Sunday, July 29, 2012

BANK OF INDIA - RESULTS FOR THE FIRST QUARTER - Q1 FY 2013 - TOTAL INCOME UP 17.23% YoY; NPT UP 71.48% YoY; NPAs still High;


BANK  OF  INDIA

RESULTS FOR THE FIRST QUARTER
Q1 FY 2013

Bank of India has declared its Results for the First Quarter ending June 2012.
HIGH LIGHTS

Total Income for Q1 FY 13 stands at Rs.8550.03 Cr; down by  -2.59% from Q4 FY 12 amount of Rs.8777.73 Cr; and up by 17.23% from the Q1 FY 12  amount of Rs.7293.68 Cr.

Total Expenditure         for Q1 FY 13 stands at Rs.6876.47 Cr; UP by 1.68% from Q4 FY 12 amount of Rs.6763.13 Cr; and up by 16.6% from the Q1 FY 12  amount of Rs.5897.74 Cr.

Profit before Interest, Dep. & Taxes  for Q1 FY 13 stands at Rs.1673.56 Cr; down by -16.93% from Q4 FY 12 amount of Rs.2014.60 Cr; and up by     19.89% from the Q1 FY 12  amount of Rs.1395.94 Cr.

Net Profit   for Q1 FY 13 stands at Rs.887.45 Cr; down by -6.85% from Q4 FY 12 amount of Rs. 952.73 Cr; and up by 71.48% from the Q1 FY 12  amount of Rs.517.53 Cr.

Diluted EPS for Q1 FY 13 stands at Rs.15.47; While the same for Q4 FY 12 is Rs.17.41 for Q4 FY 12; and Rs.9.47 in Q1 FY 12.

DETAILS

Interest on Advances for Q1 FY 13 stands at Rs.5541.20 Cr; down by    -0.82% from Q4 FY 12 amount of Rs.5586.90 Cr; and up by 20.57% from the Q1 FY 12  amount of Rs.4595.91 Cr.

Income on Investments for Q1 FY 13 stands at Rs.1896.21 Cr; UP by    4.38% from Q4 FY 12 amount of Rs.1816.57 Cr; and up by   15.58% from the Q1 FY 12  amount of Rs.1640.67 Cr.

Income on Balances With RBI for Q1 FY 13 stands at Rs.271.74 Cr; down by  -8.9% from Q4 FY 12 amount of Rs.298.30 Cr; and up by 23.46% from the Q1 FY 12  amount of Rs.220.10 Cr.
Interest Earned for Q1 FY 13 stands at Rs.    7709.17 Cr; down by  -1.3% from Q4 FY 12 amount of Rs.       7810.62 Cr; and up by 16.21% from the Q1 FY 12 amount of Rs.6633.57 Cr.

Other Income      for Q1 FY 13 stands at Rs.840.86 Cr; down by     -13.05% from Q4 FY 12 amount of Rs.967.11 Cr; and up by  27.38% from the Q1 FY 12  amount of Rs.660.11 Cr.

Total Income       for Q1 FY 13 stands at Rs.8550.03 Cr; down by   -2.59% from Q4 FY 12 amount of Rs.8777.73 Cr; and up by 17.23% from the Q1 FY 12  amount of Rs.7293.68 Cr.

Interest Expended        for Q1 FY 13 stands at Rs.5665.62 Cr; up by 6.71% from Q4 FY 12 amount of Rs.5309.59 Cr; and up by     18.22% from the Q1 FY 12  amount of Rs.4792.61 Cr.

Net Interest Income    for Q1 FY 13 stands at Rs.2043.55 Cr; down by   -18.29% from Q4 FY 12 amount of Rs.2501.03 Cr; and up by   11.01% from the Q1 FY 12  amount of Rs.1840.96 Cr. Net Interest Margin increased from 2.19% to 2.27 % (YoY) .

Total Expenditure(Excl.provisions) for Q1 FY 13 stands at Rs.6876.47 Cr; up by   1.68% from Q4 FY 12 amount of Rs.6763.13 Cr; and up by 16.6% from the Q1 FY 12  amount of Rs.5897.74 Cr.

Operating Profit for Q1 FY 13 stands at Rs.1673.56 Cr; down by   -16.93% from Q4 FY 12 amount of Rs.2014.60 Cr; and up by     19.89% from the Q1 FY 12  amount of Rs.1395.94 Cr.

Provisions   for Q1 FY 13 stands at Rs.472.23 Cr; down by      -32.71% from Q4 FY 12 amount of Rs.701.78 Cr; and down by -16.75% from the Q1 FY 12  amount of Rs.567.22 Cr.

