 from Rs.4 in q1 FY 11, though up from Rs.0.65 in Q4 FY 11

Gross/Net NPA has gone up to Rs.832.69 cr – from Rs.741.16 cr in Q4 FY 11; and Rs.560.87 cr in Q1 FY 11; The same was just Rs.741.16 cr in  the whole of FY 2011. Thus, increase in NPAs has proved too huge in current and previous quarters.

% of Gross/Net NPA stands at 1.65

Return on Assets is LOW at 0.34.

The CMD says –

"Our gross NPA stood at around 2.83% and in absolute terms it was at Rs 1,449 crore up by about Rs 190 crore compared to March. This was partly on account of spillover effect of March 2011 Q4."

This was partly due to making the NPAs 100% system driven in Q4 FY 11 and Q1 FY 12.

So – this can be expected to stabilize at these levels or improve – going forward.

Vijaya Bank is confident of recovering or upgrading its NPAs n the remaining 9 months of the year.

The bank aims to sustain net interest margin (NIMs) in the range of 2.7- 2.8% in FY12. Overall, Vijaya Bank expects a Growth rate of around 20% in the year.

ANNOUNCEMENTS TO NSE

28-07-2011          Vijaya Bank standalone Results for the quarter ended on 30-JUN-2011 as follows: Interest earned of Rs. 178496 lacs for the quarter ending on 30-JUN-2011 against Rs. 134953 lacs for the quarter ending on 30-JUN-2010. Interest expended of Rs. 136194 lacs for the quarter ending on 30-JUN-2011 against Rs. 90463 lacs for the quarter ending on 30-JUN-2010. Net Profit / (Loss) of Rs. 7222 lacs for the quarter ending on 30-JUN-2011 against Rs. 17348 lacs for the quarter ending on 30-JUN-2010.

28-04-2011          Vijaya Bank standalone Results for the year ended on 31-MAR-2011 as follows: Interest earned of Rs. 584406 lacs for the year ending on 31-MAR-2011 against Rs. 520065 lacs for the year ending on 31-MAR-2010. Interest expended of Rs. 389729 lacs for the year ending on 31-MAR-2011 against Rs. 375157 lacs for the year ending on 31-MAR-2010. Net Profit / (Loss) of Rs. 52382 lacs for the year ending on 31-MAR-2011 against Rs. 50729 lacs for the year ending on 31-MAR-2010.

28-04-2011          Vijaya Bank Board recommended a dividend of Rs.2.50 per Share on Bank's Equity Share Capital and at 7.75% p.a. on Perpetual Non Cumulative Preference Share Capital (PNCPS) of the Bank payable to Government of India for the Financial Year 2010-2011.

28-03-2011          Vijaya Bank Board of Directors of the Bank in its meeting held on March 28, 2011 has accorded approval for allotment of 39148936 equity shares on preferential basis at an issue price of Rs.94/- per share (i.e. Rs. 10 face value plus Rs.84/- premium) aggregating to Rs.3679999984/- to Govt of India (President of India) on the basis of the approval accorded by the Shareholders of the Bank in the Extraordinary General Meeting held on March 22, 2011. These Shares shall rank paripassu in all respects (including Dividend) with the exiting equity Shares of the bank.

RESULTS TABLE

VIJAYA BANK
30-Jun-11
31-Mar-11
30-Jun-10
FY11NC
Interest on Advances
133078
117693
98165
419,190.00
Income on Investments
44633
42609
35659
161,101.00
Income on Balances With RBI
18
61
1
126
Others
767
515
1128
3,989.00
Interest Earned
178496
160878
134953
584,406.00
Other Income
16844
14288
17073
53,318.00
Total Income
195340
175166
152026
637,724.00
Interest Expended
136194
113044
90463
389,729.00
NII
42302
47834
44490
194677
Employees Cost
16948
38708
20608
101,044.00
Other Operatng Expenses
9647
12418
9529
42,284.00
Oprting Expenses
26595
51126
30137
143,328.00
Total Expenditure( excl provisions)
162789
164170
120600
533,057.00
Operating Profit
32551
10996
31426
104,667.00
Provisions
23129
8573
6078
36,285.00
Profit  before tax
9422
2423
25348
68,382.00
Tax Expense
2200
-3000
8000
16,000.00
Net Profit
7222
5423
17348
52,382.00
Face Value
10
10
10
10
Paid-up Equity
47267
47267
43352
47,267.00
Capital Adequacy Ratio
12.27
12.59
13.85
12.59
Basic EPS
1.53
0.65
4
9.89
Gross/Net NPA
83269
74116
56087
74,116.00
% of Gross/Net NPA
1.65
1.52
1.35
1.52
Return on Assets
0.34
0.28
0.96
0.72
Public holding (%)
42.31
42.3
46.13
42.3

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