DENA BANK - RESULTS - FOR Q3 FY 13 - Q/E DEC 2012 - TOTAL INCOME UP 33% YoY - NPT UP 11% YoY

DENA BANK 

RESULTS FOR Q3 FY 2012-13

Q/E DEC,2012

DENA BANK  has declared its results for the third quarter ending Dec,2012.

Total Income    for Q3 FY 13 stands at Rs.2408.42 Cr; compared to Rs.2327.84 Cr in Q2 FY 13 (+3.46%); and Rs.1810.21 Cr in Q3 FY 12 (+33.05%). The Growth in Total Income is quite impressive at 33% YoY.

Total Expenditure      for Q3 FY 13 stands at Rs.1965.34 Cr; compared to Rs.1890.73 Cr in Q2 FY 13 (+3.95%); and Rs.  1417.04 Cr in Q3 FY 12 (+ 38.69%). Growth in expenditure is more than proportionate compared to total income.

Profit before Interest, Dep. & Taxes for Q3 FY 13 stands at Rs.443.08 Cr; compared to Rs.437.11 Cr in Q2 FY 13 (+1.37%); and Rs.393.17 Cr in Q3 FY 12 (+12.69%).

Interest on Advances for Q3 FY 13 stands at Rs.1742.12 Cr; compared to Rs.1689.58 Cr in Q2 FY 13 (+3.11%); and Rs.1292.77 Cr in Q3 FY 12 (+34.76%).

Income on Investments  for Q3 FY 13 stands at Rs.518.83 Cr; compared to Rs.494.77 Cr in Q2 FY 13 (+4.86%); and Rs.374.83 Cr in Q3 FY 12 (+38.42%).

Interest Earned  for Q3 FY 13 stands at Rs.2263.96 Cr; compared to Rs.2193.97 Cr in Q2 FY 13 (+3.19%); and Rs.1676.24 Cr in Q3 FY 12 (+35.06%).

Net Interest Margin stands at 3.17% for FY 2012; 3.33% for q/e Dec,11;2.88% for Q/E Dec,12.

Other Income   for Q3 FY 13 stands at Rs.144.46 Cr; compared to Rs.133.87 Cr in Q2 FY 13 (+ 7.91%); and Rs.133.97 Cr in Q3 FY 12 (+7.83%).

Interest Expended    for Q3 FY 13 stands at Rs.1649.06 Cr; compared to Rs.1599.96 Cr in Q2 FY 13 (+3.07%); and Rs.1135.04 Cr in Q3 FY 12 (+45.29%).

Employees Cost  for Q3 FY 13 stands at Rs.192.22 Cr; compared to Rs.179.02 Cr in Q2 FY 13 (+7.37%); and Rs.170.84 Cr in Q3 FY 12 (+12.51%).

Other Operating Expenses for Q3 FY 13 stands at Rs.124.06 Cr; compared to Rs.111.75 Cr in Q2 FY 13 (+11.02%); and Rs. 111.16 Cr in Q3 FY 12 (+11.6%).

Operating Expenses for Q3 FY 13 stands at Rs.316.28 Cr; compared to Rs.290.77 Cr in Q2 FY 13 (+8.77%); and Rs.282.00 Cr in Q3 FY 12 (+12.16%).

Total Expdr excluding provisions  for Q3 FY 13 stands at Rs.1965.34 Cr; compared to Rs.1890.73 Cr in Q2 FY 13 (+3.95%); and Rs.1417.04 Cr in Q3 FY 12 (+38.69%).

Operating Profit  for Q3 FY 13 stands at Rs.443.08 Cr; compared to Rs.437.11 Cr in Q2 FY 13 (+1.37%); and Rs.393.17 Cr in Q3 FY 12 (+12.69%).

Provisions for Q3 FY 13 stands at Rs.156.59 Cr; compared to Rs.104.50 Cr in Q2 FY 13 (+ 49.85%); and Rs.124.33 Cr in Q3 FY 12 (+25.95%).

Profit before tax   for Q3 FY 13 stands at Rs.286.49 Cr; compared to Rs.332.61 Cr in Q2 FY 13 (-13.87%); and Rs.268.84 Cr in Q3 FY 12 (+ 6.57%).

Provision coverage Ratio stands at 75.53% for FY 12; 76.56% for q/e dec,11; and 70.57% for q/e Dec,12.

