Friday, January 10, 2014

INDUSIND BANK -RESULTS - FOR Q3 FY 14 - NIM :3.65% ;Net Profit up 30%YoY; Net NPA 0.31%



INDUSIND BANK

RESULTS FOR Q3 FY 14
Q/E DEC 2013

INDUSIND BANK has produced  excellent results for the third quarter ending December 2013.

Interest on Advances for Q3 FY 14 amounts to Rs.1738. 65 Crores ;  7.9% more than Q2 FY 14;  15.02% more than Q1 FY 14;  18.96% more than Q4 FY 13; and 19.51% more than Q3 FY 13. The growth has  thus been steady and gradual every quarter.

Income on Investments  for Q3 FY 14 amounts to Rs.368.45 Crores ; 0.82% more than Q2 FY 14;  0.3% more than Q1 FY 14; 11.21% more than Q4 FY 13; and 13.52% more than Q3 FY 13.

Income on Balances With RBI for Q3 FY 14 amounts to Rs.36.26 Crores ;  -12.92% (less) than Q2 FY 14;  9.85% more than Q1 FY 14; 21.88% more than Q4 FY 13; and  71.93% more than Q3 FY 13

Total Interest Earned    for Q3 FY 14 amounts to Rs.2143.49 Crores ;  6.19% more than Q2 FY 14;  12.1% more than Q1 FY 14; 17.6% more than Q4 FY 13; and 19.05% more than Q3 FY 13. As can be seen, the growth in total interest earned has been impressive and gradual in every quarter.

Other Income       for Q3 FY 14 amounts to Rs.480.27 Crores ;  15.25% more than Q2 FY 14; 2.05% more than Q1 FY 14;     30.55% more than Q4 FY 13; and 34.98% more than Q3 FY 13. Other Income has been registering very good growth in each quarter.

Total Income        for Q3 FY 14 amounts to Rs.2623.76 Crores ; 7.74% more than Q2 FY 14;  10.11% more than Q1 FY 14;            19.77% more than Q4 FY 13; and 21.68% more than Q3 FY 13. Total Income also has shown impressive Growth in each quarter over preceding quarter. 

Interest Expended for Q3 FY 14 amounts to Rs.1413.41 Crores ; 7.19% more than Q2 FY 14; 14.66% more than Q1 FY 14;  21.68% more than Q4 FY 13; and 15.6% more than Q3 FY 13

Net Interest Income      for Q3 FY 14 amounts to Rs.730.08 Crores ; 4.31% more than Q2 FY 14;         7.45% more than Q1 FY 14;        10.41% more than Q4 FY 13; and 26.36% more than Q3 FY 13. Despite rise in interest expended, Net Interest Income has grown impressively in each quarter over the preceding quarter.


Net Interest Margin is maintained at an impressive 3.65% despite upward trend in Interest Rates. The same was 3.46% for the  9m/e Dec,2012.

Employees Cost  for Q3 FY 14 amounts to Rs.205.78 Crores ;  1.88% more than Q2 FY 14;        6.29% more than Q1 FY 14; 15.37% more than Q4 FY 13; and 22.14% more than Q3 FY 13

Other Operating Expenses      for Q3 FY 14 amounts to Rs.357.21 Crores ;  9.32% more than Q2 FY 14;  13.44% more than Q1 FY 14;            16.24% more than Q4 FY 13; and 21.93% more than Q3 FY 13

Operating Expenses      for Q3 FY 14 amounts to Rs.562.99 Crores ;  6.48% more than Q2 FY 14;         10.72% more than Q1 FY 14; 15.92% more than Q4 FY 13; and 22.01% more than Q3 FY 13

Total Expenditure          for Q3 FY 14 amounts to Rs.1976.40 Crores ;  6.98% more than Q2 FY 14;  13.51% more than Q1 FY 14;  19.98% more than Q4 FY 13; and 17.35% more than Q3 FY 13. Expenditure in most quarters has grown less than proportionately compared to total Income. This shows that the bank has maintained its margins well.

