BANK OF INDIA Announces Quarterly Results (2QFY20); Net Profit Up 123.0%

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BANK OF INDIA Announces Quarterly Results (2QFY20); Net Profit Up 123.0%
Mon, 4 Nov

BANK OF INDIA has announced its results for the quarter ended September 2019. Here is a detailed performance review of the same:

BANK OF INDIA Quarterly Financials

No. of Mths
Qtr. Ending
3
Sep-18*
3
Jun-19*
3
Sep-19*
QoQ ChangeYoY Change
Operating incomeRs m97,698103,322106,5813.2%9.1%
Other incomeRs m10,30411,94813,27411.1%28.8%
Total revenuesRs m108,002115,270119,8554.0%11.0%
InterestRs m68,43068,46867,977-0.7%-0.7%
Gross Profit Rs m29,26834,85438,60510.8%31.9%
Other expensesRs m23,10224,08927,28013.2%18.1%
Profit before taxRs m-16,9633,5944,07613.4%
TaxRs m-5,4001,1681,41220.9%
Profit after taxRs m-11,5632,4262,6649.8%
Gross profit margin %30.033.736.2
Effective tax rate%31.832.534.6
Net profit margin%-11.82.32.5
* 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 grew 9.1% on a year-on-year (YoY) basis. The interest expended was down by 0.7% YoY during the same period.
  • The bank's operating profit increased by 31.9% YoY during the quarter. Consequently, operating profit margins witnessed a growth and stood at 36.2% in 2QFY20 as against 30.0% in 2QFY19.
  • Other income increased by 28.8% YoY during the quarter.
  • Net profit for the quarter increased by 123.0% YoY. Net profit margins during the quarter increased from -11.8% in 2QFY19 to 2.5% in 2QFY20.
Quarter-on-Quarter Performance:
  • The bank's operating income (interest earned) during the quarter grew 3.2% on a quarter-on-quarter (QoQ) basis. The interest expended was down by 0.7% QoQ during the same period.
  • The bank's operating profit increased by 10.8% QoQ during the quarter. Consequently, operating profit margins witnessed a growth and stood at 36.2% in 2QFY20 as against 33.7% in 1QFY19.
  • Net profit for the quarter increased by 9.8% QoQ, while net profit margins increased from 2.3% in 1QFY19 to 2.5% in 2QFY20.

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

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BANK OF INDIA Share Price Performance

Over the last one year,BANK OF INDIA share price has moved down from Rs 84.4 to Rs 72.0, registering a Loss of Rs 12.4 or around 14.6%.

Meanwhile, the S&P BSE BANKEX is trading at Rs 34,517.8 (up 0.9%). Over the last one year it has moved up from 29,016.4 to 34,517.8, a gain of 5,501 points (up 19.0%).

Overall, the S&P BSE SENSEX is up 17.2% over the year.

Current Valuations

At the current price of Rs 72.0, the price to book value (P/BV) ratio of BANK OF INDIA stands at 0.1 times.

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For the quarter ended June 2019, BANK OF INDIA has posted a net profit of Rs 2 bn (up 155.1% YoY). Sales on the other hand came in at Rs 103 bn (up 3.2% YoY). Read on for a complete analysis of BANK OF INDIA's quarterly results.

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