THE SOUTH INDIAN BANK = RESULTS =2ND QTR ENDING SEPT 2011 = Q2 FY 2012 = NPT UP BY 23.31% = VERY GOOD PERFORMANCE

THE SOUTH INDIAN

 BANK LTD

RESULTS FOR Q2 FY 2012

ENDED SEPT,2011

THE SOUTH INDIAN BANK LTD has achieved very good results for the second qtr ending sept,2011.

Interest/Discount on Advances/Bills has increased to Rs.701.88 cr – up by 15.07% from Q1 FY 12; up by 26.09% from Q4 FY 11; up by 41.33% from Q3 FY 11; and up by 54.06% from Q2 FY 11.

Income on Investments     has increased to Rs.151.53% - up by 5.2% from Q1 FY12; up by 14.48% from Q4 FY 11; up by 23.04% from Q3 FY 11; and up by 30.16% from Q2 FY 11.

Interest Earned is Rs.877.25 cr – up by 14.12% from Q1 FY 12’ up by 24.66% from Q4 FY 11; up by 40.89% from Q3 FY 11; and up by 51.37% from Q2 FY 11.

Total Income has increased to Rs.930.33 cr – up by 13.41% from Q1 FY 12; up by 21.74% from Q4 FY 11; up by 38.37% from Q3 FY 11; and up by 49% from Q2 FY 11.

NII (Earned-Expended)has  increased to Rs.258.77% - up by 26.25% from Q1 FY 12; up by 16.76% from Q4 FY 11; up by 26.36% from Q3 FY 11; and up by 31.14% from Q2 FY 11.

Net Interest Margin stands at 3%

Total Expenditure has increased to Rs.763.99 cr – up by 12.81% from Q1 FY 12; up by 25.04% from Q4 FY 11; up by 44.29% from Q3 FY 11; and up by 52.93% from Q2 FY 11.

Operating Profit   has increased to Rs.166.34 cr – up by 16.21% from Q1 FY 12; up by 8.58% from Q4 FY 11; up by 16.44% from Q3 FY 11; and up by 33.29% from Q2 FY 11.

Provisions also has increased to Rs.23.83Cr in Q2 FY 12 –against Rs.20.84 cr in Q1 FY 12; Rs.26.41 cr in Q4 FY 11; Rs.29.83 cr in Q3 FY 11 and Rs.6.81 cr in Q2 FY 11.

Profit before tax has gone up to Rs.142.51 cr – up by 16.52% from Q1 FY 12; up by 12.41% from Q4 FY 11; up by 26.08% from Q3 FY 11; and up by 20.78% from Q2 FY 11.

Net Profit stands at Rs.    94.95 cr – up by 15.1% from Q1 FY 12; up by 16.12% from Q4 Fy 11; up by 26% from Q3 FY 11; and up by 23.31% from Q2 FY 11.

Capital Adequacy Ratio stands at 11.8 – against 12.36 in Q1 FY 12 and 14.38 in Q2 FY 11. CAR on BASEL II –SEP 2-11 is 13.48% against 9% stipulated by RBI.

Basic EPS on a FV of Rs.1 stands at Rs.0.84, - up from Rs.0.73 in Q1 FY 12; Rs.0.68 in Q2 FY 11.

% of Gross/Net NPA stands at 0.25 which is comfortable.

Return on Assets is reasonably good at 1.09.

SIB has 644 branches – which is projected to grow to 701 in FY 12 and to 750 in FY 13.

Business as at sep,2011 is Rs.56,386 cr

Business Growth YOY is 31%.

Last 5 years CAGR is 25% - which makes it one of the Fastest Growing Banks. Deposits have increased at 32% Growth Rate. Low cost deposits form 26% of total deposits. Advances have increased by 30% YOY.

Net Profit grew over 5.5 times in 6 years at CAGR of 29%.NIM is around 3%.

Annualised EPS for FY 12 is likely to be Rs.3.13 against FV of Rs.1.

Provision coverage ratio in FY 12 is around 74.7%. Asset quality is maintained at High levels.

PE RATIO : Current MP is Rs.20.60. 52 week high price was Rs.26.10 and 52 week low price was Rs.17.50. Hence, current PE Ratio is 6.48, which indicates good prospects of appreciation in a normal market.

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