Corporation Bank
NSE Symbol CORPBANK
Corporation Bank has declared its Results for Q4 and FY
2012.
QUARTERLY RESULTS REVIEW
Interest on Advances in Q4 FY 12 stands
at Rs.2691.27 Cr; compared to Rs.2457.36 Cr in Q3 FY 12 ( up by 9.52%); and
compared to Rs.1882.26 Cr in Q4 FY 12 (Up by 42.98%).
Income on Investments in Q4 FY 12 stands at Rs.804.97 Cr;
compared to 816.31 Cr in Q3 FY 12 ( down by -1.39%); and compared to Rs.590.91 Cr
in Q4 FY 12 (Up by 36.23%).
Interest Earned in Q4 FY 12 stands at Rs.3585.88
Cr; compared to Rs.3362.84 Cr in Q3 FY 12 ( up by 6.63%); and compared to Rs.2555.36
Cr in Q4 FY 12 (Up by 40.33%).
Other Income in Q4 FY 12 stands at
Rs.423.30 Cr; compared to Rs.441.65 Cr in Q3 FY 12 ( down by -4.15%); and
compared to Rs.490.42 Cr in Q4 FY 12 (down by -13.69%).
Total Income in Q4 FY 12 stands at
Rs.4009.18 Cr; compared to Rs.3804.50 Cr in Q3 FY 12 ( up by 5.38%); and
compared to Rs.3045.78 Cr in Q4 FY 12 (Up by 31.63%).
Interest Expended in Q4 FY 12 stands
at Rs.2751.95 Cr; compared to Rs.2501.04 Cr in Q3 FY 12 ( up by 10.03%); and
compared to Rs.1793.61 Cr in Q4 FY 12 (Up by 53.43%).
Net Interest Income in Q4 FY 12 stands
at Rs.833.93 Cr; compared to Rs.861.81 Cr in Q3 FY 12 ( down by -3.23%); and
compared to Rs.761.75 Cr in Q4 FY 12 (Up by 9.47%). The Growth in NII over last
4 Qtrs is unimpressive.
Total Expdr(excl.provisions) in Q4
FY 12 stands at Rs.3194.92 Cr; compared to Rs.2978.57 Cr in Q3 FY 12 ( up by 7.26%);
and compared to Rs.2299.20 Cr in Q4 FY 12 (Up by 38.96%).
Operating Profit in Q4 FY 12 stands
at Rs.814.26 Cr; compared to Rs.825.93 Cr in Q3 FY 12 ( down by -1.41%); and
compared to Rs.746.58 Cr in Q4 FY 12 (Up by 9.07%).
Provisions in Q4 FY 12 stands at Rs.337.72
Cr; compared to Rs.301.49 Cr in Q3 FY 12 ( up by 12.02%); and compared to Rs.269.50
Cr in Q4 FY 12 (Up by 25.31%).
Exceptional Items in Q3 FY12 amounts
to Rs.122.22 Cr.
Profit before tax in Q4 FY 12 stands
at Rs.476.54 Cr; compared to Rs.402.22 Cr
in Q3 FY 12 ( up by 18.48%); and compared to Rs.477.08 Cr in Q4 FY 12 (down by -0.11%).
Tax Expense in Q4 FY 12 stands at
Rs.125.28 Cr- compared to NIL in Q3 FY 12; and Rs.131.75 Cr (down by -4.91%) in
Q4 FY 11.
Net Profit in Q4 FY 12 stands at Rs.351.26
Cr; compared to Rs.402.22 Cr in Q3 FY 12 ( down by -12.67%); and compared to
Rs.345.33 Cr in Q4 FY 12 (Up by 1.72%).
Face Value of the share is Rs.10 and
Paid-up Equity
stands at Rs.148.13 Cr. Lower Equity is resulting in Huge EPS for Corporation
Bank.
Capital Adequacy Ratio in Q4 FY 12 stands at 11.94%; compared to 12.34%
in Q3 FY 12; and 12.9% in Q4 FY 11.
Basic EPS in Q4 FY 12 stands at Rs.23.71; compared
to Rs.27.15 in Q3 FY 12; and Rs.24.05 in Q4 FY 12. Annual EPS for FY 12 is
around Rs.102.5. The current Market price of the share is Rs.386; while the 52 week high price is Rs.595 and the 52
week low price is Rs.335.
The PE Ratio on this basis works out
to 3.77. Considering the relaxation of High Interest Rates by RBI and some
upturn in credit environment and Growth, current year can see all Banking
stocks performing better in FY 13.
Gross/Net NPA in Q4 FY 12 stands at Rs.869.38 Cr; compared to Rs.885.29 cr in Q3 FY 12 (down
by -1.8%); and compared to Rs.397.74 cr ( up by 118.58%) in Q4 FY 12.
