IndusInd Bank
 |
| RAMESH SOBTI, CEO, INDUSIND BANK |
Q3 FY2012-13 RESULTS
Net Profit up by 30% to
Rs.267.27 crore
Highlights Q3
FY 2013
• NIM jumps 21 bps QoQ to
3.46%
• Net Interest Income up 34%
• Other Income grows by 34%
• Capital Adequacy at 16.56%
(with Profit)
• Stable Non Performing book
• New Core Banking System ‘Finacle 10.2
version’ launched
Performance Highlights at a
Glance:
|
Key
Ratios: Particulars
(in %)
|
Q3
FY13
|
Q2
FY13
|
|
Net
Interest Margin
|
3.46
|
3.25
|
|
Return
on Equity
|
17.37
|
20.45
|
|
Return
on Assets
|
1.60
|
1.56
|
|
Net
NPA
|
0.30
|
0.29
|
|
Provisioning
Coverage Ratio
|
70.30
|
72.09
|
|
Particulars
|
Q3 FY13
|
Q3 FY12
|
YOY% GRTH
|
Q2 FY13
|
QoQ %Grth
|
9M FY13
|
9m FY12
|
YoY %Grth
|
|
NII(CR)
|
577.8
|
430.65
|
34
|
509.73
|
13
|
1571.63
|
1239.85
|
27
|
|
OTR INCOME
|
355.8
|
265.12
|
34
|
320.49
|
11
|
995.07
|
719.73
|
38
|
|
OPTG PROFIT
|
472.16
|
349.24
|
35
|
419.82
|
12
|
1296.01
|
993.94
|
30
|
|
NET PROFIT
|
267.27
|
205.96
|
30
|
250.25
|
7
|
753.78
|
579.23
|
30
|
Performance
highlights
for the Quarter
ended December 31, 2012
Ø Net Profit for the quarter was Rs.
267.27 crore as against Rs. 205.96 crore in Q3 FY 12, showing a growth of 30%
Ø Net Interest Income (NII) was Rs.
577.80 crore as against Rs. 430.65 crore in Q3 FY 12, registering a robust
growth of 34%
Ø Operating Profit for the quarter was
Rs. 472.16 crore as against Rs. 349.24 crore in Q3 FY 12, showing a growth of
35%
Ø Net Interest Margin (NIM) for the
current quarter was 3.46% as against 3.25% in the Q2 FY13
Ø Other Income grew by 34% to Rs. 355.80
crore as against Rs 265.12 crore in the corresponding quarter of the previous
year
Ø CASA (Current Accounts- Savings Accounts)
Ratio rises to 28.67%
Ø Basic EPS (not annualized) stands at Rs.5.51 for Q3 FY 13; Rs.5.33 for Q2
FY 13; Rs.4.41 for Q3 FY 12; Rs.15.90 for 9m FY 13; Rs.12.43 for 9m FY 12; and
Rs.17.20 for FY 12.
Ø Diluted EPS (not annualized) stands at
Rs.5.40 for Q3 FY 13; Rs.5.23 for Q2 FY 13; Rs.4.33 for Q3 FY 12; Rs.15.59 for
9m FY 13; Rs.12.18 for 9m FY 12; and Rs.16.86 for FY 12;
Ø Provisions amount to 78.68 cr in Q3 FY
13; against Rs.49.07 Cr in Q2 FY 13 and Rs.42.83 cr in Q3 FY 12.
Ø Capital Adequacy ratio stands at 15.01
in Q3 FY 12 against 11.76 in Q2 FY 13; and 13.43 in Q3 FY 12;
Ø Gross NPA stands at 0.99% in Q3 FY 13;
against 1.03 in Q2 FY 13 and 1.02 in Q3 FY 13
Ø Net NPA stands at 0.30 % in Q3 FY 13;
0.29 in Q2 FY 13; and 0.28 in Q3 FY 12.