Operating Profit for Q3 FY 14 amounts to Rs.647.36 Crores ; 10.11% more than Q2 FY 14; 0.9% more than Q1 FY 14;    19.12% more than Q4 FY 13; and 37.11% more than Q3 FY 13

Provisions   for Q3 FY 14 amounts to Rs.126.16 Crores ;  41.98% more than Q2 FY 14; -4.47% less than Q1 FY 14;        54.14% more than Q4 FY 13; and 60.35% more than Q3 FY 13. The Bank says, it has a more conservative Provisions Policy compared to that prescribed by RBI. The provision of Rs.126.16 cr includes Rs.37.14 cr on AFS/HFT (Ignored appreciation on them).

Profit  before tax for Q3 FY 14 amounts to Rs.521.20 Crores ;  4.44% more than Q2 FY 14;  2.29% more than Q1 FY 14; 12.91% more than Q4 FY 13; and 32.46% more than Q3 FY 13.

Tax Expense         for Q3 FY 14 amounts to Rs.174.30 Crores ;  3.24% more than Q2 FY 14;     -0.23% less than Q1 FY 14;         13.04% more than Q4 FY 13; and 38.1% more than Q3 FY 13

Net Profit    for Q3 FY 14 amounts to Rs.346.90 Crores ;  5.05% more than Q2 FY 14;     3.6% more than Q1 FY 14;          12.85% more than Q4 FY 13; and 29.79% more than Q3 FY 13. 

A 30% increase in Net Profits YoY is an impressive achievement. For the 9 m/e Dec 2013, the total Net profit is Rs.1011.97 cr against Rs.753.78 cr in the 9 m/e Dec,2012 , an increase of 34%.

Face Value of the share is Rs.10
Paid-up Equity stands at Rs.524.53 Cr

Capital Adequacy Ratio for Q3 FY 14 stands at 12.98%; compared to 13.64% in Q2 FY 14;     14.42% in Q1 FY 14;  15.36% in Q4 FY 13; 15.01% in Q3 FY 13; Capital adequacy is comfortable, though it has come down gradually.

Basic EPS on a FV of Rs.10 stands at Rs.6.62 in Q3 FY 14;Rs.6.3 in Q2 FY 14; Rs.6.41 in Q1 FY 14; Rs.5.89 in Q4 FY 13; Rs.5.51 in Q3 FY13; Rs.5.33 in Q2 FY 13; Rs.5.05 in Q1 FY 13; Rs.4.79 in Q4FY 12; Rs.4.41 in Q3 FY 12;In 2 years, EPS has gone up by 50.11%. The annualized EPS per share is Rs.26.48 compared to Rs.22.04 for same period last year.

Book Value has increased to Rs.161.24 from Rs.139.48 for same period last year.

Diluted EPS  for Q3 FY 14 stands at Rs.6.5; compared to Rs.6.19 in Q2 FY 14; Rs.6.29 in Q1 FY 14;Rs.5.78 in Q4 FY 13; Rs.5.4 in Q3FY13; Rs.5.23 in Q2FY 13; Rs.4.96 in Q1 FY 13; Rs.4.69 in Q4 FY 12; Rs.4.33 in Q3 FY 12.

Return on Assets for Q3 FY 14 stands at 1.74%;compared to  1.74% in Q2 FY 14; 1.83% in Q1 FY 14; 1.77% in Q4 FY 13;  1.6% in Q3 FY 13; 1.56% in Q2 FY 13; 1.57% in Q1 FY 13; 1.6% in Q4 FY 12; 1.55% in Q3 FY 12;

Net NPA for Q3 FY 14 amounts to Rs.164.94 Cr; compared to Rs.109.24 Cr in Q2 FY 14;  Rs.101.36 Cr in Q1 FY 14; compared to Rs.136.76 Cr in Q4 FY 13; Rs.125.24 Cr on Q3 FY13;  Rs.114.31 Cr in Q2 FY 13; Rs.99.89 cr in Q1 FY13; Rs.94.67 Cr in Q4 FY 12; Rs.93.55 Cr in  Q3 FY12. While there is increase in Net NPAs quantitatively, percentagewise, it is 0.31%. 

The Percentage of Net NPA is 0.31% which is one of the Industry’s best. It was 0.22 in Q2 FY 14; 0.21% in Q1 FY 14;0.31% in Q4FY13;0.3% in Q3 FY 13 and around 0.29 in most quarters before that. As we can see, Net NPA was 0.31% in Q4 FY 13 also and 0.3% in Q3 FY 13; and very close to it in many quarters before that. Compared to the Huge growth in Advances (Loan Book), the Net NPA Growth therefore appears to be quite normal.