Tax Expense      for Q3 FY 13 stands at Rs.80.05 Cr; compared to Rs. 92.97 Cr in Q2 FY 13 (-13.9%); and Rs.82.16 Cr in Q3 FY 12(-2.57%).

Net Profit  for Q3 FY 13 stands at Rs.206.44 Cr; compared to Rs.239.64 Cr in Q2 FY 13 (-13.85%); and Rs.186.68 Cr in Q3 FY 12 (+10.58%).

Face Value of Share is Rs.10; Paid-up Equity stands at Rs.350.06 Cr.  

Capital Adequacy Ratio stands at  11.51% for Q3 FY 13; 12.05% for Q2 FY 13; and 11.58% for Q3 FY 12. Tier I stands at 8.86% and Tier II stands at 2.65%.

Basic EPS stands at Rs.5.9 for Q3 FY 13; Rs.6.84 for Q2 FY 13; and Rs.5.6 for Q3 FY 12. For 9 m/e dec,12 EPS is Rs.19.56 against Rs.16.45 in 9 m/e dec,11.

Gross/Net NPA for Q3 FY 13 stands at Rs.816.93  Cr; compared to Rs.720.56 Cr in Q2 FY 13 (+13.37%); and Rs.523.97 Cr in Q3 FY 12 (+55.91%).

% of Gross/Net NPA   for Q3 FY 13 stands at 1.31%;compared to 1.22% for Q2 FY 13; and 1.1% for Q3 FY 12.

Return on Assets       stands at 0.87% in Q3 FY 13; compared to  1.01% for Q2 FY 13; 1.05% for Q3 FY 12.

Public Shareholding stands at 44.76%; Share Capital  stands at Rs.350.06 cr

Net worth stands at Rs.4781.35 cr;   B. V. per share is Rs.141.66

Return on Equity is 18.29%.

CASA % TO TOTAL DEPOSITS  stands at  34.46%  in  March,12; compared to 34.90% in Dec,11, and 30.98% in Dec,12.

Aggregate deposits stands at Rs.73840 Cr in March,12; Rs.66329 Cr in Dec,11 and Rs.81360 cr in Dec,12 a growth of 22.66% YoY.

Gross Advances stands at Rs.57,159 cr in Mar,12; 47,928 cr in Dec,11; and Rs.63040 cr in Dec,12; a growth of 31.53% YoY

Business Mix stands at Rs.134326 cr in March,12; Rs.116268 cr in Dec,11; and Rs.147922 cr in dec,12 , a growth of 27.23% YoY.

Bank has witnessed CAGR of 10.84% in CASA deposits ;  18.47% in total deposits ; and 23.36% in Advances over last 2 years.

CD Ratio stands at 74.07% in March 12; compared to 70.13% in Dec,11.

Total Restructured Advances was Rs.1845 cr in Dec,11 and Rs.4797 cr in Dec,12.Out of this Rs.2062 cr is covered by Govt Guarantee.

GOING FORWARD :

Bank is targeting a credit growth of 18% and deposit growth of 20%.

Bank expects to maintain NIM around 3% for the whole of FY 2012-13.

Bank has already opened 89 branches up to dec,12 and plans to open total 100 Branches in FY 13 and also open 150 -200 Branches every year.

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DENA BANK - RESULTS FOR FIRST QUARTER - Q1 FY 2013 - TOTAL INCOME UP 38%YoY; NPT UP42% YoY; NPAs under Control. - Good Performance

DENA BANK

RESULTS FOR FIRST QUARTER

Q1 FY 2013

DENA BANK , a public sector Bank with 44.76% Public Holding, has produced good Results in the first quarter ending June 2012.

HIGH LIGHTS

Total Income for Q1 FY 13 stands at Rs.2278.85 Cr; up by 5.19% from Rs.2166.36 Cr in Q4 FY 12(Previous Qtr); and  up by  37.9 % from Rs.1652.53 Cr in Q1 FY 12 (Corresponding Qtr).

Total Expenditure for Q1 FY 13 stands at Rs.1820.93 Cr; up by  7.69% from Rs.1690.85 Cr in Q4 FY 12(Previous Qtr); and  up by 35.41% from Rs.1344.79 Cr in Q1 FY 12 .

