Monday, October 14, 2013
INDUSIND BANK - RESULTS FOR - Q2 FY 13-14 - ENDING SEP,2013 - NPT UP 32%;NII UP 37%; ROA 1.74%;NNPA 0.22% - EXCELLENT & CONSISTENT PERFORMER
Q2 FY 2013-14
Highlights Q2 FY 2014
Ø Operating Profit up by 40%
Ø Non Interest Income up by 30 %
Ø Return on Assets at 1.74%
Ø Provision Coverage Ratio at 80.01%
Ø Provision Coverage Ratio at 80.01%
Ø Net NPA quite healthy at 0.22%
Ø Net Profit YoY up by 32% at 330.23 Cr
Ø Net Interest Income (YoY) up by 37%
Ø Core Fee Income increases by 32% YoY
Performance highlights for the quarter
· Net Profit for the quarter was Rs.330.23 crore as against Rs.250.25 crore in the corresponding quarter of the previous year, showing a growth of 32%. (1% QoQ – Due to one off trading Gains in Q1))
· Operating Profit for the quarter was Rs.587.92 crore as against Rs.419.82 crore in the corresponding quarter of the previous year, showing a spectacular growth of 40%. (8% QoQ due to one off Trading Gains in Q1)
· Net Interest Income (NII) was Rs.699.94 crore as compared to Rs.509.74 crore in the corresponding quarter of the previous year, registering robust growth of 37 %. (3% QoQ)
· Core Fee Income for the quarter was Rs.389.48 crore as against Rs.296.10 crore in the corresponding quarter of the previous year, showing a consistent growth of 32 %. (11% QoQ)
· Non Interest Income for the quarter was Rs.416.73 crore as against Rs.320.49 crore in the corresponding quarter of the previous year, showing a growth of 30%.
· Net Interest Margin (NIM) for the current quarter was 3.65 % as against 3.25% in the corresponding quarter of the previous year.
· Other Income : Rs.416.73 Cr : 30%b YoY; 11% QoQ
· Total Business at Rs.1,02,026 Cr.
· Credit Growth above Industry 24% YoY; 3% QoQ;
· Net NPA at 0.22% PCR 80%; Restructured Advances 0.31%
· Credit Cost at 13 bps
· Loan Growth 24% YoY ( Hoping for 25-30% in 2014-16 cycle)
· Core Fee Growth : 32%
· Branch Growth : 30 in Q2
· Corporate Advances : Rs.24802 Cr = 31% YoY; 3% QoQ;
· Consumer Fin Advances : Rs.24,166 cr ; 18% YoY; 3% QoQ
· Deposits : Rs.53,058 Cr; 11% YoY; - 5% QoQ
· CASA Growth : Rs.16850 cr; 26% YoY; 1% QoQ
· SA :, Rs.8586 Cr; 62% YoY; 9% QoQ
· Borrowings :- Rs.13995 Cr ; 107% YoY; 80% QoQ;
Performance highlights for the 6 -month period ended September 30, 2013
· Net Profit for the half-year ended September 30, 2013 was Rs.665.07 crore as against Rs.486.51 crore in the corresponding period of previous year, up 37%.
· Operating Profit for the half-year ended September 30, 2013 was Rs.1229.52 crore as against Rs. 823.8 5 crore in the corresponding period of the previous year, up 49 %.
· Net Interest Income (NII) was Rs.1379.42 crore as compared to Rs.
993.84 crore in the corresponding period of the previous year, up 39%.
· Core Fee Income was Rs.741.05 crore as against Rs.565.14 crore in the corresponding period of the previous year, showing a consistent growth of 31 %.
· Non Interest Income was Rs.887.34 crore as against Rs.639.27 crore in the corresponding period of the previous year, up by 39 %.
· The CASA (Current Accounts-Savings Accounts) ratio improved to 31.76% against 27.98%.
· Gross NPA in current Q2 is at 1.11 % as against 1.03% in the previous year Q2. The net NPA has fallen to 0.22% in current Q2 as against 0.29% in the previous Q2.
· Increase in branch network from 441 Branches and 796 ATMs the previous year to 560 branches and 1025 ATMs this year as on 30Th September, 2013.
· Total Advances as on September 30, 2013 were at Rs.48,968 crore as compared to Rs.39,427 crore in the corresponding period of the previous year, recording a growth of 24 %
· Total deposits as on September 30, 2013 were at Rs.53,058 crore as compared to Rs. 47,765 crore in the corresponding period of the previous year, up by 11%.
· Capital Adequacy Ratio (as per BASEL III Capital regulations) as on September 30, 2013 was 14.58 % as against 11.76% (as per BASEL II Capital regulations) at the end of September 30, 2012.
Commenting on the performance, Mr. Romesh Sobti, MD & CEO , IndusInd Bank said, “The Bank has coped well in the face of disrupted money and currency markets to deliver results in line with the trend of the last 21 Quarters; we have not backed off from our commitment to expand our footprint, attract new clients and delivering robust results while sustaining the quality of earnings and the loan book.”
About IndusInd Bank:
IndusInd Bank, which commenced operations in 1994, caters to the needs of both consumer and corporate customers. Its technology platform supports multi-channel delivery capabilities. As on September 30, 2013, IndusInd Bank has 560 branches, and 1025 ATMs spread across 380 geographical locations of the country. The Bank also has representative offices in London and Dubai. The Bank believes in driving its business through technology. It enjoys clearing bank status for both major stock exchanges - BSE and NSE - and major commodity exchanges in the country, including MCX, NCDEX, and NMCE. IndusInd Bank on April 1, 2013 was included in the NIFTY 50 benchmark index. IndusInd Bank also offers DP facilities for stock and commodity segments.
Final observations : IndusInd Bank has excellent Management headed by Romesh Sobti, MD & CEO. It has excellent plans of Growth in terms of Branch expansion, deposit and credit growth and choice of sectors to lend. The past performance has been consistently EXCELLENT for the last 3 years. Judging by these factors, it is a strong candidate for Medium to Long term Investment.
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