CANARA BANK Announces Quarterly Results (1QFY21); Net Profit Up 23.5%

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CANARA BANK Announces Quarterly Results (1QFY21); Net Profit Up 23.5%
Thu, 20 Aug

CANARA BANK has announced its results for the quarter ended June 2020. Here is a detailed performance review of the same:

CANARA BANK Quarterly Financials

No. of Mths
Qtr. Ending
3
Jun-19*
3
Mar-20*
3
Jun-20*
QoQ ChangeYoY Change
Operating incomeRs m122,005120,474180,35849.7%47.8%
Other incomeRs m18,61921,75026,50121.8%42.3%
Total revenuesRs m140,624142,224206,85945.4%47.1%
InterestRs m89,59987,289119,40336.8%33.3%
Gross Profit Rs m32,40633,18560,95683.7%88.1%
Other expensesRs m26,62534,52644,60229.2%67.5%
Profit before taxRs m5,409-33,3454,591-15.1%
TaxRs m2,118-752529-75.0%
Profit after taxRs m3,291-32,5934,06223.5%
Gross profit margin %26.627.533.8
Effective tax rate%39.22.311.5
Net profit margin%2.7-27.12.3
* 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 47.8% on a year-on-year (YoY) basis. The interest expended was up by 33.3% YoY during the same period.
  • The bank's operating profit increased by 88.1% YoY during the quarter. Consequently, operating profit margins witnessed a growth and stood at 33.8% in 1QFY21 as against 26.6% in 1QFY20.
  • Other income increased by 42.3% YoY during the quarter.
  • Net profit for the quarter increased by 23.5% YoY. Net profit margins during the quarter declined from 2.7% in 1QFY20 to 2.3% in 1QFY21.
Quarter-on-Quarter Performance:
  • The bank's operating income (interest earned) during the quarter grew 49.7% on a quarter-on-quarter (QoQ) basis. The interest expended was up by 36.8% QoQ during the same period.
  • The bank's operating profit increased by 83.7% QoQ during the quarter. Consequently, operating profit margins witnessed a growth and stood at 33.8% in 1QFY21 as against 27.5% in 4QFY20.
  • Net profit for the quarter increased by 112.5% QoQ, while net profit margins increased from -27.1% in 4QFY20 to 2.3% in 1QFY21.

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

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CANARA BANK Share Price Performance

Over the last one year,CANARA BANK share price has moved down from Rs 225.3 to Rs 105.4, registering a Loss of Rs 119.9 or around 53.2%.

Meanwhile, the S&P BSE BANKEX is trading at Rs 24,973.8 (down 1.3%). Over the last one year it has moved down from 31,653.6 to 24,973.8, a gain of 6,680 points (down 21.1%).

Overall, the S&P BSE SENSEX is up 2.5% over the year.

Current Valuations

At the current price of Rs 105.4, the price to book value (P/BV) ratio of CANARA BANK stands at 0.1 times.

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For the quarter ended December 2019, CANARA BANK has posted a net profit of Rs 3 bn (up 3.8% YoY). Sales on the other hand came in at Rs 123 bn (up 0.9% YoY). Read on for a complete analysis of CANARA BANK's quarterly results.

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