IDBI BANK Announces Quarterly Results (3QFY20); Net Profit Down 37.7%

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IDBI BANK Announces Quarterly Results (3QFY20); Net Profit Down 37.7%
Wed, 12 Feb

IDBI BANK has announced its results for the quarter ended December 2019. Here is a detailed performance review of the same:

IDBI BANK Quarterly Financials

No. of Mths
Qtr. Ending
3
Dec-18*
3
Sep-19*
3
Dec-19*
QoQ ChangeYoY Change
Operating incomeRs m54,92851,98449,372-5.0%-10.1%
Other incomeRs m6,98110,32712,78423.8%83.1%
Total revenuesRs m61,90962,31062,156-0.2%0.4%
InterestRs m41,36035,66934,049-4.5%-17.7%
Gross Profit Rs m13,56916,31515,324-6.1%12.9%
Other expensesRs m13,29716,54715,329-7.4%15.3%
Profit before taxRs m-58,055-46,3197,559
TaxRs m-16,200-11,73065,189
Profit after taxRs m-41,855-34,588-57,630
Gross profit margin %24.731.431.0
Effective tax rate%27.925.3862.4
Net profit margin%-76.2-66.5-116.7
* 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 fell 10.1% on a year-on-year (YoY) basis. The interest expended was down by 17.7% YoY during the same period.
  • The bank's operating profit increased by 12.9% YoY during the quarter. Consequently, operating profit margins witnessed a growth and stood at 31.0% in 3QFY20 as against 24.7% in 3QFY19.
  • Other income increased by 83.1% YoY during the quarter.
  • Net profit for the quarter declined by 37.7% YoY. Net profit margins during the quarter declined from -76.2% in 3QFY19 to -116.7% in 3QFY20.
Quarter-on-Quarter Performance:
  • The bank's operating income (interest earned) during the quarter fell 5.0% 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 6.1% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 31.0% in 3QFY20 as against 31.4% in 2QFY19.
  • Net profit for the quarter declined by 66.6% QoQ, while net profit margins declined from -66.5% in 2QFY19 to -116.7% in 3QFY20.

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 down from Rs 43.3 to Rs 35.5, registering a Loss of Rs 7.8 or around 18.0%.

Meanwhile, the S&P BSE BANKEX is trading at Rs 36,101.7 (up 0.8%). Over the last one year it has moved up from 30,165.8 to 36,101.7, a gain of 5,936 points (up 19.7%).

Overall, the S&P BSE SENSEX is up 14.3% over the year.

Current Valuations

At the current price of Rs 35.5, the price to book value (P/BV) ratio of IDBI BANK stands at 0.3 times.

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