Saturday, May 5, 2012
BANK OF BARODA = RESULTS = FOR = Q4 FY 2012 = FY 2012 = NPT UP 17.3%YoY FOR Q4= NPT UP 18% YoY FOR FY 12 = NPAs INCREASE
Bank of Baroda
NSE Symbol BANKBARODA
Bank of Baroda has produced good results for Q4 FY 2012 and FY 2012.
Ø Net Profit up by 17.3% (y-o-y) to Rs 1,518.18 cr for Q4, FY12
Ø Net Profit up by 18.0% (y-o-y) to Rs 5,006.96 cr for full year FY12
Ø NII at Rs 2,797.40 cr for Q4, FY12 & Rs 10,317.01 cr for FY12
Ø Total Business up 25.9% (y-o-y) to Rs 6,72,248 cr in FY12
Ø Total Advances up 25.7% (y-o-y) to Rs 2,87,377 cr in FY12
Ø Net NPA at 0.54% as on 31st March, 2012
Ø Capital Adequacy Ratio at 14.67% (Basel II) & Tier 1 Capital at 10.83%
Ø ROAA at 1.41% for Q4, FY12 & 1.24% for full year FY12
Ø ROE at 23.09% for Q4, FY12 & 19.04% for full year FY12
Ø NIM (Global) at 2.96% & NIM (Domestic) at 3.44% for Q4, FY12
Ø NIM (Global) at 2.97% & NIM (Domestic) at 3.51% for full year FY12
ANNUAL RESULTS SYNOPSIS
2011-12 :: 2010-11 :: % Change
Total Income 33,096.05 24,695.10 34.0
Interest Income 29,673.72 21,885.92 35.6
Other Income 3,422.33 2,809.18 21.8
Total Expenses 24,465.68 17,713.49 38.1
Interest Exp 19,356.71 13,083.66 47.9
Net Intt Income 10,317.01 8,802.26 17.2
Staff Expenses 2,985.58 2,916.78 2.4
Optg Expenses 5,108.97 4,629.83 10.3
Optg Profit 8,630.37 6,981.61 23.6
Provision 2,554.82 1,331.29 91.9
Tax Provision 1,018.84 1,408.64 -27.7
Net Profit 5,006.96 4,241.68 18.0
· Figures in Crores
# Net Profit for Q4, FY12 is arrived at after netting out Rs 10.74 cr and that of the full year FY12 after netting out Rs 49.75 crore as a part of the deficit Rs 149.25 crore on account of the takeover of The Memon Cooperative Bank Ltd. by the Bank on 18th April, 2011 in line with the approval granted by the RBI.
Operating Profit at Rs 8,630.37 cr in FY12 was up 23.6% (y-o-y). Operating Profit for Q4, FY12 was up 5.4% (y-o-y) to Rs 2,050.93 cr.
Despite increased provisions, a stable momentum in net interest income, a good traction in non-interest income and a controlled growth of operating expenses raised Net Profit in FY12 by a decent 18.0% (y-o-y) to Rs 5,006.96 cr. In Q4, FY12 the Net Profit grew at a similar pace of 17.3% (y-o-y) to Rs 1,518.18 cr.
Total Income registered a rich growth of 34.0% (y-o-y) to reach the level of Rs 33,096.05 cr in FY12.
Net Interest Income increased by 17.2% (y-o-y) to Rs 10,317.01 cr;
Other Income (or Non-Interest Income) grew by a 21.8% (y-o-y) to Rs 3,422.33 cr, primarily driven by impressive treasury gains and strong recovery from the written off accounts.
Growth in Total Income, Net Interest Income and Other Income during Q4, FY12 was decent at 25.8%, 7.0% and 7.6%, respectively, on year-on-year basis.
Interest Expenses increased significantly by 47.9% (y-o-y) to Rs 19,356.71 cr in the year FY12 on account of continued repricing of deposits at higher interest rates. Even during Q4, FY12 Interest Expenses increased by 43.0% to Rs 5,321.12 cr. Growth in Staff Expenses was, however, modest both during the 4th quarter and the full year FY12 at 3.0% and 2.4%, respectively.
Cumulatively, Total Expenses increased by 38.1% (y-o-y) to Rs 24,465.68 cr in FY12 and by a somewhat lower 33.4% (y-o-y) in Q4, FY12 to Rs 6,965.38 cr primarily on account of a relatively slower pace of growth of interest and operating expenses during the quarter under observation.
Provisions & Contingencies
Provisions and Contingencies (excluding tax provisions) increased by a sizeable 91.9% (y-o-y) to Rs 2,554.82 cr in FY12 on account of higher provisions against NPAs, bad debts, standard advances and investment depreciation. Even during Q4, FY12, the Provisions & Contingencies (excluding tax provisions) grew by 42.9% (y-o-y) to Rs 843.68 cr.
Tax Provisions, however, declined this year due to an income tax refund (a usual seasonality) received by the Bank during Q4, FY12.
On a y-o-y basis, Total Business increased by 25.9% to Rs 6,72,248 cr from Rs 5,34,116 crore between end-March 2011 and end-March 2012.
Total Deposits increased by 26.0% (y-o-y) to Rs. 3,84,871cr on March 31, 2012;
Total Advances rose by 25.7% (y-o-y) to Rs 2,87,377 cr.
CASA share (in domestic deposits) declined to 33.2% in FY12 due to elevated levels of retail term deposit rates.