Profit  before tax for Q1 FY 13 stands at Rs.1201.33 Cr; down by  -8.49% from Q4 FY 12 amount of Rs.1312.82 Cr; and up by     44.96% from the Q1 FY 12  amount of Rs.828.72 Cr.

Tax Expense         for Q1 FY 13 stands at Rs.313.88 Cr; down by      -12.83% from Q4 FY 12 amount of Rs.360.09 Cr; and up by       0.86% from the Q1 FY 12  amount of Rs.311.19 Cr.

Net Profit After Tax      for Q1 FY 13 stands at Rs.887.45 Cr; down by      -6.85% from Q4 FY 12 amount of Rs.952.73 Cr; and up by  71.48% from the Q1 FY 12  amount of Rs.517.53 Cr.

Face Value of Share is Rs.10; and Paid-up Equity  stands at Rs.574.25 Cr.

Capital Adequacy Ratio for Q1 FY 13 stands at  11.2%; while the same is 11.57% for Q4 FY 12; and 11.29% for Q1 FY 12.

Diluted EPS for Q1 FY 13 stands at Rs.15.47; while the same stands at 17.41% for Q4 FY 12; and Rs.9.47 for Q1 FY 12.

Gross/Net NPA for Q1 FY 13 stands at Rs.4413.44 Cr; up by  20.7% from Q4 FY 12 amount of Rs.3656.42 Cr; and up by     64.09% from the Q1 FY 12 amount of Rs.2689.71 Cr.

 % of Net NPA for Q1 FY 13 stands at 1.69%; while the same is 1.47% for Q4 FY 12; and 1.27% for Q1 FY 12. But - Gross NPA ratio decreased from  2.69% to 2.55 % (YoY) .

Provision Coverage Ratio stands at 60.86% against 66.76% in q1 FY 12.

Return on Assets for Q1 FY 13 stands at 0.86%; while the same is 0.98% for Q4 FY 12; and  0.59% for Q1 FY 12.

Book Value Per share in last 5 Qtrs was Rs.292.90 in Q1 FY 12; Rs.301.87 in Q2 FY 12; Rs.314.96 in Q3 FY 12; Rs.326.52 in Q4 FY 12; and Rs.341.97 in Q1 FY 12.

ROE improved from  13.13% to 18.49 % (YoY) 

Public Shareholding (%) in BOI is 37.28%;

52 week high/low price : Rs.418.00/Rs.261.00

Current Market Price –Rs.288; At current Qtrly EPS of Rs.15.47, annualized EPSW may be around Rs.62. The PE Ratio is 4.65. While the Income and Net Profit have grown well, the NPAs are yet to come down. The Provision coverage ratio is LOW compared to other Banks. CAR is moderate. The Bank may need additional funds for any significant Growth. That, of course, will not be much of a problem for BOI, to raise from the market.

Business Performance

  
Advances at  Rs. 2,641,616 Mn (YoY Growth 22.83 %) from Rs.2149,355 Mn in Q1 FY 12.

Deposits stood at  Rs.3,389,826 Mn (YoY Growth 15.66 %) from 2930,984 Mn in Q1 FY 12.

Business Mix stood at Rs.6031,442 Mn – up from Rs.5080,339 Mn.

CASA at 32.04 % -Compared to 30.48% in Q1 FY 12; and 34.25% in Q4 FY 12.

Business touched Rs. 6,031,442Mn  ( YoY Growth 18.72%)


MAJOR BUSINESS PARAMETERS

From Q1 FY12; Q2; Q3; Q4 and Q1 FY 13


Gross NPA %   :   2.69   :   3.02  :        2.74  :  2.34   :  2.56

Net NPA %             :  1.27 :  1.98 :  1.78 :  1.47 :  1.69

Provision Coverage Ratio % :  66.76 : 59.13 :   60.87 :  64.18  :  60.86

Cost to Income Ratio   :  44.19  :          43.49 :  40.68  :  41.91  :     41.98

Return on Assets   0.58        0.54        0.76        0.98        0.86

Return on Equity 13.13      12.07      16.97      21.17      18.49

Earnings Per Share( Rs)  :  9.47 : 8.99 : 13.10 : 17.41 : 15.47

CRAR - Tier I (%) 8.02        8.26        7.65        8.59        8.29

CRAR - Tier II (%)                3.55        3.71        3.53        3.36        3.13

CRAR (%)  :  11.57  :  11.97 :  11.18 :               11.95  :  11.42


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