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Madura Bank's fantastic performance

Feb 1, 2001

Bank of Madura has reported a sterling performance for the quarter ended December '00. Its operating margins improved to 33%, an increase of 700 basis points compared to 3QFY00. During the quarter the bank has announced a merger with ICICI Bank. BOM's quarterly performance was in line with that of ICICI Bank.

(Rs m) 3QFY00 3QFY01 Change
Interest Income 895 1,017 13.7%
Other Income 191 239 24.8%
Interest Expenditure 662 682 2.9%
Operating Profit (EBDIT) 232 335 44.4%
Operating Profit Margin (%) 26.0% 33.0%  
Other Expenditure 253 280 10.7%
Profit before Tax 171 294 72.2%
Provisions (including tax) 91 142 56.1%
Profit after Tax/(Loss) 80 153 90.4%
Net profit margin (%) 9.0% 15.0%  
No. of Shares (eoy) 12 12  
Diluted Earnings per share* 27.3 51.9  
P/E (at current price) 9.3 4.9  
*(annualised)      

At the current market price of Rs 254 BOM is trading with a P/E multiple of 5x 3QFY01 annualised earnings and Price/Book value ratio of 1.4 times. The bank's valuations were re-rated after it announced the consolidation with ICICI Bank, which currently gets a P/E of 18x at price of Rs 152.

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