Profit before Interest, Dep. & Taxes for Q1 FY 13 stands at Rs.457.92 Cr; down by                -3.7% from Rs.475.51 Cr in Q4 FY 12(Previous Qtr); and  up by   48.8% from Rs.307.74 Cr in Q1 FY 12.

Net Profit for Q1 FY 13 stands at Rs.238.63 Cr; down by       -6.34% from Rs.254.79 Cr in Q4 FY 12(Previous Qtr); and  up by  41.97% from Rs.168.09 Cr in Q1 FY 12 .

Diluted EPS for Q1 FY 13 stands at Rs.6.82 ; down  by    -10.62% from Rs.7.63  in Q4 FY 12(Previous Qtr); and  up by         35.32% from Rs.5.04  in Q1 FY 12 .

DETAILS

Interest on Advances for Q1 FY 13 stands at Rs.1650.58 Cr; up by 12.64% from Rs.1465.39 Cr  in Q4 FY 12(Previous Qtr); and  up by               40.22% from Rs.1177.14 Cr in Q1 FY 12 (Corresponding Qtr).

Income on Investments     for Q1 FY 13 stands at Rs.449.35 Cr; up by               5.29% from Rs.426.79 Cr in Q4 FY 12(Previous Qtr); and  up by 29.8% from Rs.346.18 Cr in Q1 FY 12 .

Income on Balances With RBI      for Q1 FY 13 stands at Rs.10.29 Cr; down  by -21.93% from Rs.13.18 Cr in Q4 FY 12(Previous Qtr); and  up by 111.73% from Rs.4.86 Cr in Q1 FY 12 .

Interest Earned         for Q1 FY 13 stands at Rs.2137.20 Cr; up by 9.27% from Rs.1955.89 Cr in Q4 FY 12(Previous Qtr); and  up by 39.85% from Rs.       1528.18 Cr in Q1 FY12.

Other Income for Q1 FY 13 stands at Rs.  141.65 Cr; down by   -32.7% from Rs.210.47 Cr in Q4 FY 12(Previous Qtr); and  up by               13.91% from Rs.124.35 Cr in Q1 FY 12 .

Total Income               for Q1 FY 13 stands at Rs.2278.85 Cr; up by 5.19% from Rs.2166.36 Cr in Q4 FY 12(Previous Qtr); and  up by 37.9% from Rs.1652.53 Cr in Q1 FY 12 .

Interest Expended for Q1 FY 13 stands at Rs.1524.96 Cr; up by              12.33% from Rs.1357.52 Cr in Q4 FY 12(Previous Qtr); and  up by 40.99% from Rs.1081.63 Cr in Q1 FY 12 .

Net Interest Income for Q1 FY 13 stands at Rs.612.24 Cr; up by             2.32% from Rs.598.37 Cr in Q4 FY 12(Previous Qtr); and  up by               37.1% from Rs.446.55 Cr in Q1 FY 12.

Employees Cost         for Q1 FY 13 stands at Rs.172.17 Cr; up by               -19.21% from Rs.213.10 Cr in Q4 FY 12(Previous Qtr); and  up by 2.42% from Rs.168.11 Cr in Q1 FY 12.

Other Operating Expenses for Q1 FY 13 stands at Rs.123.80 Cr; up by              2.97% from Rs.120.23 Cr in Q4 FY 12(Previous Qtr); and  up by 30.25% from Rs.95.05 Cr in Q1 FY 12.

Operating Expenses for Q1 FY 13 stands at Rs.295.97 Cr; down  by      -11.21% from Rs.333.33 Cr in Q4 FY 12(Previous Qtr); and  up by               12.47% from Rs.263.16 Cr in Q1 FY 12 .

Total Expenditure(Excl.Provisions) for Q1 FY 13 stands at Rs.1820.93 Cr; up by     7.69% from Rs.1690.85 Cr in Q4 FY 12(Previous Qtr); and  up by     35.41% from Rs.1344.79 Cr in Q1 FY 12 .

Operating Profit  for Q1 FY 13 stands at Rs.457.92 Cr; down by              -3.7% from Rs.475.51 Cr in Q4 FY 12(Previous Qtr); and  up by               48.8% from Rs.307.74 Cr in Q1 FY 12.

