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Capital First: Growth with Safety Nets
Jun 9, 2016

Capital First announced its results for the fourth quarter of financial year 2015-16 (4QFY16). The institution grew its income from operations by 45% YoY and the profits by 30% YoY during 4QFY16. Here is the detailed analysis of the results.

Performance Summary
  • Income from operations grew 32% YoY in FY16 with a healthy 35% YoY growth in retail AUM. Consequently, the net interest income grew by robust 54.7% YoY.
  • Net interest margins moved marginally lower from 8.9% in FY15 to 8.8% in FY16.
  • Net profit for FY16 increased by 46% YoY on account of higher net interest income and control on costs, with cost to income ratio at around 62%.
  • Gross NPAs came in marginally higher at 1.1% from 0.67% in FY15 while the net NPA ratio was at 0.6% as against 0.2% in FY15.
  • The capital adequacy ratio of the entity stood comfortable above 19.8% as at the end of March 2016.

    Rs (m) 4QFY15 4QFY16 Change FY15 FY16 Change
    Income from operations 3,841 5,582 45.3% 14,244 18,822 32.1%
    Interest Expense 2,008 2,524 25.7% 7,878 8,972 13.9%
    Net Interest Income 1,833 3,058 66.8% 6,366 9,850 54.7%
    Net interest margin (%) 8.9% 8.8%
    Other Income 10 1 -85.6% 221 68 -69.1%
    Other Expense 1,057 1,581 49.6% 3,919 6,159 57.2%
    Provisions and contingencies 318 765 140.6% 1,005 1,232 22.6%
    Profit before tax 468 713 52.4% 1,663 2,527 52.0%
    Tax 103 239 132.0% 520 859 65.2%
    Profit after tax/ (loss) 365 474 29.9% 1,143 1,668 45.9%
    Net profit margin (%) 9.5% 8.5% 8.0% 8.9%
    No. of shares (m) 91.2
    Book value per share (Rs) 186.8
    P/BV (x)* 3.0

    *Book value as on 31st March 2016

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