ALLAHABAD BANK = Results =For Q4FY12 = & FY2012 = HIGHER PROVISIONS,NPAs Bring down profit =NPT UP 31% IN FY 12 YoY

Allahabad Bank

NSE Symbol        ALBK

Allahabad Bank has declared its financials for the quarter And year ended 31.03.2012.

QUARTERLY RESULTS REVIEW

Q4FY12 vs Q3 FY12 vs Q4FY11

The quarterly results for Q4 FY 12 are compared below with the preceding quarter and the corresponding quarter.

Interest on Advances in Q4 FY 12 amounts to Rs.3076.31 Cr; up 5.1% from Q3 FY 12 (Rs.2927.05Cr); and up 44.36% from Q4 FY 11 (Rs.2130.94 Cr).

Income on Investments   in Q4 FY 12 amounts to Rs.1039.74 Cr; up 11.18% from Q3 FY 12 (Rs.935.22 Cr); and up 46.09% from Q4 FY 11 (Rs.711.72 Cr).

Interest Earned in Q4 FY 12 amounts to Rs.4168.24 Cr; up 6.55% from Q3 FY 12 (Rs.3911.87 Cr); and up 45.97% from Q4 FY 11 (Rs.2855.45 Cr).

Total Income in Q4 FY 12 amounts to Rs.4523.38 Cr; up  6.18% from Q3 FY 12 (Rs.4260.28 Cr); and up 45.3% from Q4 FY 11 (Rs.3113.09). The improvement in Income streams is quite good.

Interest Expended in Q4 FY 12 amounts to Rs.2879.87 Cr; up 13.77% from Q3 FY 12 (Rs.2531.37 Cr); and up 59.65% from Q4 FY 11 (Rs.1803.81 Cr).

Net Interest Income in Q4 FY 12 amounts to Rs.1288.37 Cr; down -6.67% from Q3 FY 12 (Rs.1380.50 Cr); and up 22.51% from Q4 FY 11 (Rs.1051.64 Cr). NII has improved reasonably compared to corresponding quarter but has actually fallen from the previous quarter.

Total Expdr(Excl.provisions)      in Q4 FY 12 amounts to Rs.3622.31 Cr; up 12.13% from Q3 FY 12 (Rs.3230.32 Cr); and up  55.82% from Q4 FY 11 (Rs.2324.66 Cr). Expenditure has gone up more than proportionately compared to Income.

Operating Profit  in Q4 FY 12 amounts to Rs.901.07 Cr; down -12.51% from Q3 FY 12 (Rs.1029.96 Cr); and up 14.29% from Q4 FY 11 (Rs.788.43 Cr). Operating Profit has fallen from previous quarter, though it is slightly up from corresponding quarter.

Provisions in Q4 FY 12 amounts to Rs.454.40 Cr; up 7.87% from Q3 FY 12 (Rs.421.24 Cr); and up 92.64% from Q4 FY 11 (Rs.235.88 Cr). Increase in Provisions is very steep compared to corresponding quarter.

Profit before tax in Q4 FY 12 amounts to Rs.446.67 Cr; down -26.62% from Q3 FY 12 (Rs. 608.72 Cr); and down -19.16% from Q4 FY 11 (Rs.552.55 Cr). Because of High Provisions, PBT is lower compared to both quarters.

Tax Expense in Q4 FY 12 amounts to Rs.46.45 Cr; down -3.81% from Q3 FY 12 (Rs.48.29 Cr); and down -66.03% from Q4 FY 11 (Rs.136.75 Cr).

Net Profit in Q4 FY 12 amounts to Rs.400.22 Cr; down -28.59% from Q3 FY 12 (Rs.560.43 Cr); and down -3.75% from Q4 FY 11 (Rs.415.80 Cr). The Net Profit has also fallen below the previous and corresponding quarters.

Face Value in Q4 FY 12 amounts to Rs.10.

Paid-up Equity in Q4 FY 12 amounts to Rs.500.03Cr.

Capital Adequacy Ratio   in Q4 FY 12 stands at 12.83%; compared to 12.75% in Q3 FY 12; and 12.78% in Q4 FY 11. CAR is sufficient for next quarter’s requirements easily.

Basic EPS  stands at Rs.8.4 in Q4 FY 12; compared to 11.77% in Q3 FY 12; and 9.31% from Q4 FY 11.