Provisions  for Q1 FY 13 stands at Rs.103.41 Cr; down by             -64.48% from Rs.291.11 Cr in Q4 FY 12(Previous Qtr); and  up by 57.9% from Rs.65.49 Cr in Q1 FY 12.

Profit  before tax for Q1 FY 13 stands at Rs.354.51 Cr; up by     92.25% from Rs.184.40 Cr in Q4 FY 12(Previous Qtr); and  up by 46.34% from Rs.242.25 Cr in Q1 FY 12 .

Tax Expense for Q1 FY 13 stands at Rs.115.88 Cr; down  by        -264.63% from Rs.-70.39 Cr in Q4 FY 12(Previous Qtr); and  up by               56.26% from Rs.74.16 Cr in Q1 FY 12 .

Net Profit for Q1 FY 13 stands at Rs.238.63 Cr; down  by               -6.34% from Rs.254.79 Cr in Q4 FY 12(Previous Qtr); and  up by               41.97% from Rs.168.09 Cr in Q1 FY 12 .

Face Value of Share isRs.10; and  Paid-up Equity stands at Rs.350.06 Cr.

Capital Adequacy Ratio (Basel  II): for Q1 FY 13 stands at 12.35 % in Q1 FY 13; at  11.51% in Q4 FY 12; and at 13.14% in Q1 FY 12.

Basic EPS  stands at Rs.6.82 in Q1 FY 13; at Rs.7.63 in Q4 FY 12; and Rs.5.04 in Q1 FY 12.

Net NPAs for Q1 FY 13 stands at Rs.597.04 Cr; up by 4.43% from Rs.571.73 Cr in Q4 FY 12(Previous Qtr); and  up by         30.29% from Rs.458.24 Cr in Q1 FY 12 (Corresponding Qtr).

 % of Net NPAS to Net Advances  stands at 1.01% in Q1 FY 13; at 1.01% in Q4 FY 12; and at 1.08% in Q1 FY 12.

Return on Assets stands at 1.07% in Q1 FY 13; at              1.17% from Q4 FY 12; and at 0.97% in Q1 FY 12.

Provision Coverage Ratio is 75.62% as on 30.06.2012.

OTHER DETAILS

 The good numbers are a result of an overall performance improvement, including growth in advances, widening of margins and profit from sale of securities – Says the CMD, Noopur Mitra.

 Dena Bank's N I M was up 0.16 % over Q1 FY 12 at 3.06 % - in spite of a 4 % point dip in the share of the low-cost current and saving account deposits, which stood at a little over 30 percent in Q1 FY 13, in the wake of bank's shift to term deposits.

Acting on a finance ministry diktat of reducing reliance on bulk deposits, the bank has embarked on a three- quarter, Rs 9,000-crore shedding drive which will take the component down to 10 percent from the present 13.5 percent, Mitra said. It is seen that all PSU Banks are attempting the same. The share of Bulk Deposits come down as the CASA DEPOSITS SHARE grows.

The bank restructured Rs 800 crore of its assets during the quarter, which included two power distribution companies with Rs 700 crore. But, Mitra stressed that there are no chunky restructurings in the pipeline which will erode profits. The bank's total provisions nearly doubled to Rs 103.41 crore as against Rs 65.49 crore in the corresponding period last year.Going forward, Asset quality is not a major concern, as the Bank has restructured all accounts necessary - feels the bank. Also, It feels confident of maintaining a NIM of 3% in the rest of the Year. It expects to achieve a Loan growth of 20% and a deposit Growth of 18%.

Overall – DENA BANK has performed well in Q1 FY 13 – even in controlling the NPAs – which has affected many other PSU Banks. The CMD’s views that there are no big restructuring of loans for the future pipe line – is re-assuring.

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DENA BANK - ANNUAL REPORT 2012 - A REVIEW - IN GOOD HEALTH

DENA BANK

ANNUAL REPORT 2012

A REVIEW

DENA BANK’S Annual Report for FY 2012  is summarized below :

Banking Sector: 

In view of the moderation in growth and inflationary trends the non food credit growth during 2011-2012 has remained subdued as compared to FY. 2010-2011. As on March, 2012 credit growth was 17% and deposit growth was 13.40%. This resulted in wide gap between credit growth and deposit growth. This has been in spite of Scheduled Commercial Banks maintaining high interest rates on deposits for most part of the financial year.

