IDBI BANK Announces Quarterly Results (2QFY22); Net Profit Up 72.0%

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IDBI BANK Announces Quarterly Results (2QFY22); Net Profit Up 72.0%
Tue, 26 Oct

IDBI BANK has announced its results for the quarter ended September 2021. Here is a detailed performance review of the same:

IDBI BANK Quarterly Financials

No. of Mths
Qtr. Ending
3
Sep-20*
3
Jun-21*
3
Sep-21*
QoQ ChangeYoY Change
Operating incomeRs m46,95049,20441,591-15.5%-11.4%
Other incomeRs m9,21716,7459,002-46.2%-2.3%
Total revenuesRs m56,16765,94950,592-23.3%-9.9%
InterestRs m29,92724,08422,990-4.5%-23.2%
Gross Profit Rs m17,02325,12018,600-26.0%9.3%
Other expensesRs m15,46713,98115,2989.4%-1.1%
Profit before taxRs m6,83810,3517,951-23.2%16.3%
TaxRs m3,4674,3042,153-50.0%-37.9%
Profit after taxRs m3,3716,0475,798-4.1%72.0%
Gross profit margin %36.351.144.7
Effective tax rate%50.741.627.1
Net profit margin%7.212.313.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster


Year-on-Year Performance:
  • The bank's operating income (interest earned) during the quarter fell 11.4% on a year-on-year (YoY) basis. The interest expended was down by 23.2% YoY during the same period.
  • The bank's operating profit increased by 9.3% YoY during the quarter. Consequently, operating profit margins witnessed a growth and stood at 44.7% in 2QFY22 as against 36.3% in 2QFY21.
  • Other income declined by 2.3% YoY during the quarter.
  • Net profit for the quarter increased by 72.0% YoY. Net profit margins during the quarter increased from 7.2% in 2QFY21 to 13.9% in 2QFY22.
Quarter-on-Quarter Performance:
  • The bank's operating income (interest earned) during the quarter fell 15.5% on a quarter-on-quarter (QoQ) basis. The interest expended was down by 4.5% QoQ during the same period.
  • The bank's operating profit declined by 26.0% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 44.7% in 2QFY22 as against 51.1% in 1QFY21.
  • Net profit for the quarter declined by 4.1% QoQ, while net profit margins increased from 12.3% in 1QFY21 to 13.9% in 2QFY22.

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

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IDBI BANK Share Price Performance

Over the last one year, IDBI BANK share price has moved up from Rs 38.6 to Rs 53.8, registering a Gain of Rs 15.2 or around 39.4%.

Meanwhile, the S&P BSE BANKEX is trading at Rs 47,156.8 (down 0.0%). Over the last one year it has moved up from 27,413.2 to 47,156.8, a gain of 19,744 points (up 72.0%).

Overall, the S&P BSE SENSEX is up 51.0% over the year.

Current Valuations

At the current price of Rs 53.8, the price to earnings (P/E) ratio of IDBI BANK stands at 27.1 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 1.5 times.

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