CORPORATION BANK Announces Quarterly Results (4QFY19); Net Profit Down 258.0%

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CORPORATION BANK Announces Quarterly Results (4QFY19); Net Profit Down 258.0%
Tue, 21 May

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

CORPORATION BANK Quarterly Financials

No. of Mths
Qtr. Ending
3
Mar-18*
3
Dec-18*
3
Mar-19*
QoQ ChangeYoY Change
Operating incomeRs m41,93138,18136,434-4.6%-13.1%
Other incomeRs m4,4942,9425,44385.0%21.1%
Total revenuesRs m46,42541,12341,8771.8%-9.8%
InterestRs m28,92425,15124,597-2.2%-15.0%
Gross Profit Rs m13,00713,03011,836-9.2%-9.0%
Other expensesRs m7,6068,26110,34125.2%36.0%
Profit before taxRs m-30,328160-80,740-50622.5%
TaxRs m-11,944-446-14,925
Profit after taxRs m-18,384605-65,815-10972.9%
Gross profit margin %31.034.132.5
Effective tax rate%39.4-278.818.5
Net profit margin%-43.81.6-180.6
* 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 13.1% on a year-on-year (YoY) basis. The interest expended was down by 15.0% YoY during the same period.
  • The bank's operating profit declined by 9.0% YoY during the quarter. Consequently, operating profit margins witnessed a growth and stood at 32.5% in 4QFY19 as against 31.0% in 4QFY18.
  • Other income increased by 21.1% YoY during the quarter.
  • Net profit for the quarter declined by 258.0% YoY. Net profit margins during the quarter declined from -43.8% in 4QFY18 to -180.6% in 4QFY19.
Quarter-on-Quarter Performance:
  • The bank's operating income (interest earned) during the quarter fell 4.6% on a quarter-on-quarter (QoQ) basis. The interest expended was down by 2.2% QoQ during the same period.
  • The bank's operating profit declined by 9.2% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 32.5% in 4QFY19 as against 34.1% in 3QFY18.
  • Net profit for the quarter declined by 10972.9% QoQ, while net profit margins declined from 1.6% in 3QFY18 to -180.6% in 4QFY19.

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 25.2 to Rs 24.5, registering a Loss of Rs 0.8 or around 3.0%.

Meanwhile, the S&P BSE BANKEX is trading at Rs 34,329.7 (down 0.3%). Over the last one year it has moved up from 28,851.1 to 34,329.7, a gain of 5,479 points (up 19.0%).

Overall, the S&P BSE SENSEX is up 13.9% 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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