Union Bank of India
NSE Symbol UNIONBANK
UNION BANK has posted lack luster results for the third
quarter ending Dec,2011.
Interest on Advances stands at Rs.4029.81 cr – up by 4.44% from Q2 FY 12; and Up by 31.5% from Q3 FY 11.
Income on Investments stands at Rs.1142.96 cr – up by 0.18% from Q2 FY 12; and up by 6.44% from Q3 FY 11.
Total Income stands at Rs.5966.82 cr – up by 6.33% from Q2 FY 12 and up by 27.14% from Q3 FY 11.
NET INTRTT INCOME stands at Rs.1780.86 cr – up by 7.2% from Q2 FY 12 and up by 10.21% from Q3 FY 11.
Operating Profit stands at Rs.1284.10 Cr – up by 6.56%
from Q2 FY 12 and up by 1.82% from
Q3 FY 11.
Provisions stands at Rs.972.67 cr – up by 56.18% from
Q2 FY 12 and up by 143.2% from Q3 FY 11.
Profit is down in current quarter mainly due to High Provisions.
Profit before tax stands at Rs.311.43 cr – down by -46.5% from Q2 FY 12 and down by -63.8% from Q3 FY 11.
Tax Expense has come down to Rs.114.43 cr - by -50.2%
from Q2 FY 12 and by -59.4% from Q3 FY
11.
Net Profit stands at Rs.197 Cr – down by -44.1% from Q2 FY 12; and by -66% from Q3 FY 11
Capital Adequacy Ratio stands at 11.72 – which is reasonable. The latest CRR
Cut should boost its funds availability for advances.
% of Gross/Net NPA stands at 1.88 in Q3 FY 2- against 2.04 in Q2 FY 12; and 1.21 in Q3 FY 11.
Return on Assets stands at 0.35 against 0.64 in Q2 FY 12 and 1.16 in Q3
FY 11.
Basic EPS stands at Rs.3.76 in Q3 FY 12, Rs.6.72 in Q2
FY 12; Rs.8.86 in Q1 FY 12; Rs.11.38 in Q4 FY 11; and Rs.11.46 in Q3 FY 11.
Thus, there is a steep fall in Basic
EPS.
The annual EPS will there stand around Rs.23.02.
Current Market price is Rs.207.10 while the 52 week
high price is Rs.399.95 and the 52 week low price is Rs.155.45.
The PE Ratio comes to Rs.8.99.
RESULTS TABLE
:
|
UNION
BANK
|
31-Dec-11
|
30-Sep-11
|
%dif1
|
30-Jun-11
|
31-Mar-11
|
31-Dec-10
|
%dif2
|
|
Interest on Advances
|
402981
|
385862
|
4.44
|
375417
|
345756
|
306438
|
31.5
|
|
Income on Investments
|
114296
|
114093
|
0.18
|
106340
|
103354
|
107383
|
6.44
|
|
Income on Balances With RBI
|
11156
|
8583
|
29.98
|
7549
|
5998
|
3076
|
262.7
|
|
Others
|
9038
|
2506
|
260.7
|
2266
|
6418
|
3049
|
196.4
|
|
Interest Earned
|
537471
|
511044
|
5.17
|
491572
|
461526
|
419946
|
27.99
|
|
Other Income
|
59211
|
50093
|
18.2
|
48396
|
60055
|
49360
|
19.96
|
|
Total Income
|
596682
|
561137
|
6.33
|
539968
|
521581
|
469306
|
27.14
|
|
Interest Expended
|
359385
|
344922
|
4.19
|
332551
|
289874
|
258364
|
39.1
|
|
NET INTRTT INCOME
|
178086
|
166122
|
7.2
|
159021
|
171652
|
161582
|
10.21
|
|
Employees Cost
|
70131
|
59135
|
18.59
|
59178
|
105259
|
52020
|
34.82
|
|
Other Oprating Expenses
|
38756
|
36574
|
5.97
|
31659
|
39494
|
32810
|
18.12
|
|
Oprating Expenses
|
108887
|
95709
|
13.77
|
90837
|
144753
|
84830
|
28.36
|
|
Total Expdr(excl.prov)
|
468272
|
440631
|
6.27
|
423388
|
434627
|
343194
|
36.45
|
|
Operating Profit
|
128410
|
120506
|
6.56
|
116580
|
86954
|
126112
|
1.82
|
|
Provisions
|
97267
|
62280
|
56.18
|
42838
|
15323
|
39996
|
143.2
|
|
Profit before tax
|
31143
|
58226
|
-46.5
|
73742
|
71631
|
86116
|
-63.8
|
|
Tax Expense
|
11443
|
22974
|
-50.2
|
27300
|
11871
|
28159
|
-59.4
|
|
Net Profit
|
19700
|
35252
|
-44.1
|
46442
|
59760
|
57957
|
-66
|
|
Face Value (Rs.)
