Monday, January 16, 2012

The South Indian Bank Limited = RESULTS = FOR Q3 FY 2012 = Q/E DEC,2011 = NPT UP 8% QOQ & 36% YOY = CONSISTENT PROGRESS


The South Indian Bank Limited

NSE Symbol        SOUTHBANK

The South Indian Bank Ltd has declared excellent results yet again.

Interest on Advances has gone up in current qtr (Q3 FY 12 ending Dec,2011) to Rs.752.96 cr – compared to Rs.701.88 cr (Up by 7.28%) in the previous qtr of Q2 FY 12 ending Sep,2011 -       and Rs.496.63 cr (UP by 51.61%) in the corresponding qtr of Q3 FY 11 ending Dec,2011.

Income on Investments stands at Rs.161.15 in current Qtr – compared to Rs.151.53 cr (Up by 6.35%) in previous Qtr and Rs.123,16 cr(Up by 30.85%) in corresponding Qtr.

Income on Balances With RBI etc – stands at Rs.29.50 cr  in current Qtr – compared to Rs.23.84 cr in previous qtr(Up by 23.74%) – and Rs.2.87 cr (Up by 927.87%) in corresponding Qtr.

Interest Earned has gone up to Rs.943.61 cr in current Qtr – from Rs.    877.25 cr (Up by 7.56%) in previous qtr and Rs. 622.66 cr (Up by 51.54%) in corresponding qtr.

Other Income has gone up to Rs.59.86 cr in current qtr – from Rs.53.08 cr (Up by 12.77%) in previous qtr and Rs.        49.70 cr (Up by 20.44%) in corresponding qtr.

Total Income has crossed Rs.1000 cr to reach Rs.1003.47 cr in current qtr – from Rs.930.33 cr (Up by 7.86%) in previous qtrn  - and Rs.672.36 cr (Up by 49.25%) in corresponding Qtr.

Interest Expended stands at Rs.   670.17 cr in current qtr – compared to Rs.618.48 cr (Up by 8.36%) in previous qtr and Rs.417.87 cr (Up by 60.38%) in corresponding qtr.

Net Interest Income (Earned – Expended) stands at Rs.273.44 cr in current qtr  - compared to Rs.258.77 cr(Up by 5.67%) in previous qtr  and Rs.204.79 cr (Up by 33.52%) in corresponding qtr.

Operating Profit         stands at Rs.179.00 cr in current qtr – from Rs.166.34 cr (Up by 7.61%) in previous qtr and Rs.142.86 cr (Up by 25.3%) in corresponding qtr.

Provisions stands at Rs.22.19 cr in current Qtr – compared to Rs.23.83 cr(Down by -6.88%) in previous qtr – and Rs.29.83 cr (down by -25.61%) in corresponding Qtr.

Profit before tax stands at Rs.156.81 cr in current Qtr – compared to Rs.142.51 cr (Up by 10.03%) in previous qtr – and Rs.113.03 cr (Up by 38.73%) in corresponding Qtr.

Tax Expense      stands at Rs.54.57 cr in current qtr –compared to Rs.47.56 cr (Up by 14.74%) in previous qtr and  Rs.37.67 cr (Up by 44.86%) in corresponding qtr.

Net Profit stands at Rs.102.24 cr in current Qtr – compared to Rs.94.95 cr (Up by 7.68%) in previous qtr and Rs.75.36 cr (Up by 35.67%) in corresponding qtr.

Capital Adequacy Ratio is adequate at 10.91 but down from 14.1% in corresponding qtr.

Basic EPS on a Face Value of Rs.1 stands at Rs.0.9 in Q3 FY 12; Rs.0.84 in Q2 FY 12; Rs.0.73 in Q1 FY 12; Rs.0.72 in Q4 FY 11; and Rs.0.69 in Q3 FY 11. The YOY increase is over 30%. It has been going up very steadily QOQ.

% of Gross/Net NPA stands comfortably at 0.24%. 

Return on Assets has gone up to 1.11 –from    1.09 in both previous and corresponding qtrs.

The cumulative EPS for 9 m/e Dec,11 is Rs.2.48 against Rs.1.87 in 9m/3 Dec,2010 – and Rs.2.55 in Y/E Mar,2011.

The annual EPS will be around Rs.3.4 on a FV of Rs.1.

Current Market Price is around Rs.22.85 with the 52 week high price  at Rs.26.10 and the 52 week low price at Rs.17.50.

The Price Earning Ratio comes to 6.72 is very LOW for a company like South Indian Bank, which has been growing very steadily quarter after quarter – indicating good potential for higher market valuations in future.