Performance of the Bank:

Despite this challenging environment Dena Bank has been able to perform reasonably well registering an all-round growth in various parameters :

New Capital Adequacy Norms:

During the year, the Bank allotted 1.67 Cr Equity Shares of face value of Rs. 10/- at a price of Rs.90.73 aggregating Rs.151 Cr, to LIC on preferential basis. With this, GOI's holding in the Bank stands reduced to 55.24% from 58.01%. The Tier I capital adequacy ratio of the Bank under Basel II is 8.86% as against 9.77% as of March, 2011.

Capital to Risk (Weighted) Asset Ratio (CRAR) stood at 11.51% as of March 2012, compared to 13.41% as of March 2011, against the requirement of 9%. However, the Core CRAR of the Bank under Basel II is 8.86 % as on 31st March, 2012 which indicates healthy level of Core Capital.

Net Worth of the Bank improved to Rs.4,256.14 Cr as on 31.03.2012 from Rs.3,366.43 Cr as on 31.03.2011, registering a growth of Rs.889.71 Cr (26.43%).

Network and Delivery Channels:

Dena Bank opened 51 new branches during 2011-12. Total number of branches stood at 1342 as of March 2012. All branches are covered under CBS.  As at 31st March 2012, the Bank had an installation base of 543 ATMs comprising of 430 On-site ATMs and 113 Off-site.

The Bank, to meet its requirements of personnel for increasing business levels and opening of new branches, has recruited 408 officers (incl. POs) under various scales and disciplines and 404 clerks during the year.

Performance Highlights

Aggregate Business Mix (Deposits + Advances) scaled a level of Rs.1,34,326 Cr during the financial year ended 31st March, 2012. The total Business Mix of the Bank increased by  Rs.24,953.01 Cr to Rs.1,34,326.00 Cr at the end of the year 2011-12 from Rs.1,09,372.99 Cr as on 31st March, 2011, registering a growth of 22.81% .

Total Deposits have grown to Rs.77,166.80 Cr as of March 2012 as compared to Rs.64,209.62 Cr as of March 2011, a growth of 20.18%.

Total Advances stood at Rs.57,159.20 Cr as of March 2012 as compared to Rs.45,163.37 Cr as of March 2011,a growth of 26.56%.

Retail Credit posted a growth of  Rs.1,146.91 Cr from Rs.6,135.59 Cr as on 31st March, 2011 to  Rs.7,282.50 Cr as on 31st March, 2012, registering a growth of 18.69%; MSME loans stood at Rs.8,291 Cr showing an increase of 22.22% while loans to agriculture sector stood at Rs.6,989 Cr, registering a growth of 9.39% as of March 2012.

Having identified MSME as one of the growth engine Bank has significantly reduced interest rates on such advances to make it competitive and has entered into tie up with auto manufacturers for financing of three wheelers.

Total credit exposure to Power sector is Rs.8972.22 Cr which constituted 15.70% of total credit, Telecom Rs.581.00 Cr (1.02%), Road & Ports Rs.854.49 Cr (1.49%) and to ‘Other Infrastructure’ is Rs.1268.19 Cr which constituted 2.22% of total credit.

Income Analysis :

Total income has increased by Rs.1,808.63 Cr (32.49%) and stood at Rs.7,376 Cr. as compared to an Income of Rs.5,567.37 Cr earned during the previous year.

Interest income registered an increase by 34.98% and reached a level of Rs.6,794.13 Cr during the current year.

Core Fee based income has increased by Rs.102.48 Cr (27.31%) from Rs.375.25 Cr as of March 2011 to Rs.477.73 Cr as of March 2012.

Net interest income (NII) has increased by 19.15% and stood at Rs.2101.00 Cr as compared to Rs.1763.37 Cr posted during the previous year

Expenses  : Total expenses has registered an increase of 34.63 % over the previous year.

Operating Profit : Operating profit has registered an increase of 24.89% and stood at Rs.1528.43 Cr as compared to Rs.1223.79 Cr posted during the previous year.

Net Profit : The Bank is successful in posting 31.31% rise in Net Profit during the year. The Net Profit of the Bank stood at Rs.803.14 Cr as against Rs. 611.63 Cr posted during the previous year.

DIVIDEND : The Bank has recommended an enhanced dividend of 30% for current year as against 22% for the previous year.

