Karur Vysya Bank Limited
NSE Symbol KARURVYSYA
KARUR
VYSYA BANK has produced good results
for the third quarter ending Dec,2011.
The
comparison hereunder is of the current Quarter Q3 FY 12 – with the previous 2 Qtrs
of Q2 FY 12 and Q1 FY 12 – and with the corresponding qtr of Q3 FY 2011.
Interest on Advances stands at Rs.666.55 cr in Q3 FY 12 – up by 12.09% from Q2 FY 12; Up
by 21.67% from Q1 FY 12; and up by 52.9% from Q3 FY 11. There has been
consistent Growth QoQ for all 5 quarters upto Dec,2011.
Income on Investments stands at Rs.187.55 cr in Q3 FY 12 – up
by 6.88% from Q2 FY 12; up by 28.28% from Q1 FY 12; and up by 39.15% from Q3 FY 11.
Interest Earned
stands at Rs.856.33 cr in Q3 FY 12; up by
10.92% from Q2 FY 12; up by 23.3%
from Q1 FY 12; and up by 48.8% from Q3
FY 11.
After
addition of Other Income, the Total Income comes to Rs.945.77 Cr in Q3 FY 12; up
by 11.69% from Q2 FY 12; up by 23.03%
from Q1 FY12 and up by 46.43% from Q3 FY
11.
Interest Expended
stands at Rs.621.66 cr in Q3 FY 12; up
by 11.89% from Q2 FY 12; up by 26.99% from Q1 FY 12; and up by 70.41% from Q3 FY 11. Interest expended has
increased more than proportionately compared to Interest earned – indicating some
pressure on Net Interest Margins.
Net Interest Income
stands at Rs.234.67 cr in Q3 FY 12 – up by
8.41% from Q2 FY 12; up by 14.48%
from Q1 fy 12; and up by 11.39% from Q3
FY 11.
Total Expdr(excl.provisions)
stands at Rs.756.04 cr in Q3 FY 12; up by
9.72% from Q2 FY 12; up by 25.28%
from Q1 FY 12; and up by 62.15% from Q3 FY 11. Expenditure has increased more
than proportionately compared to Total Income in Q1 FY 12 and Q3 FY 11.
Operating Profit
stands at Rs.189.73 cr in Q3 FY 12 – up by 20.33% from Q2 FY 12; up by 14.81% from Q1 FY 12; and up by 5.63% from Q3
FY 11. The lesser increase in OPT compared to Q2 FY 12 and Q3 FY 11 is due to
the “more than proportionate increase in expenditure “ in these 2 Qtrs.
Provisions
stands at Rs.36.02 Cr in Q3 FY 12 – up by a huge 171% from Q2 FY 12; but down by -4.23% from Q1
FY 12, and up by a huge 151.89% compared to Q3 FY 11.
After
deducting Provisions – the Profit before tax stands at Rs.153.71 cr in Q3 FY
12; up by 6.46% from Q2FY 12; up by 20.42%
from Q1 FY 12; but down by -7.02% from
Q3 FY 11.
Tax Expense stands
at Rs.28.79 cr in Q3 FY 12 – down by -7.34%
from Q2 FY 12; Up by 162.92% from Q1 FY
12; but down again by -44.74% from Q3 FY
11.
From
PBT to Net Profit, the Lower tax provision in Q3 FY 12 compared to Q3 FY 11 has saved the day in making the
Net profit more than the corresponding
qtr by 10%. The final
Net Profit stands at Rs.124.92 Cr in Q3 FY 12
- up by 10.25% from Q2 FY 12;
up by 7.04% from Q1 FY 12; and up
by 10.33% from Q3 FY 11.
Capital Adequacy Ratio stands well at 13.25%
% of Gross/Net NPA
stands at 0.29% in Q3 FY 12; 0.29% from Q2 FY 12; 0.21% in Q1 FY 12; and 0.19%
in Q3 FY 11. The percentage is comfortable.
Return
on Assets is good 1.49 in Q3 12 though
down from 1.84 of Q3 FY 11.
Basic EPS
stands at Rs.11.66 in Q3 FY 12; Rs.10.57 in Q2 FY 12; Rs.11.56 in Q1 FY 12; Rs.14.86
in Q3 FY 11.
The
annual EPS
is likely to be around Rs.45.45.
The
current Market
price is Rs.382.30; While the
52
week high price is Rs.560 and the 52 week low price is Rs.315.
The
Price Earnings
Ratio is 8.41.
With
the cut in CRR Ratio by 0.5%, all Banks, especially Private sector banks, may
see good upside in their profitability from the 4th qtr onwards –
with a good uptick in credit scenario. With Both Government and RBI stressing
on Growth First now – we can expect further enabling measures for Growth all of
which will be good for the banking sector.
Karur Vysya Bank’s Net Profit
Up by 18% for 9 m/e Dec,2011
Net profit for the Karur-headquartered KVB rose
year-on-year by 18.19% to Rs.354.93 crore against Rs.300.30 crore for the same
period in the pervious fiscal.
