UNION BANK OF INDIA
FIRST QUARTER RESULTS
Q1 FY 2013
Union
Bank has released Mediocre results for the first quarter
ending June, 2012.
HIGH
LIGHTS
Total
Income for Q1 FY 12 stands at Rs.6561.10 Cr; up by 0.96% from Q4 FY 12 amount of Rs.6498.79 Cr;
and up by 21.51% from Q1 FY 12
amount of Rs.5399.68 Cr.
Total
Expenditure for Q1 FY 12 stands at Rs.5294.04 Cr; up by 8.04% from Q4 FY
12 amount of Rs.4900.00 Cr; and up by 25.04% from Q1 FY 12 amount of Rs.4233.88 Cr.
Profit
before Interest, Dep. & Taxes for Q1 FY 12 stands at Rs.1267.06 Cr; DOWN
by -20.75% from Q4 FY 12 amount of Rs.1598.79 Cr; and up by 8.69%
from Q1 FY 12 amount of Rs.1165.80 Cr.
Net
Profit for Q1 FY 12
stands at Rs.511.59 Cr; Down by -33.83%
from Q4 FY 12 amount of Rs.773.19 Cr;
and up by 10.16% from Q1 FY 12 amount of Rs.464.42 Cr.
Diluted
EPS for Q1 FY 12 stands at Rs.9.29; and at Rs.14.74 for Q4 FY 12; and
at Rs.8.86 in Q1 FY 12.
DETAILS
Interest
on Advances for Q1 FY 12 stands at Rs.4729.23 Cr; up by 7.87% from Q4 FY 12
amount of Rs.4384.03 Cr; and up by 25.97% from Q1 FY 12 amount of Rs.3754.17 Cr.
Income
on Investments for Q1 FY 12 stands at Rs.1265.69 Cr; up by 3.51% from Q4 FY 12 amount of Rs.1222.79 Cr;
and up by 19.02% from Q1 FY 12 amount of
Rs.1063.40 Cr.
Income
on Balances With RBI for Q1 FY 12 stands at Rs.52.92 Cr; down by -8.81% from Q4 FY 12 amount of Rs.58.03 Cr;
and down by -29.9% from Q1 FY 12 amount of Rs.75.49 Cr.
Interest
Earned for Q1 FY 12 stands at Rs.6069.90 Cr; up by 5.68% from Q4 FY 12
amount of Rs.5743.41 Cr; and up by 23.48% from Q1 FY 12 amount of Rs.4915.72
Cr.
Other
Income for Q1 FY 12 stands at Rs.491.20 Cr; down by -34.97% from Q4 FY 12 amount of Rs.755.38 Cr;
and up by 1.5% from Q1 FY 12 amount of Rs.483.96 Cr.
Total
Income for Q1 FY 12 stands at Rs.6561.10 Cr; up by 0.96% from Q4 FY
12 amount of Rs.6498.79 Cr; and up by 21.51% from Q1 FY 12
amount of Rs.5399.68 Cr.
Interest
Expended for Q1 FY 12 stands at Rs.4248.17 Cr; up by 9.86% from Q4 FY
12 amount of Rs.3866.81 Cr; and up by 27.74%
from Q1 FY 12 amount of Rs.3325.51 Cr.
Total
Expenditure(Excl.Provisions) for Q1 FY 12 stands at Rs.5294.04 Cr; up by 8.04% from Q4 FY 12 amount of Rs. 4900.00 Cr; and up by 25.04% from Q1 FY 12 amount of Rs.4233.88 Cr.The
rise in expenditure is proportionately much higher compared to rise in Total
Income. That has reduced profitability all the way.
Operating
Profit for Q1 FY 12 stands at Rs.1267.06 Cr; down by -20.75% from Q4 FY
12 amount of Rs.1598.79 Cr; and up by 8.69% from Q1 FY 12 amount of Rs.1165.80 Cr.
Provisions for Q1 FY 12
stands at Rs.518.47 Cr; up by 0.26% from Q4 FY 12 amount of Rs.517.15 Cr; and
up by 21.03%
from Q1 FY 12 amount of Rs.428.38 Cr.
