CENTRAL BANK OF INDIA - QTRLY RESULTS - Q3 FY 2012 - Q/E DEC, 2011 - NET PROFIT DOWN HEAVILY

Central Bank of India

NSE Symbol           CENTRALBK

CENTRAL BANK OF INDIA has declared BELOW PAR RESULTS  for the third quarter ending Dec, 2011.

Interest on Advances stands at Rs.3546.66 Cr in Q3 FY 12 – down by -1.96% from Q2 FY 12; UP by 0.63% from Q1 FY 12; and up by 20.34% from Q3 FY 11.

Income on Investments stands at Rs.1119.91 Cr in Q3 FY 12; up by 2.98% from Q2 FY 12; up by 10.84% from Q1 FY 12; and Up by 16.48% from Q3 FY 11.

Interest Earned stands at Rs.4741.49 Cr in Q3 FY 12 ; down by -3.42% from Q2 FY 12; Up by 4.02% from Q1 FY 12; and up by 20.55% from Q3 FY 11.

Other Income stands at Rs.357.37 Cr in Q3 FY 12; up by 10.16% from Q2 FY 12; Up by 26.79% from Q1 FY 12; and up by  43.22% from Q3 FY 11.

Total Income stands at Rs.5098.86  Cr in Q3 FY 12 ; down by -2.58% from Q2 FY 12; up by 5.35% from Q1 FY 12; and up by 21.91% fromQ3 FY 11. While improvement over Q1 FY 12 and Q3 FY 11 is OK , there is a reduction with reference to the preceding Qtr of Q2 FY12.

Interest Expended stands at Rs.3562.93 Cr in Q3 FY 12; up by 1.41% from Q2 FY 12; up by 10.38% from Q1 FY 12; and up by 42.43% from Q3 FY 11. Interest Expended has increased in % terms  much more than  Interest Earned.

Consequently - Net Interest Income stands at Rs.1178.56 cr -  down by  -15.58% from Q2 FY 12; -6.36% from Q1 FY 12; and  -17.67% from Q3 FY 11. It is down with reference to all the 3 compared Quarters.

Total Expdr(Excl.Prov) stands at Rs.4485.01 Cr in Q3 FY 12 ; up by  1.07% from Q2 FY 12; up by 10.78% from Q1 FY 12; and up by  33.18% from Q3 FY 11. The increase in expenditure is more than Proportionate compared to Net Sales.

Consequently - Operating Profit stands at Rs.613.85 Cr in Q3 FY 12; down by  -22.95% from Q2 FY 12; down by  -22.46% from Q1 FY 12; and down by  -24.67% from Q3 FY 11 – down with reference to all 3 quarters.

Provisions increased heavily and stands at Rs.486.36 Cr in Q3 FY 12; up by  12.89% from Q2 FY 12; up by 23.84% from Q1 FY 12; and up by  156.07% from Q3 FY 11.

Exceptional Items (Of Expense)  stands at Rs(-)112.38 Cr in Q3 FY 12.     

Profit  before tax stands at Rs.239.87 Cr in Q3 FY 12; down   by  -34.44% from Q2 FY 12; down by -39.87% from Q1 FY 12; and down  by  -61.62% from Q3 FY 11 –down with reference to all 3 quarters.

Tax Expense  stands at Rs.126.63 Cr in Q3 FY 12 ;  up  by 4.13% from Q2 FY 12; up by 7.2% from Q1 FY 12; down by -42.82% from Q3 FY 11.

Net Profit stands finally at Rs.113.24 Cr in Q3 FY 12; down  by -53.64% from Q2 FY 12; down by -59.67% from Q1 FY 12; and down by -71.94% from Q3 FY 11 – down heavily with reference to all 3 Quarters.

Capital Adequacy Ratio stands comfortably at  12.2%.

% of Gross/Net NPA has increased considerably and stands at  2.04% in Q3 FY 12;  1.37% in Q2 FY 12;  0.87%  in Q1 FY 12;  0.71% from Q3 FY 11.

Return on Assets stands at 0.22% in Q3 FY 12; 0.46% in Q2 FY 12; 0.56% in Q1 FY 12;  0.89% in Q3 FY 11. It has come down heavily.

Basic EPS on a FV of Rs.10 stands at Rs.0.94 in Q3 FY 12; Rs.3.21 in Q2 FY 12; Rs.3.87 in Q1 FY 12;  and Rs.9.2 in Q3 FY 11.The 4^th Quarter could be better – with additional CRR funds coming into play.But – we will need to watch for the Q4 Results.

The current Market Price is Rs.86.10; While the  52 week high price is Rs.190 and the 52 week low price is Rs.63.10.

RESULTS TABLE

CENTRAL BANK	31-Dec-11	30-Sep-11	%DIF1	30-Jun-11	%DIF2	31-Dec-10	%DIF3
Interest on Advances	354666	361751	-1.96	352436	0.63	294717	20.34
Income on Investments	111991	108754	2.98	101040	10.84	96148	16.48
Income on Balances With RBI	7492	20458	-63.38	2351	218.7	2428	208.57
Interest Earned	474149	490963	-3.42	455827	4.02	393306	20.55
Other Income	35737	32442	10.16	28187	26.79	24953	43.22
Total Income	509886	523405	-2.58	484014	5.35	418259	21.91
Interest Expended	356293	351349	1.41	322792	10.38	250149	42.43
Employees Cost	64092	64661	-0.88	58752	9.09	62563	2.44
Other Oprtng Expenses	28116	27726	1.41	23306	20.64	24057	16.87
Oprtng Expenses	92208	92387	-0.19	82058	12.37	86620	6.45
Total Expdr(Excl.Prov)	448501	443736	1.07	404850	10.78	336769	33.18
Operating Profit	61385	79669	-22.95	79164	-22.46	81490	-24.67
Provisions	48636	43083	12.89	39273	23.84	18993	156.07
Exceptional Items	-11238	-		-		-
Profit  before tax	23987	36586	-34.44	39891	-39.87	62497	-61.62
Tax Expense	12663	12161	4.13	11813	7.2	22145	-42.82
Net Profit	11324	24425	-53.64	28078	-59.67	40352	-71.94
Face Value(Rs.)	10	10	0	10	0	10	0
Paid-up Equity	64661	64661	0	64661	0	40414	60
Capital Adequacy Ratio	12.2	12.24	-0.33	12.33	-1.05	10.88	12.13
Basic EPS	0.94	3.21	-70.72	3.87	-75.71	9.2	-89.78
Gross/Net NPA	266880	175502	52.07	108224	146.6	80899	229.89
% of Gross/Net NPA	2.04	1.37	48.91	0.87	134.5	0.71	187.32
Return on Assets	0.22	0.46	-52.17	0.56	-60.71	0.89	-75.28
Public holding (%)	19.79	19.79	0	19.79	0	19.8	-0.05

*  *  *  E  N  D  *  *  *