CANARA BANK Announces Quarterly Results (1QFY20); Net Profit Up 16.9%

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CANARA BANK Announces Quarterly Results (1QFY20); Net Profit Up 16.9%
Thu, 25 Jul

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

CANARA BANK Quarterly Financials

No. of Mths
Qtr. Ending
3
Jun-18*
3
Mar-19*
3
Jun-19*
QoQ ChangeYoY Change
Operating incomeRs m113,596121,385122,0050.5%7.4%
Other incomeRs m18,32918,62018,6190.0%1.6%
Total revenuesRs m131,925140,004140,6240.4%6.6%
InterestRs m74,76786,38389,5993.7%19.8%
Gross Profit Rs m38,82935,00232,406-7.4%-16.5%
Other expensesRs m27,83023,88626,62511.5%-4.3%
Profit before taxRs m3,505-25,5005,40954.3%
TaxRs m690-19,9852,118207.0%
Profit after taxRs m2,815-5,5153,29116.9%
Gross profit margin %34.228.826.6
Effective tax rate%19.778.439.2
Net profit margin%2.5-4.52.7
* 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 7.4% on a year-on-year (YoY) basis. The interest expended was up by 19.8% YoY during the same period.
  • The bank's operating profit declined by 16.5% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 26.6% in 1QFY20 as against 34.2% in 1QFY19.
  • Other income increased by 1.6% YoY during the quarter.
  • Net profit for the quarter increased by 16.9% YoY. Net profit margins during the quarter increased from 2.5% in 1QFY19 to 2.7% in 1QFY20.
Quarter-on-Quarter Performance:
  • The bank's operating income (interest earned) during the quarter grew 0.5% on a quarter-on-quarter (QoQ) basis. The interest expended was up by 3.7% QoQ during the same period.
  • The bank's operating profit declined by 7.4% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 26.6% in 1QFY20 as against 28.8% in 4QFY19.
  • Net profit for the quarter increased by 159.7% QoQ, while net profit margins increased from -4.5% in 4QFY19 to 2.7% in 1QFY20.

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

CANARA BANK Share Price Performance

Over the last one year,CANARA BANK share price has moved down from Rs 258.9 to Rs 241.2, registering a Loss of Rs 17.8 or around 6.9%.

Meanwhile, the S&P BSE BANKEX is trading at Rs 32,907.4 (up 0.7%). Over the last one year it has moved up from 29,996.6 to 32,907.4, a gain of 2,911 points (up 9.7%).

Overall, the S&P BSE SENSEX is up 3.4% over the year.

Current Valuations

At the current price of Rs 241.2, the price to earnings (P/E) ratio of CANARA BANK stands at 29.0 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 0.3 times.

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