Bank of India Q3FY13 Result First-Cut
Rajesh Desai
Dear Sir/Madam,
Bank of India Ltd has announced its Q3FY13 result on 28th January 2013.
The bank’s total income increased by 5.03% QoQ and 11.16% YoY to INR3245.62 crores, driven by YoY growth in its Net Interest Income (NII) and Other Income by 11.65% and 9.97% respectively. Whereas, Profit After Tax (PAT) increased by 166.19% QoQ and 12.19% YoY to INR803.48 crores. During the quarter, bank has decreased its Provisions by 41% QoQ to INR915.78 crores, which has boosted its bottom line.
Bank's loans book and total deposits expanded by 20.03% and 13.63% YoY to INR276486.36 and INR349117.09 crores respectively. On the asset quality front, the bank’s has improved its asset quality. GNPA and NNPA decreased by 34 and 7bps QoQ to 3.08% and 1.97% respectively. Moreover, bank’s low cost deposits portfolio (CASA) also improved by 107bps QoQ and 143bps YoY to 33.84%. On the margin front, Net Interest Margin (NIM) improved by 8bps QoQ while, decreased by 5bps YoY to 2.50%. Capital Adequacy Ratio (CAR) stood at 10.59%, which is 1.59% higher than the regulator stipulated norm.
Q3’13 (INR Crores) |
Consensus |
Actual |
Variance % |
Total Income | 2571.2 |
3245.62 |
26.23% |
|
PAT |
603.5 |
803.48 |
33.14% |
|
Bank of India Ltd Quarterly-[INR-Crores] |
|
| |||
DESCRIPTION |
Q3'13 |
Q2'13 |
Q3'12 |
QoQ% |
YoY% |
Interest Earned |
8022.69 |
8005.46 |
7150.12 |
0.22 |
12.20 |
|
Interest Expended |
5714.21 |
5809.50 |
5082.57 |
-1.64 |
12.43 |
|
NII |
2308.48 |
2195.96 |
2067.55 |
5.12 |
11.65 |
|
Other Income |
937.14 |
894.09 |
852.15 |
4.81 |
9.97 |
|
Total Income |
3245.62 |
3090.05 |
2919.70 |
5.03 |
11.16 |
|
Operating Expenses |
1389.83 |
1235.99 |
1187.81 |
12.45 |
17.01 |
|
Operating Profit before Prov.& Cont. |
1855.79 |
1854.06 |
1731.89 |
0.09 |
7.15 |
|
Provisions and Contingencies |
915.78 |
1552.11 |
693.07 |
-41.00 |
32.13 |
|
PBT |
940.01 |
301.95 |
1038.82 |
211.31 |
-9.51 |
|
Tax |
136.53 |
0.10 |
322.67 |
136430.00 |
-57.69 |
|
Profit After Tax |
803.48 |
301.85 |
716.15 |
166.19 |
12.19 |
|
Adj Calculated EPS |
14.00 |
5.26 |
12.46 |
166.16 |
12.36 |
|
Advances |
276486.36 |
256147.90 |
230354.64 |
7.94 |
20.03 |
|
Deposits |
349117.09 |
332694.67 |
307252.24 |
4.94 |
13.63 |
|
|
Q3'13 |
Q2'13 |
Q3'12 |
QoQ (bps) |
YoY(bps) |
Capital Adequacy Ratio Basel II |
10.59% |
11.10% |
11.18% |
-51 |
-59 |
|
% of Net NPAs |
1.97% |
2.04% |
1.78% |
-7 |
19 |
|
% of Gross NPAs |
3.08% |
3.42% |
2.74% |
-34 |
34 |
|
CASA% |
33.84% |
32.77% |
32.41% |
107 |
143 |
|
NIM % |
2.50% |
2.42% |
2.55% |
8 |
-5 |
|
C/D ratio |
79.20% |
76.99% |
74.97% |
220 |
422 |
|
C/I Ratio |
42.82% |
40.00% |
40.68% |
282 |
214 |
|
OI/TI |
57.18% |
60.00% |
59.32% |
-282 |
-214 |
Regards,
Team Microsec Research
Microsec Capital Limited
Tel: 91 33 30512100
Fax: 91 33 30512020
--
CA. Rajesh Desai