Saturday, July 28, 2012

DENA BANK - RESULTS FOR FIRST QUARTER - Q1 FY 2013 - TOTAL INCOME UP 38%YoY; NPT UP42% YoY; NPAs under Control. - Good Performance


DENA BANK

RESULTS FOR FIRST QUARTER

Q1 FY 2013

DENA BANK , a public sector Bank with 44.76% Public Holding, has produced good Results in the first quarter ending June 2012.

HIGH LIGHTS
Total Income for Q1 FY 13 stands at Rs.2278.85 Cr; up by 5.19% from Rs.2166.36 Cr in Q4 FY 12(Previous Qtr); and  up by  37.9 % from Rs.1652.53 Cr in Q1 FY 12 (Corresponding Qtr).

Total Expenditure for Q1 FY 13 stands at Rs.1820.93 Cr; up by  7.69% from Rs.1690.85 Cr in Q4 FY 12(Previous Qtr); and  up by 35.41% from Rs.1344.79 Cr in Q1 FY 12 .

Profit before Interest, Dep. & Taxes for Q1 FY 13 stands at Rs.457.92 Cr; down by                -3.7% from Rs.475.51 Cr in Q4 FY 12(Previous Qtr); and  up by   48.8% from Rs.307.74 Cr in Q1 FY 12.

Net Profit for Q1 FY 13 stands at Rs.238.63 Cr; down by       -6.34% from Rs.254.79 Cr in Q4 FY 12(Previous Qtr); and  up by  41.97% from Rs.168.09 Cr in Q1 FY 12 .

Diluted EPS for Q1 FY 13 stands at Rs.6.82 ; down  by    -10.62% from Rs.7.63  in Q4 FY 12(Previous Qtr); and  up by         35.32% from Rs.5.04  in Q1 FY 12 .

DETAILS

Interest on Advances for Q1 FY 13 stands at Rs.1650.58 Cr; up by 12.64% from Rs.1465.39 Cr  in Q4 FY 12(Previous Qtr); and  up by               40.22% from Rs.1177.14 Cr in Q1 FY 12 (Corresponding Qtr).

Income on Investments     for Q1 FY 13 stands at Rs.449.35 Cr; up by               5.29% from Rs.426.79 Cr in Q4 FY 12(Previous Qtr); and  up by 29.8% from Rs.346.18 Cr in Q1 FY 12 .

Income on Balances With RBI      for Q1 FY 13 stands at Rs.10.29 Cr; down  by -21.93% from Rs.13.18 Cr in Q4 FY 12(Previous Qtr); and  up by 111.73% from Rs.4.86 Cr in Q1 FY 12 .

Interest Earned         for Q1 FY 13 stands at Rs.2137.20 Cr; up by 9.27% from Rs.1955.89 Cr in Q4 FY 12(Previous Qtr); and  up by 39.85% from Rs.       1528.18 Cr in Q1 FY12.

Other Income for Q1 FY 13 stands at Rs.  141.65 Cr; down by   -32.7% from Rs.210.47 Cr in Q4 FY 12(Previous Qtr); and  up by               13.91% from Rs.124.35 Cr in Q1 FY 12 .

Total Income               for Q1 FY 13 stands at Rs.2278.85 Cr; up by 5.19% from Rs.2166.36 Cr in Q4 FY 12(Previous Qtr); and  up by 37.9% from Rs.1652.53 Cr in Q1 FY 12 .

Interest Expended for Q1 FY 13 stands at Rs.1524.96 Cr; up by              12.33% from Rs.1357.52 Cr in Q4 FY 12(Previous Qtr); and  up by 40.99% from Rs.1081.63 Cr in Q1 FY 12 .

Net Interest Income for Q1 FY 13 stands at Rs.612.24 Cr; up by             2.32% from Rs.598.37 Cr in Q4 FY 12(Previous Qtr); and  up by               37.1% from Rs.446.55 Cr in Q1 FY 12.

Employees Cost         for Q1 FY 13 stands at Rs.172.17 Cr; up by               -19.21% from Rs.213.10 Cr in Q4 FY 12(Previous Qtr); and  up by 2.42% from Rs.168.11 Cr in Q1 FY 12.

Other Operating Expenses for Q1 FY 13 stands at Rs.123.80 Cr; up by              2.97% from Rs.120.23 Cr in Q4 FY 12(Previous Qtr); and  up by 30.25% from Rs.95.05 Cr in Q1 FY 12.

