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ING Vysya: Performance disappoints

Jan 29, 2004

ING Vysya Bank has reported lackluster performance both for the quarter and nine-months ended December 2003. For 3QFY04, while the bank has reported a marginal rise in the topline, bottomline has risen by 2%, on a YoY basis. The bank has been able to reduce its interest expenses that have further helped it improve its net interest income as well as margins. However, slow growth in topline as well as a strong fall in other income has taken a toll on the bottomline performance in the December quarter. For 9mFY04, the performance has been better due to the strong performance in the first two quarters of FY04.

(Rs m) 3QFY03 3QFY04 Change 9mFY03 9mFY04 Change
Income from Operations 2,309 2,324 0.7% 6,739 6,873 2.0%
Other Income 881 714 -18.9% 2,437 2,696 10.6%
Interest Expenses 1,721 1,704 -1.0% 5,228 5,062 -3.2%
Net interest income 587 621 5.7% 1,511 1,811 19.9%
Other Expenses 931 882 -5.3% 2,341 2,479 5.9%
Operating Profit (344) (261)   (831) (668)  
Operating Profit Margin (%) -14.9% -11.2%   -12.3% -9.7%  
Provisions and Contingencies 209 150 -28.4% 676 910 34.6%
Profit before Tax 328 303 -7.5% 930 1,118 20.2%
Tax 95 65 -31.7% 293 296 0.7%
Profit after Tax/(Loss) 233 238 2.4% 637 823 29.2%
Net Profit Margin (%) 10.1% 10.2%   9.5% 12.0%  
No. of Shares (m) 22.6 22.6   22.6 22.6  
Diluted Earnings per share* 41.1 42.1   37.5 48.5  
P/E Ratio         12.1  
*(annualised)            

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