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Corporation Bank: No stopping

Jan 20, 2003

Corporation Bank, one of the most efficient public sector banks in the country, has announced robust quarterly results. The bank has reported an 8% YoY increase in its interest income, while its net profit has jumped by 66% YoY in 3QFY03. The performance in this quarter has been better than those reported in the last two quarters. For 9mFY03, net profits have grown by 40% while interest income has grown by 8%.

(Rs m) 3QFY02 3QFY03 Change 9m FY02 9m FY03 Change
Income from Operations 5,001 5,395 7.9% 14,583 15,717 7.8%
Other Income 1,020 1,536 50.7% 2,859 4,056 41.9%
Interest Expenses 3,370 3,034 -9.9% 9,815 9,689 -1.3%
Net interest income 1,632 2,361 44.7% 4,769 6,029 26.4%
Other Expenses 973 1,206 24.0% 2,805 3,267 16.5%
Operating Profit 659 1,154 75.2% 1,963 2,762 40.6%
Operating Profit Margin (%) 13.2% 21.4%   13.5% 17.6%  
Provisions and Contingencies 387 436 12.5% 1,031 1,421 37.9%
Profit before Tax 1,291 2,255 74.7% 3,792 5,397 42.3%
Tax 377 737 95.7% 1,164 1,710 46.8%
Profit after Tax/(Loss) 915 1,518 66.0% 2,627 3,687 40.3%
Net Profit Margin (%) 18.3% 28.1%   18.0% 23.5%  
No. of Shares (m) 143.4 143.4   143.4 143.4  
Diluted Earnings per share* 25.5 42.3   24.4 34.2  
P/E Ratio   3.2     4.0  
*(annualised)            

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