Nine-month Results:
Results for Nine Months ended 31st December, 2005:
The Board of Directors of Allahabad Bank, at their meeting held on 24.01.2006, took on
record the unaudited financial results for the nine months ended December 31, 2005.
Core Banking operations (Advances + Deposits) of the Bank have shown a strong growth of
22.77% in the first nine months of the current financial year on a YoY basis.
The operating profit before provisions and contingencies works out to Rs. 735.33 crore
for the nine months ended December 31, 2005 as against Rs. 851.58 crore in the
corresponding period of the previous year. The operating profit was lower during the
current year mainly on account of pressure on Net Interest Margin (NIM), higher Operating
Expenses following the wage revision and lower profit on sale of investments/derivatives.
Profit & Loss Account
| (Rs in Crores) |
|
Nine
Month Ending 31.12.05 |
Nine
Month Ending 31.12.04 |
Growth
(%) |
| Gross Interest Income |
2729.34 |
2354.98 |
15.90 |
| Net Interest Income |
1118.73 |
1029.25 |
8.69 |
| Treasury Income |
99.45 |
326.92 |
-69.58 |
| Others |
334.89 |
174.43 |
71.99 |
| Total Income |
3163.68 |
2856.33 |
10.76 |
| Operating Costs |
817.74 |
679.02 |
20.43 |
| Other Costs |
1610.61 |
1325.73 |
21.49 |
| Total Expenditure |
2428.35 |
2004.75 |
21.13 |
| Operating Profit |
735.33 |
851.58 |
-13.65 |
| Other Provisions & Contingencies |
144.55 |
354.05 |
-59.17 |
| Provision for Tax |
35.15 |
35.06 |
0.26 |
| Net Profit |
555.63 |
462.47 |
20.14 |
| Paid up Equity Capital |
446.70 |
346.70 |
28.84 |
| EPS (Rs.) Annualised |
16.94 |
17.79 |
-4.78 |
Other Provisions & Contingencies in Q3 FY06 at Rs. 30.85 crore (comprising
Standard Assets Provision of Rs. 20.00 crore, NPA Provisions of Rs. 3.00 crore, Investment
Depreciation of Rs. 9.37 crore and others viz., Provision for Revenue suspense, Intangible
Assets, Fraud & Forgery, (-)Rs. 1.52 crore) was lower as against Rs. 106.94 crore in
Q3 FY05 and Rs. 55.85 crore in Q2 FY06
Balance Sheet
| (Rs in Crores) |
|
As
on 31.12.05 |
As
on 31.12.04 |
Growth
(%) |
| Capital & Liabilities |
|
|
|
| Capital |
446.70 |
346.70 |
28.84 |
| Reserves & Surplus |
3242.88 |
1666.99 |
94.54 |
| Deposits |
44631.30 |
38141.82 |
17.01 |
| Borrowings |
106.92 |
118.91 |
-10.08 |
| Other Liabilities & Provisions |
2079.58 |
1956.30 |
6.30 |
| Total |
50507.38 |
42230.71 |
19.60 |
| Assets |
|
|
|
| Cash & Bank Balance |
2778.98 |
2708.63 |
2.60 |
| Balance with Bank and Money at Call
& Short Notice |
1299.85 |
470.14 |
176.48 |
| Investments |
18145.93 |
17886.27 |
1.45 |
| Advances |
26685.27 |
19786.40 |
34.87 |
| Fixed Assets |
726.82 |
359.59 |
42.12 |
| Other Assets |
870.53 |
1019.68 |
-14.63 |
| Total |
50507.38 |
42230.71 |
19.60 |
General
- Capital Adequacy Ratio (CAR) as on December 31, 2005 was 12.60% as against 12.11 % as on
December 31, 2004
- Net Interest Margin (NIM) for 9M FY06 at 3.09% as against 3.44 % in 9M FY05
Deposits
- Total Deposits at the end of 9M FY06 at Rs. 44631.30 crore up 17.01% YoY
- Current Deposits grew by 12.97% from Rs.3160 crores as on 30.9.2005 to Rs.3570 crores as
on 31.12.2005 as against the decline of 4.26% in the corresponding quarter last year.
