Monday, July 16, 2012

THE SOUTH INDIAN BANK LTD - FIRST QUARTER - Q1 FY 2013 - RESULTS IMPRESSIVE - INCOME UP 39.5% YoY; NPT UP 49.16% YoY


THE SOUTH INDIAN BANK LTD

FIRST QUARTER OF FY2012-13          
Q/E 30th, JUNE,2012

Total Income  for Q1 FY 13 stands at Rs.1144.41 Cr – up by 6.32% from Q4 FY 12 (Rs.1076.36 cr; ) and up by  39.5% from Q1 FY 12 (Rs.820.35 Cr).

Total Expenditure       for Q1 FY 13 stands at Rs.936.92 Cr – up by 2.58% from Q4 FY 12 (Rs.913.33 cr; ) and up by  38.35% from Q1 FY 12 (Rs.677.21 Cr). The increase in expenditure is less than proportionate  to the increase in Income – indicating improvement of margins for the Bank.

Operating Profit  for Q1 FY 13 stands at Rs.207.49 Cr – up by 27.27% from Q4 FY 12 (Rs.163.03 cr; ) and up by    44.96% from Q1 FY 12 (Rs.143.14 Cr).

Profit before tax  for Q1 FY 13 stands at Rs.182.10 Cr – up by 20.84% from Q4 FY 12 (Rs.150.70 cr; ) and up by  48.9% from Q1 FY 12 (Rs.122.30 Cr).

Net Profit for Q1 FY 13 stands at Rs.123.04 Cr – up by     0.89% from Q4 FY 12 (Rs.121.95 cr; ) and up by 49.16% from Q1 FY 12 (Rs.82.49 Cr). The YoY improvement at 49.16% is a good achievement by the Bank.

Interest on Advances for Q1 FY 13 stands at Rs.857.98 Cr – up by 6.81% from Q4 FY 12 (Rs.803.27 cr; ) and up by    40.66% from Q1 FY 12 (Rs.609.98 Cr).

Income on Investments  for Q1 FY 13 stands at Rs.181.40 Cr – up by       10.35% from Q4 FY 12 (Rs.164.39 cr; ) and up by      25.94% from Q1 FY 12 (Rs.144.04 Cr).

Income on Balances With RBI  for Q1 FY 13 stands at Rs.30.05 Cr – up by    14.69% from Q4 FY 12 (Rs.26.20 cr; ) and up by       104.42% from Q1 FY 12 (Rs.14.70 Cr).

Interest Earned  for Q1 FY 13 stands at Rs.1069.43 Cr – up by 7.6% from Q4 FY 12 (Rs.993.86 cr; ) and up by    39.12% from Q1 FY 12 (Rs.768.72 Cr).

Other Income  for Q1 FY 13 stands at Rs.74.98 Cr – down by -9.12% from Q4 FY 12 (Rs.82.50 cr; ) and up by      45.23% from Q1 FY 12 (Rs.51.63 Cr).

Interest Expended      for Q1 FY 13 stands at Rs.772.65 Cr – up by 8.93% from Q4 FY 12 (Rs.709.30 cr; ) and up by  37.06% from Q1 FY 12 (Rs.563.75 Cr).

Net Interest Income for Q1 FY 13 stands at Rs.296.78 Cr – up by  4.29% from Q4 FY 12 (Rs.284.56 cr; ) and up by    44.79% from Q1 FY 12 (Rs.204.97 Cr).

Net Interest Margin increased from2.77% in Q1 FY2012 yo3.15% in Q1 FY2013. The improvement in NIM is quite impressive. It is to be seen if the Bank will keep up / improve on this Margin in future.

Provisions for Q1 FY 13 stands at Rs.25.39 Cr – up by      105.92% from Q4 FY 12 (Rs.12.33 cr; ) and up by  21.83% from Q1 FY 12 (Rs.20.84 Cr).

Tax Expense for Q1 FY 13 stands at Rs.59.06 Cr – up by 105.43% from Q4 FY 12 (Rs.28.75     48.35% from Q1 FY 12 (Rs.39.81 Cr).

F.V of Share  is Rs.1 and Paid-up Equity stands at Rs.113.50 Cr.

Capital Adequacy Ratio  for Q1 FY 13 stands at 13.16 – compared to 11.64 in previous Qtr and  12.36 in corresponding qtr. The CAR is good enough to support expanded operations in Q2.

Basic EPS stands at Rs.1.08 – against R.1.08 in previous qtr and Rs.0.73 in corresponding Qtr of previous year.

Gross/Net NPA for Q1 FY 13 stands at Rs.95.15 Cr – up by 24.36% from Q4 FY 12 (Rs.76.51 cr; ) and up by      49.87% from Q1 FY 12 (Rs.63.49 Cr).NPAs have increased considerably and this is a point of concern for the Bank.

% of Gross/Net NPA for Q1 FY 13 stands at  0.35 against  0.28 in previous qtr and 0.29 in corresponding qtr. While the ratio has increased, yet it is within reasonable limits.

Return on Assets        stands around 1.27

Public Shareholding in the Bank is 100%.

The Bank has recommended a Dividend of Rs.0.60 per share (of Rs.1) against Rs.0.50 last year.
 
Total Business of the Bank has increased to Rs.64,502 cr – a growth of 20% YoY.

Deposits increased to Rs.37153 Cr- a growth of 17.5%.

CASA Deposits increased to Rs.7835 cr – a growth of 15.4%

Advances increased to Rs.27,349 Cr – an increase of 23.5%.

Comments :Over all, South Indian Bank has turned in an impressive growth YoY – in line with its stated Growth strategy.


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