Federal Bank Q3 FY13 Result First-Cut
Rajesh Desai
Dear Sir/Madam,
Federal Bank Ltd has announced its Q3FY13 result on 17th January 2013.
The bank’s total income increased by 8.66% QoQ and 5.29% YoY to INR701.20 crores, Whereas, Profit After Tax (PAT) decreased by 2.01% QoQ and increased by 4.41% YoY to INR210.78 crores. Bank has increased its provision by 144.30% QoQ but decreased by 35.45% YoY to INR74.39 crores.
During the quarter, Bank's loans book and total deposits expanded by 18.94% and 10.41% YoY to INR39494.03 and INR51607.31 crores respectively. On the assets quality front, the bank’s assets quality is still the matter of concern, NNPA increased by 24bps QoQ and 18bps YoY to 0.92%. On the margin front, Net Interest Margin (NIM) decreased by 9bps QoQ and 45bps YoY to 3.49%. However, bank is well capitalized to support its growth trajectory, Capital Adequacy Ratio (CAR) stood at 14.92% which is around 6% higher than the regulator’s stipulated norms.
Q3’13 (INR Crores) |
Consensus |
Actual |
Variance % |
PAT | 220 |
210.78 |
-4.19% |
|
Federal Bank Quarterly-[INR-Crores] |
|
| |||
DESCRIPTION |
Q3'13 |
Q2'13 |
Q3'12 |
QoQ% |
YoY% |
Interest Earned |
1521.77 |
1525.63 |
1466.83 |
-0.25 |
3.75 |
|
Interest Expended |
1024.42 |
1019.72 |
938.80 |
0.46 |
9.12 |
|
NII |
497.35 |
505.91 |
528.03 |
-1.69 |
-5.81 |
|
Other Income |
203.85 |
139.41 |
137.93 |
46.22 |
47.79 |
|
Total Income |
701.20 |
645.32 |
665.96 |
8.66 |
5.29 |
|
Operating Expenses |
307.26 |
295.68 |
247.24 |
3.92 |
24.28 |
|
Operating Profit before Prov.& Cont. |
393.94 |
349.64 |
418.72 |
12.67 |
-5.92 |
|
Provisions and Contingencies |
74.39 |
30.45 |
115.25 |
144.30 |
-35.45 |
|
PBT |
319.55 |
319.19 |
303.47 |
0.11 |
5.30 |
|
Tax |
108.77 |
104.09 |
101.60 |
4.50 |
7.06 |
|
Profit After Tax |
210.78 |
215.10 |
201.87 |
-2.01 |
4.41 |
|
Adj Calculated EPS |
12.32 |
12.58 |
11.80 |
-2.07 |
4.41 |
|
Advances |
39494.03 |
36299.18 |
33206.07 |
8.80 |
18.94 |
|
Deposits |
51607.31 |
49518.07 |
46742.46 |
4.22 |
10.41 |
|
|
Q3'13 |
Q2'13 |
Q3'12 |
QoQ (bps) |
YoY(bps) |
Capital Adequacy Ratio Basel II |
14.92% |
15.79% |
15.91% |
-87 |
-99 |
|
% of Net NPAs |
0.92% |
0.68% |
0.74% |
24 |
18 |
|
% of Gross NPAs |
3.85% |
3.83% |
3.97% |
2 |
-12 |
|
Provisions Coverage% |
74.53% |
80.00% |
80.54% |
-547 |
-601 |
|
Net Interest Margin % |
3.49% |
3.58% |
3.94% |
-9 |
-45 |
|
C/D ratio |
76.53% |
73.30% |
71.04% |
322 |
549 |
|
C/I Ratio |
43.82% |
45.82% |
37.13% |
-200 |
669 |
|
OI/TI |
56.18% |
54.18% |
62.87% |
200 |
-669 |
Regards,
Team Microsec Research
Microsec Capital Limited
Tel: 91 33 30512100
Fax: 91 33 30512020
CA. Rajesh Desai