CANARA BANK Announces Quarterly Results (3QFY20); Net Profit Up 3.8%

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CANARA BANK Announces Quarterly Results (3QFY20); Net Profit Up 3.8%
Fri, 24 Jan

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

CANARA BANK Quarterly Financials

No. of Mths
Qtr. Ending
3
Dec-18*
3
Sep-19*
3
Dec-19*
QoQ ChangeYoY Change
Operating incomeRs m121,886123,921122,949-0.8%0.9%
Other incomeRs m13,24820,69617,067-17.5%28.8%
Total revenuesRs m135,134144,617140,016-3.2%3.6%
InterestRs m83,74892,62488,599-4.3%5.8%
Gross Profit Rs m38,13831,29834,3509.8%-9.9%
Other expensesRs m27,81426,54728,0745.8%0.9%
Profit before taxRs m3,7995,0665,3144.9%39.9%
TaxRs m6241,4172,01842.4%223.5%
Profit after taxRs m3,1753,6493,296-9.7%3.8%
Gross profit margin %31.325.327.9
Effective tax rate%16.428.038.0
Net profit margin%2.62.92.7
* 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 0.9% on a year-on-year (YoY) basis. The interest expended was up by 5.8% YoY during the same period.
  • The bank's operating profit declined by 9.9% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 27.9% in 3QFY20 as against 31.3% in 3QFY19.
  • Other income increased by 28.8% YoY during the quarter.
  • Net profit for the quarter increased by 3.8% YoY. Net profit margins during the quarter increased from 2.6% in 3QFY19 to 2.7% in 3QFY20.
Quarter-on-Quarter Performance:
  • The bank's operating income (interest earned) during the quarter fell 0.8% on a quarter-on-quarter (QoQ) basis. The interest expended was down by 4.3% QoQ during the same period.
  • The bank's operating profit increased by 9.8% QoQ during the quarter. Consequently, operating profit margins witnessed a growth and stood at 27.9% in 3QFY20 as against 25.3% in 2QFY19.
  • Net profit for the quarter declined by 9.7% QoQ, while net profit margins declined from 2.9% in 2QFY19 to 2.7% in 3QFY20.

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 262.5 to Rs 221.6, registering a Loss of Rs 40.9 or around 15.6%.

Meanwhile, the S&P BSE BANKEX is trading at Rs 35,471.7 (up 0.4%). Over the last one year it has moved up from 30,570.5 to 35,471.7, a gain of 4,901 points (up 16.0%).

Overall, the S&P BSE SENSEX is up 14.9% over the year.

Current Valuations

At the current price of Rs 221.6, the price to earnings (P/E) ratio of CANARA BANK stands at 22.3 times its trailing twelve months earnings, while its price to book value (P/BV) ratio 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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