BANK OF BARODA
FIRST
QUARTER RESULTS
Q1 FY
2013
BANK OF BARODA
has declared
its first quarter results for the quarter ending June, 2012.
HIGH LIGHTS
Total Income
for Q1 FY 13
stands at Rs.9328.41 Cr; up by 3.46% from Q4 FY 12 amount of Rs.9016.31 cr; and
up
by 28.27% from Q1 FY 12 amount of Rs.7272.64 Cr. The
income improvement is very good.
Total Expenditure for Q1 FY 13
stands at Rs.7075.23 Cr; up by 1.58% from Q4 FY 12 amount of Rs.6965.38 Cr; up
by 30.03%
from Q1 FY
12 amount of Rs.5441.36Cr.
Profit before Intt,
Dep. & Taxes for Q1 FY 13 stands at Rs.2253.18 Cr; up by 9.86% from Q4
FY 12 amount of Rs.2050.93 cr; and up by 23.04% from Q1 FY
12 amount of Rs.1831.28 Cr.
Net Profit for Q1 FY 13 stands
at Rs.1138.86 Cr; down by -24.99% from Q4
FY 12 amount of Rs.1518.18 cr;
and up
by 10.26% from Q1 FY 12 amount of Rs.1032.85
Cr. The Net Profit has thus come down sequentially but has gone up by just 10%
YoY.
Diluted EPS
for Q1 FY 13 stands at Rs.27.7; against Rs.38.73
in Q4 FY 12; and Rs.26.38 in Q1 FY 12.
DETAILS
Interest on
Advances for Q1 FY 13 stands
at Rs. 6426.65 Cr; up by 5.81% from Q4 FY 12 amount of Rs.6073.88 Cr;
and up by 26.58%
from Q1 FY
12 amount of Rs.5077.23 Cr.
Income on
Investments for Q1 FY 13 stands at Rs.1731.51Cr;up by 5.58% from Q4 FY 12
amount of Rs.1639.98 cr; and up by 28.03% from Q1 FY
12 amount of Rs.1352.45 Cr.
Income on Balances with
RBI for Q1 FY 13 stands at Rs.287.92Cr; up by 23.61%
from Q4 FY 12 amount of Rs.232.93 cr; and up by 76.91%
from Q1 FY
12 amount of Rs.162.76Cr.
Interest Earned for Q1 FY 13 stands
at Rs.8557.61Cr; up by 5.41% from Q4 FY 12 amount of Rs.8118.52 cr; and up by 29.04 % from Q1 FY 12 amount of Rs.6631.77Cr.
Other Income for Q1 FY 13 stands at Rs.770.80Cr; down by -14.14% from Q4 FY 12 amount of Rs.897.79
cr; and up by 20.27%
from Q1 FY
12 amount of Rs.640.87Cr.
Total Income for Q1 FY 13 stands at Rs.9328.41Cr;up by 3.46% from Q4 FY 12 amount of Rs.9016.31Cr;
and up by 28.27% from Q1 FY 12 amount of Rs.7272.64 Cr.
Interest Expended for Q1 FY 13 stands at Rs.5759.54 Cr;
up by 8.24% from Q4 FY 12 amount of Rs.5321.12 Cr; and up by 32.87%
from Q1 FY
12 amount of Rs. 4334.58Cr.
Net Interest Income for Q1 FY 13 stands
at Rs.2798.07Cr; up by 0.02 % from Q4 FY 12 amount of Rs.2797.40 Cr;
and up by 21.8%
from Q1 FY
12 amount of Rs.2297.19Cr.
Total Expenditure
(Excl.Provisions) for Q1 FY 13 stands at Rs.7075.23Cr;up by 1.58% from Q4 FY
12 amount of Rs.6965.38 Cr; and up by 30.03%
from Q1 FY
12 amount of Rs.5441.36Cr.
Operating Profit for Q1 FY 13 stands at Rs.2253.18 Cr;
up by 9.86% from Q4 FY 12 amount of Rs.2050.93
Cr; and up by 23.04% from Q1 FY 12 amount of Rs.1831.28Cr.
Provisions for Q1 FY 13 stands at Rs.893.80Cr; up by 5.94% from Q4 FY 12 amount of Rs.843.68
Cr; and up by 128.56% from Q1 FY 12 amount of Rs.391.05Cr.
Profit before tax for Q1 FY 13 stands at Rs.1346.94 Cr; up by 12.57% from Q4 FY 12 amount of Rs.1196.51 Cr; and down by -5.62% from Q1 FY
12 amount of Rs.1427.22Cr.
Tax Expense for Q1 FY 13
stands at Rs.208.08Cr; compared to Q4 FY 12 amount of Rs. -321.67 Cr; and Q1 FY
12 amount of Rs.394.37 Cr.
Net Profit
for Q1 FY 13 stands
at Rs.1138.86Cr. Down by -24.99% from Q4 FY 12 amount of Rs.1518.18 Cr; and up by 10.26%
from Q1 FY
12 amount of Rs.1032.85Cr.
