IDBI BANK Announces Quarterly Results (3QFY19); Net Profit Up 158.7%

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IDBI BANK Announces Quarterly Results (3QFY19); Net Profit Up 158.7%
Wed, 13 Feb

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

IDBI BANK Quarterly Financials

No. of Mths
Qtr. Ending
3
Dec-17*
3
Sep-18*
3
Dec-18*
QoQ ChangeYoY Change
Operating incomeRs m57,97253,55954,9282.6%-5.3%
Other incomeRs m8,4868,0636,981-13.4%-17.7%
Total revenuesRs m66,45861,62161,9090.5%-6.8%
InterestRs m41,31740,55041,3602.0%0.1%
Gross Profit Rs m16,65513,00913,5694.3%-18.5%
Other expensesRs m10,94112,57113,2975.8%21.5%
Profit before taxRs m-27,591-57,298-7,253
TaxRs m-12,348-21,273-16,200
Profit after taxRs m-15,243-36,0258,948
Gross profit margin %28.724.324.7
Effective tax rate%44.837.1223.4
Net profit margin%-26.3-67.316.3
* 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 5.3% on a year-on-year (YoY) basis. The interest expended was up by 0.1% YoY during the same period.
  • The bank's operating profit declined by 18.5% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 24.7% in 3QFY19 as against 28.7% in 3QFY18.
  • Other income declined by 17.7% YoY during the quarter.
  • Net profit for the quarter increased by 158.7% YoY. Net profit margins during the quarter increased from -26.3% in 3QFY18 to 16.3% in 3QFY19.
Quarter-on-Quarter Performance:
  • The bank's operating income (interest earned) during the quarter grew 2.6% on a quarter-on-quarter (QoQ) basis. The interest expended was up by 2.0% QoQ during the same period.
  • The bank's operating profit increased by 4.3% QoQ during the quarter. Consequently, operating profit margins witnessed a growth and stood at 24.7% in 3QFY19 as against 24.3% in 2QFY18.
  • Net profit for the quarter increased by 124.8% QoQ, while net profit margins increased from -67.3% in 2QFY18 to 16.3% in 3QFY19.

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 67.6 to Rs 42.8, registering a Loss of Rs 24.8 or around 36.7%.

Meanwhile, the S&P BSE BANKEX is trading at Rs 30,134.7 (down 0.1%). Over the last one year it has moved up from 29,080.0 to 30,134.7, a gain of 1,055 points (up 3.6%).

Overall, the S&P BSE SENSEX is up 5.8% over the year.

Current Valuations

At the current price of Rs 42.8, the price to book value (P/BV) ratio of IDBI BANK stands at 0.3 times.

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