Deposits Mobilisation :

The incremental growth in different segments of Deposit was to the extent of Rs.12,957.18 Cr during the FY 2011-12.

Share of CASA Deposits to Total Deposits during 2011-12 marginally declined to 34.46% from 35.42% in the previous year. During the year, CASA increased by 16.91 % as compared to 24.15 % in the previous year.

ADVANCES : 

Advances increased by Rs.11995.83 Cr from Rs.45163.37 Cr as on 31.03.11 to Rs.57159.20 Cr as on 31.03.12, registering a growth of 26.56%. During the year, focused attention was given for accelerated lending under MSME, Agriculture and Retail sectors, strategically with policy of risk diversification.

Bank has entered into tie up with TVS Motor and Bajaj Motor for 3 wheelers financing and with TATA Motors for financing Commercial Vehicle to be covered under MSME sector.

Regional Rural Banks sponsored by the Bank :

The Bank has sponsored two RRBs namely Dena Gujarat Gramin Bank (DGGB) in the State of Gujarat and Durg Rajnandgaon Gramin Bank (DRGB) in the State of Chhattisgarh. Both the RRBs sponsored by Dena Bank have a network of 277 branches spread over 10 districts of Gujarat and Chhattisgargh. The total business mix of these RRBs stood at ` 4920.20 Cr as of March 2012. During the financial year ended 31st March, 2012, both the RRBs are profit making.

Asset Quality & Recovery Management :

Gross NPA, increased by Rs.114.26 Cr from Rs.842.24 Cr as on 31st March 2011 to Rs.956.50 Cr as on 31st March, 2012. 

Gross NPA ratio decreased to 1.67% as on 31.03.2012 from 1.86 % as on 31.03.2011

Net NPA ratio stood at 1.01% as on 31.03.2012 as against 1.22% as on 31.03.2011.

Net NPAs increased by Rs.22.78 Cr from Rs.548.95 Cr as on 31st March, 2011 to Rs.571.73 Cr as on 31st March, 2012.

Provision Coverage Ratio stood at 75.53% i.e. well above the regulatory requirement of 70%.

Recovery efforts in NPA Accounts yielded good results. Cash recovery in NPA Accounts during 2011-12 was Rs.222.56 Cr and up gradation in the accounts was Rs.191.47 Cr. The Bank recorded recovery in written off accounts during the year of Rs.81.93 Cr including recovery of interest in written off accounts of Rs.12.17 Cr. 

The Bank has conducted 1461 recovery camps which were attended by 16940 borrowers. A total of 2785 accounts were settled for Rs.32.46 Cr and 864 accounts were upgraded for Rs.21.33 Cr.

Outlook for FY 2012-13 : Against the backdrop of uncertain global conditions and fragile domestic demand, recovery in the economy is expected to remain moderate. With RBI ensuring adequate liquidity cushion in the financial system by adjusting policy rates to sustain growth, at the same time without risking external balance or inflation by excessively fuelling demand, the projected growth for 2012-2013 being higher than 2011-2012, performance of Banking sector is expected to improve.

COMMENTS :-

Overall, Dena Bank is in sound Health and on a Good Growth Trajectory. Its loan Portfolio is reasonably good and unlikely to slip into Bad Debts, though some restructuring in Power sector is always possible.

The Net NPAs can come down from present levels - with the kind of efforts the bank is making.

It is a GOOD BUY for medium / long term Investors.

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DENA BANK = Results = For Q4 FY 2012 = & FY 2012 = NPT For FY 12 UP 31.31% Over FY 11;UP 57% Over FY 10.

DENA BANK

Dena bank has declared good results for the FY 2012 and for Q4 FY 12. The results are analysed below :

ANNUAL RESULTS REVIEW

FY 2012 vs FY 2011 vs 2010

Interest on Advances stands at Rs.5161.17 Cr in FY 12; Up 35.09% from FY 11 (Rs.3820.43 Cr); and up 71.51% from FY 10 (Rs.3009.33 Cr).

Income on Investments stands at Rs.1544.40 Cr in FY 12; Up 29.48% from FY 11 (Rs.1192.73 Cr); and up 60.90% from FY 10 (Rs.959.87 Cr).

