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- Dec 31, 2015 - Corp Bank: Asset quality weakens further
Corp Bank: Asset quality weakens further
Performance summary
- Interest income grew by a mere 1.3% YoY in 2QFY16 and 1.5% YoY in 1HFY16 on a subdued 4.8% YoY growth in advances.
- Net interest margin (NIM) registered a significant improvement of 0.3% for 2QFY16 and 0.2% for 1HFY16 on the back of a fall in interest expenses.
- Growth in other income was robust at 49.4% YoY for 2QFY16 and 28% for 1HFY16.
- Net NPA (non-performing assets) to advances rose to 3.5% in 2QFY16 from 2.9% in 2QFY14.
- Backed by controlled rise in operating expenses and provisions, net margin expanded by 0.6% during 2QFY16. For 1HFY16, the net margin was flat at 4% due to a faster rise in provisions.
- Capital adequacy ratio currently stands at 11.9 % at the end of September 2015 quarter as per Basel III norms.
| Rs (m) | 2QFY15 | 2QFY16 | Change | 1HFY15 | 1HFY16 | Change |
|---|---|---|---|---|---|---|
| Interest income | 49,401 | 50,029 | 1.3% | 97,935 | 99,357 | 1.5% |
| Interest expense | 39,570 | 38,416 | -2.9% | 78,662 | 76,937 | -2.2% |
| Net Interest Income | 9,831 | 11,613 | 18.1% | 19,273 | 22,420 | 16.3% |
| Net interest margin (%) | 2.00% | 2.29% | 1.96% | 2.21% | ||
| Other Income | 2,889 | 4,317 | 49.4% | 6,505 | 8,336 | 28.1% |
| Other Expense | 6,341 | 7,305 | 15.2% | 12,424 | 14,045 | 13.1% |
| Provisions and contingencies | 5,204 | 5,638 | 8.3% | 9,793 | 11,852 | 21.0% |
| Profit before tax | 1,176 | 2,988 | 154.1% | 3,562 | 4,859 | 36.4% |
| Tax | -429 | 1,102 | -357 | 930 | ||
| Effective tax rate | -36.5% | 36.9% | -10.0% | 19.1% | ||
| Profit after tax/ (loss) | 1,605 | 1,886 | 17.5% | 3,920 | 3,929 | 0.2% |
| Net profit margin (%) | 3.2% | 3.8% | 4.0% | 4.0% | ||
| No. of shares (m) | 994.3 | |||||
| Book value per share (Rs)* | 124.9 | |||||
| P/BV (x) | 0.3 |
* (Book value as on 30th September 2015)
| DISCLOSURES UNDER SEBI (RESEARCH ANALYSTS) REGULATIONS, 2014
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