Vijaya Bank
NSE Symbol VIJAYABANK
Vijaya Bank has reported improved Results for the Q4
FY 2012 ending Mar,2012. But, the overall results for FY 12 do not show improvement over preceding 2 years.
QUARTERLY RESULTS REVIEW
Interest on Advances stands at Rs.1646.88 Cr in Q4 FY 12; compared to Rs.1569.88
Cr in Q3 FY 12 (Up by 4.9%); and compared to Rs.1176.93 Cr in Q4 FY 11 (Up by 39.93%).
Income on Investments stands at
Rs.491.35 Cr in Q4 FY 12; compared to Rs.476.02 Cr in Q3 FY 12 (Up by 3.22%);
and compared to Rs.426.09 Cr in Q4 FY 11 (Up by 15.32%).
Interest Earned stands at Rs.2152.23 Cr in Q4 FY 12; compared to Rs.2058.26
Cr in Q3 FY 12 (Up by 4.57%); and compared to Rs.1608.78 Cr in Q4 FY 11 (Up by 33.78%).
Other Income stands
at Rs.138.13 Cr in Q4 FY 12; compared to
Rs.115.66 Cr in Q3 FY 12 (Up by 19.43%); and compared to Rs.142.88 Cr in Q4 FY
11 (down by -3.32%).
Total Income stands
at Rs.2290.36 Cr in Q4 FY 12; compared
to Rs.2173.92 Cr in Q3 FY 12 (Up by 5.36%); and compared to Rs.1751.66 Cr in Q4
FY 11 (Up by 30.75%).The improvement in
Total Income at 30.75% YoY is quite impressive.
Interest Expended stands at Rs.1659.68 Cr in Q4 FY 12; compared to Rs.1583.66
Cr in Q3 FY 12 (Up by 4.8%); and compared to Rs.1130.44 Cr in Q4 FY 11 (Up by 46.82%).
Interest expended increase at 47% YoY is much higher than the increase in
Interest earned at 34%.
Net Interest Income stands
at Rs.492.55 Cr in Q4 FY 12; compared to
Rs.474.60 Cr in Q3 FY 12 (Up by 3.78%); and compared to Rs.478.34 Cr in Q4 FY
11 (Up by 2.97%). The increase in NII is
minimal. With RBI relaxing Interest Rates, the NII is likely to improve in Q1
FY 13 onwards.
Total Expenditure (Excl.provisions) stands
at Rs.2026.88 Cr in Q4 FY 12; compared
to Rs.1872.18 Cr in Q3 FY 12 (Up by 8.26%); and compared to Rs.1641.70 Cr in Q4
FY 11 (Up by 23.46%).Compared to Increase in Expenditure at 23.46% YoY, the
increase in Income at 30.75% is quite impressive.
Operating Profit stands at Rs.263.48 Cr in Q4 FY 12; compared to Rs.301.74
Cr in Q3 FY 12 (down by -12.68%); and compared to Rs.109.96 Cr in Q4 FY 11 (Up
by 139.61%).The increase in operating
Profit YoY is excellent.
Provisions stands at
Rs.86.83 Cr in Q4 FY 12; compared to Rs.167.24 Cr in Q3 FY 12 (down by -48.08%); and compared to Rs.85.73 Cr in
Q4 FY 11 (Up by 1.28%). Provisions are at same level as last year, but considerably
down from previous quarter.
Profit before tax
stands at Rs.176.65 Cr in Q4 FY 12;
compared to Rs.134.50 Cr in Q3 FY 12 (Up by 31.34%); and compared to Rs.24.23 Cr
in Q4 FY 11 (Up by 629.05%).
Tax Expense stands at Rs(-)4.32 Cr in Q4 FY 12; compared to Rs.10.23
Cr in Q3 FY 12 ; and compared to Rs(-)30.00 Cr in Q4 FY 11.
Net Profit stands
at Rs.180.97 Cr in Q4 FY 12; compared to
Rs.124.27 Cr in Q3 FY 12 (Up by 45.63%); and compared to Rs.54.23 Cr in Q4 FY
11 (Up by 233.71%). The improvement in
Net Profit YoY is quite impressive.
Face Value is Rs.10; Paid-up Equity is Rs.495.54 Cr.
Capital Adequacy Ratio stands at 10.96%.
Basic EPS stands at
Rs.2.98 compared to Rs.2.63 in Q3 FY 12 and Rs.0.65 in Q4 FY 12.The FY
2012 EPS is Rs.9.49.
Current
MP is Rs.57.30; while the 52 week high price is
Rs.83.75 and 52 week low price is
Rs.43.80.
On this Basis, the PE Ratio works out
to 6.04.If the upward momentum in EPS in Q4 continues further, FY 13 could
yield an EPS upwards of Rs.12 which will yield a forward PE of 4.78.