Ø Return on Assets (%) Annualized stands
at 1.60 in Q3 FY 13;1.56 in Q2 FY 12; and 1.55 in Q3 FY 12
Ø Paid up equity stands at Rs.522.25 cr
in Q3 FY 12; against Rs.469.72 cr in Q2 FY 13 and Rs.466.92 cr in Q3 FY12; The
bank has issued 5,21,00,000 Eq shares of Rs.10 each @ Rs.384 per share in Dec,2012
on QIP basis. The EPS is on the enhanced equity and reflects a very creditable
performance for the quarter. The Bank has received good amount of Low cost,
loanable funds, on which it can now expect to earn excellent Profits in coming
quarters.
Ø The
Bank has said that its exposure to stressed /sensitive sectors is quite low.
Ø Cost of credit stands at 16bps and credit growth is above the Industry at
31%YoY and 8% QoQ.
Ø Loan book has grown at 31% and is expected
to grow well above industry in coming quarters.
Ø Consumer Finance Book has grown 38% in
Q3
Ø CASA is expected to reach >35% by
March 2014.
Ø CD Ratio stands at 83% in Q3 and is
expected to be between 75% and 80% in future. The bank expects to put the deposits
to efficient use.
Ø Fee Growth was at 32% in Q3 and the
Bank expects Fee Growth to exceed loan growth in future.
Ø EPS Annualized stands at Rs.22.04 in Q3
FY 13; compared to 17.64 in Q3 FY 12 and 21.32 in Q2 FY 13. But, future
profitability on enhanced available funds can be expected to be much higher –
in coming quarters
Ø PE Ratio works out to 19 on enhanced equity
and current price. The equity has been enhanced in December 2012, at the end of
the Q3 FY 12. This reflects scope further improvement in price levels in
future. Considering the Huge loanable funds availability with the bank, the
performance in coming quarters can be expected to improve much further.
Ø Book
Value is at Rs.139.46 in Q3 FY 13 compared to Rs.106.76 in Q2 FY 13 and
Rs.94.55 in Q3 FY 12.
Ø The
performance in Q3 FY 12 has thus shown all-round improvement – with promise to improve
further in coming quarters. It is therefore an EXCELLENT BUY for all medium to
long term investors.
Performance
highlights
for the 9-month
period ended Dec 31, 2012
Ø Net
Profit for the 9-month period ended December 31, 2012 was Rs. 753.78 crore as
against Rs. 579.23 crore in the corresponding period of the previous year, up
30%
Ø Net
Interest Income was Rs. 1571.63 crore as compared to Rs. 1239.85 crore in the
corresponding period of the previous year, up 27%
Ø Operating
Profit for the 9-month period ended December 31, 2012 was Rs. 1296.01 crore as
against Rs. 993.94 crore in the corresponding period of the previous year, up
30%
Ø As
on December 31, 2012 the total Advances were at Rs. 42,426 crore and total
Deposits were at Rs. 51,098 crore, showing a
YoY growth of 31 % and 26% respectively
Ø Gross
NPA in current Q3 stands at 0.99% as compared to 1.02% for the corresponding
period of the previous year. Net NPA as at December 31, 2012 stands at 0.30% as
compared to 0.29% for the corresponding period of the previous year
Ø Increase
in Branch network from 365 and 674 ATMs the previous year to 461 branches and
852 ATMs spread over 320 geographical locations as on December 31, 2012
Commenting
on the performance, Mr. Romesh Sobti, MD & CEO, IndusInd Bank said,
“IndusInd Bank has yet again been consistent with its overall performance in
the third quarter of the financial year (FY13). Profit growth has been aided by
a growth in NIM at 3.46% as against 3.25% in Q2 FY13, along with well
diversified fee income streams and active cost management. The recent
successful completion of the Bank’s QIP, reinforces Investor confidence in the
Bank’s financial performance and will help sustain Balance Sheet growth.
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