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Corporation Bank: Bottomline takes a hit

Jan 14, 2004

Corporation Bank, one of the most efficient public sector banks in the country, has reported dismal results in its December quarter. While the topline has risen by a marginal 4%, the bottomline has fallen by a steep 25% in 3QFY04. The fall in bottomline seems to be mainly on account of a fall in other income as well as a significant rise in provisioning . Operating margins have, however, shown an improvement in the December quarter.

(Rs m) 3QFY03 3QFY04 Change
Income from Operations 5,395 5,615 4.1%
Other Income 1,536 1,121 -27.0%
Interest Expenses 3,034 2,937 -3.2%
Net interest income 2,361 2,678 13.4%
Other Expenses 1,206 1,443 19.6%
Operating Profit 1,154 1,235 7.0%
Operating Profit Margin (%) 21.4% 22.0%  
Provisions and Contingencies 436 722 65.8%
Profit before Tax 2,255 1,634 -27.5%
Tax 737 501 -32.0%
Profit after Tax/(Loss) 1,518 1,133 -25.4%
Net Profit Margin (%) 28.1% 20.2%  
No. of Shares (m) 143.4 143.4  
Diluted Earnings per share* 42.3 31.6  
P/E Ratio   8.4  
*(annualised)      

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