FEDERAL BANK Announces Quarterly Results (2QFY21); Net Profit Down 26.2%

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FEDERAL BANK Announces Quarterly Results (2QFY21); Net Profit Down 26.2%
Mon, 19 Oct

FEDERAL BANK has announced its results for the quarter ended September 2020. Here is a detailed performance review of the same:

FEDERAL BANK Quarterly Financials

No. of Mths
Qtr. Ending
3
Sep-19*
3
Jun-20*
3
Sep-20*
QoQ ChangeYoY Change
Operating incomeRs m32,54334,44234,8791.3%7.2%
Other incomeRs m4,2094,8845,0934.3%21.0%
Total revenuesRs m36,75239,32539,9721.6%8.8%
InterestRs m21,30521,47721,081-1.8%-1.1%
Gross Profit Rs m11,23812,96413,7996.4%22.8%
Other expensesRs m8,2598,5248,8273.5%6.9%
Profit before taxRs m4,6705,3784,145-22.9%-11.3%
TaxRs m5031,3701,069-22.0%112.3%
Profit after taxRs m4,1674,0083,076-23.2%-26.2%
Gross profit margin %34.537.639.6
Effective tax rate%10.825.525.8
Net profit margin%12.811.68.8
* 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 grew 7.2% on a year-on-year (YoY) basis. The interest expended was down by 1.1% YoY during the same period.
  • The bank's operating profit increased by 22.8% YoY during the quarter. Consequently, operating profit margins witnessed a growth and stood at 39.6% in 2QFY21 as against 34.5% in 2QFY20.
  • Other income increased by 21.0% YoY during the quarter.
  • Net profit for the quarter declined by 26.2% YoY. Net profit margins during the quarter declined from 12.8% in 2QFY20 to 8.8% in 2QFY21.
Quarter-on-Quarter Performance:
  • The bank's operating income (interest earned) during the quarter grew 1.3% on a quarter-on-quarter (QoQ) basis. The interest expended was down by 1.8% QoQ during the same period.
  • The bank's operating profit increased by 6.4% QoQ during the quarter. Consequently, operating profit margins witnessed a growth and stood at 39.6% in 2QFY21 as against 37.6% in 1QFY20.
  • Net profit for the quarter declined by 23.2% QoQ, while net profit margins declined from 11.6% in 1QFY20 to 8.8% in 2QFY21.

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

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FEDERAL BANK Share Price Performance

Over the last one year, FEDERAL BANK share price has moved down from Rs 84.0 to Rs 54.6, registering a Loss of Rs 29.4 or around 35.0%.

Meanwhile, the S&P BSE BANKEX is trading at Rs 27,293.6 (up 2.3%). Over the last one year it has moved down from 32,900.6 to 27,293.6, a gain of 5,607 points (down 17.0%).

Overall, the S&P BSE SENSEX is up 4.8% over the year.

Current Valuations

At the current price of Rs 54.6, the price to earnings (P/E) ratio of FEDERAL BANK stands at 7.5 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 0.9 times.

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