State Bank Of Mysore Net Income surged on 49.1% in 2015

23-04-2015 • About State Bank Of Mysore ($MYSOREBANK) • By InTwits

State Bank Of Mysore reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts: The company has potentially unprofitable business model: ROIC is at 4.9%.

Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.

State Bank Of Mysore ($MYSOREBANK) key annual financial indicators

mln. INR	2011	2012	2013	2014	2015	2015/2014
P&L
Revenue	45,340	55,948	65,621	68,976	77,096	11.8%
Net Income	5,006	3,691	4,161	2,742	4,088	49.1%
Balance Sheet
Cash	27,057	30,258	24,047	28,588	38,919	36.1%
Short Term Debt	6,150	5,896	5,619	3,816	35,470	829.6%
Long Term Debt	34,960	46,925	39,245	54,398	28,963	-46.8%
Cash flow
Capex	582	884	837		2,698
Ratios
Revenue growth	-50.9%	23.4%	17.3%	5.1%	11.8%
Net Income Margin	11.0%	6.6%	6.3%	4.0%	5.3%	1.3%
CAPEX, % of revenue	1.3%	1.6%	1.3%		3.5%	3.5%
ROIC				2.1%	4.9%	2.8%
ROE	15.8%	9.6%	10.0%	6.2%	8.6%	2.4%

Revenue and profitability

The company's Revenue jumped on 11.8% in FY2015.

Net Income marign increased slightly on 1.3 pp from 4.0% to 5.3% in FY2015.

Capital expenditures (CAPEX) and working capital investments

The company's CAPEX/Revenue was 3.5% in FY2015. State Bank Of Mysore showed small growth in CAPEX/Revenue of 1.9 pp from 1.6% in FY2012 to 3.5% in FY2015.

Return on investment

The company operates at low ROIC (4.89%) and ROE (8.62%). ROIC increased on 2.8 pp from 2.1% to 4.9% in FY2015. ROE increased on 2.4 pp from 6.2% to 8.6% in FY2015.

Leverage (Debt)

Debt surged on 10.7% in FY2015 while cash jumped on 36.1% in FY2015.

Appendix 1: Peers in Banks

Below we provide State Bank Of Mysore benchmarking against other companies in Banks industry for the last 5 years. We show data for the top-5 companies by key financial metric together with the median value for all the companies in the industry.

Top companies by Revenue growth, %


Top 5	FY2011	FY2012	FY2013	FY2014	FY2015
Dcb Bank ($DCBBANK)		26.7%	26.2%	22.5%	25.3%
Yes Bank ($YESBANK)		53.0%	33.7%	21.6%	17.7%
Bank Of India ($BANKINDIA)	-66.6%	30.3%	12.4%	18.1%
Karur Vysya Bank ($KARURVYSYA)	-67.4%	45.9%	29.7%	16.5%
Union Bank Of India ($UNIONBANK)	-70.8%	26.9%	19.5%	15.7%
Median (28 companies)	-60.1%	29.5%	15.6%	10.9%	21.5%
State Bank Of Mysore ($MYSOREBANK)		23.4%	17.3%	5.1%	11.8%

Top companies by CAPEX/Revenue, %


Top 5	FY2011	FY2012	FY2013	FY2014	FY2015
Kotak Mahindra Bank ($KOTAKBANK)	1.3%	1.4%	1.4%	2.6%
Karur Vysya Bank ($KARURVYSYA)	4.2%	2.0%	2.9%	2.5%
Dhanlaxmi Bank ($DHANBANK)	6.8%	3.0%	1.7%	2.2%
Jammu & Kashmir Bank ($J&KBANK)	5.6%	1.4%	1.3%	2.2%
Lakshmi Vilas Bank ($LAKSHVILAS)	4.4%	2.1%	1.4%	1.6%
Median (28 companies)	1.2%	1.2%	1.1%	1.2%	1.4%

Top companies by ROIC, %


Top 5	FY2011	FY2012	FY2013	FY2014	FY2015
Axis Bank ($AXISBANK)	10.2%	9.6%	8.9%	9.1%
Yes Bank ($YESBANK)	11.8%	9.8%	8.4%	8.4%	8.7%
Karnataka Bank ($KTKBANK)	5.5%	6.8%	10.2%	7.7%
Kotak Mahindra Bank ($KOTAKBANK)	7.8%	6.8%	6.5%	7.1%
Oriental Bank Of Commerce ($ORIENTBANK)	12.4%	7.6%	7.4%	6.7%
Median (28 companies)	7.1%	7.2%	6.1%	3.4%	7.4%
State Bank Of Mysore ($MYSOREBANK)				2.1%	4.9%

State Bank Of Mysore stock price chart

State Bank Of Mysore financials

mln.	FY2010	FY2011	FY2012

Revenue	92,299	45,340	55,948
EBITDA	0.000	0.000	0.000
Net income	4,458	5,006	3,691
CAPEX	518.1	582.4	883.7
Debt	41,916	41,110	52,820
Cash	27,656	27,057	30,258

About State Bank Of Mysore

State Bank of Mysore operates as a commercial bank in India. The company accepts various deposit products, such as savings accounts, time deposits, term deposits, reinvestment deposits, recurring deposits, Harsha deposits, and multi option deposits. Its loan portfolio comprises personal, mortgage, housing, education, corporate, automobile, and agricultural loans. The company also provides personal banking schemes, commercial and institutional banking schemes, agricultural banking schemes, and micro and small enterprises schemes. In addition, it offers mobile banking services; and various banking, forex, and money transfer services to non-resident Indians, as well as involved in merchant acquiring business. As of March 31, 2013, State Bank of Mysore had a network of 944 branches comprising 220 metro, 200 urban, 216 semi-urban, and 308 rural branches. The company, formerly known as Bank of Mysore Ltd., was founded in 1913 and is headquartered in Bengaluru, India. State Bank of Mysore is a subsidiary of State Bank of India.