CORPORATION BANK Announces Quarterly Results (2QFY19); Net Profit Up 110.0%

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CORPORATION BANK Announces Quarterly Results (2QFY19); Net Profit Up 110.0%
Wed, 14 Nov

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

CORPORATION BANK Quarterly Financials

No. of Mths
Qtr. Ending
3
Sep-17*
3
Jun-18*
3
Sep-18*
QoQ ChangeYoY Change
Operating incomeRs m46,26541,90639,706-5.3%-14.2%
Other incomeRs m7,1817,8732,462-68.7%-65.7%
Total revenuesRs m53,44649,77942,168-15.3%-21.1%
InterestRs m33,87426,26425,130-4.3%-25.8%
Gross Profit Rs m-14,29815,64214,576-6.8%
Other expensesRs m7,9458,2108,048-2.0%1.3%
Profit before taxRs m-15,062-814907
TaxRs m-4,710-1,664-123
Profit after taxRs m-10,3528501,03021.2%
Gross profit margin %-30.937.336.7
Effective tax rate%31.3204.4-13.5
Net profit margin%-22.42.02.6
* 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 14.2% on a year-on-year (YoY) basis. The interest expended was down by 25.8% YoY during the same period.
  • The bank's operating profit declined by 201.9% YoY during the quarter. Consequently, operating profit margins witnessed a growth and stood at 36.7% in 2QFY19 as against 30.9% in 2QFY18.
  • Other income declined by 65.7% YoY during the quarter.
  • Net profit for the quarter increased by 110.0% YoY. Net profit margins during the quarter increased from -22.4% in 2QFY18 to 2.6% in 2QFY19.
Quarter-on-Quarter Performance:
  • The bank's operating income (interest earned) during the quarter fell 5.3% 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 declined by 6.8% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 36.7% in 2QFY19 as against 37.3% in 1QFY18.
  • Net profit for the quarter increased by 21.2% QoQ, while net profit margins increased from 2.0% in 1QFY18 to 2.6% in 2QFY19.

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 45.2 to Rs 28.1, registering a Loss of Rs 17.1 or around 37.8%.

Meanwhile, the S&P BSE BANKEX is trading at Rs 29,341.1 (up 0.7%). Over the last one year it has moved up from 28,705.6 to 29,341.1, a gain of 636 points (up 2.2%).

Overall, the S&P BSE SENSEX is up 6.5% over the year.

Current Valuations

At the current price of Rs 28.1, the price to book value (P/BV) ratio of CORPORATION BANK stands at 0.2 times.

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