Tuesday, January 31, 2012

PUNJAB NATIONAL BANK - QTRLY RESULTS - Q3 FY 2012 - 3rd Q/E dEC,2011 - TOTAL INCOME UP 31% YoY; NPT UP 5.53% YoY


Punjab National Bank
NSE Symbol        PNB

PUNJAB NATIONAL BANK has released its results for the 3rd quarter ending Dec, 2011. The Highlights are as below :
1
Ø  Total Business :: Rs 6,19,122 crore _ 21.4%
Ø  Deposits :: Rs 3,56,517 crore _ 23.4%
Ø  Credit :: Rs 2,62,605 crore _ 18.7%
Ø  Total Assets :: Rs 4,21,873 crore _ 22.8%
Ø  Book value per share (annualized)  :: Rs 741.8 _ 20.2%
Ø  Net Interest Income for 9 months cross Rs10,000 crore mark to reach Rs 10,105 cr.
Ø  NET INTEREST MARGIN REMAINS HIGH AT 3.85%
Ø  OPERATING PROFIT GROWS BY 17.3% TO TOUCH Rs. 7678 CRORE
Ø  Net Profit from Core operations grows at 19.2%.
Ø  CASA DEPOSITS CROSS Rs 1,25,000 CRORE.
Ø  CASA Deposits to Total domestic Deposits of the Bank was at 36.2%.
Ø  Earnings per Share increased to Rs. 145.62 (annualized).

Performance Highlights for
Q3 FY’12 and 9M FY’12 ended December 2011

Ø  Net Profit for nine months ended Dec’11 (9M FY’12) amounted to Rs 3460 crore as compared to Rs.3233 crore last year, registering a y-o-y growth of 7.0%.
Ø  Net Profit from core operations (excluding treasury operations and depreciation) witnessed an increase of 19.2% to reach Rs3709 crore for 9M FY’12 from Rs.3111 crore in Dec’10.
Ø  Net Profit of the Bank for the third quarter of 2011-12 (Q3 FY’12) recorded a YoY growth of 5.5% to reach Rs 1150 crore as compared to a profit of Rs 1090 crore in Q3 FY’11.
Ø  Net Profit from core operations for Q3 FY’12 rose by 15.2% to reach Rs1205 crore from Rs.1047 crore in Dec’10.
Ø  Operating profit grew by 17.3% to reach Rs 7678 crore in 9M FY’12 as compared to Rs.6548 crore as at 9M FY’11.

INCOME

Ø  Total income during Q3 FY’12 rose by 30.8% to Rs.10435 crore due to healthy growth of 33.2% in Interest Income.
Ø  Total income during 9M FY’12 increased to Rs29675 crore, recording a growth of 34.8% on account of 36.8% growth in Interest Income.
Ø  Net interest income during 9M FY’12 improved by 15.1% to Rs10105 crore (Q3 FY’12: Rs 3537 crore; Growth: 10.4%) despite huge increase in interest expenses of 54.6% in 9M FY’12 (Q3 FY’12: 51.8%).
Ø  Non-Interest Income in Q3 FY’12 amounted to Rs 954 crore and Rs 2927 crore for 9M FY’12.
Ø  Core Non-Interest Income registered a growth of 22.7% in Q3 FY’12 and 25.3% for 9M FY’12.

IMPORTANT RATIOS:

Ø  Gross NPA ratio stood at 2.42% as at Dec’11 whereas Net NPA ratio was 1.11%.
Ø  Provision Coverage Ratio was at 70.01%.
Ø  Net Interest Margin (NIM) remained high at 3.85% for nine months ended Dec’11.
Ø  Return on Assets stood at 1.16% for 9M FY’12.
Ø  Cost of Deposit stood at 6.51% for 9M FY’12 and 6.74% for Q3 FY’12.
Ø  Yield on Advances improved to 11.97% for Q3 FY’12 and 11.77% for 9M FY’12.
Ø  Cost to Income ratio stood at 40.40% in Q3 FY’12 and 41.08% in 9M FY’12.
Ø  Earnings Per Share (annualized) was Rs 145.20 for the Q3 FY’12 against Rs 138.25 last year (Nine Months ended Dec’11: Rs 145.62 against Rs.136.70 in previous period)
Ø  Book Value per Share (annualized) improved to Rs. 741.83 in Dec ’11 as against Rs.617.28 in Dec’10.
Ø  CRAR of the bank was 11.48% under BASEL-II (Tier-I Capital: 7.85%; Tier-II Capital: 3.63%).
Ø  Bank’s Branch Net work is now at 5402, and 5793 ATMs with 160.5 lakh card holders.

OVRVIEW OF PERFORMANCE – Q3 FY 12

1.   Operating Profit Rs.2676 cr – up 13.9% yoy
2.   Net profit : Rs.1150 Cr; up 5.5%YoY
3.   Total Business : Rs.619122 cr – up 21.4%
4.   Total Assets : Rs. 421873 cr; up 22.8%
5.   Deposits : Rs.356517 cr – up by 23.4%
6.   Credit : Rs.262605 Cr – up by 18.7%
7.   Provision towards NPAs : Rs.579Cr (up 4.3% YoY)
8.   Total Provision :Rs.1526 Cr (Up 21.1% YoY)
9.   Interest on Advances : Rs.7331 cr (Up 33.6% YoY)
10.                Interest in Investments :Rs.2027 Cr (up 35.8%YoY)
11.                Total Income Rs.10435 Cr (Up 30.8% YoY)
12.                Interest Paid : Rs.5944Cr (Up 51.8% YoY)
13.                Total Expenses : Rs.7759 cr (up 37.9% YoY)
14.                Net Interest Margin :3.88% (against 4.13% in Q3 FY 11)
15.                ROA : 1.11 ( 1.27 % in Q3 FY 11)
16.                BV per share : Rs.741.83 (Rs.617.28 in Q3 FY 11)
17.                EPS : Rs.145.62 for 9 m. ( Rs.136.70 for 9 m FY 11)

RESULTS TABLE :

P N B
31-Dec-11
30-Sep-11
%DIF1
31-Dec-10
%DIF2
Interest on Advances
733141
704475
4.07
548940
33.56
Income on Investments
202712
185238
9.43
149257
35.81
Interest Earned
948103
895201
5.91
711912
33.18
Other Income
95409
88886
7.34
85723
11.3
Total Income
1043512
984087
6.04
797635
30.83
Interest Expended
594439
549944
8.09
391583
51.8
NII
353664
345257
2.43
320329
10.41
Total Expenditure (excl.provi)
775869
731310
6.09
562644
37.9
Operating Profit
267643
252777
5.88
234991
13.9
Provisions
94610
71032
33.19
71389
32.53
Profit  before tax
173033
181745
-4.79
163602
5.76
Tax Expense
58029
61242
-5.25
54625
6.23
Net Profit
115004
120503
-4.56
108977
5.53
Face Value (in Rs.)
10
10
0
10
0
Paid-up Equity
31681
31681
0
31530
0.48
Capital Adequacy Ratio
10.46
11.07
-5.51
11.23
-6.86
Basic EPS
36.3
38.04
-4.57
34.56
5.03
 % of Gross/Net NPA
1.11
0.84
32.14
0.72
54.17
 Return on Assets
1.11
1.21
-8.26
1.27
-12.6

* * *  E  N  D  * * *


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