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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