Monday, July 30, 2012

BANK OF BARODA - FIRST QUARTER RESULTS - Q1 FY 2013 - Total Income up 28.27%; NPT Up 10.26% YoY.; NPAs on rise.


BANK OF BARODA

FIRST QUARTER RESULTS
Q1 FY 2013

BANK OF BARODA has declared its first quarter results for the quarter ending June, 2012.

HIGH LIGHTS

Total Income for Q1 FY 13 stands at Rs.9328.41 Cr; up by 3.46% from Q4 FY 12 amount of Rs.9016.31 cr; and up by 28.27% from Q1 FY 12 amount of Rs.7272.64 Cr. The income improvement is very good.

Total Expenditure for Q1 FY 13 stands at Rs.7075.23 Cr; up by 1.58% from Q4 FY 12 amount of Rs.6965.38 Cr; up by 30.03% from Q1 FY 12 amount of Rs.5441.36Cr.

Profit before Intt, Dep. & Taxes     for Q1 FY 13  stands at Rs.2253.18 Cr; up by 9.86% from Q4 FY 12 amount of Rs.2050.93 cr; and up by 23.04% from Q1 FY 12 amount of Rs.1831.28 Cr.

Net Profit   for Q1 FY 13  stands at Rs.1138.86 Cr; down by  -24.99% from Q4 FY 12 amount of Rs.1518.18 cr; and up by 10.26% from Q1 FY 12 amount of Rs.1032.85 Cr. The Net Profit has thus come down sequentially but has gone up by just 10% YoY.

Diluted EPS  for Q1 FY 13 stands at Rs.27.7; against Rs.38.73 in Q4 FY 12; and Rs.26.38 in Q1 FY 12.
DETAILS

Interest on Advances for Q1 FY 13   stands at Rs.   6426.65 Cr; up by     5.81% from Q4 FY 12 amount of Rs.6073.88 Cr; and up by  26.58% from Q1 FY 12 amount of Rs.5077.23 Cr.

Income on Investments for Q1 FY 13 stands at Rs.1731.51Cr;up by 5.58% from Q4 FY 12 amount of Rs.1639.98 cr; and up by 28.03% from Q1 FY 12 amount of Rs.1352.45 Cr.

Income on Balances with RBI for Q1 FY 13 stands at Rs.287.92Cr; up by 23.61% from Q4 FY 12 amount of Rs.232.93 cr; and up by 76.91% from Q1 FY 12 amount of Rs.162.76Cr.

Interest Earned  for Q1 FY 13  stands at Rs.8557.61Cr; up by 5.41% from Q4 FY 12 amount of Rs.8118.52 cr; and up by 29.04 % from Q1 FY 12 amount of Rs.6631.77Cr.

Other Income      for Q1 FY 13  stands at Rs.770.80Cr; down by -14.14% from Q4 FY 12 amount of Rs.897.79 cr; and up by  20.27% from Q1 FY 12 amount of Rs.640.87Cr.

Total Income       for Q1 FY 13  stands at Rs.9328.41Cr;up by 3.46% from Q4 FY 12 amount of Rs.9016.31Cr; and up by 28.27% from Q1 FY 12 amount of Rs.7272.64 Cr.

Interest Expended        for Q1 FY 13  stands at Rs.5759.54 Cr; up by 8.24% from Q4 FY 12 amount of Rs.5321.12 Cr; and up by 32.87% from Q1 FY 12 amount of Rs. 4334.58Cr.
Net Interest Income    for Q1 FY 13  stands at Rs.2798.07Cr; up by  0.02 % from Q4 FY 12 amount of Rs.2797.40 Cr; and up by  21.8% from Q1 FY 12 amount of Rs.2297.19Cr.
Total Expenditure (Excl.Provisions)      for Q1 FY 13  stands at Rs.7075.23Cr;up by 1.58% from Q4 FY 12 amount of Rs.6965.38 Cr; and up by  30.03% from Q1 FY 12 amount of Rs.5441.36Cr.
Operating Profit  for Q1 FY 13  stands at Rs.2253.18 Cr; up by 9.86% from Q4 FY 12 amount of Rs.2050.93 Cr; and up by 23.04% from Q1 FY 12 amount of Rs.1831.28Cr.

Provisions for Q1 FY 13  stands at Rs.893.80Cr; up by 5.94% from Q4 FY 12 amount of Rs.843.68 Cr; and up by 128.56% from Q1 FY 12 amount of Rs.391.05Cr.

Profit before tax for Q1 FY 13  stands at Rs.1346.94 Cr; up by 12.57% from Q4 FY 12 amount of Rs.1196.51 Cr; and down by    -5.62% from Q1 FY 12 amount of Rs.1427.22Cr.

Tax Expense for Q1 FY 13 stands at Rs.208.08Cr; compared to Q4 FY 12 amount of Rs. -321.67 Cr; and Q1 FY 12 amount of Rs.394.37 Cr.

Net Profit   for Q1 FY 13  stands at Rs.1138.86Cr. Down by -24.99% from Q4 FY 12 amount of Rs.1518.18 Cr; and up by 10.26% from Q1 FY 12 amount of Rs.1032.85Cr.

