Karur Vysya Bank: OPM fuels profits - Views on News from Equitymaster

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Karur Vysya Bank: OPM fuels profits

Feb 1, 2001

Karur Vysya Bank has posted a rise of 23% in net profits for the nine months ended December '00. On a quarterly basis profits grew by a marginal 6%. This was due to more than 75% decline in other income.

(Rs m) 3QFY00 3QFY01 Change 9m FY00 9m FY01 Change
Interest Income 1,052 1,225 16.5% 3,003 3,522 17.3%
Other Income 114 27 -76.2% 387 170 -56.2%
Interest Expenditure 703 768 9.3% 2,072 2,248 8.5%
Operating Profit (EBDIT) 349 457 30.9% 932 1,273 36.6%
Operating Profit Margin (%) 33.2% 37.3%   31.0% 36.2%  
Other Expenditure 207 192 -7.2% 601 593 -1.4%
Profit before Tax 256 292 13.9% 718 850 18.4%
Provisions (including tax) 101 128 26.9% 307 344 11.8%
Profit after Tax/(Loss) 155 164 5.5% 411 506 23.3%
Net profit margin (%) 14.8% 13.4%   13.7% 14.4%  
No. of Shares (eoy) 6 6   6 6  
Diluted Earnings per share* 103.5 109.2   91.0 112.2  
P/E ratio 2.2 2.1   2.5 2.0  
*(annualised)            

The bank's operating margins improved sharply to 37% in 3QFY01 from 33% in the corresponding previous quarter. In a time frame of nine months also the margins rose to 36%.

At the current market price of Rs 230 Karur Vysya Bank is trading with a P/E multiple of 2x nine months FY01 annualised earnings and Price/Book value ratio of 0.5 times. The bank's valuations are significantly lower among the private sector banks.

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