Angel Broking - Banking sector - Result Analysis - 1QFY2013

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RAJESH DESAI

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Aug 29, 2012, 12:07:23 AM8/29/12

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Dear All,

Forwarding you the Result Analysis on Banking sector for 1QFY2013.

Economic environment challenging

The slippage levels in 1QFY2013 for PSU banks were higher by 27.7% qoq compared to an 11.2% qoq rise in 4QFY2012. However, slippages for State Bank of India (SBI) constituted 36.6% of the overall slippages in 1QFY2013 as compared to 18.9% in 4QFY2012. Hence, looking at the PSU segment excluding SBI, the slippage levels remained flattish sequentially (though high on absolute basis). Private banks vis-à-vis PSU banks continued to fare well on the asset quality front. However while for 4QFY2012 private banks had managed to reduce their gross and net NPAs levels by 2.0% and 8.6% qoq respectively, for 1QFY2013 they witnessed a 6.4% and 11.3% qoq rise in their gross and net NPA books.

Private banks, aided by a strong performance at the operating income front, reported a 32.2% yoy growth in PBT levels, while PSU banks owing to higher margin compressions and provisioning expenses managed to grow their PBT by a moderate 10.3% yoy, which too was aided by a sharp decline in PCR, leading to a 17% qoq increase in net NPAs.

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Banking sector - Result Analysis - 1QFY2013

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With best regards,
Fundamental Advisory Desk
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