F4Q11 PAT of Rs4.9 bn below our estimate of Rs6.05 bn. The miss was driven by higher than-expected employee costs and provisions. This was partially offset by interest on I.T. refund, higher recoveries, and capital gains. Global NIMs were 15 bps down QoQ to 2.94%.
Domestic and international NIMs saw sequential compression.
Volume growth was robust: Loans were up 12% QoQ, 26% YoY, and deposits were up 18% QoQ, 30% YoY. However, CA deposits grew by 6% QoQ and 2% YoY; SA deposits grew by 5% QoQ and 23% YoY while term deposits grew by 23% QoQ and 34% YoY.
Core non-interest income trends were weak: Core fee income (CEB + FX) was up 7% YoY, slowing from 30% in the prior quarter. Net capital gains + recoveries' contribution to profits moved up to Rs2.1 bn (25% of PBT) from Rs.0.6 bn in F3Q (7% of PBT) and Rs0.5 bn (12% of PBT) in the previous year.
Safe Harbor Statement:
Some forward looking statements on projections, estimates, expectations & outlook are included to enable a better comprehension of the Company prospects. Actual results may, however, differ materially from those stated on account of factors such as changes in government regulations, tax regimes, economic developments within India and the countries within which the Company conducts its business, exchange rate and interest rate movements, impact of competing products and their pricing, product demand and supply constraints.
Nothing in this article is, or should be construed as, investment advice.
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