ALLAHABAD BANK = Results =For Q4FY12 = & FY2012 = HIGHER PROVISIONS,NPAs Bring down profit =NPT UP 31% IN FY 12 YoY

Allahabad Bank

NSE Symbol        ALBK

Allahabad Bank has declared its financials for the quarter And year ended 31.03.2012.

QUARTERLY RESULTS REVIEW

Q4FY12 vs Q3 FY12 vs Q4FY11

The quarterly results for Q4 FY 12 are compared below with the preceding quarter and the corresponding quarter.

Interest on Advances in Q4 FY 12 amounts to Rs.3076.31 Cr; up 5.1% from Q3 FY 12 (Rs.2927.05Cr); and up 44.36% from Q4 FY 11 (Rs.2130.94 Cr).

Income on Investments   in Q4 FY 12 amounts to Rs.1039.74 Cr; up 11.18% from Q3 FY 12 (Rs.935.22 Cr); and up 46.09% from Q4 FY 11 (Rs.711.72 Cr).

Interest Earned in Q4 FY 12 amounts to Rs.4168.24 Cr; up 6.55% from Q3 FY 12 (Rs.3911.87 Cr); and up 45.97% from Q4 FY 11 (Rs.2855.45 Cr).

Total Income in Q4 FY 12 amounts to Rs.4523.38 Cr; up  6.18% from Q3 FY 12 (Rs.4260.28 Cr); and up 45.3% from Q4 FY 11 (Rs.3113.09). The improvement in Income streams is quite good.

Interest Expended in Q4 FY 12 amounts to Rs.2879.87 Cr; up 13.77% from Q3 FY 12 (Rs.2531.37 Cr); and up 59.65% from Q4 FY 11 (Rs.1803.81 Cr).

Net Interest Income in Q4 FY 12 amounts to Rs.1288.37 Cr; down -6.67% from Q3 FY 12 (Rs.1380.50 Cr); and up 22.51% from Q4 FY 11 (Rs.1051.64 Cr). NII has improved reasonably compared to corresponding quarter but has actually fallen from the previous quarter.

Total Expdr(Excl.provisions)      in Q4 FY 12 amounts to Rs.3622.31 Cr; up 12.13% from Q3 FY 12 (Rs.3230.32 Cr); and up  55.82% from Q4 FY 11 (Rs.2324.66 Cr). Expenditure has gone up more than proportionately compared to Income.

Operating Profit  in Q4 FY 12 amounts to Rs.901.07 Cr; down -12.51% from Q3 FY 12 (Rs.1029.96 Cr); and up 14.29% from Q4 FY 11 (Rs.788.43 Cr). Operating Profit has fallen from previous quarter, though it is slightly up from corresponding quarter.

Provisions in Q4 FY 12 amounts to Rs.454.40 Cr; up 7.87% from Q3 FY 12 (Rs.421.24 Cr); and up 92.64% from Q4 FY 11 (Rs.235.88 Cr). Increase in Provisions is very steep compared to corresponding quarter.

Profit before tax in Q4 FY 12 amounts to Rs.446.67 Cr; down -26.62% from Q3 FY 12 (Rs. 608.72 Cr); and down -19.16% from Q4 FY 11 (Rs.552.55 Cr). Because of High Provisions, PBT is lower compared to both quarters.

Tax Expense in Q4 FY 12 amounts to Rs.46.45 Cr; down -3.81% from Q3 FY 12 (Rs.48.29 Cr); and down -66.03% from Q4 FY 11 (Rs.136.75 Cr).

Net Profit in Q4 FY 12 amounts to Rs.400.22 Cr; down -28.59% from Q3 FY 12 (Rs.560.43 Cr); and down -3.75% from Q4 FY 11 (Rs.415.80 Cr). The Net Profit has also fallen below the previous and corresponding quarters.

Face Value in Q4 FY 12 amounts to Rs.10.

Paid-up Equity in Q4 FY 12 amounts to Rs.500.03Cr.

Capital Adequacy Ratio   in Q4 FY 12 stands at 12.83%; compared to 12.75% in Q3 FY 12; and 12.78% in Q4 FY 11. CAR is sufficient for next quarter’s requirements easily.

Basic EPS  stands at Rs.8.4 in Q4 FY 12; compared to 11.77% in Q3 FY 12; and 9.31% from Q4 FY 11.