Face Value of Share
stands at
Rs.10; and Paid-up Equity stands at Rs.412.38Cr.
Capital Adequacy
Ratio for Q1 FY 13 stands
at 13.74%; against 14.67% in Q4 FY 12; and 12.04% in Q1 FY 12.
Diluted EPS
for Q1 FY 13 stands at Rs.27.7; against Rs.38.73
in Q4 FY 12; and Rs.26.38 in Q1 FY 12.
Gross/Net NPA
for Q1 FY 13
stands at Rs.1844.51Cr; up by 19.49% from Q4 FY 12 amount of Rs.1543.64Cr; up by 80.05%
from Q1 FY
12 amount of Rs.1024.42Cr.
% of Gross/Net NPA for Q1 FY 13 stands
at 0.65%; against 0.54% in Q4 FY 12; and 0.44% in Q1 FY 12. Though in absolute
terms – it is still moderate, but by comparison to YoY qtr, the percentage has
risen steeply.
Return on Assets for Q1 FY 13 stands at 1.01% ; against 1.41% in Q4
FY 12; and 1.13% in Q1 FY 12. ROA has come down steeply both sequentially and
YoY.
Public Shareholding
in the Bank
stands at 45.69%.
FURTHER DETAILS
Total
Business up 22.6% (y-o-y) to Rs 6,68,552 Cr
Total
Advances up 23.02% (y-o-y)
Total
Deposits up 22.3% (y-o-y)
NIM at
2.73% in Global & at 3.22% in Domestic operations
ROAA
(annualized) at 1.01%
CRAR at
13.74% with Tier 1 at 10.13%
Note: #: Total
Expenses and Operating Expenses excludes the exceptional items of Rs 12.44 Cr
for Q1, FY13 and Rs 13.01 Cr for Q1, FY12 as a share of the total deficit of Rs
149.25 Cr on account of the take-over by the Bank of the specified Assets & Liabilities of “The Memon Co-operative Bank Ltd.” as per the
approval granted by RBI.
EXPENSES
Growth in
the Bank’s Operating Expenses remained controlled at 18.9% (y-o-y) in Q1, FY13 to Rs
1,316 Cr. However, the Bank’s
Total Expenses registered a growth of
30.0% to Rs 7,075 Cr primarily on
account of increased cost of funds. Notwithstanding this, the Bank’s Cost-Income
Ratio of 37.21% during Q1, FY13 is a testimony to the Bank’s prudent control
over operating expenses.
PROVISIONS AND
CONTINGENCIES
Provisions
and Contingencies (excluding tax provisions) made by the Bank stood at Rs 894
Cr in Q1, FY13 versus Rs 391 Cr in Q1, FY12. An increase in these
provisions was on account of higher provisions against NPAs and write off of bad
debts – a necessary fallout of a stretched business cycle downturn. Provisions
for Taxes, however, declined from Rs 394 Cr to Rs 208 Cr reflecting a decline
of 10.3% on y-o-y basis.
BUSINESS EXPANSION
Total
Business expanded by 22.6% (y-o-y) to Rs 6,68,552 Cr in Q1, FY13. Out of this, Total Deposits increased by 22.3%
(y-o-y) to Rs 3,82,739 Cr, whereas Total Advances increased by 23.0% (y-o-y) to
Rs 2,85,813 Cr in Q1, FY13. Domestic
CASA Deposits share stood at the decent levels of 32.23% in terms of Total
Deposits and 33.72% in terms of Core Deposits despite continuation of elevated
returns on term deposits. Retail Credit increased by 6.43% (y-o-y) to Rs 32,922
Cr and formed 16.5% of the Gross Domestic Credit of the Bank as on 30th
June, 2012. While the Bank’s Farm Credit grew by 19.7% (y-o-y) to Rs27,774 Cr,
its Credit to MSME sector grew by 21.1% (y-o-y) to Rs 34,346 Cr.
ASSET QUALITY
Gross NPA increased
to Rs 5,319 Cr as on June 30, 2012 from Rs 3,425 Cr as on June 30, 2011 due to
the ongoing slowdown in the industrial sector combined with weak monsoon
rainfall in the current year. However,
the Gross NPA ratio stood at 1.84% as on 30 th June, 2012. Also, Net NPA (%)
increased from 0.44%
to 0.65% on y-o-y basis. The Provision
Coverage Ratio was maintained at 79.02% during Q1, FY13.
CAPITAL ADEQUACY
Capital
Adequacy Ratio (Basel II) was at 13.74%
as on 30th June, 2012. Out of 13.74%, the share of Tier 1 capital
was 10.13% and that of Tier 2 Capital was 3.61%.
KEY FINANCIAL
RATIOS
Net Worth
expanded by 34.2% (y-o-y) to Rs 27,889 Cr as on 30th June, 2012. In annualized
terms, the Return on Equity (%) stood at
16.33% and Return on Average Assets (%) at 1.01% in the first quarter of
FY13. The Book Value per Share improved
to Rs 678.37 as on 30Th June, 2012 from Rs 530.85 as on 30th June, 2011 (up
27.8% y-o-y).
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