CANARA BANK Announces Quarterly Results (2QFY19); Net Profit Up 15.1%

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CANARA BANK Announces Quarterly Results (2QFY19); Net Profit Up 15.1%
Tue, 6 Nov

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

CANARA BANK Quarterly Financials

No. of Mths
Qtr. Ending
3
Sep-17*
3
Jun-18*
3
Sep-18*
QoQ ChangeYoY Change
Operating incomeRs m100,585113,596111,238-2.1%10.6%
Other incomeRs m19,36218,32915,553-15.1%-19.7%
Total revenuesRs m119,946131,925126,791-3.9%5.7%
InterestRs m72,75174,76778,4254.9%7.8%
Gross Profit Rs m27,83438,82932,813-15.5%17.9%
Other expensesRs m22,39727,83025,092-9.8%12.0%
Profit before taxRs m3,2323,505-5,078-244.9%-257.1%
TaxRs m630690-8,073-1270.0%-1381.4%
Profit after taxRs m2,6022,8152,9956.4%15.1%
Gross profit margin %27.734.229.5
Effective tax rate%19.519.7159.0
Net profit margin%2.62.52.7
* 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 10.6% on a year-on-year (YoY) basis. The interest expended was up by 7.8% YoY during the same period.
  • The bank's operating profit increased by 17.9% YoY during the quarter. Consequently, operating profit margins witnessed a growth and stood at 29.5% in 2QFY19 as against 27.7% in 2QFY18.
  • Other income declined by 19.7% YoY during the quarter.
  • Net profit for the quarter increased by 15.1% YoY. Net profit margins during the quarter increased from 2.6% in 2QFY18 to 2.7% in 2QFY19.
Quarter-on-Quarter Performance:
  • The bank's operating income (interest earned) during the quarter fell 2.1% on a quarter-on-quarter (QoQ) basis. The interest expended was up by 4.9% QoQ during the same period.
  • The bank's operating profit declined by 15.5% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 29.5% in 2QFY19 as against 34.2% in 1QFY18.
  • Net profit for the quarter increased by 6.4% QoQ, while net profit margins increased from 2.5% in 1QFY18 to 2.7% in 2QFY19.

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 up from Rs 406.1 to Rs 245.7, registering a Loss of Rs 160.4 or around 39.5%.

Meanwhile, the S&P BSE BANKEX is trading at Rs 29,078.8 (up 0.1%). Over the last one year it has moved up from 28,997.4 to 29,078.8, a gain of 81 points (up 0.3%).

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

Current Valuations

At the current price of Rs 245.7, the price to book value (P/BV) ratio of CANARA BANK stands at 0.3 times.

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For the quarter ended September 2019, CANARA BANK has posted a net profit of Rs 4 bn (up 21.8% YoY). Sales on the other hand came in at Rs 124 bn (up 11.4% YoY). Read on for a complete analysis of CANARA BANK's quarterly results.

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