Gross/Net NPA      in Q4 FY 12 amounts to Rs.1091.70 Cr; up 37.15% from Q3 FY 12 (Rs.795.97 Cr); and up 115.47% from Q3 FY 12 (Rs.506.66 cr). There is a significant increase in NPAs in current quarter.

 % of Gross/Net NPA stands at  0.98%  in Q4 FY 12; having gone up from 0.79% in Q3 FY 12; and 0.59% in Q4 FY 11.

Return on Assets stands at 0.88% in Q4 FY 12;having come down from 1.39% in Q3 FY 12; and 1.28% in Q4 FY 11.

 EPS (Rs.Annual) :: Rs.31.85 (FY11); Rs.39.18(FY 12);

Current Market Price of the share is Rs.148; while the 2 week high price is Rs.222 and the 52 week low price  is Rs.113.40.

The PE Ratio works out to 3.78.

FURTHER DETAILS & ANALYSIS

(FY 2012 & FY 2011)

Ø  Total Business : Rs. 271843 crore

Ø  Total Deposits : Rs.159593 crore,

Ø  Total Credit : Rs.112250 crore,

Ø  Total Investment : Rs. 54770 crore,

Ø  Operating Profit : Rs.3770 crore (FY2011-12)

Ø  Net Profit : Rs.1867 crore (FY,2011-12)

Ø  Number of Branches : 2516

Ø  101 Branches were opened in last 12 Months.

OTHER DETAILS :

1 Interest Income ::Rs.11015 cr(FY11);Rs. 15523CR(FY12)= 40.93%(FY 12 overFY11).

2 Interest Expenses ::Rs.6992Cr (FY11); Rs.10361Cr in FY 12= 48.17% (FY 12 over FY 11)

3 NII (Spread) (1-2)::Rs.4022cr(FY11); Rs.5163CR(FY12)= 28.35(FY 12 overFY11);

4 Non-Interest Income ::Rs.1370Cr(FY11);Rs. 1299 Cr(FY12)= -5.23%(FY12 overFY11);

5 Operating Expenses ::Rs.2338Cr(FY11);Rs. 2691 Cr(FY12)= 15.10%(FY12 overFY11);

6 Contribution (4-5) ::  -968 cr (FY11); -1393(FY12)

7 Operating Profit (3+6) ::Rs.3055 Cr(FY11);Rs.3770 Cr(FY12);= 23.42%(FY12 overFY11);

8 Provisions :: Rs.1631 cr(FY11);Rs. 1903Cr(FY12)= 16.65%(FY12 overFY11);

9 Net Profit :: Rs.1423 Cr (FY 11); Rs.1867 Cr (FY 12)= 31.18%(FY12 overFY11);

10. NPA ::Rs.800 Cr(FY11);Rs.1183 Cr(FY12)= 47.93% (FY12 over FY11);

11.Cost of Deposit(%) : 5.83 (FY11);7.07(FY12);

12. cost of Borrowings(%):: 6.07(FY11);5.80(FY12);

13.Cost of funds(%):: 5.85(FY11); 6.98(FY12);

14. Yield on Advances (%) :: 10.5(FY11); 12.09(FY12)

14. Net Interest Margin (%) :: 3.38(FY11);3.48(FY12);3.49(Q4FY11); 3.23 (Q4 FY12);

15.Return on Assets(%):: 1.11(FY11); 1.02(FY12);

16.Return on Networth (%):: 21.04(FY11); 19.36(FY12);

17. Book value per share (Rs.annualised) : Rs.178.74 (FY11) Rs.192.93(FY12);

 18. EPS (Rs.) :: Rs.31.85 (FY11); Rs.39.18(FY 12);

19.Credit Deposit Ratio (%):: 68.93 (FY 10); 72.18(FY11) 71 (FY12);

20.CASA SHARE in Aggr.deposit (%):: 34.82(FY10); 33.70(FY11); 30.78(FY12);

21.Net NPA(%) :: 0.79(FY11); 0.98(FY12);

22. Provision coverage ratio (%) :: 75.67(FY11);74(FY12);

23. CAR (%) :Total :- 12.96(FY11();12.83(FY12)  ;

                       Tier I :- 8.57(FY11); 9.13(FY12)

                       Tier II:- 4.39(FY11); 3.71(FY12)

*  *  *   E  N  D   *  *  *

ALLAHABAD BANK - QTRLY RESULTS - Q3 FY 2012 - 3rd Q/E DEC,2011 - TOTAL INCOME UP 43%; NPT UP 39.21% YoY

Allahabad Bank

NSE Symbol        ALBK

Allahabad Bank  has declared good results  for the third quarter ending Dec, 2011.

