Strong Q4 numbers generate interest in ING Vysya Bank

The bank announced Q4 results after market hours on Monday, 29 April 2013.

Meanwhile, the S&P BSE Sensex was up 146.60 points or 0.76% at 19,534.10.

On BSE, 18,000 shares were traded in the counter as against average daily volume of 17,995 shares in the past one quarter.

The stock hit a high of Rs 622.85 and a low of Rs 605 so far during the day. The stock had hit a record high of Rs 627.40 on 22 February 2013. The stock had hit a 52-week low of Rs 310.55 on 4 June 2012.

The stock had outperformed the market over the past one month till 29 April 2013, surging 7.78% compared with the Sensex's 2.93% rise. The scrip had also outperformed the market in past one quarter, rising 2.41% as against Sensex's 3.02% fall.

The mid-cap bank has equity capital of Rs 154.93 crore. Face value per share is Rs 10.

ING Vysya Bank's net interest income (NII) surged 33% to Rs 423.70 crore in Q4 March 2013 over Q4 March 2012. Net interest margin (NIM) improved to 3.73% from 3.29% in Q4 March 2012. Operating profit rose 29% to Rs 284.30 crore in Q4 March 2013 over Q4 March 2012.

ING Vysya Bank's provisions and contingencies declined 40.7% to Rs 33.59 crore in Q4 March 2013 over Q4 March 2012. The bank's provision coverage ratio stood at 98.4% as on 31 March 2013.

ING Vysya Bank's ratio of gross non-performing assets (NPA) to gross advances slightly improved to 1.76% as on 31 March 2013, from 1.77% as on 31 December 2012, and 1.92% as on 31 March 2012. The ratio of net NPAs to net advances improved to 0.03% as of 31 March 2013, from 0.05% as on 31 December 2012 and 0.18% as of 31 March 2012. Capital Adequacy Ratio (CAR) as per Basel II norms stood at 13.24% as on 31 March 2013, higher than 12.47% as on 31 December 2012, but lower than 14% as on 31 March 2012.

ING Vysya Bank's net profit jumped 34.33% to Rs 612.96 crore on 23.45% growth in total income to Rs 5588.46 crore in the year ended 31 March 2013 (FY 2013) over the year ended 31 March 2012 (FY 2012).

The bank's NII surged 27% to Rs 1538.60 crore in FY 2013. NIM improved to 3.52% from 3.3% in FY 2012. Operating profit rose 29% to Rs 992.70 crore in FY 2013.

On consolidated basis, ING Vysya Bank's net profit surged 34.36% to Rs 613.18 crore on 23.45% growth in total income to Rs 5588.33 crore in FY 2013 over FY 2012.

Commenting on the bank's results, Shailendra Bhandari, Managing Director, ING Vysya Bank said, "It was another year where we have delivered on all our core parameters. Our average customer assets grew by 21.2 % during the year. For the Quarter, net interest margin improved to 3.73% and ROA improved to 1.34%. Our asset quality continues to be best in class with Gross NPA at 1.76%, Net NPA at 0.03% and Provision Coverage Ratio at 98.4%".

ING Vysya Bank's total deposits stood at Rs 41334 crore as on 31 March 2013, up 17.4% from Rs 35195 crore as on 31 March 2012. Current and Savings (CASA) deposits rose 11.4% to Rs 13435 crore as on 31 March 2013, from Rs 12063 crore as at 31 March 2012. CASA ratio was at 32.5% of total deposits as on 31 March 2013. However, after adjusting for certain large CASA flow towards the end of the year, core CASA would have stood at 31.8%, ING Vysya Bank said in a statement.

ING Vysya Bank's board of directors at a meeting held on Monday, 29 April 2013, recommended dividend of Rs 5.50 per share for FY 2013.

ING Vysya Bank is a private sector bank with retail, private and wholesale banking platforms that serve over two million customers. The bank offers a broad range of innovative and established products and services. As of 31 March 2013, the bank had 542 branches and extension counters, 27 satellite offices and 500 ATMs.

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