Gross/Net NPA      in Q4 FY 12 amounts to Rs.1091.70 Cr; up 37.15% from Q3 FY 12 (Rs.795.97 Cr); and up 115.47% from Q3 FY 12 (Rs.506.66 cr). There is a significant increase in NPAs in current quarter.

 % of Gross/Net NPA stands at  0.98%  in Q4 FY 12; having gone up from 0.79% in Q3 FY 12; and 0.59% in Q4 FY 11.

Return on Assets stands at 0.88% in Q4 FY 12;having come down from 1.39% in Q3 FY 12; and 1.28% in Q4 FY 11.

 EPS (Rs.Annual) :: Rs.31.85 (FY11); Rs.39.18(FY 12);

Current Market Price of the share is Rs.148; while the 2 week high price is Rs.222 and the 52 week low price  is Rs.113.40.

The PE Ratio works out to 3.78.

FURTHER DETAILS & ANALYSIS

(FY 2012 & FY 2011)

Ø  Total Business : Rs. 271843 crore

Ø  Total Deposits : Rs.159593 crore,

Ø  Total Credit : Rs.112250 crore,

Ø  Total Investment : Rs. 54770 crore,

Ø  Operating Profit : Rs.3770 crore (FY2011-12)

Ø  Net Profit : Rs.1867 crore (FY,2011-12)

Ø  Number of Branches : 2516

Ø  101 Branches were opened in last 12 Months.

OTHER DETAILS :

1 Interest Income ::Rs.11015 cr(FY11);Rs. 15523CR(FY12)= 40.93%(FY 12 overFY11).

2 Interest Expenses ::Rs.6992Cr (FY11); Rs.10361Cr in FY 12= 48.17% (FY 12 over FY 11)

3 NII (Spread) (1-2)::Rs.4022cr(FY11); Rs.5163CR(FY12)= 28.35(FY 12 overFY11);

4 Non-Interest Income ::Rs.1370Cr(FY11);Rs. 1299 Cr(FY12)= -5.23%(FY12 overFY11);

5 Operating Expenses ::Rs.2338Cr(FY11);Rs. 2691 Cr(FY12)= 15.10%(FY12 overFY11);

6 Contribution (4-5) ::  -968 cr (FY11); -1393(FY12)

7 Operating Profit (3+6) ::Rs.3055 Cr(FY11);Rs.3770 Cr(FY12);= 23.42%(FY12 overFY11);

8 Provisions :: Rs.1631 cr(FY11);Rs. 1903Cr(FY12)= 16.65%(FY12 overFY11);

9 Net Profit :: Rs.1423 Cr (FY 11); Rs.1867 Cr (FY 12)= 31.18%(FY12 overFY11);

10. NPA ::Rs.800 Cr(FY11);Rs.1183 Cr(FY12)= 47.93% (FY12 over FY11);

11.Cost of Deposit(%) : 5.83 (FY11);7.07(FY12);

12. cost of Borrowings(%):: 6.07(FY11);5.80(FY12);

13.Cost of funds(%):: 5.85(FY11); 6.98(FY12);

14. Yield on Advances (%) :: 10.5(FY11); 12.09(FY12)

14. Net Interest Margin (%) :: 3.38(FY11);3.48(FY12);3.49(Q4FY11); 3.23 (Q4 FY12);

15.Return on Assets(%):: 1.11(FY11); 1.02(FY12);

16.Return on Networth (%):: 21.04(FY11); 19.36(FY12);

17. Book value per share (Rs.annualised) : Rs.178.74 (FY11) Rs.192.93(FY12);

 18. EPS (Rs.) :: Rs.31.85 (FY11); Rs.39.18(FY 12);

19.Credit Deposit Ratio (%):: 68.93 (FY 10); 72.18(FY11) 71 (FY12);

20.CASA SHARE in Aggr.deposit (%):: 34.82(FY10); 33.70(FY11); 30.78(FY12);

21.Net NPA(%) :: 0.79(FY11); 0.98(FY12);

22. Provision coverage ratio (%) :: 75.67(FY11);74(FY12);

23. CAR (%) :Total :- 12.96(FY11();12.83(FY12)  ;

                       Tier I :- 8.57(FY11); 9.13(FY12)

                       Tier II:- 4.39(FY11); 3.71(FY12)

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