Profit before tax for Q1 FY 12 stands at Rs.748.59 Cr; down by -30.79% from Q4 FY 12 amount of Rs.1081.64 Cr;
and up by 1.51% from Q1 FY 12 amount of Rs.737.42 Cr. The PBT levels have
deteriorated.
Tax
Expense for Q1 FY 12 stands at Rs.237.00 Cr; down by -23.16% from Q4 FY 12 amount of Rs.308.45
Cr; and down by -13.19% from Q1 FY 12 amount of Rs. 273.00 Cr. The lesser Tax expense has saved the dya – and has
improve Net Profit levels to some extent YoY.
Net
Profit for Q1 FY 12 stands at Rs.511.59
Cr; down by -33.83% from Q4 FY 12 amount of Rs.773.19 Cr; and up
by 10.16% from Q1 FY 12
amount of Rs.464.42 Cr. NPT is down steeply sequentially, though it is up 10%
YoY.
Face
Value of the Share stands at Rs.10; while, the Paid-up
Equity stands at Rs.661.55 Cr.
Capital
Adequacy Ratio for Q1 FY 12 stands at 11.64% under Basel II (of which the Tier
I CRAR is at 8.36%.); while CAR was 11.85% in Q4 FY 12; and 12.88% in Q1 FY 12.
CAR is reasonable, but Bank may have to raise additional capital for FY 13
requirements.
Diluted
EPS for Q1 FY 12 stands at Rs.9.29; while the same was Rs.14.74 in Q4
FY 12; and Rs.8.86 in Q1 FY 12. The EPS has come down sequentially, thugh it
has grown marginally YoY.
EPS
(annualised) in Q1/FY13 was Rs.37.17 compared
to Rs.35.43 in Q1/FY12. At the current MKT Price of around Rs.165, the PE Ratio
works out to 4.44.
Gross/Net
NPA for Q1 FY 12 stands at Rs.3747.18 Cr; up by 23.87% from Q4 FY 12
amount of Rs.3025.03 Cr; and up by 97.92% from Q1 FY 12 amount of Rs.1893.30 Cr.
% of
Gross/Net NPA for Q1 FY 12 stands at 2.2%;
while the same was 1.7% in Q4 FY 12;
and 1.32% in Q1 FY 12.The Net NPAs Percentage has risen very steeply –reflecting
the sharp deterioration in Asset Quality.
Return on Assets for Q1 FY
12 stands at 0.79%; while the same was 1.31% in Q4 FY 12; and 0.86% from Q1 FY
12.
Public
Shareholding for Q1 FY 12 stands at 45.65%.
52
week high/low price : Rs.311.90/155.45
Current
Price : Rs.165
OTHER
DETAILS
Net
Interest Income for Q1/FY13
increased by 14.59% to Rs.1822 Cr from Rs.1590 Cr in Q1/FY12
Net
Interest Margin (on earning assets) for Q1/FY13 was 3.01%, as
compared to 3.10% in Q1/FY12.
Non
Interest Income for Q1/FY13 up by
1.45% to Rs.491 Cr, compared to Rs.484 Cr in Q1/FY12 of which core Non Interest Income registered growth of 17.37%.
Return
on average assets (annualised) in
Q1/FY13 was 0.79% compared to 0.86% in Q1/FY12.
Return
on equity (annualised) in Q1/FY13 was
15.06% compared to 15.96% in Q1/FY12.
Balance
Sheet
Global
Business grew by 14.87%, from Rs.344745
Cr as on June 30, 2011 to Rs.396021 Cr as on June 30, 2012.
Domestic
Deposits increased from Rs.198544
cr. in June’11 to Rs.220987 cr., a growth of 11.30%. Global Deposits increased
from Rs.199178 Cr as on June 30, 2011
to Rs.222110 Cr as on June 30, 2012 a growth rate of 11.51%.
CASA
deposits grew by 9.52% to Rs.68742 Cr from Rs.62768 Cr in the previous
year. CASA share in total deposits was at 30.95%.
Domestic
Advances increased from Rs.138857
cr. to Rs.163229 cr., a growth of 17.55%. Global Advances increased from Rs.145567 Cr
(June 2011) to Rs.173911 Cr (June 2012), a growth rate of
19.47%.
Delivery
Channels :-
Bank has 3239 branches. 40 branches were opened during the first quarter.
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