CORPORATION BANK Announces Quarterly Results (1QFY20); Net Profit Up 21.6%

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CORPORATION BANK Announces Quarterly Results (1QFY20); Net Profit Up 21.6%
Mon, 5 Aug

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

CORPORATION BANK Quarterly Financials

No. of Mths
Qtr. Ending
3
Jun-18*
3
Mar-19*
3
Jun-19*
QoQ ChangeYoY Change
Operating incomeRs m41,90636,43439,8569.4%-4.9%
Other incomeRs m7,8735,4434,323-20.6%-45.1%
Total revenuesRs m49,77941,87744,1795.5%-11.3%
InterestRs m26,26424,59726,8699.2%2.3%
Gross Profit Rs m15,64211,83612,9879.7%-17.0%
Other expensesRs m8,21010,3418,760-15.3%6.7%
Profit before taxRs m-814-80,7401,254
TaxRs m-1,664-14,925222
Profit after taxRs m850-65,8151,03321.6%
Gross profit margin %37.332.532.6
Effective tax rate%204.418.517.7
Net profit margin%2.0-180.62.6
* 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 fell 4.9% on a year-on-year (YoY) basis. The interest expended was up by 2.3% YoY during the same period.
  • The bank's operating profit declined by 17.0% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 32.6% in 1QFY20 as against 37.3% in 1QFY19.
  • Other income declined by 45.1% YoY during the quarter.
  • Net profit for the quarter increased by 21.6% YoY. Net profit margins during the quarter increased from 2.0% in 1QFY19 to 2.6% in 1QFY20.
Quarter-on-Quarter Performance:
  • The bank's operating income (interest earned) during the quarter grew 9.4% on a quarter-on-quarter (QoQ) basis. The interest expended was up by 9.2% QoQ during the same period.
  • The bank's operating profit increased by 9.7% QoQ during the quarter. Consequently, operating profit margins witnessed a growth and stood at 32.6% in 1QFY20 as against 32.5% in 4QFY19.
  • Net profit for the quarter increased by 101.6% QoQ, while net profit margins increased from -180.6% in 4QFY19 to 2.6% in 1QFY20.

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 down from Rs 28.2 to Rs 21.8, registering a Loss of Rs 6.4 or around 22.6%.

Meanwhile, the S&P BSE BANKEX is trading at Rs 31,093.7 (down 2.5%). Over the last one year it has moved up from 31,079.3 to 31,093.7, a gain of 14 points (up 0.0%).

Overall, the S&P BSE SENSEX is down 1.7% over the year.

Current Valuations

At the current price of Rs 21.8, the price to book value (P/BV) ratio of CORPORATION BANK stands at 0.1 times.

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CORPORATION BANK Announces Quarterly Results (2QFY20); Net Profit Up 26.0% (Quarterly Result Update)

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For the quarter ended September 2019, CORPORATION BANK has posted a net profit of Rs 1 bn (up 26.0% YoY). Sales on the other hand came in at Rs 40 bn (up 0.9% YoY). Read on for a complete analysis of CORPORATION BANK's quarterly results.

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