Friday, January 27, 2012

CANARA BANK - QTRLY RESULTS - Q3 FY 2012 - 3rd Q/E DEC,2011 - TOTAL INCOME UP 33.31%; NPT DOWN 21% YoY



Canara Bank
NSE Symbol        CANBK

CANARA BANK  has released its Results for the third quarter ending Dec,2011.

Major Highlights –Q2FY12

Ø  Steady Growth in Business - Global business crosses  Rs.5,30,515 lakh crore, an increase of 24.8% y.o.y. 
Ø  Global Deposits reached  Rs.312577 crore, up by 25.4%.
Ø  Domestic deposits grew by 26% compared to SCBs’ growth at 19%.
Ø  Domestic advances grew higher by 27% compared to SCBs’ growth at 21.4%.
Ø  Return on Assets at 1.01%.
Ø  Capital Adequacy Ratio at 12.78%. Tier I Capital Ratio at 9.15%.
Ø  Record Cash Recovery at over  800 crore.
Ø  160 Branches and 114 ATMs added during the Second Quarter.
Ø  System Driven NPA implemented for all loan accounts, irrespective size or category. 
Ø  CASA deposits was at  80775 crore, constituting 26.7% of the domestic deposits.
Ø  Savings deposits rose by 17.9% y-o-y to  64043 crore.  The Bank added over 14 lakhs SB clientele during Q2 of FY12, with the aid of special SB campaign and substantial mobilization of accounts by the newly opened branches.
Ø  Advances (net) grew by 23.8% to reach  217938 crore, up from  176071 crore as at September 2010. Credit to deposit ratio stood at 69.7%.
Ø  The Bank’s domestic business constituted about 96% of the total business with 26% growth in domestic deposits and 27% growth in domestic net advances.
Ø  Steady improvement in business is well reflected in quarter after quarter increase in productivity of the Bank. While Business per Employee increased to  12.98 crore, Business per Branch improved to  154.35 crore as at September 2011 compared to  138.70 crore a year ago.
Ø  The Bank’s clientele base reached 4.04 crore, comprising 3.58 crore under deposit accounts and 46 lakhs under borrowal accounts.

Ø  Net Profit for Q2 FY12 stood at  852 crore, higher than the net profit level of  726 crore reported for June 2011.
Ø  On y.o.y, net profit is lower because of higher provisioning made for NPAs
Ø  Operating Profit stood at  1605 crore, recording a growth of 26% over June 2011 quarter.
Ø  Return on Average Assets (RoAA) for Q2FY12 stood at 1.01%.
Ø  While Earnings Per Share (EPS) for the quarter was at  19.24, Book Value rose to  439.53 compared to  355.25 as at September 2010 on enlarged capital base. 
Income and Expenses for the Q2 FY12

        The Bank’s total income for Q2FY12 increase by a healthy 38.9% to reach  8443 crore, driven by a 41.8% growth in income from loans/advances to  5826 crore.
        Non-interest income of the Bank rose by a healthy 56% to  828 crore compared to  531 crore in the same quarter a year ago.
        While total expenditure increased by 46.7% mainly due to uptrend in interest cost, operating expenses was contained at 9%. 
        Net interest income for the quarter was  1962crore and Net Interest Margin (NIM) improved by 22 bps from 2.42% as at June 2011 to 2.64% as at September 2011. 

First Half (H1) Performance

        Net Profit for the first half (H1) was at  1578 crore.  Operating profit for H1FY12 stood at  2876 crore.  
        Net Interest Income for H1 was   3731 crore compared to  3666 crore a year ago.
        Total income for the first half rose by 34.9% to  16150 crore, aided by a 43.1% growth in income from loans/advances. The Bank's non-interest income upto September 2011 was  1379 crore. 
        While total expenses increased by 46.3% to  13275 crore, increase in operating expenses was 8.1%. 

Capital Adequacy

        Capital Adequacy Ratio at 12.78%. Tier I capital ratio rose to 9.15% as against 8.82% as at September 2010. By reckoning profit for H1, the Capital Adequacy Ratio works out to 13.54%, with a Tier I ratio of 9.91%.
        The Bank has adequate headroom available under both Tier-I and Tier-II options to raise capital to support business growth momentum.

Asset Quality

        The Bank’s gross NPA ratio increased to 1.73% ( 3793 crore) compared to the gross NPA ratio of 1.49% ( 2636 crore) as at September 2010. 
        The increase in NPAs was due to full migration to system based NPA recognition, irrespective of the size or category. 
        Net NPA ratio stood at 1.43% ( 3117 crore) as at September 2011.
        Cash recovery during the H1 of FY12 aggregated to a record  1558 crore, higher than  742 crore in the same period a year ago.  Cash Recovery for the Q2 was at  808 crore.  
Diversified Credit Portfolio

        The Bank’s credit growth at 24% during the period was higher than the industry’s growth and was broad based across major segments, such as, Retail, Priority, MSMEs, industrial and infrastructure.
        The Bank’s retail lending portfolio recorded a 23.4% growth to reach  25102 crore.
        Outstanding housing loan portfolio grew by 35.7% to  15837 crore, constituting over 63% of the total retail lending portfolio.
        The Bank’s credit to Micro, Small and Medium Enterprises (MSME) recorded a y-o-y growth of 21.3% to reach  39770 crore compared to a level of  32801 crore as at September 2010. 
        Outstanding advances to the priority segments grew by 24.4% to reach  75454 crore. 
        Credit to agriculture touched  32796 crore, signifying over 37% growth. 
        Agriculture portfolio covers 32.93 lakh farmers.   
        Continuing its lead among nationalized banks, the Bank’s education loan portfolio rose by 18.3% to  3856 crore, with a coverage of 1.98 lakh students.

