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BANK OF MAHARASHTRA Announces Quarterly Results (2QFY19); Net Profit Up 216.2%

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BANK OF MAHARASHTRA Announces Quarterly Results (2QFY19); Net Profit Up 216.2%
Mon, 5 Nov

BANK OF MAHARASHTRA has announced its results for the quarter ended September 2018. Here is a detailed performance review of the same:

BANK OF MAHARASHTRA Quarterly Financials

No. of Mths
Qtr. Ending
3
Sep-17*
3
Jun-18*
3
Sep-18*
QoQ ChangeYoY Change
Operating incomeRs m29,34826,40627,8825.6%-5.0%
Other incomeRs m3,6893,4664,04616.8%9.7%
Total revenuesRs m33,03629,87131,9286.9%-3.4%
InterestRs m19,71617,82117,8530.2%-9.4%
Gross Profit Rs m9,6318,58510,02916.8%4.1%
Other expensesRs m6,4027,3476,131-16.5%-4.2%
Profit before taxRs m-991-11,626-634
TaxRs m-759-436-904
Profit after taxRs m-232-11,190270
Gross profit margin %32.832.536.0
Effective tax rate%76.53.7142.6
Net profit margin%-0.8-42.41.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster


Year-on-Year Performance:
  • The bank's operating income (interest earned) during the quarter fell 5.0% on a year-on-year (YoY) basis. The interest expended was down by 9.4% YoY during the same period.
  • The bank's operating profit increased by 4.1% YoY during the quarter. Consequently, operating profit margins witnessed a growth and stood at 36.0% in 2QFY19 as against 32.8% in 2QFY18.
  • Other income increased by 9.7% YoY during the quarter.
  • Net profit for the quarter increased by 216.2% YoY. Net profit margins during the quarter increased from -0.8% in 2QFY18 to 1.0% in 2QFY19.
Quarter-on-Quarter Performance:
  • The bank's operating income (interest earned) during the quarter grew 5.6% on a quarter-on-quarter (QoQ) basis. The interest expended was up by 0.2% QoQ during the same period.
  • The bank's operating profit increased by 16.8% QoQ during the quarter. Consequently, operating profit margins witnessed a growth and stood at 36.0% in 2QFY19 as against 32.5% in 1QFY18.
  • Net profit for the quarter increased by 102.4% QoQ, while net profit margins increased from -42.4% in 1QFY18 to 1.0% in 2QFY19.

To see how BANK OF MAHARASHTRA has performed over the last eight quarters, please visit here.

BANK OF MAHARASHTRA Share Price Performance

Over the last one year, BANK OF MAHARASHTRA share price has moved up from Rs 28.3 to Rs 13.4, registering a Loss of Rs 15.0 or around 52.8%.

Meanwhile, the S&P BSE BANKEX is trading at Rs 28,980.8 (down 0.1%). Over the last one year it has moved down from 29,092.1 to 28,980.8, a gain of 111 points (down 0.4%).

Overall, the S&P BSE SENSEX is up 4.0% over the year.

Current Valuations

At the current price of Rs 13.4, the price to book value (P/BV) ratio of BANK OF MAHARASHTRA stands at 0.1 times.

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