Syndicate Bank
NSE Symbol SYNDIBANK
SYNDICATE BANK has declared results
for Q4 FY 12, which is analysed below :
Interest on Advances
in Q4 FY 12 stands at Rs.3299.59cr; up 2.71% from Q3 FY12 (Rs.3212.48 Cr); and
up 27.23% from Q4 FY 11 (Rs.2593.32 cr).
Income on Investments in Q4 FY 12 stands at Rs.755.27 cr; up 3.08%
from Q3 FY12 (Rs.732.68 Cr); and up 31.66% from Q4 FY 11 (Rs.573.66 cr).
Interest Earned in Q4 FY 12 stands at Rs.4124.66 cr; up 3.79% from Q3 FY12 (Rs.3973.94 Cr); and up
30.44% from Q4 FY 11 (Rs.3162.02 cr).
Other Income in Q4 FY 12 stands at Rs.299.67 cr; up 24.65%
from Q3 FY12 (Rs.240.41 Cr); and up 17.71% from Q4 FY 11 (Rs.254.58 cr).
Total Income in Q4 FY 12 stands at Rs.4424.33 cr; up 4.98%
from Q3 FY12 (Rs.4214.35 Cr); and up 29.5% from Q4 FY 11 (Rs.3416.60 cr).
Interest Expended
in Q4 FY 12 stands at Rs.2788 cr; up 5.25%
from Q3 FY12 (Rs.2648.97 Cr); and up 39.34% from Q4 FY 11 (Rs.2000.88 cr).
Net Interest Income in
Q4 FY 12 stands at Rs.1336.66 cr; up 0.88% from Q3 FY12 (Rs.1324.97 Cr); and up
15.12% from Q4 FY 11 (Rs.1161.14 cr).
Total Expenditure(excl.provisions) in Q4 FY 12 stands at Rs.3633.89 cr; up 10.4% from Q3
FY12 (Rs.3291.59 Cr); and up 32.4% from
Q4 FY 11 (Rs.2744.64 cr). Expenditure has gone up more than proportionately –
compared to total income. This has affected profitability in the quarter.
Operating Profit
in Q4 FY 12 stands at Rs.790.44 cr; Down(-)14.34% from Q3 FY12 (Rs.922.76 Cr);
and up 17.63% from Q4 FY 11 (Rs.671.96 cr).
Provisions in
Q4 FY 12 stands at Rs.542.18 cr; Down (-)0.28% from Q3 FY12 (Rs.543.72 Cr); and
up 53.6% from Q4 FY 11 (Rs.352.98
cr).Provisions have increased steeply in last 2 quarters – indicating lower
asset quality.
Profit before tax in Q4 FY 12 stands at Rs.248.26 cr;
Down(-)34.5% from Q3 FY12 (Rs.379.04 Cr); and Down(-)22.17% from Q4 FY 11 (Rs.318.98
cr).
Tax Expense
in Q4 FY 12 stands at Rs(-)61.17 cr; compared to Q3 FY12 (Rs.40.92 Cr); and Q4 FY 11 (Rs.29.69 cr).
Net Profit in Q4 FY 12 stands at Rs.309.43 cr; Down (-)8.49%
from Q3 FY12 (Rs.338.12 Cr); and up 6.96% from Q4 FY 11 (Rs.289.29 cr). Net
Profit has not shown any increased trend in Q4.
Face Value
stands at Rs.10; Paid-up Equity
in Q4 FY 12 stands at Rs.601.95 Cr.
Capital Adequacy Ratio
in Q4 FY 12 stands at 10.81%-against 11.48% in Q3 FY 12; and 11.2% in Q4 FY 11.
Basic EPS
in Q4 FY 12 stands at Rs.5.39; against Rs.5.9 in Q3 FY 12; and Rs.5.53 in Q4 FY
11.
Gross/Net NPA in Q4 FY 12 stands at Rs.1185.43 cr; up 19.44%
from Q3 FY12 (Rs.992.50 Cr); and up 15% from Q4 FY 11 (Rs.1030.84 cr).
% of Gross/Net NPA in Q4 FY 12 stands at 0.96% ;
against 0.86% in Q3 FY 12; and 0.97% in Q4 FY 11. Asset quality has slightly
deteriorated.
Return on Assets
in Q4 FY 12 stands at 0.76% - against 0.86% in Q3 FY 12; and 0.84% in Q4 FY 11.
Public holding
(%)in Q4 FY 12 was 33.83% against 30.53% earlier.
ANNUAL
RESULTS REVIEW
FY12
vs FY 11 vs FY 10
Interest on Advances
in FY 12 is Rs.12371.28 Cr – up 34.51% from FY 11 (Rs.9197.24 Cr) ; and up 60.72%
from FY 10 (Rs.7697.22 Cr).
Income on Investments
in FY 12 is Rs.2736 Cr ; up 23.93% from FY 11 (Rs.2207.72 Cr) ; and up 20.63% from FY 10 (Rs.2268.02 Cr).
Interest on Balances With RBI in FY 12 is Rs.150.71 Cr; up 1305.88% from FY 11 (Rs.10.72
Cr); and up 195.74% from FY 10 (Rs. 50.96 Cr).
Interest Earned
in FY 12 is Rs.15268.35 Cr; up 33.34%from
FY11 (Rs.11450.86 Cr); up 51.97% from FY 10 (Rs. 10047.18. Cr).