Operating Expenses for Q1 FY 13 stands at Rs.295.97 Cr; down  by      -11.21% from Rs.333.33 Cr in Q4 FY 12(Previous Qtr); and  up by               12.47% from Rs.263.16 Cr in Q1 FY 12 .

Total Expenditure(Excl.Provisions) for Q1 FY 13 stands at Rs.1820.93 Cr; up by     7.69% from Rs.1690.85 Cr in Q4 FY 12(Previous Qtr); and  up by     35.41% from Rs.1344.79 Cr in Q1 FY 12 .

Operating Profit  for Q1 FY 13 stands at Rs.457.92 Cr; down by              -3.7% from Rs.475.51 Cr in Q4 FY 12(Previous Qtr); and  up by               48.8% from Rs.307.74 Cr in Q1 FY 12.

Provisions  for Q1 FY 13 stands at Rs.103.41 Cr; down by             -64.48% from Rs.291.11 Cr in Q4 FY 12(Previous Qtr); and  up by 57.9% from Rs.65.49 Cr in Q1 FY 12.

Profit  before tax for Q1 FY 13 stands at Rs.354.51 Cr; up by     92.25% from Rs.184.40 Cr in Q4 FY 12(Previous Qtr); and  up by 46.34% from Rs.242.25 Cr in Q1 FY 12 .

Tax Expense for Q1 FY 13 stands at Rs.115.88 Cr; down  by        -264.63% from Rs.-70.39 Cr in Q4 FY 12(Previous Qtr); and  up by               56.26% from Rs.74.16 Cr in Q1 FY 12 .

Net Profit for Q1 FY 13 stands at Rs.238.63 Cr; down  by               -6.34% from Rs.254.79 Cr in Q4 FY 12(Previous Qtr); and  up by               41.97% from Rs.168.09 Cr in Q1 FY 12 .

Face Value of Share isRs.10; and  Paid-up Equity stands at Rs.350.06 Cr.

Capital Adequacy Ratio (Basel  II): for Q1 FY 13 stands at 12.35 % in Q1 FY 13; at  11.51% in Q4 FY 12; and at 13.14% in Q1 FY 12.

Basic EPS  stands at Rs.6.82 in Q1 FY 13; at Rs.7.63 in Q4 FY 12; and Rs.5.04 in Q1 FY 12.

Net NPAs for Q1 FY 13 stands at Rs.597.04 Cr; up by 4.43% from Rs.571.73 Cr in Q4 FY 12(Previous Qtr); and  up by         30.29% from Rs.458.24 Cr in Q1 FY 12 (Corresponding Qtr).

 % of Net NPAS to Net Advances  stands at 1.01% in Q1 FY 13; at 1.01% in Q4 FY 12; and at 1.08% in Q1 FY 12.

Return on Assets stands at 1.07% in Q1 FY 13; at              1.17% from Q4 FY 12; and at 0.97% in Q1 FY 12.

Provision Coverage Ratio is 75.62% as on 30.06.2012.

OTHER DETAILS

 The good numbers are a result of an overall performance improvement, including growth in advances, widening of margins and profit from sale of securities – Says the CMD, Noopur Mitra.
 Dena Bank's N I M was up 0.16 % over Q1 FY 12 at 3.06 % - in spite of a 4 % point dip in the share of the low-cost current and saving account deposits, which stood at a little over 30 percent in Q1 FY 13, in the wake of bank's shift to term deposits.

Acting on a finance ministry diktat of reducing reliance on bulk deposits, the bank has embarked on a three- quarter, Rs 9,000-crore shedding drive which will take the component down to 10 percent from the present 13.5 percent, Mitra said. It is seen that all PSU Banks are attempting the same. The share of Bulk Deposits come down as the CASA DEPOSITS SHARE grows.

The bank restructured Rs 800 crore of its assets during the quarter, which included two power distribution companies with Rs 700 crore. But, Mitra stressed that there are no chunky restructurings in the pipeline which will erode profits. The bank's total provisions nearly doubled to Rs 103.41 crore as against Rs 65.49 crore in the corresponding period last year.Going forward, Asset quality is not a major concern, as the Bank has restructured all accounts necessary - feels the bank. Also, It feels confident of maintaining a NIM of 3% in the rest of the Year. It expects to achieve a Loan growth of 20% and a deposit Growth of 18%.

Overall – DENA BANK has performed well in Q1 FY 13 – even in controlling the NPAs – which has affected many other PSU Banks. The CMD’s views that there are no big restructuring of loans for the future pipe line – is re-assuring.

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