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CANARA BANK Announces Quarterly Results (3QFY19); Net Profit Up 152.5%

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CANARA BANK Announces Quarterly Results (3QFY19); Net Profit Up 152.5%
Tue, 29 Jan

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

CANARA BANK Quarterly Financials

No. of Mths
Qtr. Ending
3
Dec-17*
3
Sep-18*
3
Dec-18*
QoQ ChangeYoY Change
Operating incomeRs m107,746111,238121,8869.6%13.1%
Other incomeRs m15,66515,55313,248-14.8%-15.4%
Total revenuesRs m123,411126,791135,1346.6%9.5%
InterestRs m70,95578,42583,7486.8%18.0%
Gross Profit Rs m36,79132,81338,13816.2%3.7%
Other expensesRs m24,14225,09227,81410.8%15.2%
Profit before taxRs m1,578-5,0783,799140.8%
TaxRs m320-8,07362494.9%
Profit after taxRs m1,2582,9953,1756.0%152.5%
Gross profit margin %34.129.531.3
Effective tax rate%20.3159.016.4
Net profit margin%1.22.72.6
* 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 13.1% on a year-on-year (YoY) basis. The interest expended was up by 18.0% YoY during the same period.
  • The bank's operating profit increased by 3.7% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 31.3% in 3QFY19 as against 34.1% in 3QFY18.
  • Other income declined by 15.4% YoY during the quarter.
  • Net profit for the quarter increased by 152.5% YoY. Net profit margins during the quarter increased from 1.2% in 3QFY18 to 2.6% in 3QFY19.
Quarter-on-Quarter Performance:
  • The bank's operating income (interest earned) during the quarter grew 9.6% on a quarter-on-quarter (QoQ) basis. The interest expended was up by 6.8% QoQ during the same period.
  • The bank's operating profit increased by 16.2% QoQ during the quarter. Consequently, operating profit margins witnessed a growth and stood at 31.3% in 3QFY19 as against 29.5% in 2QFY18.
  • Net profit for the quarter increased by 6.0% QoQ, while net profit margins declined from 2.7% in 2QFY18 to 2.6% in 3QFY19.

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 344.1 to Rs 244.8, registering a Loss of Rs 99.4 or around 28.9%.

Meanwhile, the S&P BSE BANKEX is trading at Rs 29,849.2 (up 0.1%). Over the last one year it has moved down from 31,125.8 to 29,849.2, a gain of 1,277 points (down 4.1%).

Overall, the S&P BSE SENSEX is down 1.9% over the year.

Current Valuations

At the current price of Rs 244.8, the price to book value (P/BV) ratio of CANARA BANK stands at 0.3 times.

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