Face Value of Share stands at Rs.10; and Paid-up Equity stands at Rs.412.38Cr.

Capital Adequacy Ratio for Q1 FY 13  stands at 13.74%; against 14.67% in Q4 FY 12; and 12.04% in Q1 FY 12.

Diluted EPS for Q1 FY 13 stands at Rs.27.7; against Rs.38.73 in Q4 FY 12; and Rs.26.38 in Q1 FY 12.

Gross/Net NPA for Q1 FY 13 stands at Rs.1844.51Cr; up by 19.49% from Q4 FY 12 amount of Rs.1543.64Cr; up by 80.05% from Q1 FY 12 amount of Rs.1024.42Cr.

% of Gross/Net NPA    for Q1 FY 13  stands at 0.65%; against 0.54% in Q4 FY 12; and 0.44% in Q1 FY 12. Though in absolute terms – it is still moderate, but by comparison to YoY qtr, the percentage has risen steeply.

 Return on Assets for Q1 FY 13  stands at 1.01% ; against 1.41% in Q4 FY 12; and 1.13% in Q1 FY 12. ROA has come down steeply both sequentially and YoY.

Public Shareholding in the Bank stands at 45.69%.

FURTHER DETAILS

 Total Business up 22.6% (y-o-y) to Rs 6,68,552 Cr
 Total Advances up 23.02% (y-o-y)
 Total Deposits up 22.3% (y-o-y)
 NIM at 2.73% in Global & at 3.22% in Domestic operations
 ROAA (annualized) at 1.01%
 CRAR at 13.74% with Tier 1 at 10.13%
Note: #: Total Expenses and Operating Expenses excludes the exceptional items of Rs 12.44 Cr for Q1, FY13 and Rs 13.01 Cr for Q1, FY12 as a share of the total deficit of Rs 149.25 Cr on account of the take-over by the Bank of the  specified Assets & Liabilities of  “The Memon Co-operative Bank Ltd.” as per the approval granted by RBI.

EXPENSES

Growth in the Bank’s Operating Expenses remained controlled at 18.9% (y-o-y) in Q1, FY13 to  Rs  1,316 Cr. However, the Bank’s  Total Expenses registered a growth of  30.0% to  Rs 7,075 Cr primarily on account of increased cost of funds. Notwithstanding this, the Bank’s Cost-Income Ratio of 37.21% during Q1, FY13 is a testimony to the Bank’s prudent control over operating expenses.

PROVISIONS AND CONTINGENCIES

Provisions and Contingencies (excluding tax provisions) made by the Bank stood at  Rs  894 Cr in Q1, FY13 versus  Rs  391 Cr in Q1, FY12. An increase in these provisions was on account of higher provisions against NPAs and write off of bad debts – a necessary fallout of a stretched business cycle downturn. Provisions for Taxes, however, declined from Rs 394 Cr to Rs 208 Cr reflecting a decline of 10.3% on y-o-y basis.

BUSINESS EXPANSION

Total Business expanded by 22.6% (y-o-y) to Rs 6,68,552 Cr in Q1, FY13. Out of  this, Total Deposits increased by 22.3% (y-o-y) to Rs 3,82,739 Cr, whereas Total Advances increased by 23.0% (y-o-y) to Rs 2,85,813 Cr in Q1,  FY13. Domestic CASA Deposits share stood at the decent levels of 32.23% in terms of Total Deposits and 33.72% in terms of Core Deposits despite continuation of elevated returns on term deposits. Retail Credit increased by 6.43% (y-o-y) to Rs 32,922 Cr and formed 16.5% of the Gross Domestic Credit of the Bank as on 30th June, 2012. While the Bank’s Farm Credit grew by 19.7% (y-o-y) to Rs27,774 Cr, its Credit to MSME sector grew by 21.1% (y-o-y) to Rs 34,346 Cr.
 
ASSET QUALITY

Gross NPA increased to Rs 5,319 Cr as on June 30, 2012 from Rs 3,425 Cr as on June 30, 2011 due to the ongoing slowdown in the industrial sector combined with weak monsoon rainfall in the current year.  However, the Gross NPA ratio stood at 1.84% as on 30 th June, 2012. Also, Net NPA (%) increased  from  0.44%  to  0.65% on y-o-y basis. The Provision Coverage Ratio was maintained at 79.02% during Q1, FY13.

CAPITAL ADEQUACY

Capital Adequacy Ratio (Basel II)  was at 13.74% as on 30th June, 2012. Out of 13.74%, the share of Tier 1 capital was 10.13% and that of Tier 2 Capital was 3.61%.

KEY FINANCIAL RATIOS

Net Worth expanded by 34.2% (y-o-y) to Rs 27,889 Cr as on 30th June, 2012. In annualized terms, the Return on Equity (%) stood at  16.33% and Return on Average Assets (%) at 1.01% in the first quarter of FY13. The  Book Value per Share improved to Rs 678.37 as on 30Th June, 2012 from Rs 530.85 as on 30th June, 2011 (up 27.8% y-o-y).

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