Punjab National Bank Q3FY13 Result First Cut
Rajesh Desai
Dear Sir/Madam,
Punjab National Bank Ltd has announced its Q3FY13 result on 31st January 2013.
The bank’s total income increased by 3.27% QoQ and 4.75% YoY to INR4703.83 crores. Whereas, Profit After Tax (PAT) increased by 22.53% QoQ and 13.53% YoY to INR1305.62 crores. During the quarter, bank has decreased its Provision by 25.35% QoQ and 15.27% YoY to INR801.59 crores which has boosted its bottom line.
Bank's loans book and total deposits expanded by 13.22% and 8.21% YoY to INR297313 and INR385785.09 crores respectively. On the asset quality front, the bank’s has improved its asset quality. GNPA and NNPA decreased by 5bps and 13bps QoQ to 4.61% and 2.56% respectively. On the margin front, Net Interest Margin (NIM) declined by 3bps QoQ and 38bps YoY to 3.47%, however bank has maintained its NIM guidance of 3.5% For FY13. Capital Adequacy Ratio (CAR) improved by 18bps YoY to 11.66%, which is almost 2.66% higher than the regulator’s stipulated norm. Moreover, Provision Coverage Ratio (PCR) of the bank is still not in satisfactory level.
Q3’13 (INR Crores) |
Consensus |
Actual |
Variance % |
Total Income | 4501.1 |
4703.83 |
4.50% |
|
PAT |
1152.8 |
1305.62 |
13.26% |
|
Punjab National Bank Ltd Quarterly-[INR-Crores] |
|
| |||
DESCRIPTION |
Q3'13 |
Q2'13 |
Q3'12 |
QoQ% |
YoY% |
Interest Earned |
10548.45 |
10421.11 |
9481.03 |
1.22 |
11.26 |
|
Interest Expended |
6815.12 |
6771.74 |
5944.39 |
0.64 |
14.65 |
|
NII |
3733.33 |
3649.37 |
3536.64 |
2.30 |
5.56 |
|
Other Income |
970.50 |
905.38 |
954.09 |
7.19 |
1.72 |
|
Total Income |
4703.83 |
4554.75 |
4490.73 |
3.27 |
4.75 |
|
Operating Expenses |
2021.92 |
2021.89 |
1814.30 |
0.00 |
11.44 |
|
Operating Profit before Prov.& Cont. |
2681.91 |
2532.86 |
2676.43 |
5.88 |
0.20 |
|
Provisions and Contingencies |
801.59 |
1073.83 |
946.10 |
-25.35 |
-15.27 |
|
PBT |
1880.32 |
1459.03 |
1730.33 |
28.87 |
8.67 |
|
Tax |
574.70 |
393.45 |
580.29 |
46.07 |
-0.96 |
|
Profit After Tax |
1305.62 |
1065.58 |
1150.04 |
22.53 |
13.53 |
|
Adj Calculated EPS |
38.49 |
31.42 |
33.91 |
22.50 |
13.51 |
|
Advances |
297313.00 |
294746.52 |
262605.18 |
0.87 |
13.22 |
|
Deposits |
385785.09 |
400747.49 |
356516.68 |
-3.73 |
8.21 |
|
|
Q3'13 |
Q2'13 |
Q3'12 |
QoQ (bps) |
YoY(bps) |
Capital Adequacy Ratio Basel II |
11.66% |
11.73% |
11.48% |
-7 |
18 |
|
% of Net NPAs |
2.56% |
2.69% |
1.11% |
-13 |
145 |
|
% of Gross NPAs |
4.61% |
4.66% |
2.42% |
-5 |
219 |
|
NIM % |
3.47% |
3.50% |
3.85% |
-3 |
-38 |
|
Provisions Coverage% |
55.97% |
54.31% |
70.01% |
166 |
-1404 |
|
C/D ratio |
77.07% |
73.55% |
73.66% |
352 |
341 |
|
C/I Ratio |
42.98% |
44.39% |
40.40% |
-141 |
258 |
|
OI/TI |
57.02% |
55.61% |
59.60% |
141 |
-258 |
Regards,
Team Microsec Research
Microsec Capital Limited
Tel: 91 33 30512100
Fax: 91 33 30512020
CA. Rajesh Desai