IndusInd Bank
RESULTS FOR Q1-FY 2012-13
Highlights Q1 FY 2013
Particulars (Rs Cr)
|
Q1 FY 13
|
Q1 FY 12
|
YoY growth (%)
|
Net Profit
|
236.26
|
180.18
|
31
|
Operating Profit
|
404.03
|
311.72
|
30
|
Net Interest Income
|
484.10
|
390.01
|
24
|
Core Fee Income
|
269.03
|
187.07
|
44
|
Key Ratios:
Particulars (in %)
|
Q1 FY 13
|
Q1 FY12
|
Q4 FY12
|
Net Interest Margin
|
3.22
|
3.41
|
3.29
|
Return on Assets
|
1.57
|
1.59
|
1.60
|
Return on Equity
|
20.35
|
18.41
|
20.00
|
Capital Adequacy Ratio(CAR)-with Accrued Profit
|
13.42
|
15.55
|
13.85
|
Net NPA (%)
|
0.27
|
0.30
|
0.27
|
Coverage Ratio
|
72.64
|
72.91
|
72.72
|
Performance highlights
Net Profit was Rs.236.26 Cr as against Rs.
180.18 Cr in the corresponding quarter of previous year, up by 31%; and against
Rs.223.38 cr in Q4 FY 12 (Up 6%).
Operating Profit was Rs 404.03 Cr - against Rs.
311.72 Cr in Q1 FY 12 , up by 30%. (and
against Rs.379.09 cr in Q4 FY 12; up 7%).
Core Fee Income was higher at Rs 269.03 Cr as
against Rs. 187.07 Cr in Q1 FY 12, an increase of 44%.
Net Interest
Income (NII) grew to
Rs. 484.10 Cr - compared to Rs. 390.01 Cr in Q1 FY 2012, a growth of 24%. (Q4 FY
12 : Rs.464.39 cr; up 4%)
Net Interest
Margin (NIM) for
Quarter ended June 2012 works out to 3.22 % as compared to 3.41 % in the
corresponding period last year. NIM is quite impressive for IndusInd Bank.
Other Income for Quarter ended June 2012 was
Rs 318.78 Cr as against Rs. 215.40 Crs for the corresponding period of the
previous year, recorded a growth of 48 %. (Q4 FY 12 :Rs.292.05 Cr; up up 9%)
Total Income is
Rs.808.88 cr against Rs.605.41 cr in Q1 FY 12 (up 33%) and against Rs.756.44 cr
in Q4 FY 12 (Up 6%).
OPERATING EXPENSES :
Rs.398.85 cr in Q1 FY 13 against Rs.293.69 cr in Q1 FY 12 (Up 36%); and against
Rs.377.36% in Q4 FY 12(Up 6%). The Growth in Income and Expenses is even and
proportional.
PROVISIONS &
CONTINGENCIES : Rs.53.50 cr in Q1 FY 13; against Rs.44.69 cr in Q1 FY 12
(up 20%) and against Rs.45.99 cr in Q4 FY12(Up 16%). Provisions has gone up –
but by a much lesser percentage compared to Income and Profits.
PROFIT BEFORE
TAX : Rs.350.53 cr against Rs.267.03 cr in Q1 FY 12 (up 31%);
and against Rs.333.10 cr in Q4 FY 12 (up 5%). The growth in PBT is also quite
heartening.
PROVISION FOR
TAX : Rs.114.27 cr in Q1 FY
13 – against Rs. 86.95 cr in Q1 FY 12 (Up 32%); and against Rs.109.72 cr in Q4 FY
12 (Up 4%).
Quarterly basic
EPS (not annualized) works out to Rs. 5.05 as against Rs. 3.87 in the
previous year’s Q1.
EPS ANNUALISED works
out to Rs.20.20 for Q1 FY 13 against Rs.15.48 for Q1 FY 12 and Rs.19.12 for Q4 FY
12.
Its current
Market price is Rs.343.60. The PE Ratio comes to around 17. Going forward, IndusInd can well
improve its financial and EPS in the remaining 3 quarters of the years.
IndusInd Bank, based on this, appears to be
VERY GOOD BUY for medium / long term Investors.
BOOK VALUE PER
SHARE : is Rs.101.69 in Q1 FY 13; against Rs.86 in Q1 FY 12; and
Rs.96.73 in Q4 FY 12.
COST/INCOME
RATIO : is 49.68% in Q1 FY 13; against 48.51% in Q1 FY 12; and
49.88% in Q4 FY 12;
REVENUE/STAFF
COST MULTIPLE : is 4.96 in q1 FY
13; against 5.22 in Q1 FY 12; and 5.57 in Q4 FY 12.
Total Advances as on June 30, 2012 were at Rs.
37,244.49 Cr as compared to Rs. 28,384.35 Cr in ., recording a growth of 31%.
LOAN BOOK is
well diversified with commercial Loans at 24%; Utility vehicle loans
at 4%; Small CV at 5%; 2 wheeler Loans at 4%; Car Loans at 4%; Equipment
financing at 6%, Credit Cards at 1%; Loan against Property at 2%; NBFCS at
4.38%; Lease Rental at 2.58%; Power at 2.52%; Constnepcetc at 2.16%; Gems and
Gewellery at 1.72%; steel at 1.47%;Hposital/medical at 1.46%; Pharma at 1.32%;
paper at 1.31%; Auto ancillaries at 1.07%; and other Industry at 29.65%
Total deposits as on June 30, 2012 were at Rs.
45075.86 Cr as compared to Rs. 35,264.06 Cr in ., up by 28%.
Capital Adequacy
Ratio (with Accrued Profit) as on
June 30, 2012 was 13.42 % as against 15.55 % in Q1 FY12 . Of this – Tier 1 is
11.19% (Q1 FY 12 :12.23%); and Tier II is 2.23%(Q1 FY 12 : 3.32%)
CASA for Q1 FY13 stood at 27.86% as
against 28.20% in Q1 FY12. CASA showed an increase of 26% in absolute numbers
on Y-O-Y basis
Gross NPA in current Q1 stood at Rs.
365.12 Cr dropped to 0.97% from Rs. 309.28 Cr at 1.08% in previous Q1. Net NPA stands at 0.27%.
Increase in
network to 421
Branches, and 735 ATMs as against 326 Branches and 633 ATMs as on June 30, 2011.
AWARDS:
Ø
CIO Magazine – Top Green IT Enterprise Award 2012
Ø
Panasonic Green Globe foundation Award 2012 in the
“Business Enterprise Services” (UNEP/TERI/KPMG)
Ø
NASSCOM IT User Award 2012 for “Environmental
Sustainability” (Frost & Sullivan)
Ø
The CII Environmental Best Practice Award 2012 for
the “Most Innovative Project”
Ø
Most Improved
Bank Performance of the Year” at Financial Leadership Awards
2012 (Bloomberg UTV)
Ø
Winner of India Best Mid-Sized Bank Award by Business World -PwC Best
Banks Survey and Business Today-KPMG, Best Banks Survey.
Ø
‘Star Brand
2011’ ICMR Star Brands of India Survey
Ø
‘Best Bank in
New Generation Category’ by the STATE FORUM OF BANKERS CLUB, KERALA
Ø
M.IT.R-50 Marketing & IT Recognition Program
amongst top 50 brands-(Paul Writer & IBM )
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