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CORPORATION BANK Announces Quarterly Results (3QFY19); Net Profit Up 104.9%

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CORPORATION BANK Announces Quarterly Results (3QFY19); Net Profit Up 104.9%
Fri, 15 Feb

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

CORPORATION BANK Quarterly Financials

No. of Mths
Qtr. Ending
3
Dec-17*
3
Sep-18*
3
Dec-18*
QoQ ChangeYoY Change
Operating incomeRs m43,87939,70638,181-3.8%-13.0%
Other incomeRs m4,5352,4622,94219.5%-35.1%
Total revenuesRs m48,41442,16841,123-2.5%-15.1%
InterestRs m31,24425,13025,1510.1%-19.5%
Gross Profit Rs m12,63514,57613,030-10.6%3.1%
Other expensesRs m8,3508,0488,2612.7%-1.1%
Profit before taxRs m-19,024907160-82.4%
TaxRs m-6,619-123-446
Profit after taxRs m-12,4051,030605-41.2%
Gross profit margin %28.836.734.1
Effective tax rate%34.8-13.5-278.8
Net profit margin%-28.32.61.6
* 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 13.0% on a year-on-year (YoY) basis. The interest expended was down by 19.5% YoY during the same period.
  • The bank's operating profit increased by 3.1% YoY during the quarter. Consequently, operating profit margins witnessed a growth and stood at 34.1% in 3QFY19 as against 28.8% in 3QFY18.
  • Other income declined by 35.1% YoY during the quarter.
  • Net profit for the quarter increased by 104.9% YoY. Net profit margins during the quarter increased from -28.3% in 3QFY18 to 1.6% in 3QFY19.
Quarter-on-Quarter Performance:
  • The bank's operating income (interest earned) during the quarter fell 3.8% on a quarter-on-quarter (QoQ) basis. The interest expended was up by 0.1% QoQ during the same period.
  • The bank's operating profit declined by 10.6% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 34.1% in 3QFY19 as against 36.7% in 2QFY18.
  • Net profit for the quarter declined by 41.2% QoQ, while net profit margins declined from 2.6% in 2QFY18 to 1.6% in 3QFY19.

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 34.0 to Rs 24.5, registering a Loss of Rs 9.5 or around 28.0%.

Meanwhile, the S&P BSE BANKEX is trading at Rs 29,947.4 (down 0.8%). Over the last one year it has moved up from 28,732.4 to 29,947.4, a gain of 1,215 points (up 4.2%).

Overall, the S&P BSE SENSEX is up 4.3% over the year.

Current Valuations

At the current price of Rs 24.5, the price to book value (P/BV) ratio of CORPORATION BANK stands at 0.2 times.

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