Tuesday, January 24, 2012

The Karnataka Bank Limited - QTRLY RSULTS - Q3 FY 2012 - Q/E Dec,2011 - Total Income up 32%; NPT up (helped by Negative tax provision) 87% YoY


The Karnataka Bank Limited
NSE Symbol        KTKBANK

The Karnataka Bank has declared results for the third quarter ending Dec, 2011.

Interest on Advances  stands at Rs.612.94 cr in Q3 FY 12, the current Qtr  – up by 6.11% from Q2 FY 12, the previous Qtr ; and by  up by 41.84% from Q3 FY 11, the corresponding qtr.

Income on Investments stands at Rs.184.36 cr in Q3 FY 12; up by  3.39% from Q2 FY 12; and up by 11.97% from Q3 FY11

Interest Earned    stands at Rs.797.65 cr in Q3 FY 12 – up by 4.93% from Q2 FY 12; and up by  32.25% from Q3 FY 11.

Total Income        for Q3 FY 12 stands at Rs.882.72 cr – up by 5.04% from Q2 FY 12; and up by 32.05% from Q3 FY 11.

Interest Expended stands at Rs.610.71 cr for Q3 FY 12  – up by  5.56% from Q2 FY12 and up by   38.26% from Q3 FY 11.

NET INTT INCOME stands at Rs.186.94 cr for Q3 FY 12  – up by 2.92% from Q2 FY 12 and up by 15.81% from Q3 FY 11.

Total Expdr.(excl.Prov.) stands at Rs.778.65 cr  for Q3 FY 12 – up by 7.6% from Q2 FY 12. And up by a huge 40.14% from Q3 FY 11.

Operating Profit for Q3 FY 12 stands at Rs.104.07 cr – down by  -10.83% from Q2 FY 12; and less by -7.77% from Q3 FY 11.

Provisions  stands at Rs.  38.39 cr in Q3 FY 12; down by -19.9% from Q2 FY 12; and down by  -28.64% from Q2 FY 12.

Profit before tax stands at Rs.65.68 cr in Q3 FY 12 – down by  -4.51% from Q2 FY 12; and up by 11.25% (helped by lower provisions  in Q2 FY 12 compared to earlier qtrs). Even up to this level, the profit is in down trend compared to earlier Qtrs.

Tax Expense stands at  Rs.(-)6.37 cr in Q3 FY 12; compared to Rs.       27.70 cr in Q2 FY 12; and Rs.20.45Cr in Q3 FY11.

Helped by this negative tax provision, Net Profit stands at Rs.72.05 cr in Q3 FY 12; compared to Rs.41.08 cr in Q2 FY 12 (Up by 75.39%); and Rs.38.59 cr in Q3 FY 11 (Up by 86.71%). Though the percentages look impressive, there is no robustness in the final result.

Capital Adequacy Ratio      11.81 12.01 -1.67 12.38 10.71 10.27

% of Net NPA stands at 2.23 in Q3 FY 12, compared to   2.22 in Q2 FY 12 and  1.18 in Q3 FY 11.

Return on Assets stands at  0.85 in Q3 FY 12 ; at  0.5   in  Q2 FY12 and  .54 in Q3 FY 11

Basic EPS stands at Rs.3.83 in Q3 FY 12; Rs.2.18 in Q2 FY 12; Rs.2.64 in Q1 FY 12; and Rs.2.88 in Q3 Fy11.

Annual EPS may come to Rs.12.48.

The current market  price is Rs.85; While the  52 week high price is Rs.156.50 and the 52 week low price  is Rs.63.60

Based on this, the PE Ratio comes to 6.81.

RESULTS TABLE

KTK BANK
31-Dec-11
30-Sep-11
%DIF1
30-Jun-11
31-Dec-10
%DIF2
Interest on Advances
61294
57767
6.11
51694
43214
41.84
Income on Investments
18436
17832
3.39
16960
16465
11.97
Income on Balances With RBI
16
38
-57.89
10
11
45.45
Others
19
379
-94.99
15
624
-96.96
Interest Earned
79765
76016
4.93
68679
60314
32.25
Other Income
8507
8017
6.11
8210
6531
30.26
Total Income
88272
84033
5.04
76889
66845
32.05
Interest Expended
61071
57852
5.56
53311
44172
38.26
NET INTT INCOME
18694
18164
2.92
15368
16142
15.81
Employees Cost
11532
7787
48.09
7779
6779
70.11
Other Oprtng Expenses
5262
6723
-21.73
5091
4610
14.14
Oprtng Expenses
16794
14510
15.74
12870
11389
47.46
Total Expdr.excl.Prov.
77865
72362
7.6
66181
55561
40.14
Operating Profit
10407
11671
-10.83
10708
11284
-7.77
Provisions
3839
4793
-19.9
5958
5380
-28.64
Profit before tax
6568
6878
-4.51
4750
5904
11.25
Tax Expense
-637
2770
-123
-228
2045
-131.15
Net Profit
7205
4108
75.39
4978
3859
86.71
Face Value( Rs.)
10
10
0
10
10
0
Paid-up Equity
18827
18822
0.03
18822
13442
40.06
Capital Adequacy Ratio
11.81
12.01
-1.67
12.38
10.71
10.27
Basic EPS
3.83
2.18
75.69
2.64
2.88
32.99
Diluted EPS
3.82
2.18
75.23
2.64
2.87
33.1
Gross/Net NPA
43879
42170
4.05
33796
19122
129.47
% of Gross/Net NPA
2.23
2.22
0.45
1.87
1.18
88.98
Return on Assets
0.85
0.5
70
0.62
0.54
57.41
Public holding (%)
100
100
0
100
100
0

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