Wednesday, April 16, 2014
INDUSIND BANK - RESULTS FOR Q4 fy 14 - AND FY 14 - Q4 NPT UP 29% YoY;FY 14 NPT UP 33% YoY; N-NPAs 0.33% - Highly Consistent performance
Results for Q4 & FY 2013-14
Full Year Net Profit rises 33 %
Q4 up by 29 %
Highlights Q4 FY 2014
Ø Non Interest Income up by 42%
Ø Revenue grew by 27%
Ø Return on Assets rises to 1.91 %
Ø Net Interest Margin rises 10 bps to 3.75 %
Ø Gross /Net NPAs stable at 1.12% /0.33 % respectively
for the quarter ended March 31, 2014
Ø Net Profit for the quarter was Rs. 396.05 crore as against Rs. 307.40 crore in the corresponding quarter of the previous year, showing a strong growth of 29 %. The Growth is 14% on QoQ basis.
Ø Operating Profit for the quarter was Rs. 719.08 crore as against Rs. 543.45 crore in the corresponding quarter of the previous year, up by 32 %. The Growth is 11% on QoQ basis.
Ø Net Interest Income (NII) was Rs. 781.21 crore as compared to Rs. 661.23 crore in the corresponding quarter of the previous year, up by 18 % . The Growth is 7% on QoQ basis.
Ø Total Non Interest Income was Rs. 522.92 crore as compared to Rs 367.89 crore in the corresponding quarter of the previous year, showing a growth of 42 % . The Growth is 9% on QoQ basis.
Ø Total Revenue improved to Rs. 1304.13 crore as compared to Rs. 1029.12 crore in the corresponding quarter of the previous year, an increase of 27 %
Ø Net Interest Margin (NIM) for the current quarter was 3.75 % as against 3.70 % in the corresponding quarter of the previous year .
Ø EPS (Not annualized) comes to Rs.7.54 for Q4 (against Rs.5.89 in Q4 FY 13 & Rs.6.62 in Q3 FY 14); and Rs.26.85 for FY 14 against Rs.21.83 for FY 13.
Key Ratios :
Ø Return on Assets is 1.91% against 1.74 in Q3FY14 and 1.77 in Q4FY13
Ø Return on Equity is 18.52% (16.76 in Q3 FY 14 and 16.7 in Q4 FY13).
Ø Capital Adequacy Ratio stands at 13.83% (14.38 & 15.36)
Ø Capital Adequacy Ratio Tier I is 12.71 % (13.28 & 13.78)
Ø Net NPA ratio stands at 0.33% (0.31 & 0.31)
Ø Net Interest Margin stands at 3.75% (3.65 & 3.7)
Ø The Cost to Income Ratio has come down to 45.71% in FY14 from 48.84% in FY 13 and 49.475% in FY 12.
Ø Advances stands at Rs.55,102 cr ; YoY Growth 24%;QoQ Growth : 5%;
Ø Deposits stands at Rs.60,502 cr ( YoY +12%; QoQ + 8%)
Ø CASA stands at Rs.19,961 cr (Yoy +24%; QoQ+9%);
Ø Book Value stands at Rs.164.76 against Rs.141.92 in Q4 FY 13 and Rs.161.24 in Q3 FY 14.
Ø Provision coverage Ratio (PCR) stands at Rs.70.35% in Q4 FY 14 against 73.65% in Q3 FY 14.
Ø Restructured Advances stands at 0.33% against 0.31% in Q3 FY 14.
for the 12-month period ended March 31, 2014
• Net Profit was Rs. 1408.02 crore as against Rs. 1,061.18 crore in the corresponding period of the previous year, recording a jump of 33 %
• Operating Profit was Rs. 2595.96 crore as against Rs. 1,839.46 crore in the corresponding period of the previous year, up 41 %
• Net Interest Income (NII) was Rs. 2890.71crore as compared to Rs. 2,232.86 crore in the corresponding period of the previous year, up 29 %.
• Total Non Interest Income was Rs 1890.53 crore as compared to Rs 1,362.96 crore in the corresponding period of the previous year, an increase by 39%. Core Fee Income was Rs 1609.72 crore as against Rs 1,239.34 crore, registering a growth of 30%
• Total Revenue improved to Rs. 4781.24 crore as compared to Rs 3595.82 crore, an increase of 33%
• CASA improved to 32.55 % as against 29.32 % in 2013-14.
• Net NPA was 0.33 % as compared to 0.31 % as on March 31, 2013.
• Total Deposits increased to Rs.60502 crore from Rs.54,117 as on March 31, 2013, recording a growth of 12 % for the year.
• Total Advances for the year stood at Rs. 55102 crore, recording a growth of 24 % as against Rs. 44,321 crore recorded in the last year.
• The full year EPS works out to Rs. 26.85 as against Rs. 21.83 in the previous year .
Ø But, on annualized basis, the Q4 EPS yields and annualized EPWS of Rs.30.16. If current rate of progress is maintained, the EPS for FY 15 could be around Rs.38.
• Branch Network significantly increased to 602 as against 500 branches, the previous year. The Bank’s ATMs increased to 1110 from 882 ATMs, the previous year
• Net worth improves to Rs. 8646 crore
• Announces a dividend of 35 % as against 30%, the previous year
Commenting on the performance, Mr. Romesh Sobti, MD & CEO, IndusInd Bank said, “The Bank has yet again reaffirmed its position as a consistent performer and has delivered a healthy Net Profit growth of 29% for the Q4 FY14 and 33% Y-o-Y respectively. The NIM stands at 3.75 % and Core Fee Income has grown by 28 % as compared to Q4 FY13. This year was a milestone as the bank completed 20 years of operations in the country. The bank’s strategy of responsive banking and offering universal solutions to customers across the country over the past years, has enabled the bank to post encouraging numbers sequentially as well as YoY in the backdrop of challenging operating environment.”
The Performance of IndusInd Bank has been excellent in Q4 FY 14 and generally on all quarters of FY 14. The Management has been proving its performance and worth consistently quarter after Quarter and year after Year. FY 15 could be a Better Year for all Banks and for economy as a whole. IndusInd could easily better its performance in FY 15 if a more stable Government comes in and credit environment improves.
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