Friday, May 11, 2012

PUNJAB NATIONAL BANK - RESULTS - FOR Q4 & FY 2012 - Q4 NPT UP 19%YoY; FY 12 C-NPT UP 10% ON FY11 & 29% ON FY2010 -


Punjab National Bank
NSE Symbol        PNB

Punjab National Bank has declared its financial results for Q4 FY 2012 and for FY 2012, which are reviewed below :

QUARTERLY RESULTS REVIEW
Q4 FY12 vs Q3 FY11 vs Q4 FY11

Interest on Advances in Q4 FY 12 stands at Rs.7494.67 Cr ; up 2.23% from Q3 FY 12 (Rs.7331.41 Cr); and up 26.94% from Q4 FY 11 (Rs.5904.07 Cr).

Income on Investments in Q4 FY 12 stands at Rs.2127.03 Cr ; up  4.93% from Q3 FY 12 (Rs.2027.12 Cr); and up 44.45% from Q4 FY 11 (Rs.1472.46 Cr).

Interest Earned     in Q4 FY 12 stands at Rs.9679.75 Cr ; up 2.1% from Q3 FY 12 (Rs.9481.03 Cr); and up 30.1% from Q4 FY 11 (Rs.7440.29 Cr).

Interest Expended in Q4 FY 12 stands at Rs.6369.80 Cr ; up 7.16% from Q3 FY 12 (Rs.5944.39 Cr); and up 44.4% from Q4 FY 11 (Rs.4411.28 Cr).

Net Interest Income in Q4 FY 12 stands at Rs.3309.95 Cr ; down -6.41% from Q3 FY 12 (Rs. 3536.64 Cr); and up 9.27% from Q4 FY 11 (Rs.3029.01 Cr).Interest Expense has grown much faster than Interest Income. Hence, growth in NII is not very impressive.

Other Income   in Q4 FY 12 stands at Rs.1275.98 Cr ; up 33.74% from Q3 FY 12 (Rs.954.09 Cr); and up 11.4% from Q4 FY 11 (Rs.1145.36 Cr).

Total Income  in Q4 FY 12 stands at Rs.10955.73 Cr ; up 4.99% from Q3 FY 12 (Rs.10435.12 Cr); and up 27.61% from Q4 FY 11 (Rs.8585.65 Cr).

Total Expdr(excl.provisions) in Q4 FY 12 stands at Rs.8019.57 Cr ; up 3.36% from Q3 FY 12 (Rs. 7758.69 Cr); and up 31.94% from Q4 FY 11 (Rs.6078.12 Cr).Expenditure Growth Rate is higher YoY.

Operating Profit in Q4 FY 12 stands at Rs.2936.16 Cr ; up 9.7% from Q3 FY 12 (Rs.2676.43 Cr); and up 17.09% from Q4 FY 11 (Rs.2507.53 Cr). Growth at OPT level is reasonable though not impressive.

Provisions  in Q4 FY 12 stands at Rs.1027.31 Cr ; up 8.58% from Q3 FY 12 (Rs.946.10 Cr); and up  41.13% from Q4 FY 11 (Rs.727.93 Cr).

Profit before tax in Q4 FY 12 stands at Rs.1908.85 Cr ; up 10.32% from Q3 FY 12 (Rs.1730.33 Cr); and up 7.26% from Q4 FY 11 (Rs.1779.60 Cr).

Tax Expense in Q4 FY 12 stands at Rs.484.79 Cr ; down -16.46% from Q3 FY 12 (Rs.580.29 Cr); and down -16.23% from Q4 FY 11 (Rs.578.70 Cr).

Net Profit in Q4 FY 12 stands at Rs.1424.06 Cr ; up 23.83% from Q3 FY 12 (Rs.1150.04 Cr); and up 18.58% from Q4 FY 11 (Rs.1200.90 Cr). This is a very Good improvement QoQ and YoY.

Face Value stands at Rs.10; Paid-up Equity stands at Rs.339.17 Cr.

Capital Adequacy Ratio     in Q4 FY 12 stands at 11.59%; compared to 10.46% in Q3 FY 12; and 11.76% in Q4 FY 11.

Basic EPS  in Q4 FY 12 stands at Rs.44.78; compared to  Rs.36.3 in Q3 FY 12; and 38.63% in Q4 FY 11. There is a good increase in EPS in Q4 YoY and QoQ.

Gross/Net NPA      in Q4 FY 12 stands at Rs.4454.23 Cr ; up   53.52% from Q3 FY 12 (Rs.2901.38 Cr); and up 118.49% from Q4 FY 11 (Rs.2038.63 Cr).

% of Gross/Net NPA in Q4 FY 12 stands at 1.52;compared to 1.11% in Q3 FY 12; and 0.85% in Q4 FY 11.

Considering the increase in Provisions, Net NPAs and % of Net NPAs – there is a definite increase in NPAs and deterioration in Quality of Assets. This has reduced Net profits to some extent. With some improvement in Asset quality, the profitability will improve drastically.

Return on Assets in Q4 FY 12 stands at 1.28; compared to 1.11% in Q3 FY 12; and 1.34% in Q4 FY 11.

