Global Trust Bank's profit rises by 76% - Views on News from Equitymaster

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Global Trust Bank's profit rises by 76%

Jul 14, 2000

Global Trust Bank has reported a YoY 51% jump in interest income in 1QFY01 to Rs 2 bn. The profit before tax of the bank increased by 100% to Rs 615 m. However due to higher provision for contingencies and tax, net profit of the bank witnessed an increase of 76% and profit margins declined to 12.2% (1QFY00 - 15.5%)

(Rs m) 1QFY00 1QFY01 Change
Interest Income 1,361 2,049 50.6%
Other Income 465 545 17.3%
Interest Expenditure 1,229 1,525 24.1%
Operating Profit (EBDIT) 132 524 298.0%
Operating Profit Margin (%) 9.7% 25.6%  
Other Expenditure 183 345 88.6%
Depreciation 106 109 3.1%
Profit before Tax 308 615 99.9%
Provisions & Contingencies 32 112 244.1%
Tax 65 132 104.2%
Profit after Tax/(Loss) 211 372 76.4%
Net profit margin (%) 15.5% 12.7%  
No. of Shares (eoy) (m) 104.0 121.4  
Diluted number of shares 121.4 121.4  
Diluted Earnings per share* 6.9 12.2  

During the first quarter the bank's deposits grew by 82% and advances increased by 55%. The bank's capital adequacy ratio at 13.8% is comparatively higher than the 9% stipulated by RBI. Also it has maintained its non performing asset(NPAs) ratio to 0.9% of total advances.

At the current market price of Rs 60.9, Global trust Bank is trading at a PER of 5 times its 1QFY01 annualised earnings. The bank has a Price/Book Value ratio of 1.3 times.

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