% of Gross/Net NPA stands at 1.72% compared to 1.81% in Q3 FY 12 and Rs.1.52%
Return
on Assets stands at 0.78%
in Q4 FY 12; compared to 0.55% in Q3 FY 12 and 0.28% in Q4 FY 11.The
improvement in return on assets
ANNUAL RESULTS REVIEW
FY 2012 vs 2011 vs 2010
Interest on Advances in FY 12 stands at Rs.6050.09
Cr; compared to Rs.4191.90 Cr (up by 44.33%) in FY 11; and compared to Rs.3838.51
Cr ( up by 57.62%) in FY 10.
Income on Investments in FY 12 stands at Rs.1872.04 Cr; compared to
Rs.1611.01 Cr (up by 16.20%) in FY 11; and compared to Rs.1281.83 Cr ( up by 46.04%) in FY 10.
Interest Earned in FY 12 stands at Rs.7988.12 Cr; compared to
Rs.5844.06 Cr (up by 36.69%) in FY 11; and compared to Rs.5200.65 Cr ( up by 53.6%) in FY 10.
Total Income in FY 12 stands at Rs.8516.02 Cr;
compared to Rs.6377.24 Cr (up by 33.54%) in FY 11; and compared to Rs.5880.10 Cr ( up by 44.83%) in FY 10.
Interest Expended in FY 12 stands at Rs.6084.59
Cr; compared to Rs.3897.29 Cr (up by 56.12%)
in FY 11; and compared to Rs.3751.57 Cr ( up by 62.19%) in FY 10.
Net Interest Income in FY 12 stands at Rs.1903.53 Cr;
compared to Rs.1946.77 Cr (Down by -2.22%) in FY 11; and compared to Rs.1449.08
Cr ( up by 31.36%) in FY 10. While there is marginal reduction in NII compared
to previous year of FY 11; there is a significant increase of 31.36% over FY
10.
Total Expenditure in FY 12 stands at Rs.7285.55
Cr; compared to Rs.5330.57 Cr (up by 36.67%)
in FY 11; and compared to Rs.4823.14 Cr ( up by 51.05%) in FY 10. Increase in
expenditure is marginally higher than
increase in Income.
Operating Profit in FY 12 stands at Rs.1230.47 Cr;
compared to Rs.1046.67 Cr (up by 17.56%) in FY 11; and compared to Rs.1056.96 Cr
( up by 16.42%) in FY 10.
Provisions in FY 12 stands at Rs.581.23 Cr; compared
to Rs.362.85 Cr (up by 60.18%) in FY 11; and compared to Rs.355.82 Cr ( up by 63.35%)
in FY 10. Provisions have increased considerably over the last 2 years.
Profit before tax in FY 12 stands at Rs.649.24
Cr; compared to Rs.683.82 Cr (down by -5.06%)
in FY 11; and compared to Rs.701.14 Cr ( down by -7.4%) in FY 10. As can be
seen from the above, while OPT has increased marginally over the 2 p[receding
years, there is a decrease in PBT over these years – due to higher provisions.
Tax Expense in FY 12 stands at Rs.68.25
Cr; compared to Rs.160 Cr (down by -57.34%)
in FY 11; and compared to Rs.193.85 Cr ( down by -64.79%) in FY 10.
Net Profit in FY 12 stands at Rs.580.99
Cr; compared to Rs.523.82 Cr (up by 10.91%) in FY 11; and compared to Rs.507.29
Cr ( up by 14.53%) in FY 10. While PBT was down compared to 2 preceding years,
NPT is marginally up , mainly due to less Tax Expense.
Reserves in
FY 12 stands at Rs.3279.15 Cr; compared to Rs.2850.50 Cr (up by 15.04%) in FY
11; and compared to Rs.1884.55 Cr ( up by 74%) in FY 10. There is a Healthy
increase in Reserves over the years.
Capital Adequacy Ratio Stands at 10.96% in FY 12; compared to 12.59%
in FY 11; and 11.79% in FY 10. CAR is
down but reasonable. Government is periodically enhancing the capital. The same
can be expected in current year as well.
Basic EPS in FY 12 stands at Rs.9.49
in FY 12; compared to Rs.9.89 in FY 11; and Rs.11.7 in FY 10. There is a
marginal reduction in EPS over the years.
Gross/Net NPA in FY 12 stands at Rs.998.01;
compared to Rs.741.16 cr in FY 11 (Up 34.66%); and compared to Rs.581.56 Cr in
FY 10 (Up 71.61%). NPAs are increasing over the years.
% of Gross/Net NPA in FY 12 stands at 1.72%;
compared to 1.52% in FY 11; and 1.4% in FY 10. In percentage terms also, the
increase in NPAs is considerable, though not alarming.
Return on Assets in FY 12 stands at 0.66% in
FY 12; 0.72% in FY 11; 0.76% in FY 10.ROA is down over the 2 years.
Public
Shareholding in FY 12 stands at 44.98%.
Thus, while Q4 FY 12 performance
shows good improvement over previous quarters, the comparison of FY 12 with 2
preceding years is not commendable. The
increase in expenditure needs control and the NPAs need to come down.
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