IDFC BANK LTD Announces Quarterly Results (2QFY19); Net Profit Down 258.2%

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IDFC BANK LTD Announces Quarterly Results (2QFY19); Net Profit Down 258.2%
Fri, 9 Nov

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

IDFC BANK LTD Quarterly Financials

No. of Mths
Qtr. Ending
3
Sep-17*
3
Jun-18*
3
Sep-18*
QoQ ChangeYoY Change
Operating incomeRs m22,19823,21123,3420.6%5.1%
Other incomeRs m1,4521,9871,193-40.0%-17.8%
Total revenuesRs m23,65125,19924,535-2.6%3.7%
InterestRs m17,58018,31318,8292.8%7.1%
Gross Profit Rs m4,2174,4444,5121.5%7.0%
Other expensesRs m3,6234,4645,51823.6%52.3%
Profit before taxRs m3,4522,081-5,827-380.0%-268.8%
TaxRs m1,115266-2,130-901.4%-291.0%
Profit after taxRs m2,3371,815-3,697-303.6%-258.2%
Gross profit margin %19.019.119.3
Effective tax rate%32.312.836.6
Net profit margin%10.57.8-15.8
* 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 5.1% on a year-on-year (YoY) basis. The interest expended was up by 7.1% YoY during the same period.
  • The bank's operating profit increased by 7.0% YoY during the quarter. Consequently, operating profit margins remained same and stood at 19.3% in 2QFY19.
  • Other income declined by 17.8% YoY during the quarter.
  • Net profit for the quarter declined by 258.2% YoY. Net profit margins during the quarter declined from 10.5% in 2QFY18 to -15.8% in 2QFY19.
Quarter-on-Quarter Performance:
  • The bank's operating income (interest earned) during the quarter grew 0.6% on a quarter-on-quarter (QoQ) basis. The interest expended was up by 2.8% QoQ during the same period.
  • The bank's operating profit increased by 1.5% QoQ during the quarter. Consequently, operating profit margins witnessed a growth and stood at 19.3% in 2QFY19 as against 19.1% in 1QFY18.
  • Net profit for the quarter declined by 303.6% QoQ, while net profit margins declined from 7.8% in 1QFY18 to -15.8% in 2QFY19.

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

IDFC BANK LTD Share Price Performance

Over the last one year, IDFC BANK LTD share price has moved up from Rs 56.4 to Rs 36.2, registering a Loss of Rs 20.2 or around 35.8%.

Meanwhile, the S&P BSE BANKEX is trading at Rs 29,061.3 (up 0.1%). Over the last one year it has moved up from 28,634.8 to 29,061.3, a gain of 427 points (up 1.5%).

Overall, the S&P BSE SENSEX is up 5.3% over the year.

Current Valuations

At the current price of Rs 36.2, the price to book value (P/BV) ratio of IDFC BANK LTD stands at 0.8 times.

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