Yes Bank Q2 FY12 results update by Nirmal Bang, 21 October 2011 Yes Bank?s performance for Q2FY12 was marginally above our estimates. the bank reported a net profit of Rs.235 crs in Q2FY12 resulting in a growth of 33.3% on a YoY basis and a QoQ increase of 8.8%. the bank’s CASA deposits stood at 11.0% in Q2FY12, up from 10.1% in Q2FY11.Yes Bank loan book grew at 12.7% YoY and 3.3% on a QoQ basis in Q2FY12. Net Interest Margin (NIM) stood at 2.9% in Q2FY12, as compared to 2.8% in Q1FY12 and 3.0% in Q2FY11. Management expects the bank?s advances to grow in excess of 25% for FY12E. ING Vysya Bank Q2 FY12 results update by Nirmal Bang, 20 October 2011
ING VYSYA bank (IVBL) results were above expectations. Net profit of the bank in Q2FY12 increased 22.8% QoQ and 53.4% YoY at Rs 115.5 crs on account of lower provisioning. Net interest income increased both on YoY and QoQ basis. the bank?fs asset quality has improved and the bank reported overall decline in its gross and net NPAs.Net Interest Income increased by 19.4% on YoY basis and 15.9% QoQ in Q2FY12 to Rs. 304 crs primarily due to the repricing done in the advances portfolio and capital infusion in end Q1 FY12. Management indicated that NIMs for FY12 will remain broadly in the range of 3.15%?] 3.25%.
South Indian Bank 2QFY2012 performance highlights and results update, 18 October 2011 for 2QFY2012, South Indian Bank (SIB) reported healthy net profit growth of 24.4% yoy (15.1% qoq) to Rs.95cr, better than our (Rs.83cr) and street estimates (Rs.88cr). NIM expansion coupled with lower slippages was the key highlight of the results. we maintain our Accumulate recommendation on the stock.during 2QFY2012, the bank?s business growth moderated in-line with overall industry trends; however, it remained comfortably ahead of the industry. Advances grew by 3.9% qoq vis-?-vis marginal 0.2% growth for the industry (up to September 23, 2011). HDFC 2QFY2012 performance highlights and results update, 18 October 2011
For 2QFY2012, HDFC?s standalone net profit grew by healthy 20.2% yoy (up 14.9% qoq). Asset quality continued to be stable, although spreads for 1HFY2012 witnessed a marginal decline. we recommend Neutral on the stock.for 2QFY2012, HDFC?s loan book grew by healthy 19.5% yoy and 2.3% qoq to Rs.126,992cr. Approvals in 2QFY2012 stood at Rs.24,426cr (up 18% yoy), while disbursements stood at Rs.20,825cr (up 19.0% yoy). HDFC?s asset quality continued to be stable during 2QFY2012, with gross NPA ratio falling by 4bp yoy to 0.82%. during 2QFY2012, an amount of Rs.255cr was utilized from the additional reserve to meet the additional provisions consequent to changes in provisioning norms mainly on standard assets (0.4% standard provisioning required on housing loans as well).
Reliance Industries 2QFY2012 performance highlights and results update, 18 October 2011 for 2QFY2012, Reliance Industries (RIL) reported 36.7% yoy growth in its bottom line due to strong growth in earnings from refining and petrochemical margins. PAT growth was restricted to 15.8% yoy because of the dip in production from the KG-D6 field. we maintain our Buy recommendation on the stock.RIL?s net sales grew by 36.7% yoy to Rs.78,569cr in 2QFY2012, slightly below our estimate of Rs.81,603cr. Net sales growth was mainly driven by growth in the petrochemicals segment (up 39.5% yoy to Rs.21,066cr) and the refining segment (up 37.1% yoy to Rs.68,096cr). during 2QFY2012, production from KG-D6 stood at 2.7mn bbl (down 42.1% yoy) of crude oil and 303.4bcf (down 20.3% yoy) of natural gas. RIL?s gross refining margin (GRM) stood at US$10.1/bbl in 2QFY2012 (compared to US$7.9/bbl in 2QFY2011). NIIT report: Value unlocked, 18 October 2011 NIIT has sold Element K, its US subsidiary, to SkillSoft Corporation (SkillSoft) for US$110mn in an all-cash deal. the company also announced its entry into a strategic long-term services and licensing agreement with SkillSoft. Element K was part of NIIT?s corporate learning solution (CLS) business.Element K was operating in the areas of online products for corporates and e-learning libraries. NIIT had acquired Element K in August 2006 for a consideration of US$35mn. in FY2006, Element K had reported net revenue of US$66mn, with EBITDA margin of ~5%, and was loss making at the PAT level. Element K contributed US$85mn to NIIT?s net revenue in FY2011 (~30% of NIIT?s overall revenue) with EBITDA margin of ~8.1%, implying a revenue CAGR of ~5% over FY2006-11.