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Indian Bank Q2FY21 consolidated net profit at Rs. 424.14 crore

Posted On: 2020-10-22 02:51:15


INDIAN BANK has reported financial results for the period ended September 30, 2020.

Financial Results (Q2 FY20-21) - QoQ Comparison

The company has reported total income of Rs.11796.57 crores during the period ended September 30, 2020 as compared to Rs.11556.09 crores during the period ended June 30, 2020.

The company has posted net profit / (loss) of Rs.424.14 crores for the period ended September 30, 2020 as against net profit / (loss) of Rs.384.56 crores for the period ended June 30, 2020.

The company has reported EPS of Rs.4.05 for the period ended September 30, 2020 as compared to Rs.3.82 for the period ended June 30, 2020.

FinancialsQ2 FY20-21Q1 FY20-21% Change
Total Income₹ 11796.57 crs₹ 11556.09 crsUp Tick 2.08%
Net Profit₹ 424.14 crs₹ 384.56 crsUp Tick 10.29%
EPS₹ 4.05₹ 3.82Up Tick 6.02%

Financial Results (Q2 FY20-21) - YoY Comparison

The company has reported total income of Rs.11796.57 crores during the period ended September 30, 2020 as compared to Rs.6047.13 crores during the period ended September 30, 2019.

The company has posted net profit / (loss) of Rs.424.14 crores for the period ended September 30, 2020 as against net profit / (loss) of Rs.358.78 crores for the period ended September 30, 2019.

The company has reported EPS of Rs.4.05 for the period ended September 30, 2020 as compared to Rs.9.01 for the period ended September 30, 2019.

FinancialsQ2 FY20-21Q2 FY19-20% Change
Total Income₹ 11796.57 crs₹ 6047.13 crsUp Tick 95.08%
Net Profit₹ 424.14 crs₹ 358.78 crsUp Tick 18.22%
EPS₹ 4.05₹ 9.01Down Tick -55.05%

Financial Results (6 months ended FY 20-21) - YoY Comparison

The company has reported total income of Rs.23352.67 crores during the 6 months period ended September 30, 2020 as compared to Rs.11881.97 crores during the 6 months period ended September 30, 2019.

The company has posted net profit / (loss) of Rs.808.70 crores for the 6 months period ended September 30, 2020 as against net profit / (loss) of Rs.725.03 crores for the 6 months period ended September 30, 2019.

The company has reported EPS of Rs.7.87 for the 6 months period ended September 30, 2020 as compared to Rs.17.15 for the 6 months period ended September 30, 2019.

FinancialsHalf-Year Ended FY20-21Half-Year Ended FY19-20% Change
Total Income₹ 23352.67 crs₹ 11881.97 crsUp Tick 96.54%
Net Profit₹ 808.70 crs₹ 725.03 crsUp Tick 11.54%
EPS₹ 7.87₹17.15Down Tick -54.11%
Net Interest Income and Net Interest Margin

- Net Interest Income (interest income less interest expenditure) rose by 32% for Q2 FY21 to Rs. 4144 crore, from Rs.3139 crore for Q2 FY20. On a 00Q sequential basis it increased by 7%.

- Net Interest Margin (NIM) (Domestic) increased by 39 basis points (bps) and touched 3.06% for Q2FY21 as against 2.67% for Q2FY20. On a QOQ sequential basis it increased by 23 bps from 2.83% to 3.06%.

- Net Revenues (Net interest income plus other income) for Q2 FY21 grew by 31% and was at Rs.5755 croreas against Rs.4388 crore for Q2FY20. On a QoQ sequential basis it increased by 11%.

Non Interest Income

- Non Interest Income for the quarter ended Q2FY21 was Rs. 1611 crore and increased by 29% over Q2FY20 mainly on the back of fee income, forex income, recovery of bad debts and treasury income. On a QoQ sequential basis it increased by 21%.

Provisions and contingencies

- Provisions &Contingencies for Q2 FY21 was at Rs. 2583 crore as against Rs.3890 crorefor the corresponding quarter of previous year. Specific loan loss provisions for Q2FY21 were Rs 1880 crore, compared to Rs 3443 crore in Q2 FY20. On a QoQ sequential basis Total Provisions increased by 8%.

