Dena Bank
NSE Symbol DENABANK
DENA
BANK has reported improved results for the third
quarter ending Dec,2011.
Interest
on Advances stands at Rs.1292.77 Cr in q3 FY 12 (current qtr - up by
5.46% from Q2 FY 12 (previous qtr); up
by 9.82% from Q1 FY 12 (2nd
previous qtr); and up by a good 31.06%
from Q3 FY 11 (corresponding Qtr).
Income
on Investments stands at Rs.374.83 in
current qtr; down by -5.49% from
previous qtr(Q2 FY 12); up by 8.28%
from Q1 FY 12; and up by 24.98 from corresponding qtr.
Interest
Earned is Rs.1676.24 cr in current Qtr – up by 2.6 % from previous
qtr; up by 9.69% from 2nd
previous qtr; and up by 29.95% from corresponding Qtr.
Other
Income is Rs.133.97 cr in
current qtr – up by 18.17% from previous
qtr; up by 7.74% from 2nd
previous qtr; and up by 5.44% from
corresponding qtr.
Total
Income is Rs.1810.21 cr in
current qtr – up by 3.61% from previous Qtr;
Up by 9.54% from 2nd previous
qtr; and up by 27.75% from corresponding
Qtr.
Interest
Expended is Rs.1135.04 Cr in current
qtr – up by 1.44% from previous qtr; up
by 4.94% from 2nd previous qtr; and up 37.84%
from corresponding qtr. While the percentages are LOWER in previous 2 Qtrs, it is much higher in
corresponding qtr.
Net Interest
Income is Rs.541.20 Cr in
current qtr – up by 5.11% from previous
qtr; up by 21.2% from 2nd
previous qtr; and up by 16.03% from corresponding qtr. There is a healthy
increase in NII.
Employees
Cost is Rs.170.84 cr in current qtr - up by 5.05% from previous qtr; up by 1.62% from 2nd previous qtr; but
down -5.51% from corresponding qtr.
Other
Operating Expenses stands at Rs.111.16
cr in current qtr – down by -2.17% from previous qtr; up by 16.95% from 2nd
previous qtr; and up by 15.49% from
corresponding qtr.
Operating
Expenses stands at Rs.282 Cr in
current qtr – up by 2.08% from previous
qtr ; up by 7.16% from 2nd
previous qtr; and up by 1.79% from corresponding qtr. All expenses are under
reasonable control.
Operating
Profit stands at Rs.393.17 cr –
up by 11.69%
from previous qtr; up by 27.76% from 2nd
previous qtr; and up by 24.25% from
corresponding qtr.OPT is up with reference to all 3 quarters under comparison.
Provisions stands at Rs.124.33 cr in current qtr – against Rs.81.33
cr in previous qtr (up 52.87%); Rs.65.49 cr in 2nd previous qtr (Up 89.85%)
and Rs.85.69 cr in corresponding qtr (Up 45.09%). Provisions have gone up
higher compared to all 3 qtrs.
During Q3, Dena Bank has made a provision for Rs.45 Cr –
on estimated basis in compliance with AS 15 ® which includes proportionate
transitional liability of Rs.27 Cr out of the total transitional liability of
Rs.108.35 Crs to be provided for in FY 2012.
Provision Coverage Ratio is 76.56% as on 31st,Dec,2011.
Profit
before tax is Rs.268.84 cr in
current qtr – against Rs.270.68 cr in previous qtr (down -0.68%); Rs.242.25 Cr
in 2nd previous qtr n( up 10.98%) ; and Rs.230.74 cr in
corresponding qtr (Up 16.51%). Because of Higher Provisions, PBT has increased
but less proportionately.
Tax
Expense is Rs.82.16 cr – against
Rs.77.10 cr in previous qtr (6.56%); Rs.74.16 Cr in 2nd previous qtr
(up 10.79%); and Rs.75.53 cr in corresponding qtr (Up 8.78%).
Net
Profit stands at Rs.186.68 cr – against Rs.193.58 cr
in previous qtr (down -3.56%); Rs.168.09 cr in 2nd previous qtr
(Up 11.06%); and Rs.155.21 cr in
corresponding qtr (Up 20.28%).
Capital
Adequacy Ratio is good at 11.58%. The Bank is likely to raise additional
equity of 5% by preferential allotment at SEBI formula related price from LIC.
The 0.5% CRR release should help it further in Q4 FY 12. This is likely to help Dena Bank in enhancing its operations and
profitability much more in ensuing qtrs.
