FEDERAL BANK Announces Quarterly Results (3QFY21); Net Profit Down 8.3%

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FEDERAL BANK Announces Quarterly Results (3QFY21); Net Profit Down 8.3%
Thu, 21 Jan

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

FEDERAL BANK Quarterly Financials

No. of Mths
Qtr. Ending
3
Dec-19*
3
Sep-20*
3
Dec-20*
QoQ ChangeYoY Change
Operating incomeRs m33,30434,87934,595-0.8%3.9%
Other incomeRs m4,0795,0934,818-5.4%18.1%
Total revenuesRs m37,38239,97239,414-1.4%5.4%
InterestRs m21,75421,08120,225-4.1%-7.0%
Gross Profit Rs m11,54913,79914,3704.1%24.4%
Other expensesRs m8,1908,8279,5608.3%16.7%
Profit before taxRs m5,8304,1455,42330.8%-7.0%
TaxRs m1,4231,0691,38229.3%-2.9%
Profit after taxRs m4,4063,0764,04131.4%-8.3%
Gross profit margin %34.739.641.5
Effective tax rate%24.425.825.5
Net profit margin%13.28.811.7
* 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 3.9% on a year-on-year (YoY) basis. The interest expended was down by 7.0% YoY during the same period.
  • The bank's operating profit increased by 24.4% YoY during the quarter. Consequently, operating profit margins witnessed a growth and stood at 41.5% in 3QFY21 as against 34.7% in 3QFY20.
  • Other income increased by 18.1% YoY during the quarter.
  • Net profit for the quarter declined by 8.3% YoY. Net profit margins during the quarter declined from 13.2% in 3QFY20 to 11.7% in 3QFY21.
Quarter-on-Quarter Performance:
  • The bank's operating income (interest earned) during the quarter fell 0.8% on a quarter-on-quarter (QoQ) basis. The interest expended was down by 4.1% QoQ during the same period.
  • The bank's operating profit increased by 4.1% QoQ during the quarter. Consequently, operating profit margins witnessed a growth and stood at 41.5% in 3QFY21 as against 39.6% in 2QFY20.
  • Net profit for the quarter increased by 31.4% QoQ, while net profit margins increased from 8.8% in 2QFY20 to 11.7% in 3QFY21.

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 94.6 to Rs 77.9, registering a Loss of Rs 16.8 or around 17.7%.

Meanwhile, the S&P BSE BANKEX is trading at Rs 37,098.4 (up 0.7%). Over the last one year it has moved up from 35,301.7 to 37,098.4, a gain of 1,797 points (up 5.1%).

Overall, the S&P BSE SENSEX is up 20.7% over the year.

Current Valuations

At the current price of Rs 77.9, the price to earnings (P/E) ratio of FEDERAL BANK stands at 10.9 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 1.3 times.

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