Monday, October 13, 2014




IndusInd Bank  has announced Excellent results for the second quarter ending September,2014.

Q2 Net Profit up by 30% to 430.20 Cr
Non Interest Income increases by 34%
Core Fee Income increases by 31%

Highlights Q2 FY 2015

Ø  Key performance vectors stable
Ø  Credit growth up 22%
Ø  NIM steady at 3.63%
Ø  Non Interest Income up by 34%
Ø  Core Fee Income up by 31%
Ø  Net Profit up by 30%
Ø  Provision coverage ratio at 70.21%

Key Financials:  :  Q2 FY15  :  Q2 FY14  :  YoY growth  :  H1 FY15 : H1 FY14 : YoY growth

Net Profit (Rs.Cr): 430.20       330.23             30%         851.26       665.07  :  28 %

NII (Rs cr)        :    833.11        699.94             19 %        1633.77    1379.42  :  18 %

Core Fee Income: 509.30      389.48              31 %        995.82      741.05   :  34 %

Non Intst Income :558.27       416.73              34 %        1134.64     887.34    :  28 %

Key Ratios:

Particulars (in %)  :  Q2 FY15  :   Q2 FY14
Net Interest Margin :        3.63            3.65
Capital Adequacy Ratio:    12.96     14.58
Return on Equity :       :    18.24      16.66
Return on Assets               1.88         1.74
Provision Coverage Ratio : 70.21  :80.01
Net NPA                            0.33         0.22

Performance highlights for the quarter:

Ø  Net Profit for the quarter was Rs.430.20 Cr as against Rs. 330.23 Cr in Q2of FY 14 , showing a consistent growth of 30%
Ø  Net Interest Income (NII) was Rs. 833.11 Cr as compared to Rs. 699.94 Cr in Q2 of FY 14 , registering a growth of 19 %
Ø  Core Fee Income for the quarter was Rs. 509.30 Cr as against Rs. 389.48 Cr in Q2 of FY 14 , marking a sustained growth of 31 %
Ø  Non Interest Income for the quarter was Rs. 558.27 Cr as against Rs. 416.73 Cr in Q2of FY 14 , a growth of 34%
Ø  Net Interest Margin (NIM) for the current quarter was 3.63 % as against 3.65 % in Q2of FY 14  

Performance highlights
for 6-month period ended September 30, 2014:

Ø  Net Profit for the half-year ended September 30, 2014 was Rs. 851.26 Cr as against Rs. 665.07 Cr in the corresponding period of previous year, up by 28%.
Ø  Net Interest Income (NII) was Rs. 1633.77 Cr as compared to Rs. 1379.42  Cr in the corresponding period of FY 14 , up 18%
Ø  Core Fee Income was Rs. 995.82 Cr as against Rs. 741.05 Cr in the corresponding period of FY 14 , showing a consistent growth of 34 %
Ø  Non Interest Income was Rs.1134.64 Cr as against Rs. 887.34 Cr in the corresponding period of FY 14 , up by 28 %
Ø  The CASA (Current Accounts-Savings Accounts) ratio improved to 33.89 % against 31.76%
Ø  Gross NPA in current Q2 is at 1.08% as against 1.11 % in FY 14  Q2
Ø  Increase in branch network from 560 Branches and 1025 ATMs FY 14  to 685 branches and 1277 ATMs this year as on 30th September, 2014
Ø  Total Advances as on September 30, 2014 were at Rs.59,931 Cr as compared to Rs. 48,968 Cr in the corresponding period of FY 14 , recording a growth of 22 %
Ø  Total deposits as on September 30, 2014 were at Rs. 65,996 Cr as compared to Rs. 53,058 Cr  in the corresponding period of FY 14 , up by 24%
Ø  Capital Adequacy Ratio as per BASEL III Capital regulations as on September 30, 2014 was 12.96 %
Ø  Paid up Equity of the Bank stands at Rs.528.29 cr.
Ø  Basic EPS on FV of Rs.10 stands at 8.16 & Diluted EPS stands at Rs.8.02. On an annualized basis, this works out to Rs.32 Plus. At current price the PE Ratio works out to 19.85.

Commenting on the performance, Mr. Romesh Sobti , MD & CEO, IndusInd Bank said, “This quarter, the Bank has sustained its growth momentum in key ratios. The bank has shown growth in the bottom line resulting from robust improvement in income streams and active cost management. Digitization of business has become the central theme of the Bank and this quarter the bank launched its first digital branch at IndusInd Cyber City, Rapid Metro station. The recent revision in IndusInd Bank ratings to AA+ signifies steady improvement in the financial and operational performance of IBL and the positive sentiment among the investor community.

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, 2014, IndusInd Bank has 685 branches, and 1277 ATMs spread across 464 geographical locations of the country. The Bank also has representative offices in London, Dubai and Abu Dhabi. 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 is ranked 19th amongst the Top 50 Most Valuable Indian Brands 2014 as per the BrandZ Top 50 rankings powered by the WPP and Millward Brown.

Comments : IndusInd Bank has beaten most of the Market Estimates in its performance. It is expected to improve its performance further in the second Half. Its long term Potential is also quite impressive.

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