Bank of Baroda Q3FY13 Result First-Cut
Rajesh Desai
Dear Sir/Madam,
Bank of Baroda Ltd has announced its Q3FY13 result on 4th February 2013.
The bank’s total income decreased by 0.25% QoQ and 3.24% YoY to INR3681.49 crores. Whereas, Profit After Tax (PAT) decreased by 22.27% QoQ and 21.57% YoY to INR1011.62 crores. During the quarter, bank has increased its Provisions by 59.23% QoQ and 23.01% YoY to INR1029.31 crores, which has affected its bottom line.
Bank's loans book and total deposits expanded by 14.83% and 18.76% YoY to INR299317.84 and INR414733.40 crores respectively. On the asset quality front, the bank’s assets quality is still the matter of concern, NNPA and GNPA increased by 30 and 43bps QoQ and 61 and 93bps YoY to 1.12% and 2.41% respectively. On the margin front, Net Interest Margin (NIM) decreased by 15bps QoQ and 43bps YoY to 3.08%. However, bank is in well position to tame any time liabilities with 70.88% of its Provision Coverage Ratio (PCR). Capital Adequacy Ratio (CAR) stood at 12.66%, which is 3.66% higher than the regulator’s stipulated norm.
Q3’13 (INR Crores) |
Consensus |
Actual |
Variance % |
Total Income | 3984.5 |
3681.49 |
-7.60% |
|
PAT |
1301.8 |
1011.62 |
-22.29% |
|
Bank of Baroda Quarterly-[INR-Crores] |
|
| |||
DESCRIPTION |
Q3'13 |
Q2'13 |
Q3'12 |
QoQ% |
YoY% |
Interest Earned |
8844.92 |
8722.55 |
7671.99 |
1.40 |
15.29 |
|
Interest Expended |
6004.02 |
5860.25 |
5016.48 |
2.45 |
19.69 |
|
NII |
2840.90 |
2862.30 |
2655.51 |
-0.75 |
6.98 |
|
Other Income |
840.59 |
828.31 |
1149.33 |
1.48 |
-26.86 |
|
Total Income |
3681.49 |
3690.61 |
3804.84 |
-0.25 |
-3.24 |
|
Operating Expenses |
1425.51 |
1308.03 |
1196.65 |
8.98 |
19.13 |
|
Operating Profit before Prov.& Cont. |
2255.98 |
2382.58 |
2608.19 |
-5.31 |
-13.50 |
|
Provisions and Contingencies |
1029.31 |
646.41 |
836.74 |
59.23 |
23.01 |
|
PBT |
1226.67 |
1736.17 |
1771.45 |
-29.35 |
-30.75 |
|
Exceptional Item |
12.44 |
12.44 |
13.00 |
0.00 |
-4.31 |
|
Tax |
202.61 |
422.34 |
468.60 |
-52.03 |
-56.76 |
|
Profit After Tax |
1011.62 |
1301.39 |
1289.85 |
-22.27 |
-21.57 |
|
Adj Calculated EPS |
24.61 |
31.65 |
32.28 |
-22.24 |
-23.76 |
|
Advances |
299317.84 |
292180.92 |
260660.61 |
2.44 |
14.83 |
|
Deposits |
414733.40 |
408149.50 |
349205.91 |
1.61 |
18.76 |
|
|
Q3'13 |
Q2'13 |
Q3'12 |
QoQ (bps) |
YoY(bps) |
Capital Adequacy Ratio Basel II |
12.66% |
12.91% |
13.45% |
-25 |
-79 |
|
% of Net NPAs |
1.12% |
0.82% |
0.51% |
30 |
61 |
|
% of Gross NPAs |
2.41% |
1.98% |
1.48% |
43 |
93 |
|
NIM % |
3.08% |
3.23% |
3.51% |
-15 |
-43 |
|
Provisions Coverage% |
70.88% |
75.72% |
80.51% |
-484 |
-963 |
|
C/D ratio |
72.17% |
71.59% |
74.64% |
58 |
-247 |
|
C/I Ratio |
38.72% |
35.44% |
31.45% |
328 |
727 |
|
OI/TI |
61.28% |
64.56% |
68.55% |
-328 |
-727 |
Regards,
Team Microsec Research
Microsec Capital Limited
Tel: 91 33 30512100
Fax: 91 33 30512020
--
CA. Rajesh Desai