Monday, January 30, 2012

INDIAN BANK - QTRLY RESULTS - Q3 FY 2012 - 3rd Q/e dEC,2011 - Total Income up 32.75%; NPT UP 7.05% YoY


Indian Bank
NSE Symbol        INDIANB

Interest on Advances Stands at Rs.2494.16 Cr  in Q3 FY 12 – up by 5.86% from Q2 FY 12; and up by  38.34% from Q3 FY 11.

Income on Investments     stands at Rs.725.32 Cr – up by         7.42% from Q2 FY 12; and up by  24.52%  from Q3 FY 11.

Interest Earned Is Rs.3224.01 Cr – up by  6.23% from Q2 FY 12 and up by  34.79% from Q3 FY 11.

Other Income stands at  Rs.281.25 Cr – down by  -17.8% from Q2 FY 12; and up by  13.09% from Q3 FY 11.

Total Income stands at Rs.3505.26 Cr  in Q3 FY 12 – up by  3.79% from Q2 FY 12 and up by  32.75% from Q3 FY 11.

Interest Expended stands at Rs.2053.98  Cr in Q3 FY 11 – up by  8.14% from Q2 FY 12; and up by  51.67% from Q3 FY 11.                                                

Net Interest Income stands at Rs.1170.03 Cr – up by  3.05% from Q2 FY 12 and up  by  12.75% from Q3 FY 11.

Total Expdr (Excluding Provisions) stands at Rs.2593.69 Cr in Q3 FY 12 – up by  5.6% from Q2 FY 12; and up by 41.83% from Q3 FY 11.

Operating Profit stands at Rs.911.56 Cr in Q3 FY 11 – down by  -1.01% from Q2 FY 12; and      up by 12.27% from Q3 FY 11

Provisions stands at Rs.236.13 cr – up by 7.16% from Q2 FY 12; and up by 340.91% from Q3 FY 11.

Exceptional Items stands at Rs.(-)52.33 Cr in Q3 FY 12.    

Profit before tax stands at Rs.727.76 Cr in Q3 FY 12; up by  3.89% from Q2 FY 12; but down by  -4.03% from Q3 FY 11.

Tax Expense stands at Rs.201.84 Cr -  down by  -12.9% from Q2 FY 12; and down by   -24.42% from Q3 FY 11.

Net Profit  stands at Rs.525.93 Cr – up by  12.21% from Q2 FY 12; and  up  by  7.05% from Q3 FY 11.

Capital Adequacy Ratio stands at  10.98% – compared to 11.62% in Q2 FY 12 and  11.75% in Q3 FY 11.

% of Gross/Net NPA stands at  0.8% in Q3 FY 12;  compared to 0.69% in Q2 FY 12; and   0.57%  in Q3 FY 11.

Return on Assets stands at  1.53% in Q3 FY 12; 1.42% in Q2 FY 12 ; 1.73% in Q3 FY 11.

Basic EPS stands at Rs.11.97 in Q3 FY 12; Rs.10.64 in Q2 FY 12; Rs.9.2 in Q1 FY 12; Rs.9.94 in Q4 FY 11; Rs.11.16 in Q3 FY 11.

The annual EPS is likely to be Rs.43.78 in FY 12. This is against Rs.38.79 in FY 11 and Rs.35.09 in FY 10. Thus, there is reasonable  Growth on successive Years.

The current Market price is Rs.211.05 - While the  52 week high price is Rs.254.10 and the  52 week low price  is Rs.166.

The PE Ratio is 4.82.

