Corporation Bank: OPM drives profits - Views on News from Equitymaster

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Corporation Bank: OPM drives profits

Jan 31, 2001

Corporation Bank has reported a sharp rise in operating margins to 34.6% in 3QFY01 from 30.2% in the corresponding previous quarter. The bank's net profits grew by 26% and interest income witnessed a rise of 12% during the quarter.

(Rs m) 3QFY00 3QFY01 Change
Interest Income 4,022 4,520 12.4%
Other Income 579 691 19.3%
Interest Expenditure 2,809 2,954 5.2%
Operating Profit (EBDIT) 1,213 1,566 29.1%
Operating Profit Margin (%) 30.2% 34.6%  
Other Expenditure 671 740 10.3%
Depreciation 58 56 -1.9%
Profit before Tax 1,063 1,460 37.3%
Provisions & Contingencies 173 304 75.4%
Tax 233 327 39.9%
Profit after Tax/(Loss) 657 830 26.3%
Net profit margin (%) 16.3% 18.4%  
No. of Shares (eoy) 120 120  
Diluted Earnings per share* 21.9 27.7  
P/E (at current price) 4.5 3.6  
*(annualised)      

The bank's deposits and advances for the nine months period ended December 2000 increased by 4.6% and 13.6% respectively. Its credit to deposit ratio also advanced to 51% (from 47%) during the same period. Higher volume growth fueled the topline growth of the bank.

At the current market price of Rs 98 Corporation Bank is trading at a P/E multiple of 4 times its 3QFY01 annualised earnings and Price/Book value ratio of 1 time.


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