Asset quality pressure mounts… • Dena Bank :: ICICI Securities, link

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Technicals: Dena bank, Graphite India, Financial Technologies, TVS Motor :: Business Line

Dena Bank – BUY ‘Inexpensive valuation’: IIFL

Well-diversified loan book; Mid-corporate & MSME to drive growth
Dena Bank has a well-diversified loan book spread across multiple
segments like Corporate & SME (40% of total advances), MSME (15%),
Agriculture (15%) and Retail (12%). Loan book witnessed a robust
growth over FY09-12, reporting a CAGR of ~25%, with Corporate and
MSME lending being prime focus areas. Despite strong growth, the bank
has not compromised over asset quality as reflected in the Gross NPA
ratio. Management has targeted a credit growth of ~22% in FY13.
According to the trend in past two years, Dena Bank has posted strong
growth in H2 compared to H1. We build in a 22.5% CAGR in loan book
over FY12-14E, backed by an impending improvement in macroeconomic
conditions and better liquidity situation.

Angel Broking - Dena Bank - RU4QFY2012- Result Updates ::PDF link

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Dena Bank - RU4QFY2012

Dena Bank Q4FY12 result first cut: Team Microsec Research

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Dena Bank has announced its Q4FY12 along with Annual FY12 result on 8^th May 2012.

On the quarterly basis, the bank’s total income increased by 19.80% QoQ and 24.06% YoY to INR808.84 crores mainly because of 26.99% and 16.43% YoY growth in its Net Interest Income (NII) and other income respectively. Profit After Tax (PAT) increased by 36.48% QoQ and 62.29% YoY to INR254.79 crores mainly, because of reversal of excess tax provision of earlier year amounting to Rs.137.02 crores. For the whole year of FY12, the bank’s total income increased by 16.80% YoY to INR2683.17 crores whereas, Profit After Tax (PAT) increased by 31.31% YoY to INR803.14 crores.

The Bank has reported a growth in advances by 26.47% YoY to INR56692.54 crores and a growth in deposits by 20.18% YoY to INR77166.80 crores. On the assets front, the bank has improved its assets quality,  NNPA and GNPA stood at 1.01% and 1.67%, decreased by 9 and 18bps QoQ and 21 and 19bps YoY respectively. Moreover, Capital Adequacy Ratio (CAR) stood at 11.51%, which is 2.51% higher than the regulator’s stipulated norm of 9% while, Provision Coverage Ratio (PCR) is 5.53% higher than the regulatory minimum requirement of 70%.

The Board of Directors have recommended a dividend of 30% i.e. Rs.3 per equity share of Rs.10 each for the financial year 2011-12.

Dena Bank Q4FY12 Result-[INR-Crores]
DESCRIPTION	Q4'12	Q3'12	Q4'11	QoQ%	YoY%	FY12	FY11	YoY%
Interest Earned	1955.89	1676.24	1407.49	16.68	38.96	6794.13	5033.53	34.98
Interest Expended	1357.52	1135.04	936.30	19.60	44.99	4693.13	3270.16	43.51
NII	598.37	541.20	471.19	10.56	26.99	2101	1763.37	19.15
Other Income	210.47	133.97	180.77	57.10	16.43	582.17	533.84	9.05
Total Income	808.84	675.17	651.96	19.80	24.06	2683.17	2297.21	16.80
Operating Expenses	333.33	282.00	308.84	18.20	7.93	1154.74	1073.42	7.58
Operating Profit before Prov.& Cont.	475.51	393.17	343.12	20.94	38.58	1528.43	1223.79	24.89
Provisions and Contingencies	291.11	124.33	123.82	134.14	135.11	562.26	325.2	72.90
PBT	184.40	268.84	219.30	-31.41	-15.91	966.17	898.59	7.52
Tax	-70.39	82.16	62.30	-185.67	-212.99	163.03	286.96	-43.19
Profit After Tax	254.79	186.68	157.00	36.48	62.29	803.14	611.63	31.31
Adj Calculated EPS	7.63	5.60	5.46	36.25	39.74	24.08	21.26	13.26
Advances	56692.54	N/A	44828.05	-	26.47	56692.54	44828.05	26.47
Deposits	77166.80	N/A	64209.62	-	20.18	77166.80	64209.62	20.18
	Q4'12	Q3'12	Q4'11	QoQ (bps)	YoY(bps)	FY12	FY11	YoY(bps)
Capital Adequacy Ratio Basel II	11.51%	11.58%	13.41%	-7	-190	11.51%	13.41%	-190
% of Net NPAs	1.01%	1.10%	1.22%	-9	-21	1.01%	1.22%	-21
% of Gross NPAs	1.67%	1.85%	1.86%	-18	-19	1.67%	1.86%	-19
Provisions Coverage%	75.53%	76.56%	74.62%	-103	91	75.53%	74.62%	91
C/D ratio	73.47%	-	69.82%	-	365.24	73.47%	69.82%	365
C/I Ratio	41.21%	41.77%	47.37%	-56	-616.01	43.04%	46.73%	-369
OI/TI	58.79%	58.23%	52.63%	56	616.01	56.96%	53.27%	369

Regards,

Team Microsec Research