Note :There is a case regarding Income Tax dispute pending in Supreme court – but, company has taken legal advice and omitted any provision for the same.

OTHER DETAILS : 
(From Investor Presentation of SIB)

1. NUMBER OF BRANCHES : 674 (NO. OF ATMs: 614)-GOING UP TO 701 BY FY 12 END
2. BUSINESS AS ON DEC,11 : Rs.58884 Cr
3. BUSINESS GROWTH : YoY : 27%
4. LAST 5 YEARS BUSINESS CAGR : 25%
5. NPT FOR P/E DEC 2011 : Rs.280 Cr.
6. NPT FOR Q3 :Rs.102 Cr.
7. NET INTEREST MARGIN (DEC,11) : 3.05%
8. CAPITAL ADEQUACY RATIO (BASEL II-DEC 11) : 12.03%
8. NET NPAs (DEC,11)  :  0.24%
9. OVER 85% SECURED LOAN BOOK
10. 17.51% ROE; 1.06% ROAA
11. BUSINESS : 46186 CR TO 58884 CR (36%)
12. ADVANCES : 19188 CR TO 25050 CR (31%)
13. DEPOSITS : 26998 CR TO 33834 CR (25%)
14. Low Cost Deposits form 25% of total deposits


key Focus


1. Aims to increase total Business mix to Rs.1.25 lakh cr by March 2015





RESULTS TABLE

south ind Bnk
31-Dec-11
30-Sep-11
% dif 1
30-Jun-11
31-Mar-11
31-Dec-10
% dif 2
Interest on Advances
75296
70188
7.28
60998
55666
49663
51.61
Income on Investments
16115
15153
6.35
14404
13236
12316
30.85
Income on Balances With RBI
2950
2384
23.74
1470
1469
287
927.87
Interest Earned
94361
87725
7.56
76872
70371
62266
51.54
Other Income
5986
5308
12.77
5163
6048
4970
20.44
Total Income
100347
93033
7.86
82035
76419
67236
49.25
Interest Expended
67017
61848
8.36
56375
48208
41787
60.38
Employees Cost
8931
8771
1.82
6904
7589
6907
29.3
Other Oprting Expenses
6499
5780
12.44
4442
5303
4256
52.7
Oprting Expenses
15430
14551
6.04
11346
12892
11163
38.22
Total Expenditure excl provisions
82447
76399
7.92
67721
61100
52950
55.71
Operating Profit
17900
16634
7.61
14314
15319
14286
25.3
Provisions
2219
2383
-6.88
2084
2641
2983
-25.61
Profit before tax
15681
14251
10.03
12230
12678
11303
38.73
Tax Expense
5457
4756
14.74
3981
4501
3767
44.86
Net Profit
10224
9495
7.68
8249
8177
7536
35.67
Face Value of Share (in Rs.)
1
1
0
1
1
0
#DIV/0!
Paid-up Equity Share Capital
11301
11301
0
11301
11301
11301
0
Dividend (%)
-
-

-
50
-

Capital Adequacy Ratio
10.91
11.8
-7.54
12.36
13.17
14.1
-22.62
Basic EPS
0.9
0.84
7.14
0.73
0.72
0.69
30.43
Gross/Net NPA
5813
5831
-0.31
6349
6002
7433
-21.79
 % of Gross/Net NPA
0.24
0.25
-4
0.29
0.29
o.24

Return on Assets
1.11
1.09
1.83
-
1.08
1.09
1.83

ANNOUNCEMENTS BY SIB

16-01-2012 The South Indian Bank Limited has informed the Exchange regarding the standalone Results for the quarter ended on 31-DEC-2011 as follows: Interest earned of Rs. 94361 lacs for the quarter ending on 31-DEC-2011 against Rs. 87725 lacs for the quarter ending on 30-SEP-2011. Interest expended of Rs. 67017 lacs for the quarter ending on 31-DEC-2011 against Rs. 61848 lacs for the quarter ending on 30-SEP-2011. Net Profit / (Loss) of Rs. 10224 lacs for the quarter ending on 31-DEC-2011 against Rs. 9495 lacs for the quarter ending on 30-SEP-2011.

RECOGNITIONS

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BEST OLD PVT SECTOR BANK - FINANCIAL EXPRESS INDIA'S BEST BANKS - 2008-2009


BEST PVT SECTOR BANK IN THE SERVICE QUALITY SEGMENT OUTLOOK SURVEY - OFORE SURVEY


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