HIGH LIGHTS OF PERFORMANCE
For 9 m/e Dec,2011

Ø  For 9 months period, Net Profit stood at  Rs.1402 Cr as against  Rs.1275 Cr (9.9%).
Ø  Core operating profit (excluding trading profit) increased to Rs.2446.33 Cr from Rs. 2159.38 Cr for nine months period recording a growth of 13.3%.
Ø  Interest Income up by 33.6% to Rs.9040 Cr (NINE MONTHS PERIOD 11-12) from Rs.6767 for NINE MONTHS PERIOD 2010-11
Ø  Total Income up by 29.1% to Rs.9913 Cr (NINE MONTHS PERIOD 11-12) from Rs. 7677 for NINE MONTHS PERIOD 2010-11
Ø  Net Interest Income up by 14.03% to Rs.3335 Cr (NINE MONTHS PERIOD 11-12) from Rs.2925 Cr for NINE MONTHS PERIOD 2010-11

Business

Ø  Total Global Business of the Bank rose to Rs.2,07,014 Cr as compared to Rs.1,74,935 Cr in December 2010, registering a y-o-y growth of 18.34 %.
Ø  Global Deposits stood at Rs.1,18,970 Cr as compared to Rs.1,01,015 Cr in December 2010, recording a y-o-y growth of 17.8 %.
Ø  Savings Deposits (Global) improved to Rs.29,489 Cr in December 2011 from Rs.25,972 Cr in December 2010 recording a growth of 13.5%..
Ø  CASA Deposits (Domestic) improved to Rs.35,536 Cr in December 2011 forming 31.3% of Total Deposits.
Ø  Global Loan Book has increased to Rs.88,044 Cr or by 19.1% (y-o-y) as against Rs.73,919 Cr as on 31.12.2010.
Ø  Global Credit Deposit Ratio was at 74% as against 73.2% in December 2010.

Ø Key Ratios

Ø  Return on Average Assets improved to 1.53% for the quarter ended December 2011 from 1.42% (Q2 2011-12)
Ø  Return on Equity improved to 22.23% for the quarter ended December 2011 from 20.91% (Q2 2011-12)
Ø  Cost to Income Ratio improved to 37.2% for the quarter ended December 2011 from 37.7%.(Q2 2011-12)
Ø  Earnings per Share was at Rs.47.88 (annualised) for Q3 FY12 as against Rs.44.03 (annualised) in the same period of the previous year.
Ø  Book Value per Share was higher at Rs. 217.05 at December 2011 from Rs.184.34 as on December 2010.
Ø  Net worth improved to Rs.9728 Cr from Rs.8327 Cr as on 31.03.2011.
Ø  As per Basel II, the CRAR was at 11.84 % as at end of December 2011 (Tier-I Capital: 9.55 %; Tier-II Capital: 2.29 %.
Ø  Headroom available in Tier II – Rs.6195.88 Cr.
Ø  If the Current year Profit is taken for computation of CRAR, the CRAR improves to 13.48 % (Tier I : 11.19 %).
Ø  Rating received for Tier II Bonds of  Rs.1000 Cr by Rating Agencies - “AAA” by “CRISIL” & “CARE”.
Ø  Government Permission to dilute 10% Govt. Holding i.e. to issue 6.14 Cr shares amounting to Rs.61.40 Cr is in hand.
Ø  Request for conversion of Rs.400 Cr Perpetual Non-Convertible Preference Shares (PNCPS) into equity under consideration of GOI/RBI.

Asset Quality

Ø  In 3 quarters the Bank had conducted 2611 recovery camps contacting over 55000 borrowers and recovered Rs.64.50 Cr.

Ø  In the same period lok adalats were conducted at 88 centres dealing with 20545 cases resulting in spot recovery of Rs.5.86 Cr
Ø  The Bank continued to maintain its good record of recovery at Rs.366 Cr.
Ø  Gross NPA to Gross Advances ratio was at 1.35%.
Ø  Net NPA to Net Advances ratio was at 0.80%.
Ø  Provision Coverage Ratio was at 76.50 % against RBI’s stipulation of 70%.