Other Important High lights :

Non Interest Income to Revenue remains healthy at 40%.

Credit growth above Industry :24% YoY; 7% QoQ;

PCR 73.65% Restructured Advances : 0.31%

Loan Growth : 24% YoY;

CASA Growth : 32% 

Core Fee Growth : 30%;

Branch Growth : 13 new in Q3-FY 14; Total : 573

Cost/Income Ratio stands at 46.52%, which has been consistently coming down every quarter from 49.43% in Q3 FY 13;

Advances has grown to Rs.52,469 cr; up 24% YoY and up 7% QoQ. Of this, major growth is in corporate advances  at 34% YoY; Consumer finance advances has grown 14% YoY; 

Loan Book stood at Rs.26,166 cr at end of FY 11; Rs.35,064 cr  in FY 12; Rs.44,321 cr in FY 13; Rs.48,968 cr at the end of Q2 FY 14; and Rs.52,469 cr at the end of Q3 FY 14. The loan Book is highly diversified. The Growth in Loan Book from Rs.26,166 cr in FY 11 to Rs.52,469 Cr  to Q3 FY 14 is very impressive.

Deposits has grown to Rs.56,247 cr; up 10%YoY; and 6% QoQ.

Thus, the performance of IndusInd Bank has been excellent in Q3 FY 14 and can be expected to become better in Q4 FY 14, when interest rates are likely to ease a little.

Performance Table (In Lakhs of Rs.): The percentage differences are always with reference to Q3 FY 14 for all preceding quarters

IndusInd Bank
31-Dec-13
30-Sep-13
%Dif 1
30-Jun-13
%dif2
31-Mar-13
%dif3
31-Dec-12
%dfi4
Interest on Advances
173865
161131
7.9
151159
15.02
146150
18.96
145481
19.51
Income on Investments
36845
36547
0.82
36735
0.3
33130
11.21
32456
13.52
Income on Balances With RBI
3626
4164
-12.92
3301
9.85
2975
21.88
2109
71.93
Others
13
15
-13.33
25
-48
22
-40.91
3
333.33
Interest Earned
214349
201857
6.19
191220
12.1
182277
17.6
180049
19.05
Other Income
48027
41673
15.25
47061
2.05
36789
30.55
35580
34.98
Total Income
262376
243530
7.74
238281
10.11
219066
19.77
215629
21.68
Interest Expended
141341
131863
7.19
123272
14.66
116154
21.68
122269
15.6
Net Int Income
73008
69994
4.31
67948
7.45
66123
10.41
57780
26.36
Employees Cost
20578
20198
1.88
19361
6.29
17837
15.37
16848
22.14
Other Operating Expenses
35721
32677
9.32
31488
13.44
30730
16.24
29296
21.93
Operating Expenses
56299
52875
6.48
50849
10.72
48567
15.92
46144
22.01
Total Expenditure
197640
184738
6.98
174121
13.51
164721
19.98
168413
17.35
Operating Profit
64736
58792
10.11
64160
0.9
54345
19.12
47216
37.11
Provisions
12616
8886
41.98
13206
-4.47
8185
54.14
7868
60.35
Profit  before tax
52120
49906
4.44
50954
2.29
46160
12.91
39348
32.46
Tax Expense
17430
16883
3.24
17470
-0.23
15420
13.04
12621
38.1
Net Profit
34690
33023
5.05
33484
3.6
30740
12.85
26727
29.79
Face Value (Rs)
10
10
0
10
0
10
0
10
0
Paid-up Equity
52453
52433
0.04
52344
0.21
52287
0.32
52225
0.44
CAR
12.98
13.64
-4.84
14.42
-9.99
15.36
-15.49
15.01
-13.52
Basic EPS
6.62
6.3
5.08
6.41
3.28
5.89
12.39
5.51
20.15
Diluted EPS
6.5
6.19
5.01
6.29
3.34
5.78
12.46
5.4
20.37
Net NPA
16494
10924
50.99
10136
62.73
13676
20.61
12524
31.7
% of Net NPA
0.31
0.22
40.91
0.21
47.62
0.31
0
0.3
3.33
 Return on Assets
1.74
1.74
0
1.83
-4.92
1.77
-1.69
1.6
8.75

 *  *  *  E  N  D  *  *  *

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