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OBC: Bracing for growth

May 25, 2004

With the backing of a strong balance sheet (nil net NPAs), OBC has reported a strong performance in FY04 as well as the March quarter. For FY04, while the bottomline has surged by over 50%, the topline has fallen marginally. In the March quarter, the topline has shown marginal improvement while the bottomline has grown by a significant 91%. Fall in interest expenses, strong rise in other income and lower provisioning requirements have been the main reasons for the strong performance during the year. The March quarter has been good for the bank as a third of net profits have come from this quarter alone.

(Rs m) 4QFY03 4QFY04 Change FY03 FY04 Change
Income from Operations 8,457 8,533 0.9% 33,043 33,005 -0.1%
Other Income 1,359 1,648 21.3% 5,314 7,217 35.8%
Interest Expenses 4,985 4,585 -8.0% 20,899 18,447 -11.7%
Net interest income 3,473 3,948 13.7% 12,143 14,558 19.9%
Other Expenses 1,524 1,736 13.9% 5,827 6,445 10.6%
Operating Profit 1,948 2,212 13.6% 6,317 8,113 28.4%
Operating Profit Margin (%) 23.0% 25.9%   19.1% 24.6%  
Provisions and Contingencies 1,635 -90 -105.5% 4,276 3,874 -9.4%
Profit before Tax 1,672 3,951 136.3% 7,355 11,456 55.8%
Tax 477 1,664 248.8% 2,786 4,595 65.0%
Profit after Tax/(Loss) 1,195 2,287 91.4% 4,569 6,861 50.1%
Net Profit Margin (%) 14.1% 26.8%   13.8% 20.8%  
No. of Shares (m) 192.5 192.5   192.5 192.5  
Diluted Earnings per share*       23.7 35.6  
P/E Ratio         7.0  
*(annualised)            

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