Federal Bank slips after Q4 net profit declines

The bank announced the results on Saturday, 27 April 2013.

Meanwhile, the BSE Sensex was up 65.69 points, or 0.34%, to 19,352.41.

On BSE, 33,000 shares were traded in the counter as against an average daily volume of 52,543 shares in the past one quarter.

The stock hit a high of Rs 457 and a low of Rs 435.15 so far during the day. The stock had hit a record high of Rs 550.75 on 2 January 2013. The stock had hit a 52-week low of Rs 390.60 on 18 May 2012.

The stock had underperformed the market over the past one month till 26 April 2013, sliding 5.31% compared with the Sensex's 3.11% rise. The scrip had also underperformed the market in past one quarter, falling 8.68% as against Sensex's 4.06% fall.

The mid-cap bank has an equity capital of Rs 171.06 crore. Face value per share is Rs 10.

The private sector bank's net profit rose 7.9% to Rs 838.17 crore on 12.17% growth in total income to Rs 6832.01 crore in the year ended 31 March 2013 (FY 2013) over the year ended 31 March 2012 (FY 2012).

Federal Bank's ratio of net non-performing assets (NPA) to net advances stood at 0.98% as on 31 March 2013, compared with 0.92% as on 31 December 2012 and 0.53% as on 31 March 2012.

The bank's ratio of gross NPA to gross advances stood at 3.44% as on 31 March 2013, compared with 3.85% as on 31 December 2012 and 3.35% as on 31 March 2012.

Provisions and contingencies surged 533.01% to Rs 98.18 crore in Q4 March 2013 over Q4 March 2012.

The bank's Capital Adequacy Ratio (CAR) as per Basel II norms stood at 14.73% as on 31 March 2013, compared with 14.92% as on 31 December 2012 and 16.64% as on 31 March 2012.

The bank said its retail, small and medium enterprises (SME) and non-resident Indian (NRI) franchise were the key drivers of growth during the year. Retail advances grew by 25.47% during FY 2013 to reach Rs 13328 crore. This comes on the back of 12.58% growth recorded in retail advances in FY 2012, when it grew from Rs 9436 crore to Rs 10623 crore. Retail deposits grew by 17.45% to reach Rs 48,484 crore. Advances to SMEs grew by 22.44% to reach Rs 12820 crore. Comparable growth in SME advances during FY 2012 was 9.49% to Rs 10471 crore.

Net interest income rose 1.09% to Rs 1974.66 crore in FY 2013 over FY 2012. Net Interest Margin (NIM) stood at 3.37% in FY 2013.

Total deposits increased by 17.73% to Rs 57614.86 crore in FY 2013 over FY 2012. Average current account, savings account (CASA) increased by 23.49% to Rs 14362 crore in FY 2013 over FY 2012.

Advances increased by 16.79% to Rs 44096.71 crore in FY 2013 over FY 2012. Investments increased by 21.56% to Rs 21154.59 crore in FY 2013 over FY 2012.

On consolidated basis, Federal Bank's net profit rose 13.12% to Rs 852.66 crore on 13.03% growth in total income to Rs 6910.96 crore in FY 2013 over FY 2012.

The bank had 1103 branches and 1187 ATMs compared with 950 branches and 1005 ATMs as at 31 March 2012. The bank said it intends to expand its network in select states during the current fiscal.

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