The bank’s operating profit for the period rose
by 12.75% and stood at Rs.512.66 crore from Rs.454.69 crore in the
corresponding period in 2010.
Net Interest Income
stood at Rs.656.13 crore as against Rs.555.50 crore for the corresponding
period. NIM stood at 3.06%
The Bank has crossed the business mix
of Rs.52000 crore. The deposits of the bank were up by 35.23% to Rs.30107
crore while gross
advances increased to Rs.22283 crore reflecting a year-on-year
growth of 34.93%. Total income rose to Rs.2561.25 crore from
Rs.1786.65 crore showing a rise of 43.35%.
The Gross NPA
was down to 1.45% from 1.52%. The Net NPA stood at 0.29% with a Provision Coverage
Ratio of 80.03%.
Q3 Net profit
increased by 10.33% to Rs.124.92 crore from Rs.113.22 crore earned during Q3 of
previous fiscal.
Net Interest Income
rose by 11.38% and stood at Rs.234.66 crore against Rs.210.69 crore earned
during Q3 of previous fiscal. Interest income increased by 48.80% to Rs.856.33
crore from Rs.575.49 crore.
The Bank has added 32 branches and
100 ATMs during the quarter. As on date, the bank has 437 branches and 712 ATMs.
The Bank aims to reach a business level of Rs.55000 crore by end-March 2012.
KVB has been recognized as “The Best
Small Bank” and “The Fastest Growing Small Bank” by Business World in their
evaluation of the Best Banks of 2011.
RESULTS TABLE
|
karur vysya Bank
|
31-Dec-11
|
30-Sep-11
|
%dif1
|
30-Jun-11
|
%dif2
|
31-Dec-10
|
%dif3
|
|
Interest
on Advances
|
66655
|
59463
|
12.09
|
54785
|
21.67
|
43593
|
52.9
|
|
Income
on Investments
|
18755
|
17547
|
6.88
|
14620
|
28.28
|
13478
|
39.15
|
|
Income
on Balances With RBI
|
216
|
188
|
14.89
|
47
|
359.57
|
-
|
|
|
Others
|
7
|
7
|
0
|
-
|
478
|
-98.54
|
|
|
Interest Earned
|
85633
|
77205
|
10.92
|
69452
|
23.3
|
57549
|
48.8
|
|
Other
Income
|
8944
|
7471
|
19.72
|
7420
|
20.54
|
7038
|
27.08
|
|
Total Income
|
94577
|
84676
|
11.69
|
76872
|
23.03
|
64587
|
46.43
|
|
Interest
Expended
|
62166
|
55558
|
11.89
|
48953
|
26.99
|
36481
|
70.41
|
|
Net
Intt Income
|
23467
|
21647
|
8.41
|
20499
|
14.48
|
21068
|
11.39
|
|
Employees
Cost
|
6820
|
6043
|
12.86
|
6226
|
9.54
|
5337
|
27.79
|
|
Other
Oprting Expenses
|
6618
|
7308
|
-9.44
|
5167
|
28.08
|
4807
|
37.67
|
|
Oprting
Expenses
|
13438
|
13351
|
0.65
|
11393
|
17.95
|
10144
|
32.47
|
|
Total Expdr(excl.provisions)
|
75604
|
68909
|
9.72
|
60346
|
25.28
|
46625
|
62.15
|
|
Operating
Profit
|
18973
|
15767
|
20.33
|
16526
|
14.81
|
17962
|
5.63
|
|
Provisions
|
3602
|
1329
|
171
|
3761
|
-4.23
|
1430
|
151.89
|
|
Profit before tax
|
15371
|
14438
|
6.46
|
12765
|
20.42
|
16532
|
-7.02
|
|
Tax
Expense
|
2879
|
3107
|
-7.34
|
1095
|
162.92
|
5210
|
-44.74
|
|
Net Profit
|
12492
|
11331
|
10.25
|
11670
|
7.04
|
11322
|
10.33
|
|
Face
Value (Rs.)
|
10
|
10
|
0
|
0
|
10
|
0
|
|
|
Paid-up
Equity
|
10718
|
10715
|
0.03
|
10092
|
6.2
|
7621
|
40.64
|
|
Capital
Adequacy Ratio
|
13.25
|
14.02
|
-5.49
|
12.72
|
4.17
|
12.13
|
9.23
|
|
Basic
EPS
|
11.66
|
10.57
|
10.31
|
11.56
|
0.87
|
14.86
|
-21.53
|
|
Gross/Net
NPA
|
6434
|
5823
|
10.49
|
3883
|
65.7
|
3175
|
102.65
|
|
% of Gross/Net NPA
|
0.29
|
0.29
|
0
|
0.21
|
38.1
|
0.19
|
52.63
|
|
Return
on Assets
|
1.49
|
1.49
|
1.65
|
-9.7
|
1.84
|
-19.02
|
|
|
Public
holding (%)
|
96.74
|
96.73
|
96.55
|
0.2
|
96.49
|
0.26
|
*
* * E N D *
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