DENA BANK
Dena bank
has declared good results for the FY 2012 and for Q4 FY 12. The results are
analysed below :
ANNUAL RESULTS REVIEW
FY 2012 vs FY 2011 vs
2010
Interest on Advances stands at Rs.5161.17 Cr in FY 12; Up 35.09% from FY 11
(Rs.3820.43 Cr); and up 71.51% from FY 10 (Rs.3009.33 Cr).
Income on Investments stands at Rs.1544.40 Cr in FY 12; Up 29.48% from FY 11
(Rs.1192.73 Cr); and up 60.90% from FY 10 (Rs.959.87 Cr).
Interest Earned stands at
Rs.6794.13 Cr in FY 12; Up 34.98% from FY 11 (Rs.5033.53 Cr); and up 69.41% from FY 10 (Rs. 4010.36 Cr).
Other Income stands at Rs.582.17 Cr in FY 12; Up 9.05% from FY 11
(Rs.533.84 Cr); and down -1.10% from FY 10 (Rs.588.63 Cr).
Total Income stands at Rs.7376.30 Cr in FY 12; Up 32.49% from FY 11
(Rs.5567.37 Cr); and up 60.39% from FY 10 (Rs.4598.99 Cr).
Interest Expended stands at Rs.4693.13 Cr in FY 12; Up 43.51% from FY 11 (Rs.3270.16 Cr); and
up 61.26% from FY 10 (Rs.2910.33 Cr).
Net Interest Income stands at Rs.2101.00 Cr in FY 12; Up 19.15% from FY 11
(Rs. 1763.37 Cr); and up 90.99% from FY 10
(Rs.1100.03 Cr).
Operating Expenses stands at Rs.1154.74 Cr in FY 12; Up 7.58% from FY 11
(Rs.1073.42 Cr); and up 36.16% from FY 10 (Rs.848.08 Cr).
Total Expenditure(excluding provisions) stands at Rs.5847.87 Cr in FY
12; Up 34.63% from FY 11 (Rs.4343.58 Cr); and up 55.59% from FY 10 (Rs.3758.41
Cr).
Operating Profit (Income-Expdr) stands at Rs.1528.43 Cr in FY 12; Up 24.89%
from FY 11 (Rs.1223.790 Cr); and up 81.83% from FY 10 (Rs.840.58 Cr).
Provisions stands at Rs.562.26 Cr in FY 12; Up 72.90% from FY 11
(Rs.325.20 Cr); and up 265.60% from FY 10
(Rs.153.79 Cr).
Profit before tax stands at Rs.966.17 Cr in FY 12; Up 7.52% from FY 11
(Rs.898.59 Cr); and up 40.68% from FY 10 (Rs.686.79 Cr).
Tax Expense stands at Rs.163.03 Cr in FY 12; down -43.19% from FY
11 (Rs.286.96 Cr); and down -7.13% from FY 10 (Rs.175.54 Cr).
Net Profit stands at
Rs.803.14 Cr in FY 12; Up 31.31% from FY 11 (Rs.611.63 Cr); and up 57.09% from
FY 10 (Rs.511.25 Cr). The improvement in Net Profit over the last 2 years is
very impressive. This has happened despite sizeable increase in Provisions and
NPAs.
Dividend stands at 30% fro FY 12; 22% for FY 11; and 20% for FY
10.
Face Value is Rs.10; and Paid-up Equity is
Rs.350.06 Cr.
Reserves stand at Rs.3941.45 Cr in FY 12; up 26.09% from FY 11
(Rs.3125.79 Cr)
Capital Adequacy Ratio stands at 11.51% in FY 12; @ 11.04% in FY 11; and @
10.65% in FY 10.
Gross/Net NPA stands at
Rs.571.73 Cr in FY 12; up 4.15% from FY 11; and up 33.73% from FY 10.
% of Gross/Net NPA stands at 1.01% from FY 12; 1.22% from FY 11; and
1.21% from FY 10.
Return on Assets stands at 1.08% in FY 12; @ 1% in FY 11; and @ 1.01%
in FY 10.
Basic EPS stands at Rs.24.08 in FY 12; Rs.21.26 in FY 11; and
Rs.17.83 in FY 10. EPS has grown significantly over the years. The overall
performance of Dena Bank has been impressive over the last 3 years.
The
current
Market Price of Dena Bank shares is Rs.84.90; While the
52 week high price is Rs.103.60 and the
52 week low price is Rs.47.55.
The current PE Ratio
works out to 3.53. The overall performance of Dena Bank is quite impressive.
Even performance in respect of quality of assets is in line with other Banks
and can be expected to improve in coming quarters.