- Savings Deposits grew by 18.93 % YoY to Rs. 14047.61crore
- Average Cost of Deposits was at 4.99% as against 4.76% at 9M FY05
- The CASA (Current Assets-Savings Assets) ratio has improved to 25.41 % against 24.02 %
at 9M FY05
- The Credit-Deposit (CD) Ratio stood at 62.10 % as against 54.50 % at 9M FY05
Profits
|
(Rs in Crores) |
|
Q3 As on 31.12.05 |
Q3 As on 31.12.04 |
Growth (%) |
Q2 As on 30.09.05 |
Sequential Growth (%) |
9M As on 31.12.05 |
9M As on 31.12.05 |
Growth (%) |
| Operating Profit before Prov. & Cont. |
263.54 |
236.45 |
11.46 |
241.42 |
9.16 |
735.33 |
851.58 |
-13.65 |
| Profit Before Tax |
232.68 |
129.51 |
79.66 |
185.57 |
25.39 |
590.78 |
497.53 |
18.74 |
| PAT (after Prov & Cont) |
224.30 |
159.25 |
40.85 |
168.35 |
33.23 |
555.63 |
462.47 |
20.14 |
| EPS (diluted) (Rs.)* |
20.09 |
18.37 |
9.36 |
15.07 |
33.31 |
16.94 |
17.79 |
-4.78 |
* Annualised
Highlights of the performance for the nine-month ended 31st December
2005 are as under:
- The Business of the Bank reached at Rs.72,346 crores as at December-end 2005.
Year-on-Year basis, it increased by 22.77% (from Rs.58928 crores as on 31.12.2004). During
April-December 2005, the Business grew by 15.0%.
- Total Working Funds of the Bank crossed Rs.50000 crores mark. It stood at Rs.50507
crores as on 31.12.2005.
- Total deposits of the Bank increased from Rs.38142 crores as on 31.12.2004 to Rs.44631
crores, registering a growth of 17.01%.
- Gross Credit increased from Rs.20786 crores to Rs.27715 crores during this period,
showed a growth 33.33%.
- The market share of the Bank in aggregate deposits increased to 2.26% as on last Friday
of December 2005 from 2.25% as on the last Friday of December 2004.
- Market share in advances also increased to 2.04% from 1.96% during this period.
- Low-Cost Deposits of the Bank increased to Rs.17618 crores as on 31.12.2005 from
Rs.15771 crores as on 31.3.2005 and Rs.14650 crores as on 31.12.2004.
- The growth of Low-Cost Deposits was 20.3% and Current Deposits was 25.12% on YoY basis.
- The share of Low-Cost Deposits to Total Deposits increased to 39.47% as on 31.12.2005
from 38.69% as on 31.3.2005 and 38.41% as on 31.12.2004.
- Gross Credit to Total Deposit Ratio increased to 62.01% as on 31.12.2005 from 55.25% as
on 31.3.2005 and 55.01% as on 31.12.2004.
- Net Profit of the Bank increased to Rs.555.63 crores during April - December 2005 from
Rs.462.47 crores during April-December 2004, showing a growth of 20.14%.
- Non-Fund/Non-Interest Income (Excluding Income from Treasury) of the Bank increased to
Rs.197.62 crores April-December 2005 from Rs.158.80 crores during April-December 2004,
registering a growth of 24.44%.
- Net NPA reduced to 0.83% as at December-end 2005 from 1.28% as at March-end 2005 and
1.48% as at December-end 2004. Gross NPA declined to 4.52% as on 31.12.2005 from 5.80% as
on 31.3.2005 and 6.24% as on 31.12.2004.
- Provision Coverage Ratio increased to 82.20% as on 31.12.2005 from 77.05% as on
31.12.2004 and 77.92% as on 31.3.2005.
- Return on Assets (ROA) increased to 1.47% during April-December’05 from 1.46%
during April-December 2004 and 1.20% during 2004-05.
- Capital Adequacy Ratio improved to 12.60% as on 31.12.2005 from 12.11% as on 31.12.2004
and 12.53% as on 31.3.2005. The Bank is fully prepared for compliance of new Basel II
norms.
- As at December-end 2005, Earning per share (EPS) stood at Rs.16.94 (annualized) with
diluted equity as against Rs.15.63 as on 31.03.2005 and Book Value increased to Rs.82.60
from Rs.67.14 during the corresponding period previous year.
- Implementation of Centralised Banking Solution (CBS): In the first phase 900 branches
are to be brought under CBS network.
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