Gross/Net
NPA stands at Rs.523.97 cr –
up by 6.71% from previous qtr; up by 14.34% from Q1 FY 12; and up just by 0.93% from Q3 FY 11. There was a single
account of over 100 crores which pushed the NPAs up high in current qtr.
% of Gross/Net NPA has come down to 1.1% from 1.15% in previous qtr;
and 1.26 in corresponding qtr. The bank
expects % of NPAs to come down further in Q4 (though not absolute Nos), and
recoveries to increase.
Return
on Assets is Rs.1.05 up from 0.99 in corresponding qtr.
The Provision coverage Ratio is Higher than 76%.
Basic
EPS stands at Rs.5.6 in Q3 FY
12; Rs.5.81 in Q2 FY 12; Rs.5.04 in Q1 FY 12;
and Rs.5.41 in Q3 FY 11. For 9 m/e Dec, 2011, the cumulative EPS is
Rs.16.45 against Rs.15.85 in p/e Dec,2010.
The annual EPS is likely to be around Rs.22.05
The
current
Market price is Rs.81 – while the 52 week high price is Rs.114.50 and the 52 week low price is Rs.47.55.
The PE Ratio
is 3.67.
Overall – the performance of Dena bank in Q3 FY 12 and expectation from it in
Q4 FY 12 are quite promising. The Bank
has been improving its Position very steadily every quarter (on YoY basis). It
is a good Buy for medium / long term Investors.
RESULTS TABLE
DENA BANK
|
31-Dec-11
|
30-Sep-11
|
%DIF1
|
30-Jun-11
|
%DIF2
|
31-Dec-10
|
%DIF3
|
Interest on Advances
|
129277
|
122587
|
5.46
|
117714
|
9.82
|
98637
|
31.06
|
Income on Investments
|
37483
|
39660
|
-5.49
|
34618
|
8.28
|
29992
|
24.98
|
Income on Balances
|
864
|
1134
|
-23.81
|
486
|
77.78
|
360
|
140
|
Interest Earned
|
167624
|
163382
|
2.6
|
152818
|
9.69
|
128989
|
29.95
|
Other Income
|
13397
|
11337
|
18.17
|
12435
|
7.74
|
12706
|
5.44
|
Total Income
|
181021
|
174719
|
3.61
|
165253
|
9.54
|
141695
|
27.75
|
Interest Expended
|
113504
|
111893
|
1.44
|
108163
|
4.94
|
82347
|
37.84
|
NII
|
54120
|
51489
|
5.11
|
44655
|
21.2
|
46642
|
16.03
|
Employees Cost
|
17084
|
16263
|
5.05
|
16811
|
1.62
|
18080
|
-5.51
|
Other Oprtng Expenses
|
11116
|
11362
|
-2.17
|
9505
|
16.95
|
9625
|
15.49
|
Oprtng Expenses
|
28200
|
27625
|
2.08
|
26316
|
7.16
|
27705
|
1.79
|
Operating Profit
|
39317
|
35201
|
11.69
|
30774
|
27.76
|
31643
|
24.25
|
Provisions
|
12433
|
8133
|
52.87
|
6549
|
89.85
|
8569
|
45.09
|
Profit before tax
|
26884
|
27068
|
-0.68
|
24225
|
10.98
|
23074
|
16.51
|
Tax Expense
|
8216
|
7710
|
6.56
|
7416
|
10.79
|
7553
|
8.78
|
Net Profit
|
18668
|
19358
|
-3.56
|
16809
|
11.06
|
15521
|
20.28
|
Face Value(Rs.)
|
10
|
10
|
0
|
10
|
0
|
10
|
0
|
Paid-up Equity
|
33339
|
33339
|
0
|
33339
|
0
|
28682
|
16.24
|
Capital Adequacy Ratio
|
11.58
|
12.55
|
-7.73
|
13.14
|
-11.87
|
11.08
|
4.51
|
Basic EPS
|
5.6
|
5.81
|
-3.61
|
5.04
|
11.11
|
5.41
|
3.51
|
Gross/Net NPA
|
52397
|
49101
|
6.71
|
45824
|
14.34
|
51914
|
0.93
|
% of Gross/Net NPA
|
1.1
|
1.15
|
-4.35
|
1.08
|
1.85
|
1.26
|
-12.7
|
Return on Assets
|
1.05
|
1.11
|
-5.41
|
0.97
|
8.25
|
0.99
|
6.06
|
Public holding (%)
|
0
|
0
|
41.99
|
0
|
* * * E N D * * *
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