Retail Credit grew by 10.0% (y-o-y) to Rs 35,668 cr by end-March, 2012 and formed 17.4% of total gross domestic credit. Farm Credit was up by 18.4% (y-o-y) to Rs 29,036 cr and its SME Loan-book stood at Rs 34,512 cr at end-March 2012 reflecting a growth of 26.1% (y-o-y) in FY12.
Gross NPAs of the Bank further increased to Rs 4,464.75 cr by end-March, 2012 in response to growing economic stresses. However, as a “Per cent to Total Advances”, the Gross NPA (%) was still at a relatively lower level of 1.53%. Even the Net NPA (%) ratio was contained at 0.54% in FY12.
While the Cash Recovery from NPA amounted to Rs 580.46 cr, the Recovery from PWO accounts was Rs 328.25 cr in FY12.
Loan Loss Coverage (including technical write-offs) continued to stay at the healthy level of 80.05% during FY12.
As on 31st Mar, 2012, the Bank had operations in 24 countries. It opened five new branches during FY12, notably, in Uganda (1), Kenya (2), UAE (1) and Guyana (1) taking the total tally to 89 offices. During FY12, the Bank’s Overseas Business contributed 28.3% to the Bank’s Total Business, 20.7% to its Gross Profit and 34.0% to its Core Fee income
QUARTERLY RESULTS REVIEW
Interest on Advances in Q4 FY 12 stands at Rs.6073.88 Cr ;compared to Rs.5735.95 Cr(Up 5.89%) in Q3 FY 12; and Rs.4587.23 Cr ( up 32.41%) in Q4 FY 11.
Income on Investments : in Q4 FY 12 stands at Rs.1639.98 Cr ;compared to Rs.1646.16 Cr(down -0.38%) in Q3 FY 12; and Rs.1318.40 Cr ( up 24.39%) in Q4 FY 11.
Interest Earned : in Q4 FY 12 stands at Rs.8118.52 Cr ;compared to Rs.7671.99 Cr(Up 5.82%) in Q3 FY 12; and Rs.6334.16 Cr ( up 28.17%) in Q4 FY 11.
Other Income in Q4 FY 12 stands at Rs.897.79 Cr ;compared to Rs.1149.33 Cr(down -21.89%) in Q3 FY 12; and Rs.834.49 Cr ( up 7.59%) in Q4 FY 11.
Total Income in Q4 FY 12 stands at Rs.9016.31 Cr ;compared to Rs.8821.32 Cr(up 2.21%) in Q3 FY 12; and Rs.7168.65 Cr ( up 25.77%) in Q4 FY 11.
Interest Expended in Q4 FY 12 stands at Rs.5321.12 Cr ;compared to Rs.5016.48 Cr(up 6.07%) in Q3 FY 12; and Rs.3720.28 Cr ( up 43.03%) in Q4 FY 11.
Net Interest Income in Q4 FY 12 stands at Rs.2797.40 Cr ;compared to Rs.2655.51 Cr(up 5.34%) in Q3 FY 12; and Rs.2613.88 Cr ( up 7.02%) in Q4 FY 11.
Total Expdr(excl.provisions) in Q4 FY 12 stands at Rs.6965.38 Cr ;compared to Rs.6213.13 Cr(up 12.11%) in Q3 FY 12; and Rs.5222.84 Cr ( up 33.36%) in Q4 FY 11.
Operating Profit in Q4 FY 12 stands at Rs.2050.93 Cr ;compared to Rs.2608.19 Cr(down -21.37%) in Q3 FY 12; and Rs.1945.81 Cr ( up 5.4%) in Q4 FY 11.
Provisions in Q4 FY 12 stands at Rs.843.68 Cr ;compared to Rs.836.74 Cr(Up 0.83%) in Q3 FY 12; and Rs.590.41 Cr ( up 42.9%) in Q4 FY 11.
Profit before tax in Q4 FY 12 stands at Rs.1196.51 Cr ;compared to Rs.1758.45 Cr(down -31.96%) in Q3 FY 12; and Rs.1355.40 Cr ( down -11.72%) in Q4 FY 11.
Tax Expense in Q4 FY 12 stands at Rs.(-)321.67 Cr ;compared to Rs.468.60 Cr in Q3 FY 12; and Rs.61.05 Cr in Q4 FY 11.
Net Profit in Q4 FY 12 stands at Rs.1518.18 Cr ;compared to Rs.1289.85 Cr(Up 17.7%) in Q3 FY 12; and Rs.1294.35 Cr ( up 17.29%) in Q4 FY 11.
Face Value is Rs.10; while the Paid-up Equity is Rs.412.38Cr.
Capital Adequacy Ratio in Q4 FY 12 stands at 14.67%;compared to 13.45% in Q3 FY 12; and 13.02% in Q4 FY 11.
Basic EPS in Q4 FY 12 stands at Rs.38.73; compared to Rs.32.94 in Q3 FY 12; and Rs.35.51 in Q4 FY 11.
% of Gross/Net NPA in Q4 FY 12 stands at 0.54% ;compared to 0.51% in Q3 FY 12; and 0.35% in Q4 FY 11.
Return on Assets in Q4 FY 12 stands at 1.41%; compared to 1.29% in Q3 FY 12; and 1.51% in Q4 FY 11.
Annual EPS stands at Rs.127.84 for FY 12; Current Market Price is Rs.685.10; while the 52 week high price is Rs.948.45 and the 52 week low price is Rs.631.
On this Basis, the PE Ratio stands at 5.36.
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