Other Income
in FY 12 is Rs.1075.97 Cr ; up 17.57% from FY 11 (Rs.915.14 Cr); and down -7.84% from FY 10 (Rs.1167.48 Cr).
Total Income
in FY 12 is Rs.16344.32 Cr; up 32.17%
from FY 11 (Rs.12366 Cr); and up 45.74% from FY 10 (Rs. 11214.66 Cr).
Interest Expended
in FY 12 is Rs.10183.03 Cr; up 44.07% from FY 11 (Rs.7067.93 Cr) ; and up 39.36% from FY 10 (Rs.7307.24 Cr).
Net Interest Income
in FY 12 is Rs.5085.32 Cr ; up 16.03% from FY 11 (Rs.4382.93 Cr); up 85.60%
from FY 10 (Rs. 2739.94 Cr). The
improvement in in NII is impressive.
Employees cost
in FY 12 is Rs.1891.98 Cr; up 6.64% from FY 11 (Rs.1774.11 Cr) ; up 41.38%
from FY 10 (Rs.1338.27 Cr).
Other Oprting Expenses
in FY 12 is Rs.921.10 Cr; up 19.17% from
FY 11 (Rs.772.94 Cr); up 32.72% from FY 10 (Rs.694.03 Cr).
Operating Expenses
in FY 12 is Rs.2813.08 Cr; up 10.44% from FY 11 (Rs.2547.05 Cr); and up 38.42% from FY 10 (Rs.2032.30 Cr).
Total Expenditure
(excl.provisions) in FY 12 is Rs.12996.11 Cr; up 35.17% from FY 11 (Rs.9614.98 Cr); and up 39.15% from FY 10 (Rs.9339.54
Cr).
Operating Profit
in FY 12 is Rs.3348.21 Cr; up 21.71%
from FY 11 (Rs.2751.02 Cr); and up 78.56% from FY 10 (Rs.1875.12 Cr).
Improvement in OPT is very good.
Provisions in
FY 12 is Rs.1919.47 Cr; up 31.08% from FY 11 (Rs.1464.36 Cr); and up 174.34% from FY 10 (Rs.699.66 Cr). The
Provision coverage Ratio as on 31.3.2012 is 80.06%.
Dividend
of 38% has been recommended.
Profit before tax
in FY 12 is Rs.1428.74 Cr; up 11.04% from FY 11 (Rs.1286.66 Cr); and up 21.55% from FY 10 (Rs.1175.46 Cr).
Tax Expense
in FY 12 is Rs.114.37 Cr; down (-)51.92%
from FY 11 (Rs.237.88 Cr); and down(-)68.34% from FY 10 (Rs.361.20 Cr).
Consolidated NPT
in FY 12 is Rs.1314.37 Cr; up 25.32%from FY 11 (Rs.1048.78 Cr); and up 61.42 %
from FY 10 (Rs.814.26 Cr). There is good progress in Consolidated Net profit.
Reserves
in FY 12 is Rs.7437.62 Cr; up 22.20% from FY 11 (Rs.6086.51 Cr); and up 58.22%
from FY 10 (Rs.4700.89 Cr).
Capital Adequacy Ratio strands at 12.24% in FY 12; against 11.2%
in FY 11; and 11.2% in FY 10.
Gross/Net NPA
in FY 12 is Rs.1185.43 Cr ; up 15.00% from FY 11 (Rs.1030.84 Cr); and up 21.24% from FY 10 (Rs.977.73 Cr). NPAs
are not coming down in absolute numbers.
% of Gross/Net NPA
in FY 12 is 0.96%; against 0.97% in FY 11; 1.07% in FY 10.
Return on Assets in FY 12 is 0.81%; against 0.76 in FY
11; and 0.62% in FY 10.
Basic EPS
in FY 12 is Rs.22.91 in FY 12; Rs.20.04 in FY 11; and Rs.15.58 in FY 10. On a
YOY Basis, there is a steady Growth in EPS.
The current price of the share is
Rs. 94.35;while the 52 week high price is Rs.124.75 and the 52 week low price
is Rs.67.40.
The PE Ratio
works out to 4.12.
The Bank has allotted 2,86,64,284
shares to LIC – at a premium of Rs.104.15 on a FV of Rs.10. – Total amount :-
Rs.327.20 Cr
BALANCE
SHEET DETAILS (In Cr)
ITEM =
FY12= =FY11=
Deposits 157941 = 135596
Borrowings 10590 = 9528
Investments 40815 = 35068
Advances =123620= 106782
Domestic Deposits have improved to
Rs.147707 cr, up by 16%.
Domestic Advances have improved to
Rs.110954 cr, up by 14%.
Global Business improved to
Rs.283558 cr, up by 16%
Savings Deposits have touched
Rs.34295 cr.
Domestic CASA deposits form 31.47% of total domestic deposits
Credit Deposit Ratio stands at
79.53% (against 79.91% last year)
Yield on Advances has gone up from
9.52% to 10.98%.
Net Interest Margin stood at 3.43%
Cost to Income ratio down from 48.1%
to 45.68%
Book Value per share – up from
122.99 to 150.13
Return on Equity = 16.33%
Bank has more than 2700 Branches.
Target is 3000 Branches by 31.3.2013
with Business size of Rs.350000 Cr plus.
Overall – the future of Syndicate
bank appears to be very good – taking into consideration, the relaxing of
Interest Rates by RBI and lowering of CRR.
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