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BANK OF INDIA Announces Quarterly Results (2QFY19); Net Profit Down 745.7%

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BANK OF INDIA Announces Quarterly Results (2QFY19); Net Profit Down 745.7%
Wed, 14 Nov

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

BANK OF INDIA Quarterly Financials

No. of Mths
Qtr. Ending
3
Sep-17*
3
Jun-18*
3
Sep-18*
QoQ ChangeYoY Change
Operating incomeRs m98,941100,12997,698-2.4%-1.3%
Other incomeRs m17,0648,30110,30424.1%-39.6%
Total revenuesRs m116,005108,430108,002-0.4%-6.9%
InterestRs m69,85966,58668,4302.8%-2.0%
Gross Profit Rs m29,08233,54329,268-12.7%0.6%
Other expensesRs m23,81623,15223,102-0.2%-3.0%
Profit before taxRs m2,798-6,950-16,963-706.3%
TaxRs m1,007-7,901-5,400-636.4%
Profit after taxRs m1,791951-11,563-1315.7%-745.7%
Gross profit margin %29.433.530.0
Effective tax rate%36.0113.731.8
Net profit margin%1.80.9-11.8
* 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 1.3% on a year-on-year (YoY) basis. The interest expended was down by 2.0% YoY during the same period.
  • The bank's operating profit increased by 0.6% YoY during the quarter. Consequently, operating profit margins witnessed a growth and stood at 30.0% in 2QFY19 as against 29.4% in 2QFY18.
  • Other income declined by 39.6% YoY during the quarter.
  • Net profit for the quarter declined by 745.7% YoY. Net profit margins during the quarter declined from 1.8% in 2QFY18 to -11.8% in 2QFY19.
Quarter-on-Quarter Performance:
  • The bank's operating income (interest earned) during the quarter fell 2.4% on a quarter-on-quarter (QoQ) basis. The interest expended was up by 2.8% QoQ during the same period.
  • The bank's operating profit declined by 12.7% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 30.0% in 2QFY19 as against 33.5% in 1QFY18.
  • Net profit for the quarter declined by 1315.7% QoQ, while net profit margins declined from 0.9% in 1QFY18 to -11.8% in 2QFY19.

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

BANK OF INDIA Share Price Performance

Over the last one year, BANK OF INDIA share price has moved up from Rs 195.8 to Rs 82.7, registering a Loss of Rs 113.1 or around 57.8%.

Meanwhile, the S&P BSE BANKEX is trading at Rs 29,372.4 (up 0.8%). Over the last one year it has moved up from 28,705.6 to 29,372.4, a gain of 667 points (up 2.3%).

Overall, the S&P BSE SENSEX is up 6.6% over the year.

Current Valuations

At the current price of Rs 82.7, the price to book value (P/BV) ratio of BANK OF INDIA stands at 0.1 times.

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