Interest Earned     stands at Rs.6794.13 Cr in FY 12; Up 34.98% from FY 11 (Rs.5033.53 Cr); and up          69.41% from FY 10 (Rs.      4010.36 Cr).

Other Income stands at Rs.582.17 Cr in FY 12; Up 9.05% from FY 11 (Rs.533.84 Cr); and down -1.10% from FY 10 (Rs.588.63 Cr).

Total Income stands at Rs.7376.30 Cr in FY 12; Up 32.49% from FY 11 (Rs.5567.37 Cr); and up 60.39% from FY 10 (Rs.4598.99 Cr).

Interest Expended stands at Rs.4693.13 Cr in FY 12; Up         43.51% from FY 11 (Rs.3270.16 Cr); and up 61.26% from FY 10 (Rs.2910.33 Cr).

Net Interest Income stands at Rs.2101.00 Cr in FY 12; Up 19.15% from FY 11 (Rs. 1763.37 Cr); and up 90.99% from FY 10 (Rs.1100.03 Cr).

Operating Expenses stands at Rs.1154.74 Cr in FY 12; Up 7.58% from FY 11 (Rs.1073.42 Cr); and up 36.16% from FY 10 (Rs.848.08 Cr).

Total Expenditure(excluding provisions) stands at Rs.5847.87 Cr in FY 12; Up 34.63% from FY 11 (Rs.4343.58 Cr); and up 55.59% from FY 10 (Rs.3758.41 Cr).

Operating Profit (Income-Expdr)  stands at Rs.1528.43 Cr in FY 12; Up 24.89% from FY 11 (Rs.1223.790 Cr); and up 81.83% from FY 10 (Rs.840.58 Cr).

Provisions stands at Rs.562.26 Cr in FY 12; Up 72.90% from FY 11 (Rs.325.20 Cr); and up  265.60% from FY 10 (Rs.153.79 Cr).

Profit before tax stands at Rs.966.17 Cr in FY 12; Up 7.52% from FY 11 (Rs.898.59 Cr); and up 40.68% from FY 10 (Rs.686.79 Cr).

Tax Expense stands at Rs.163.03 Cr in FY 12; down -43.19% from FY 11 (Rs.286.96 Cr); and down -7.13% from FY 10 (Rs.175.54 Cr).

Net Profit  stands at Rs.803.14 Cr in FY 12; Up 31.31% from FY 11 (Rs.611.63 Cr); and up 57.09% from FY 10 (Rs.511.25 Cr). The improvement in Net Profit over the last 2 years is very impressive. This has happened despite sizeable increase in Provisions and NPAs.

Dividend stands at 30% fro FY 12; 22% for FY 11; and 20% for FY 10.

Face Value is Rs.10;  and Paid-up Equity is Rs.350.06 Cr.

Reserves stand at Rs.3941.45 Cr in FY 12; up 26.09% from FY 11 (Rs.3125.79 Cr)

Capital Adequacy Ratio stands at 11.51% in FY 12; @ 11.04% in  FY 11; and @  10.65% in FY 10.

Gross/Net NPA      stands at Rs.571.73 Cr in FY 12; up 4.15% from FY 11; and up 33.73% from FY 10.

% of Gross/Net NPA stands at 1.01% from FY 12; 1.22% from FY 11; and 1.21% from FY 10.

Return on Assets stands at 1.08% in FY 12; @ 1% in FY 11; and @ 1.01% in FY 10.

Basic EPS stands at Rs.24.08 in FY 12; Rs.21.26 in FY 11; and Rs.17.83 in FY 10. EPS has grown significantly over the years. The overall performance of Dena Bank has been impressive over the last 3 years.

The current Market Price of Dena Bank shares is Rs.84.90;   While the  52 week high price is Rs.103.60 and the 52 week low price  is Rs.47.55.

The current PE Ratio works out to 3.53. The overall performance of Dena Bank is quite impressive. Even performance in respect of quality of assets is in line with other Banks and can be expected to improve in coming quarters.

QUARTERLY RESULTS REVIEW

Q4FY12 vs Q3 FY12 vs Q4FY11

Interest on Advances stands at Rs.1465.39 cr in Q4 FY 12; up 13% from Q3 FY 12 (Rs.1292.77 Cr); and up 35% from Q4 FY 11 (Rs.1085.08 Cr).      

