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IDBI BANK Announces Quarterly Results (2QFY19); Net Profit Down 1720.9%

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IDBI BANK Announces Quarterly Results (2QFY19); Net Profit Down 1720.9%
Fri, 16 Nov

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

IDBI BANK Quarterly Financials

No. of Mths
Qtr. Ending
3
Sep-17*
3
Jun-18*
3
Sep-18*
QoQ ChangeYoY Change
Operating incomeRs m60,04357,59653,559-7.0%-10.8%
Other incomeRs m22,9336,4308,06325.4%-64.8%
Total revenuesRs m82,97664,02561,621-3.8%-25.7%
InterestRs m43,46941,20940,550-1.6%-6.7%
Gross Profit Rs m16,57516,38613,009-20.6%-21.5%
Other expensesRs m11,52512,00512,5714.7%9.1%
Profit before taxRs m-4,584-41,550-57,298
TaxRs m-2,605-17,451-21,273
Profit after taxRs m-1,978-24,099-36,025
Gross profit margin %27.628.524.3
Effective tax rate%56.842.037.1
Net profit margin%-3.3-41.8-67.3
* 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 10.8% on a year-on-year (YoY) basis. The interest expended was down by 6.7% YoY during the same period.
  • The bank's operating profit declined by 21.5% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 24.3% in 2QFY19 as against 27.6% in 2QFY18.
  • Other income declined by 64.8% YoY during the quarter.
  • Net profit for the quarter declined by 1720.9% YoY. Net profit margins during the quarter declined from -3.3% in 2QFY18 to -67.3% in 2QFY19.
Quarter-on-Quarter Performance:
  • The bank's operating income (interest earned) during the quarter fell 7.0% on a quarter-on-quarter (QoQ) basis. The interest expended was down by 1.6% QoQ during the same period.
  • The bank's operating profit declined by 20.6% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 24.3% in 2QFY19 as against 28.5% in 1QFY18.
  • Net profit for the quarter declined by 49.5% QoQ, while net profit margins declined from -41.8% in 1QFY18 to -67.3% in 2QFY19.

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

IDBI BANK Share Price Performance

Over the last one year, IDBI BANK share price has moved up from Rs 59.5 to Rs 60.5, registering a Gain of Rs 1.1 or around 1.8%.

Meanwhile, the S&P BSE BANKEX is trading at Rs 29,625.0 (up 0.3%). Over the last one year it has moved up from 28,902.4 to 29,625.0, a gain of 723 points (up 2.5%).

Overall, the S&P BSE SENSEX is up 8.3% over the year.

Current Valuations

At the current price of Rs 60.5, the price to book value (P/BV) ratio of IDBI BANK stands at 0.4 times.

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