% of Gross/Net NPA stands at 0.87%; compared to 0.96
in Q3 FY 12; and 0.46% in Q4 FY 11.
Return on
Assets stands at 0.92% in Q4 FY 12; 1.12% in Q3 FY 12; and 1.12% in Q4
FY 11.
ANNUAL RESULTS REVIEW
FY 2012 vs FY 2011 vs
Fy 2010
Interest on Advances in FY 2012
stands at Rs.9563.22 Cr ; compared to
Rs.6474.99 cr in FY 2011(Up 47.69%); and compared to Rs.4979.20 Cr in FY 2010
(Up 92.06%).
Income on Investments in FY 2012 stands at Rs.3070.33 Cr
; compared to Rs.2327.67 Cr in FY 2011(Up 31.91%); and compared to Rs.2091.43 Cr
in FY 2010 (Up 46.81%).
Interest Earned in FY 2012 stands at Rs.13017.78
Cr ; compared to Rs.9135.04 Cr in FY 2011(Up 42.50%); and compared to Rs.7294.60
Cr in FY 2010 (Up 78.46%).
Total Income in FY 2012 stands at
Rs.14524.56 Cr ; compared to Rs.10469.07 Cr in FY 2011(Up 38.74%); and compared
to Rs.8489.40 Cr in FY 2010 (Up 71.09%).
Increase in total income is quite impressive.
Interest Expended in FY 2012 stands
at Rs.9870.57 Cr ; compared to Rs.6194.86 Cr in FY 2011(Up 59.33%); and
compared to Rs.5083.23 Cr in FY 2010 (Up 94.18%).
Net Interest Income in FY 2012 stands at Rs.3147.21 Cr ; compared
to Rs.2940.18 Cr in FY 2011(Up 7.04%); and compared to Rs.2211.38 Cr in FY 2010
(Up 42.32%). NII has grown
reasonably well in last 2 years.
Total Expdr(excl.provisions) in FY
2012 stands at Rs.11654.50 Cr ; compared to Rs.7836.87 Cr in FY 2011(Up 48.71%);
and compared to Rs.6343.37 Cr in FY 2010 (Up 83.73%). Expenditure has grown
more than proportionate to Income over the years.
Operating
Profit in FY 2012 stands at Rs.2870.05
Cr ; compared to Rs.2632.20 Cr in FY 2011(Up 9.04%); and compared to Rs.2146.03
Cr in FY 2010 (Up 33.74%). Increase in
OPT is reasonable over last 2 years.
Provisions
in FY 2012 stands at Rs.950.45 Cr ;
compared to Rs.688.76 Cr in FY 2011(Up 37.99%); and compared to Rs.474.43 Cr in
FY 2010 (Up 100.34%). Provisions have thus increased heavily over the last 2
years.
Profit
before tax in FY 2012 stands at Rs.1919.60 Cr ; compared to Rs.1943.44 Cr
in FY 2011( down -1.23%); and compared to Rs.1671.61 Cr in FY 2010 (Up 14.84%). The excessive provisions have
brought down the PBT
Tax Expense in FY 2012 stands at Rs.401.21
Cr ; compared to Rs.523.32 Cr in FY 2011(down
-23.33%); and compared to Rs.490.26 Cr in FY 2010 (down -18.16%).
Consolidated NPT in FY 2012 stands at Rs.1518.39
Cr ; compared to Rs.1420.12 Cr in FY 2011(Up 6.92%); and compared to Rs.1181.35
Cr in FY 2010 (Up 28.53%). Lower
Tax expense has helped Consolidated NPT
to grow to reasonable levels.
Reserves in FY 2012 stands at Rs.8197
Cr ; compared to Rs.7053.38 Cr in FY 2011(Up 16.21%); and compared to Rs.5713.49
Cr in FY 10 (Up 43.47%).
Capital Adequacy Ratio stands at 12.06% in FY 12; compared to 13.04%
in FY 11; and 15.18% in FY 10.
Basic EPS in FY 2012 stands at Rs.102.5;
compared to Rs.98.98 in FY 11; and Rs.82.36 in FY 10.
Gross/Net NPA stands
at Rs.869.39 Cr in FY 12; against Rs.397.74 Cr in FY 11; and Rs.197.25 Cr in FY
10.
% of Gross/Net NPA has increased to 0.87%
in FY 12; compared to 0.46% in FY 11;
and 0.31% in FY 10. The increase in current year is sizeable – but still, the percentage
is within reasonable limits compared to Many other Banks.
Return on Assets stands at 1.06% in
FY 12; 1.11% in FY 11; and 1.19% in FY 10. ROA is impressive.
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