Enhanced Delivery Channels

During the quarter, the Bank opened 160 branches, to take the total number branches to 3437, including 5 overseas branches one each at London, Leicester, Hong Kong, Shanghai and Manama, Bahrain – the 5th overseas branch launched during the quarter.  With addition of 114 ATMs during the quarter, number of ATMs further increased to 2623 as at September 2011.  Debit Card base rose to 65.98 lakhs as at September 2011.  

RESULTS TABLE ANALYSIS

Interest on Advances stands at Rs.5945.67 cr – up by 2.06% from Q2 FY 12; and up by   37.44% from Q3 FY 11.
Income on Investments stands at Rs.1809.78 cr – up by  4.61% from Q2 FY 12; and up by 18.23% from Q3 FY 11.
Interest Earned stands at Rs.7812.08 cr – up by  2.6% from Q2 FY 12; and up by 32.23% from Q3 FY 11.
Total Income stands at Rs.8591.15 cr – up by 1.76% from Q2 FY 12; and up by 33.31% from Q3 FY 11.
Interest Expended stands at Rs.5893.53 cr – up by  4.26% from Q2 FY 12; and up by  55.56% fromQ3 FY 11.
Operating Profit  stands at Rs.1576.74 cr – down by -1.78% from Q2 FY 12; and up by 4.21% from Q3 FY 11.
Provisions stands at Rs. 501.18 cr against Rs.553.11 cr in Q2 FY 12 (down by -9.39%) and against Rs.157.28 cr (up by 218.65%) in Q3 FY 11.
Profit  before tax stands at Rs.1075.56 in Q3 FY 11 –against Rs.        1052.22 cr in Q2 FY 12 (Up by 2.22%) and Rs. 1355.73 cr in Q3 FY 11 (down by      -20.67%).
Net Profit  stands at Rs.875.56 cr – against Rs.852.22 cr in Q2 FY 12 (Up by         2.74%) and Rs.1105.73 cr in Q3 FY 11(down by -20.82%).
Face Value is Rs.10 and Paid up equity is Rs.         443 Cr
Capital Adequacy Ratio stands at 13.22%
Basic EPS stands at Rs.19.76 in Q3 FY 12;Rs.19.24 in Q2 FY 12; Rs.16.38 in Q1 FY 12.
% of Gross/Net NPA stands at 1.49% against 1.43% in Q2 FY 12; 1.05% in Q3 FY 11.
 Return on Assets stands at 1.02.
RESULTS TABLE
CANARA BANK
31-Dec-11
30-Sep-11
%DIF1
30-Jun-11
31-Mar-11
31-Dec-10
%DIF2
Interest/Discount on Advances/Bills
594567
582560
2.06
548284
482280
432588
37.44
Income on Investments
180978
172999
4.61
163338
152137
153075
18.23
Income on Balances With RBI
5635
5879
-4.15
6443
7301
5122
10.02
Others
28
9
211.11
10
58
9
211.11
Interest Earned
781208
761447
2.6
718075
641776
590794
32.23
Other Income
77907
82826
-5.94
52684
93283
53661
45.18
Total Income
859115
844273
1.76
770759
735059
644455
33.31
Interest Expended
589353
565278
4.26
538767
444485
378871
55.56
Employees Cost
71250
76696
-7.1
66768
78250
78375
-9.09
Other Operating Expenses
40838
41766
-2.22
38184
42837
35908
13.73
Operating Expenses
112088
118462
-5.38
104952
121087
114283
-1.92
Operating Profit
157674
160533
-1.78
127040
169487
151301
4.21
Provisions
50118
55311
-9.39
34455
54597
15728
218.65
Profit  before tax
107556
105222
2.22
92585
114890
135573
-20.67
Tax Expense
20000
20000
0
20000
25000
25000
-20
Net Profit
87556
85222
2.74
72585
89890
110573
-20.82
Face Value (in Rs.)
10
10
0
10
10
10
0
Paid-up Equity
44300
44300
0
44300
44300
41000
8.05
Capital Adequacy Ratio
13.22
12.78
3.44
13.37
15.38
13.02
1.54
Basic EPS
19.76
19.24
2.7
16.38
20.76
26.97
-26.73
 Gross/Net NPA
326542
311699
4.76
2871.06
234733
199104
64.01
 % of Gross/Net NPA
1.49
1.43
4.2
1.34
1.11
1.05
41.9
 Return on Assets
1.02
1.01
0.99
0.88
1.27
1.62
-37.04
Public holding (%)
32.28
32.28
0
32.28
32.28
26.83
20.31

  
*  *  *   E  N  D  *  *  *

No comments:

Post a Comment