|
10
|
10
|
0
|
10
|
10
|
10
|
0
|
|
Paid-up Equity
|
63533
|
63533
|
0
|
63533
|
63533
|
50512
|
25.78
|
|
Capital Adequacy Ratio
|
11.72
|
12.54
|
-6.54
|
12.88
|
12.95
|
11.88
|
-1.35
|
|
Basic EPS
|
3.76
|
6.72
|
-44.1
|
8.86
|
11.38
|
11.46
|
-67.2
|
|
Gross/Net NPA
|
287891
|
295893
|
-2.7
|
189330
|
180344
|
159742
|
80.22
|
|
% of Gross/Net NPA
|
1.88
|
2.04
|
-7.84
|
1.32
|
1.19
|
1.21
|
55.37
|
|
Return on Assets
|
0.35
|
0.64
|
-45.3
|
0.86
|
1.05
|
1.16
|
-69.8
|
Performance for the
quarter-ended December 31, 2011
Net Interest Margin (on earning
assets) for Q3/FY12 was 3.31%, as compared to 3.44% in Q3/FY11.
Non Interest Income for Q3/FY12 up
by 19.84% to Rs. 592 crore, compared to Rs.494 crore in Q3/FY11.
Net Profit for Q3/FY12 stood at
Rs.197 crore as compared to Rs.. 579 crore in Q3/FY11. Increase in provisions
towards NPAs, restructured advances and depreciation on investments have
weighed on net profits.
Gross NPA ratio stood at 3.33% in
Q3/FY12 as against 2.68% in Dec. 10.
Provision Coverage ratio stood at
63.14% as against 70.20% in Dec.10.
Bank added 9.01 lakh customer
accounts during the quarter. Bank’s customer base increased to 31.97 million as
of 31st December, 2011.
Performance for the Nine Months
ended December 31, 2011
Net Interest Income for 9M/FY12 up
11.85% to Rs. 5032 crore from Rs. 4499 crore
in 9M/FY11
Net Interest Margin (on earning
assets) for 9M/FY12 was 3.19%, as compared to 3.29% in 9M/FY11.
Non Interest Income for 9M/FY12 was Rs.1577 crore, compared to Rs. 1438 crore in 9M/FY11, an increase of
9.67%.
Net Profit for 9M/FY12 stood at Rs.
1014 crore as compared to Rs. 1484 crore in 9M/FY11. Reduction is attributed to
increase in provisions towards NPAs, restructured advances and depreciation on
investments.
Balance Sheet
Global Business grew by 12.82%, from
Rs. 320442 crore to Rs. 361518 crore as on December 31, 2011
Domestic Deposits increased from Rs.
186224 cr. in Dec’10 to Rs. 204493 cr., a
growth of 9.81%.
Global Deposits increased from Rs.
186655 crore (December 2010) to Rs.
205317 crore (December 2011) a growth rate of 10.00%.
CASA deposits grew by 7.57% to Rs.
66810 crore from Rs. 62106 crore in the previous year. CASA share in total
deposits was at 32.54%.
Domestic Advances increased from Rs.
128564 cr. to Rs. 147255 cr., a growth of
14.54%.
Global Advances increased from Rs.
133787 crore (December 2010) to
Rs.156202 crore (December 2011), a
growth rate of 16.75%.
Delivery
Channels
• Bank has 3177 branches including 1
overseas branch. 184 branches were
opened during the year including - Specialised
Financial Inclusion (FI) branches.
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