Interest on Advances  in Q3 FY 12  stands at Rs.2927.05 cr – down by  -1.16% from Q2 FY 12; and up by 47.53% from Q3 FY 11

Income on Investments     in Q3 FY 12  stands at  Rs.935.22 cr – up by  3.09% from Q2 FY 12; and up by 48.25% from Q3 FY 11.

Interest Earned  in Q3 FY 12  stands at Rs.3911.87 Cr – up by  0.48% from Q2 FY 12; and up by  48.35% from Q3 FY 11.

Other Income in Q3 FY 12  stands at Rs.348.41 cr – up by  12.68% from Q2 FY 12 ; and up by  1.06% from Q3 FY 11.

Total Income in Q3 FY 12  stands at Rs.4260.28 cr – up by   1.37% from Q2 FY 12; and up by  42.88% from Q3 FY 11.

Interest Expended in Q3 FY 12  stands at Rs.2531.37 cr – down by  -1.7% from Q2 FY 12 and up by  51.79% from Q3 FY 11.

Net Interest Income in Q3 FY 12  stands at Rs.1380.50 Cr – up by 4.72% from Q2 FY 12; and up by  42.44% from Q3 FY 11.

Total Exp(excl.prov) in Q3 FY 12  stands at Rs.3230.32 Cr – down by  -0.7% from Q2 FY 12 and up by 46.82% from Q3 FY 11.

Operating Profit in Q3 FY 12  stands at   Rs. 1029.96 Cr – up by  8.5% from Q2 FY 12 and up by  31.79% from Q3 FY 11.

Provisions in Q3 FY 12  stands at Rs.421.24 cr – up by 2.33% from Q2 FY 12 and up by  55.19% from Q3 FY 11.

Profit  before tax in Q3 FY 12  stands at Rs.608.72 Cr – up by  13.22% from Q2 FY 12; and up by 19.34% from Q3 FY 11.

Tax Expense in Q3 FY 12  stands at Rs.48.29 Cr – down by  -2.68% from Q2 FY 12; and down by -55.09% from Q3 FY 11.

Net Profit  in Q3 FY 12  stands at Rs.560.43 Cr – up by  14.84% from Q2 FY 12 And  up by           39.21% from Q3 FY 11.

Capital Adequacy Ratio in Q3 FY 12  stands at 12.75%.

% of Gross/Net NPA in Q3 FY 12  stands at  0.79 against 0.69 in Q2 FY 12; and  0.56 in Q3 FY 11.

Net NPA to Net Advances Ratio stood at 0.79 % as at the quarter ended December, 2011.

Net Interest Margin (NIM) increased to 3.73 % at the end of the December, 2011 quarter as against 3.44% last year.

Return on Assets in Q3 FY 12  stands at 1.39% against 1.24 in  in Q2 FY 12; and 1.28 in Q3 FY 11.

Basic EPS  stands at Rs.11.77 in Q3 FY 12; Rs.10.25 in Q2 FY 12; Rs.8.78 in Q1 FY 12.

Annual EPS may come to Rs.42.57.

The  Current Market Price is Rs.160.20   while the 52 week high price is Rs.238.95 and the  52 week low price  is Rs.113.40.