- Operating Expenses for the quarter ended Q2FY21 was Rs.2760 crore as against Rs. 2253 crore during Q2FY20. On a sequential basis it increased by 13% due to provision for wage revision and harmonization of depreciation.

- Cost-to-Income Ratio was at 47.97% for Q2FY21 as against 51.35% for Q2FY20. The decrease was on account of growth of 31% in operating revenues and control on overheads.

- Return on Average Assets (RoA) at 0.28% for Q2FY21 was due to increased Net Profits. On a sequential basis it increased by 3 bps.

- Return on Equity (RoE) for Q2 FY21 was 5.88%. On a sequential basis it increased by 39 bps.

Assets and Liabilities

- Total Balance sheet size grew by 7.75% (Y-o-Y) and was Rs.584880 croreas of Q2FY21 as against Rs.542807 crore as of Q2FY20. On a sequential basis it increased by 1.58%.

- Total Business at Rs.867853 croreas of Q2FY21, recorded a Y-o-Y growth of 5% over Q2FY20. On a sequential basis it increased by 1%.

- Total Deposits at Rs.501956 croreas of Q2FY21 recorded a Y-o-Y growth of 7%. On a sequential basis it increased by 3%.

- Domestic CASA deposits recorded a Y-o-Y growth of 9% and share of CASA was 41% of total domestic deposits as on Q2FY21 as against 40% as on Q2FY20. Growth in CASA was primarily driven by a Y-o-Y increase of 12% in Current account depositsand Y-o-Y growth of 9% in Savings account deposits.

- Advances at Rs.365896 croreas of Q2FY21 grew by 2% over Q2FY20 (Rs.359391 crore) driven primarily by growth in Retail (2%), Agriculture (7%), MSME (5%) and supplemented by Overseas advances (6%). Corporate Loans portfolio contracted by 2%.

- Priority Sector portfolio increased to Rs.138244 croreas of Q2FY21 from Rs.133573 crore as of Q2FY20. Priority sector advances as a percentage of ANBC stood at 43.88% as against the regulatory requirement of 40%.

Capital Adequacy

- The Bank's total Capital Adequacy Ratio (CRAR) as per Basel III guidelines was healthy at 13.64% as at Q2FY21 vs 13.45% as of Q1as against regulatory requirement of 10.875%.

- Tier-I CRAR was at 10.74% as on Q2FY21 Vs 10.30% as on Q1FY21 on sequential basis.

Asset Quality

- Gross non-performing assets were at 9.89% of Gross advances as on Q2FY21 brought down by 275bps from 12.64% as on Q2FY20. On a sequential basis it decreased by 101 bps.

- Net non-performing assets came down to 2.96% as on Q2FY21 from 4.59% of Net advances as on Q2FY20 with a reduction of 163 bps. On a sequential basis it decreased by 80 bps.

- Recovery of Bad debts improved by 38% during Q2 FY21 over Q2 FY20.

Commenting on the results, MD & CEO, Ms.Padmaja Chunduru said "This has been a quarter of strong growth in all key parameters. The Bank has recorded 40% growth in Operating profit and earned Net Profit of Rs.412 crores during the quarter. CASA is at a healthy 41%, NIM at 3.06% has seen 23 bps growth over last quarter. GNPA and NNPA have improved to 9.89% and 2.96 %. RAM grew by 5% and now is at 55% of advances.

The consolidation of the amalgamation (Allahabad Bank merged into IB with effect from 01.04.20), is progressing very satisfactorily with more than 100 offices merged or rationalised so far.Centralisation of loan processing and IT integration is on track. That the Bank could make such gains in consolidation turning in good earnings and ensuring no disruption to customers during such challenging times, is because of the commitment and hard work put in by our team.

The Bank has continued its digital journey with launch of an All-in-one Application "Ind OASIS". Also the Bank has initiated a Business Mentoring program in vernacular 'MSME Prerana' for its MSME entrepreneurs. The Bank has also recently tied up with IIT Madras Incubation cell for financing start-ups under its "Ind Spring Board' Scheme."

Shares of INDIAN BANK was last trading in BSE at Rs.60.6 as compared to the previous close of Rs. 59.55. The total number of shares traded during the day was 94687 in over 997 trades.

The stock hit an intraday high of Rs. 60.7 and intraday low of 59.7. The net turnover during the day was Rs. 5695338.


Source: Equity Bulls

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