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Corporation Bank: Lacking growth drivers

Nov 4, 2003

Corporation Bank, one of the most efficient public sector banks in the country, has reported a strong growth in its bottomline despite a lackluster growth in its topline in the September quarter, on a YoY basis. While the bottomline has risen by 22%, the topline has grown by 7% in 2QYF04, on a YoY basis. This bottomline growth has been buoyed mainly by strong improvement in net interest income as well as a significant fall in provisioning and strong rise in other income. Operating margins have also shown an improvement in the June quarter. For 1HFY04, the bank has reported a 5% rise in topline and a 25% rise in bottomline.

(Rs m) 2QFY03 2QFY04 Change 1HFY03 1HFY04 Change
Income from Operations 5,131 5,491 7.0% 10,322 10,865 5.3%
Other Income 1,326 1,838 38.6% 2,520 3,094 22.8%
Interest Expenses 3,101 3,020 -2.6% 6,654 6,362 -4.4%
Net interest income 2,030 2,471 21.7% 3,668 4,503 22.8%
Other Expenses 1,079 1,429 32.4% 2,061 2,691 30.6%
Operating Profit 951 1,042 9.6% 1,607 1,813 12.8%
Operating Profit Margin (%) 18.5% 19.0% 15.6% 16.7%
Provisions and Contingencies 469 563 20.0% 985 832 -15.6%
Profit before Tax 1,808 2,317 28.2% 3,142 4,075 29.7%
Tax 621 868 39.8% 972 1,361 40.0%
Profit after Tax/(Loss) 1,187 1,449 22.1% 2,169 2,714 25.1%
Net Profit Margin (%) 23.1% 26.4% 21.0% 25.0%
No. of Shares (m) 143.4 143.4 143.4 143.4  
Diluted Earnings per share* 33.1 40.4 30.2 37.8  
P/E Ratio         6.1  
*(annualised)            

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