Income on Investments stands at Rs.426.79 cr in Q4 FY 12; up 14% from Q3 FY 12 (Rs.374.83 Cr); and up 36% from Q4 FY 11 (Rs.313.66 Cr).              

Interest Earned     stands at Rs.1955.89 cr in Q4 FY 12; up 17% from Q3 FY 12 (Rs.1676.24 Cr); and up 39% from Q4 FY 11 (Rs.1407.49 Cr).              

Other Income        stands at Rs.210.47 cr in Q4 FY 12; up 57% from Q3 FY 12 (Rs.133.97 Cr); and up 16% from Q4 FY 11 (Rs.180.77 Cr).              

Total Income stands at Rs. 2166.36 cr in Q4 FY 12; up 20% from Q3 FY 12 (Rs.1810.21 Cr); and up 36% from Q4 FY 11 (Rs.1588.26 Cr).              

Interest Expended stands at Rs.  1357.52 cr in Q4 FY 12; up  20% from Q3 FY 12 (Rs. 1135.04 Cr); and up          45% from Q4 FY 11 (Rs.936.30 Cr).              

Net Interest Income stands at Rs. 598.37 cr in Q4 FY 12; up  11% from Q3 FY 12 (Rs. 541.20 Cr); and up 27% from Q4 FY 11 (Rs.471.19 Cr).              

Total Exp(excl.provisions) stands at Rs.1690.85 cr in Q4 FY 12; up       19% from Q3 FY 12 (Rs.1417.04 Cr); and up 36% from Q4 FY 11 (Rs.  1245.14 Cr).              

Operating Profit stands at Rs.475.51 cr in Q4 FY 12; up 21% from Q3 FY 12 (Rs. 393.17 Cr); and up 39% from Q4 FY 11 (Rs.343.12 Cr).              

Provisions stands at Rs.291.11 cr in Q4 FY 12; up 134% from Q3 FY 12 (Rs.124.33 Cr); and up 135% from Q4 FY 11 (Rs. 123.82 Cr).              

Profit  before tax stands at Rs.184.40  cr in Q4 FY 12; Down (-)31% from Q3 FY 12 (Rs.268.84 Cr); and down (-)16 % from Q4 FY 11 (Rs.219.30 Cr).              

Tax Expense stands at Rs(-)70.39 cr in Q4 FY 12; down (-)186% from Q3 FY 12 (Rs.82.16 Cr); and down (-)213 % from Q4 FY 11 (Rs.62.30 Cr).              

Net Profit     stands at Rs.254.79 cr in Q4 FY 12; up 36 % from Q3 FY 12 (Rs. 186.68 Cr); and up 62% from Q4 FY 11 (Rs. 157 Cr).              

Capital Adequacy Ratio     stands at 11.51% in Q4 FY 12; at 11.58% in Q3 FY 12; and at    11.04% in Q4 FY 11.

Basic EPS stands at Rs.7.63 in Q4 FY 12; Rs.5.6 in Q3 FY 12; and Rs.5.46 in Q4 FY 11.

Gross/Net NPA      stands at Rs.571.73 cr in Q4 FY 12; up 9 % from Q3 FY 12 (Rs.523.97 Cr); and up     4 % from Q4 FY 11 (Rs.548.95 Cr).    While NPAs have increased slightly, the profitability has increased more than that and has resulted in higher EPS.  

% of Gross/Net NPA stands at 1.01% in Q4 FY 12; 1.1% in Q3 FY 12; and 1.22% in Q4 FY 11

Return on Assets stands at 1.17% in Q4 FY 12; 1.05% in Q3 FY 12; and 0.94% in Q4 FY 11.

Bank has issued 1,66,69,453 Eq.shares to LIC @ 90.73 (Premium Rs.80.73) on 29.03.2012.

Provision coverage Ratio is 75.53% as on 31.03.2012

Balance Sheet Details

Deposits as on 31.3.2012 stands at Rs.77166.80 cr (Rs.64209.62 Cr in FY11)

Borrowings as on 31.3.2012 stands at Rs.3880.95 Cr (Rs.1691.66 Cr in FY 11)

Advances stands at Rs.56692.54 cr as on 31.3.2012 (Rs.44828.05 Cr in FY 11).

Investments stands at Rs.23027.65 cr as on 31.3.2012 (Rs.18768.91 cr in FY 11).

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