QUARTERLY RESULTS REVIEW
Q4FY12 vs Q3 FY12 vs Q4FY11
Interest on Advances stands at Rs.1465.39 cr in Q4 FY 12; up 13% from Q3 FY 12
(Rs.1292.77 Cr); and up 35% from Q4 FY 11 (Rs.1085.08 Cr).
Income on Investments stands at Rs.426.79 cr in Q4 FY 12; up 14% from Q3 FY 12
(Rs.374.83 Cr); and up 36% from Q4 FY 11 (Rs.313.66 Cr).
Interest Earned stands at
Rs.1955.89 cr in Q4 FY 12; up 17% from Q3 FY 12 (Rs.1676.24 Cr); and up 39%
from Q4 FY 11 (Rs.1407.49 Cr).
Other Income stands at
Rs.210.47 cr in Q4 FY 12; up 57% from Q3 FY 12 (Rs.133.97 Cr); and up 16% from
Q4 FY 11 (Rs.180.77 Cr).
Total Income stands at Rs. 2166.36
cr in Q4 FY 12; up 20% from Q3 FY 12 (Rs.1810.21 Cr); and up 36% from Q4 FY 11
(Rs.1588.26 Cr).
Interest Expended stands at Rs. 1357.52
cr in Q4 FY 12; up 20% from Q3 FY 12
(Rs. 1135.04 Cr); and up 45% from
Q4 FY 11 (Rs.936.30 Cr).
Net Interest Income stands at Rs. 598.37 cr in Q4 FY 12; up 11% from Q3 FY 12 (Rs. 541.20 Cr); and up 27%
from Q4 FY 11 (Rs.471.19 Cr).
Total
Exp(excl.provisions) stands at Rs.1690.85
cr in Q4 FY 12; up 19% from Q3 FY
12 (Rs.1417.04 Cr); and up 36% from Q4 FY 11 (Rs. 1245.14 Cr).
Operating Profit stands at Rs.475.51 cr in Q4 FY 12; up 21% from Q3 FY 12
(Rs. 393.17 Cr); and up 39% from Q4 FY 11 (Rs.343.12 Cr).
Provisions stands at Rs.291.11 cr in Q4 FY 12; up 134% from Q3 FY 12
(Rs.124.33 Cr); and up 135% from Q4 FY 11 (Rs. 123.82 Cr).
Profit before tax stands
at Rs.184.40 cr in Q4 FY 12; Down (-)31%
from Q3 FY 12 (Rs.268.84 Cr); and down (-)16 % from Q4 FY 11 (Rs.219.30
Cr).
Tax Expense stands at Rs(-)70.39 cr in Q4 FY 12; down (-)186% from Q3
FY 12 (Rs.82.16 Cr); and down (-)213 % from Q4 FY 11 (Rs.62.30 Cr).
Net Profit stands at
Rs.254.79 cr in Q4 FY 12; up 36 % from Q3 FY 12 (Rs. 186.68 Cr); and up 62%
from Q4 FY 11 (Rs. 157 Cr).
Capital Adequacy Ratio stands at 11.51%
in Q4 FY 12; at 11.58% in Q3 FY 12; and at 11.04%
in Q4 FY 11.
Basic EPS stands at Rs.7.63 in Q4 FY 12; Rs.5.6 in Q3 FY 12; and Rs.5.46
in Q4 FY 11.
Gross/Net NPA stands at
Rs.571.73 cr in Q4 FY 12; up 9 % from Q3 FY 12 (Rs.523.97 Cr); and up 4 % from Q4 FY 11 (Rs.548.95 Cr). While NPAs have increased slightly, the
profitability has increased more than that and has resulted in higher EPS.
% of Gross/Net NPA stands at 1.01% in Q4 FY 12; 1.1% in Q3 FY 12; and 1.22% in
Q4 FY 11
Return on Assets stands at 1.17% in Q4 FY 12; 1.05% in Q3 FY 12; and 0.94%
in Q4 FY 11.
Bank
has issued 1,66,69,453 Eq.shares to LIC @ 90.73 (Premium Rs.80.73) on
29.03.2012.
Provision
coverage Ratio is 75.53% as on 31.03.2012
Balance Sheet Details
Deposits as on 31.3.2012 stands at Rs.77166.80 cr (Rs.64209.62 Cr in
FY11)
Borrowings as on 31.3.2012 stands at Rs.3880.95 Cr (Rs.1691.66 Cr in FY
11)
Advances stands at Rs.56692.54 cr as on 31.3.2012 (Rs.44828.05 Cr in
FY 11).
Investments stands at Rs.23027.65 cr as on 31.3.2012 (Rs.18768.91 cr in
FY 11).
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