RATIOS :

           Q 4’FY 11  ::  Q 4’FY 12  :: Q 3’FY 12

1 Cost of Deposit [%] ::5.64 ::6.80 :: 6.74
2 Cost of Fund [%] ::4.91 :: 5.71 ::  5.76
3 Yield on Advances[%]::10.83 ::11.40 ::11.97
4 Yield on Investment [%] ::7.10 ::7.64 :: 7.86
5 Yield on Fund [%] ::8.28 :: 8.67 :: 9.18
6 Net Interest Margin [%] ::3.91 :: 3.50 :: 3.88

Profitability Ratios

1 Return on Assets [%] ::1.34 :: 1.28 :: 1.11
2 Return on Net worth [%]::23.97 ::21.60 * ::19.57
3 Opt. Profit to AWF [%]:: 2.79 ::2.63:: 2.59
4 Cost to Income Ratio [%]:: 39.93 ::35.97 ::40.40
5 Estb. Exp. To Total Exp. [%]:: 18.58 ::12.55 ::16.29
6 Opt. Exp. To AWF [%] ::1.85 ::1.48 ::1.76
7 Book Value per Share [Rs] ::632.48 ::777.42 ::741.83
8 Earnings per share [Rs] ::154.52 ::179.13 ::145.20

ANNUAL RESULTS REVIEW
(CONSOLIDATED)
FY 12 vs FY 11 VS FY 10

The Consolidated results of FY 2012 are compared below with that of FY 11 and FY 10.

Interest on Advances in FY 12 stands at Rs.28975.51 Cr; up 34% from FY 2011 (Rs.21565.35 cr); and up 77% from FY 10 (Rs.17045.62 cr).

Income on Investments in FY 12 stands at Rs.8172.36 Cr; up 43% from FY 2011 (Rs.5727.36 cr); and up  81% from FY 10 (Rs.4711.87 cr).

Interest Earned     in FY 12 stands at Rs.37447.31 Cr; up 36% from FY 2011 (Rs.27551.24 cr); and up  77% from FY 10 (Rs.21982.39 cr).

Other Income  in FY 12 stands at Rs.4239.51 Cr; up 16% from FY 2011 (Rs.3655.36 cr); and up 25% from FY 10 (Rs.3453.35 cr).

Total Income in FY 12 stands at Rs.41686.82 Cr; up 34% from FY 2011 (Rs.31206.60 cr); and up 70% from FY 10 (Rs.25435.74 cr).

Interest Expended in FY 12 stands at Rs.23741.40 Cr; up 53% from FY 2011 (Rs.15506.68 cr); and up 87% from FY 10 (Rs.13230.01 cr).

Employees cost      in FY 12 stands at Rs.4775.14 Cr; up 6% from FY 2011 (Rs.4493.93 cr); and up 57% from FY 10 (Rs.3141.29 cr).

Other Operating Expenses in FY 12 stands at Rs.2346.77 Cr; up 20% from FY 2011 (Rs.1955.74 cr); and up 43% from FY 10 (Rs.1682.62 cr).

Operating Expenses in FY 12 stands at Rs.7121.91 Cr; up 10% from FY 2011 (Rs.6449.67 cr); and up 52% from FY 10 (Rs.4823.91 cr).

Total Expdr(excl.provisions) in FY 12 stands at Rs.30863.31 Cr; up 41% from FY 2011 (Rs.    21956.35 cr); and up 78% from FY 10 (Rs.18053.92 cr).

Operating Profit in FY 12 stands at Rs.10823.51 Cr; up 17% from FY 2011 (Rs.9250.25 cr); and up   51% from FY 10 (Rs.7381.82 cr).

Provisions  in FY 12 stands at Rs.3652.22 Cr; up 43% from FY 2011 (Rs.2556.05 cr); and up 170% from FY 10 (Rs.1437.25 cr).

Profit before tax in FY 12 stands at Rs.7171.29 Cr; up 7% from FY 2011 (Rs.6694.20 cr); and up 23% from FY 10 (Rs.5944.57 cr).

Tax Expense in FY 12 stands at Rs.2196.48 Cr; up 1% from FY 2011 (Rs.2178.61 cr); and up 8% from FY 10 (Rs.2054.18 cr).

Net Profit in FY 12 stands at Rs.4974.81 Cr; up 10% from FY 2011 (Rs.4515.59 cr); and up 31% from FY 10 (Rs.3890.39 cr).

Consolidated NPT in FY 12 stands at Rs.5025.46 Cr; up 10% from FY 2011 (Rs.4574.73 cr); and up 29% from FY 10 (Rs.3972.57 cr). The improvement in C-NPT is 10% YoY and 29% compared to FY 10.

Reserves stand at Rs.20821.93 cr in FY 11; and at Rs.16895.46 cr in FY 10.

Capital Adequacy Ratio is good at 12&.

Basic EPS  for FY 12 is Rs.148;  Compared to Rs.145 in FY 11; and Rs.126 in FY 10. Comparatively, the improvement in EPS in FY 12 is much lower than the improvement last year.


Current Market price of the share is Rs.749; while the 52 week high price is Rs.1202 and the 52 week low price is Rs.735 .

The PE Ratio on this basis is 5.06.
 

Balance sheet Items Mar’12 :: Mar’11 (Rs.in Cr)

Deposits            :: 379588.48 :: 312898.73
Borrowings        :: 37264.27 :: 31589.69
Investments      :: 122629.47 :: 95162.35
Advances          :: 293774.75 :: 242106.67

Ø  PNB has allotted 1,58,40,607 equity shares to LIC of India and 65,25,919 equity shares to Govt. of India of Rs 10/- each at a premium of Rs.993.69 per share on preferential basis. Consequently the Government share holding as on 31.03.2012 is 56.10% as compared to 58.00% before preferential allotment.

Ø  Provisioning Coverage Ratio as at 31st Mar.2012 works out to 62.73.%.

Ø  The BODs have recommended dividend of Rs.22 /- per equity share of Rs. 10 each ( @ 220% of the paid up capital of the bank) for the year.

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