The PE Ratio is 3.76

Highlights of the performance

for the 9 Months ended December, 2011

• Operating Profit surged to Rs. 2868.87crore as at December,2011 as against Rs. 2274.54 crore last year showing a YOY growth of  26.13 %.
•  Net Profit rose to Rs. 1466.57 crore during the Nine Months period ending 31.12.2011 as against Rs.1165.51 crore last year showing a YOY Growth of 25.83 %.
• Net Interest Margin (NIM) increased to 3.60% during the Nine Months ending December,11 as against 3.34% last year.
• Net Interest Income during the Nine Months since April, 2011 stood at Rs. 3874.28 crore as against Rs. 2871.17 crore last year recording a YOY Growth of 34.94 %.
• Non-Interest Income during the Nine Months ending December, 11 rose to Rs. 943.54 crore as against Rs. 900.94 crore previous year.
• Total Business of the Bank increased at Rs. 2,46,939  crore as on 31.12.2011 as against Rs.2,07,785 crore in previous year showing a YOY growth of   18.84%.
• Deposits of the Bank went up to Rs. 1,45,300  crore as on 31.12.2011 from Rs. 1,20,948  crore as on 31.12.2010. Year-on-Year basis, Total Deposits grew by 20.13% (Rs. 1,31,887 crore as on 31.3.2011).
• Gross Credit surged to Rs. 1,01,640 crore as on 31.12.2011 as against Rs.86,837 crore as on 31.12.2010. Year-on-Year basis, Gross Credit increased by 17.05% (Rs. 94,571 cr. as on 31.3.2011).
• Credit Deposit Ratio stood at 70.23 % as at December, 2011 end.
• Gross NPA to Gross Advances capped at 1.86% as at December-end 2011.
• Net NPA to Net Advances Ratio stood at 0.79% as at December, 2011 (0.79 % as at March 2011).
• Provision Coverage Ratio stood at 78.03 %.
• Capital Adequacy Ratio registered at 12.75 % as on 31.12.2011. 

Shareholders' Value

• Return on Assets as at the end of Nine Months in December, 11 rose to 1.26 % as against 1.24% last year.
• Earnings per Share surged to Rs.30.80 during the Nine Months ended December,11 from Rs.26.09 corresponding last year.
• Book Value per Share increased to Rs. 210.12 during the Nine Months ended Dec, 2011 from Rs. 177.16 as on 31.12.2010.

·         62 Branches have been opened during the 9 months ending Dec, 2011taking the total number to 2477 of which 36  Branches have been opened during the Quarter ending Dec, 2011.

RESULTS TABLE

Allahabad Bank	31-Dec-11	30-Sep-11	%dif1	30-Jun-11	31-Dec-10	30-Sep-10	%dif2
Interest on Advances	292705	296141	-1.16	269936	213094	198404.7	47.53
Income on Investments	93522	90723	3.09	83420	71172	63081.95	48.25
Income on Balances	3823	2012	90.01	1611	1083	1429.74	167.39
Others	1137	458	148.3	17	196	775.75	46.57
Interest Earned	391187	389334	0.48	354984	285545	263692.1	48.35
Other Income	34841	30920	12.68	28593	25764	34474.35	1.06
Total Income	426028	420254	1.37	383577	311309	298166.5	42.88
Interest Expended	253137	257510	-1.7	237429	180381	166772.6	51.79
Net Intt Income	138050	131824	4.72	117555	105164	96919.58	42.44
Employees Cost	48980	46747	4.78	38219	31959	35034.58	39.8
Other Operating Expenses	20915	21067	-0.72	18967	20126	18206.22	14.88
Operating Expenses	69895	67814	3.07	57186	52085	53240.8	31.28
Total Exp(excl.prov)	323032	325324	-0.7	294615	232466	220013.4	46.82
Operating Profit	102996	94930	8.5	88962	78843	78153.13	31.79
Provisions	42124	41166	2.33	31967	23588	27144.09	55.19
Profit  before tax	60872	53764	13.22	56995	55255	51009.04	19.34
Tax Expense	4829	4962	-2.68	15182	13675	10752.47	-55.09
Net Profit	56043	48802	14.84	41813	41580	40256.57	39.21
Face Value .Rs.	10	10	0	10	10	10	0
Paid-up Equity	47622	47622	0	47622	44670	44670	6.61
Capital Adequacy Ratio	12.75	12.99	-1.85	12.75	12.78	13.49	-5.49
Basic EPS	11.77	10.25	14.83	8.78	9.31	9.01	30.63
Gross/Net NPA	79597	66412	19.85	58859	50666	45650.37	74.36
% of Gross/Net NPA	0.79	0.69	14.49	0.6	0.59	0.56	41.07
Return on Assets	1.39	1.24	12.1	1.12	1.28	1.28	8.59
Public holding (%)	42	42	0	42	44.77	44.77	-6.19

 *  *  *  E  N  D  *  *  *