Dear Sir/Madam,
Union Bank of India announced its Q4FY13 and FY13 result.
The Bank’s total income increased by 12.80% QoQ and 8.47% YoY to INR2854.95 crores, driven by 4.65% and 36.89% QoQ growth in its Net Interest Income (NII) and Other Income (OI) respectively. Whereas, Profit After Tax (PAT) increased by 161.04% QoQ and 2.09% YoY to INR789.38 crores. Bank has decreased its provision by 23.54% QoQ to INR655.53 crores, which lead to improve its bottom line.
During the quarter, Bank’s loan book and total deposits expanded by 16.99% and 18.35% YoY to INR208102.19 and INR263761.57 crores respectively. On the asset quality front, Bank has improved its asset quality. GNPA and NNPA improved by 38 and 9bps QoQ and 3 and 9bps YoY to 2.98% and 1.61% respectively. However, Bank’s low cost deposit base (CASA) has declined by 30bps QoQ and 33bps YoY to 30.95% which has dragged its Net Interest Margin (NIM) by 6bps QoQ and 27bps YoY to 2.89%. Capital Adequacy Ratio (CAR) stood at 11.45%, which is 2.45% more than the regulator’s stipulated norm. Provision Coverage Ratio (PCR) stood at 65.21%, which positioned the Bank to tame any time liabilities.
The Board of Directors have recommended a dividend of 80% (INR8) per equity share of INR10 each.
Q4’13 (INR Crores)
|
Consensus
|
Actual
|
Variance %
|
Total Income
|
2719.00
|
2854.95
|
5.00%
|
PAT
|
615.00
|
789.38
|
28.35%
|
Union Bank of India Ltd Q4FY13 Result-[INR-Crores]
| ||||||||
DESCRIPTION
|
Q4'13
|
Q3'13
|
Q4'12
|
QoQ%
|
YoY%
|
FY13
|
FY12
|
YoY%
|
Interest Earned
|
6625.12
|
6319.85
|
5687.52
|
4.83
|
16.49
|
25124.70
|
21028.45
|
19.48
|
Interest Expended
|
4645.64
|
4428.40
|
3866.81
|
4.91
|
20.14
|
17581.86
|
14235.39
|
23.51
|
NII
|
1979.48
|
1891.45
|
1820.71
|
4.65
|
8.72
|
7542.84
|
6793.06
|
11.04
|
Other Income
|
875.47
|
639.52
|
811.27
|
36.89
|
7.91
|
2552.02
|
2448.21
|
4.24
|
Total Income
|
2854.95
|
2530.97
|
2631.98
|
12.80
|
8.47
|
10094.86
|
9241.27
|
9.24
|
Operating Expenses
|
1170.32
|
1172.61
|
1033.19
|
-0.20
|
13.27
|
4512.17
|
3987.52
|
13.16
|
Operating Profit before Prov.& Cont.
|
1684.63
|
1358.36
|
1598.79
|
24.02
|
5.37
|
5582.69
|
5253.75
|
6.26
|
Provisions and Contingencies
|
655.53
|
857.33
|
517.15
|
-23.54
|
26.76
|
2518.41
|
2541.00
|
-0.89
|
PBT
|
1029.10
|
501.03
|
1081.64
|
105.40
|
-4.86
|
3064.28
|
2712.75
|
12.96
|
Tax
|
239.72
|
198.63
|
308.45
|
20.69
|
-22.28
|
906.36
|
925.52
|
-2.07
|
Profit After Tax
|
789.38
|
302.40
|
773.19
|
161.04
|
2.09
|
2157.92
|
1787.23
|
20.74
|
Basic EPS
|
13.22
|
5.06
|
12.95
|
161.26
|
2.08
|
36.16
|
29.95
|
20.73
|
Advances
|
208102.19
|
185884.90
|
177882.08
|
11.95
|
16.99
|
208102.19
|
177882.08
|
16.99
|
Deposits
|
263761.57
|
239354.52
|
222868.95
|
10.20
|
18.35
|
263761.57
|
222868.95
|
18.35
|
Q4'13
|
Q3'13
|
Q4'12
|
QoQ (bps)
|
YoY (bps)
|
FY13
|
FY12
|
YoY (bps)
| |
Capital Adequacy Ratio Basel II
|
11.45%
|
10.78%
|
11.86%
|
67
|
-41
|
11.46%
|
11.86%
|
-40
|
% of Net NPAs
|
1.61%
|
1.70%
|
1.70%
|
-9
|
-9
|
1.61%
|
1.70%
|
-9
|
% of Gross NPAs
|
2.98%
|
3.36%
|
3.01%
|
-38
|
-3
|
2.98%
|
3.01%
|
-3
|
CASA%
|
30.95%
|
31.25%
|
31.28%
|
-30
|
-33
|
30.95%
|
31.28%
|
-33
|
NIM %
|
2.89%
|
2.95%
|
3.16%
|
-6
|
-27
|
2.96%
|
3.16%
|
-20
|
Provisions Coverage%
|
65.21%
|
66.21%
|
62.22%
|
-100
|
299
|
65.21%
|
62.22%
|
299
|
C/D ratio
|
78.90%
|
77.66%
|
79.81%
|
124
|
-92
|
78.90%
|
79.81%
|
-92
|
C/I Ratio
|
40.99%
|
46.33%
|
39.26%
|
-534
|
173.74
|
44.70%
|
43.15%
|
155
|
OI/TI
|
59.01%
|
53.67%
|
60.74%
|
534
|
-173.74
|
55.30%
|
56.85%
|
-155
|
Regards,
Team Microsec Research
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