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CORPORATION BANK Announces Quarterly Results (1QFY19); Net Profit Up 41.3%

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CORPORATION BANK Announces Quarterly Results (1QFY19); Net Profit Up 41.3%
Mon, 13 Aug

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

CORPORATION BANK Quarterly Financials

No. of Mths
Qtr. Ending
3
Jun-17*
3
Mar-18*
3
Jun-18*
QoQ ChangeYoY Change
Operating incomeRs m44,20941,93141,906-0.1%-5.2%
Other incomeRs m6,9214,4947,87375.2%13.8%
Total revenuesRs m51,13046,42549,7797.2%-2.6%
InterestRs m33,85928,92426,264-9.2%-22.4%
Gross Profit Rs m-1,20913,00715,64220.3%
Other expensesRs m8,1087,6068,2107.9%1.3%
Profit before taxRs m-2,396-30,328-814
TaxRs m-2,997-11,944-1,664
Profit after taxRs m601-18,38485041.3%
Gross profit margin %-2.731.037.3
Effective tax rate%125.139.4204.4
Net profit margin%1.4-43.82.0
* 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 fell 5.2% on a year-on-year (YoY) basis. The interest expended was down by 22.4% YoY during the same period.
  • The bank's operating profit declined by 1394.2% YoY during the quarter. Consequently, operating profit margins witnessed a growth and stood at 37.3% in 1QFY19 as against 2.7% in 1QFY18.
  • Other income increased by 13.8% YoY during the quarter.
  • Net profit for the quarter increased by 41.3% YoY. Net profit margins during the quarter increased from 1.4% in 1QFY18 to 2.0% in 1QFY19.
Quarter-on-Quarter Performance:
  • The bank's operating income (interest earned) during the quarter fell 0.1% on a quarter-on-quarter (QoQ) basis. The interest expended was down by 9.2% QoQ during the same period.
  • The bank's operating profit increased by 20.3% QoQ during the quarter. Consequently, operating profit margins witnessed a growth and stood at 37.3% in 1QFY19 as against 31.0% in 4QFY18.
  • Net profit for the quarter declined by 104.6% QoQ, while net profit margins increased from -43.8% in 4QFY18 to 2.0% in 1QFY19.

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

CORPORATION BANK Share Price Performance

Over the last one year, CORPORATION BANK share price has moved up from Rs 46.9 to Rs 29.2, registering a Loss of Rs 17.7 or around 37.8%.

Meanwhile, the S&P BSE BANKEX is trading at Rs 31,404.1 (down 1.1%). Over the last one year it has moved up from 27,098.0 to 31,404.1, a gain of 4,306 points (up 15.9%).

Overall, the S&P BSE SENSEX is up 19.5% over the year.

Current Valuations

At the current price of Rs 29.2, the price to book value (P/BV) ratio of CORPORATION BANK stands at 0.2 times.

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