FROM ANNUAL REPORT FOR FY 11

1.Amounts Relate to FY 2011.
2.Amounts in Brackets relate to  FY 2010
3.Gr – represents Growth % over previous Year

Ø  Total Business Rs.181530 cr (150886) 20.3% Gr.
Ø  Deposits global : Rs.105804 cr(88228) 19.9% Gr
Ø  Advances global :Rs.75726 cr (62658) 20.9% Gr.
Ø  Investments gross : Rs.34970 cr ( 28544)
Ø  Total income : Rs.10543 cr(9031)
Ø  Net profit : Rs.1714 (1555) 10.2% Gr
Ø  Cost of deposits : 5.42% (5.66%)
Ø  Yield on advances : 10.28% (10.71%)
Ø  Net Interest Margin ; 3.75%(3.55%)
Ø  ROAA : 1.53% (1.67%)
Ø  NET NPA : 0.53% (0.23%)
Ø  CAR BASEL I : 12.83% (12.16%)
Ø  DIVIDEND : Rs.7.50 (Rs.6.50) per Share of Rs.10
Ø  EPS : Rs.38.79 (35.09)
Ø  BOOK VALUE PER SHARE : Rs.184.44 (154.66)
Ø  NO. OF BRANCHES : 1863 (1758)

Awards and Accolades

                "Best Risk Master Award“ for Public Sector Bank Category from FIBAC in the FICCI – IBA Conference on 25.08.2011.
                Dun & Bradstreet Banking Awards 2011 for Best Asset Quality on 30.08.2011
                Best Bank Award among the Public Sector Banks (II Rank) by the Financial Express for 2010-11 on 17.09.2011
                CNBC – TV 18 Award for the Best Public Sector Bank in mid size category for Superior Quality of Assets, Profitability, Efficiency & Productivity on 12.09.2011.
                 
RESULTS  TABLE

INDIAN BANK
31-Dec-11
30-Sep-11
%dif1
30-Jun-11
31-Mar-11
31-Dec-10
%dif2
Interest on Advances
249416.41
235617.34
5.86
215999.48
198426.09
180290.13
38.34
Income on Investments
72532.01
67521.66
7.42
61710.38
60515.38
58249.71
24.52
Income on Balances With RBI
452.45
342.52
32.09
434.24
476.67
649.93
-30.38
Interest Earned
322400.87
303481.52
6.23
278144.1
259418.14
239189.77
34.79
Other Income
28124.65
34231.65
-17.8
24930.08
27161.97
24868.8
13.09
Total Income
350525.52
337713.17
3.79
303074.18
286580.11
264058.57
32.75
Interest Expended
205397.94
189944.99
8.14
175143.49
148317.09
135420.28
51.67








Net Interest Income
117002.93
113536.53
3.05
103000.61
111101.05
103769.49
12.75
Employees Cost
37205.76
36668.25
1.47
35875.96
30918.34
33279.1
11.8
Other Oprting Expenses
16765.76
19012.14
-11.8
13942.67
17042.61
14169.07
18.33
Oprting Expenses
53971.52
55680.39
-3.07
49818.63
47960.95
47448.17
13.75
Total Expdr(excl.provisions)
259369.46
245625.38
5.6
224962.12
196278.04
182868.45
41.83
Operating Profit
91156.06
92087.79
-1.01
78112.06
90302.07
81190.12
12.27
Provisions
23612.61
22033.92
7.16
17695.8
12679.73
5355.38
340.91
Exceptional Items
-5233
-

-
-
-

Profit before tax
72776.45
70053.87
3.89
60416.26
77622.34
75834.74
-4.03
Tax Expense
20183.81
23184.67
-12.9
19723.16
33736.6
26705.33
-24.42
Net Profit
52592.64
46869.2
12.21
40693.1
43885.74
49129.41
7.05
Face Value(Rs.)
10
10
0
10
10
10
0
Paid-up Equity
42977
42977
0
42977
42977
42977
0
Capital Adequacy Ratio
10.98
11.62
-5.51
12.29
12.83
11.75
-6.55
Basic EPS
11.97
10.64
12.5
9.2
9.94
11.16
7.26
Gross/Net NPA
69531.1
59599.31
16.66
41948.6
39703.92
41719.8
66.66
 % of Gross/Net NPA
0.8
0.69
15.94
0.51
0.53
0.57
40.35
Return on Assets
1.53
1.42
7.75
1.31
1.46
1.73
-11.56
Public holding (%)
20
20
0
20
20
20
0

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