IDBI Bank Ltd Q3FY13 Result First-Cut
Rajesh Desai
Dear Sir/Madam,
IDBI Bank Ltd has announced its Q3FY13 result on 19th January 2013.
The bank’s total income increased by 18.16% QoQ and 53.01% YoY to INR2283.01 crores, driven by robust YoY growth in its Net Interest Income (NII) and Other Income by ~33% and ~101% respectively. Whereas, Profit After Tax (PAT) decreased by 13.81% QoQ and increased by 1.70% YoY to INR416.76 crores. During the quarter, bank has increased its provisions and contingencies by 94.70% QoQ and 136.46% YoY to INR962.95 crores which has affected its bottom line numbers.
Bank's loans book and total deposits expanded by 9.83% and 5.36% YoY to INR170959 and INR186623 crores respectively. On the assets quality front, NNPA improved by 11bps QoQ and 3bps YoY to 1.93% whereas, GNPA increased by 22bps QoQ and 73bps YoY to 3.67%. Moreover, bank is well capitalized to support its growth trajectory, Capital Adequacy Ratio (CAR) improved by 28bps QoQ and 66bps YoY to 14.19% which is 5.19% higher than the regulator’s stipulated norm. On the margin front, bank has improved its Margin by 25bps QoQ and 41bps YoY to 2.30%. Bank has also improved its provisions by 631bps QoQ and 1607bps YoY to 50.17%. Moreover bank’s low cost deposits base (CASA ratio) has been improved by 33bps QoQ and 260bps YoY to 22.27%.
IDBI Bank Ltd. Quarterly-[INR-Crores] |
|
| |||
DESCRIPTION |
Q3'13 |
Q2'13 |
Q3'12 |
QoQ% |
YoY% |
Interest Earned |
6200.36 |
6197.23 |
5849.21 |
0.05 |
6.00 |
|
Interest Expended |
4787.18 |
4947.91 |
4789.74 |
-3.25 |
-0.05 |
|
NII |
1413.18 |
1249.32 |
1059.47 |
13.12 |
33.39 |
|
Other Income |
869.83 |
682.78 |
432.62 |
27.40 |
101.06 |
|
Total Income |
2283.01 |
1932.10 |
1492.09 |
18.16 |
53.01 |
|
Operating Expenses |
730.55 |
752.51 |
666.96 |
-2.92 |
9.53 |
|
Operating Profit before Prov.& Cont. |
1552.46 |
1179.59 |
825.13 |
31.61 |
88.15 |
|
Provisions and Contingencies |
962.95 |
494.58 |
407.23 |
94.70 |
136.46 |
|
PBT |
589.51 |
685.01 |
417.90 |
-13.94 |
41.06 |
|
Tax |
172.75 |
201.48 |
8.09 |
-14.26 |
2035.35 |
|
Profit After Tax |
416.76 |
483.53 |
409.81 |
-13.81 |
1.70 |
|
Basic Calculated EPS |
3.26 |
3.78 |
3.20 |
-13.76 |
1.87 |
|
Advances |
170959.00 |
166370.00 |
155653.00 |
2.76 |
9.83 |
|
Deposits |
186623.00 |
180087.00 |
177123.00 |
3.63 |
5.36 |
|
|
Q3'13 |
Q2'13 |
Q3'12 |
QoQ (bps) |
YoY(bps) |
Capital Adequacy Ratio Basel II |
14.19% |
13.91% |
13.53% |
28 |
66 |
|
% of Net NPAs |
1.93% |
2.04% |
1.96% |
-11 |
-3 |
|
% of Gross NPAs |
3.67% |
3.45% |
2.94% |
22 |
73 |
|
CASA% |
22.27% |
21.94% |
19.67% |
33 |
260 |
|
NIM % |
2.30% |
2.05% |
1.89% |
25 |
41 |
|
Provisions Coverage% |
50.17% |
43.86% |
34.10% |
631 |
1607 |
|
C/D ratio |
91.61% |
92.38% |
87.88% |
-78 |
373 |
|
C/I Ratio |
32.00% |
38.95% |
44.70% |
-695 |
-1270 |
|
OI/TI |
68.00% |
61.05% |
55.30% |
695 |
1270 |
Note: Previous Quarter EPS adjusted to current no of shares. In March, 2012 GOI has raised its Shareholding in the bank by 5% to 70.52%.
Regards,
Team Microsec Research
Microsec Capital Limited
Tel: 91 33 30512100
Fax: 91 33 30512020
--
CA. Rajesh Desai