INDIAN OVERSEAS BANK Announces Quarterly Results (1QFY19); Net Profit Down 21.0%

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INDIAN OVERSEAS BANK Announces Quarterly Results (1QFY19); Net Profit Down 21.0%
Fri, 3 Aug

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

INDIAN OVERSEAS BANK Quarterly Financials

No. of Mths
Qtr. Ending
3
Jun-17*
3
Mar-18*
3
Jun-18*
QoQ ChangeYoY Change
Operating incomeRs m41,87248,27642,486-12.0%1.5%
Other incomeRs m9,8739,86910,7819.2%9.2%
Total revenuesRs m51,74558,14453,267-8.4%2.9%
InterestRs m31,62630,94530,405-1.7%-3.9%
Gross Profit Rs m10,24617,33012,081-30.3%17.9%
Other expensesRs m12,35315,90711,542-27.4%-6.6%
Profit before taxRs m-8,313-56,454-12,686
TaxRs m3,322-20,387-3,491-205.1%
Profit after taxRs m-11,635-36,067-9,194
Gross profit margin %24.535.928.4
Effective tax rate%-40.036.127.5
Net profit margin%-27.8-74.7-21.6
* 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 1.5% on a year-on-year (YoY) basis. The interest expended was down by 3.9% YoY during the same period.
  • The bank's operating profit increased by 17.9% YoY during the quarter. Consequently, operating profit margins witnessed a growth and stood at 28.4% in 1QFY19 as against 24.5% in 1QFY18.
  • Other income increased by 9.2% YoY during the quarter.
  • Net profit for the quarter declined by 21.0% YoY. Net profit margins during the quarter increased from -27.8% in 1QFY18 to -21.6% in 1QFY19.
Quarter-on-Quarter Performance:
  • The bank's operating income (interest earned) during the quarter fell 12.0% on a quarter-on-quarter (QoQ) basis. The interest expended was down by 1.7% QoQ during the same period.
  • The bank's operating profit declined by 30.3% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 28.4% in 1QFY19 as against 35.9% in 4QFY18.
  • Net profit for the quarter declined by 74.5% QoQ, while net profit margins increased from -74.7% in 4QFY18 to -21.6% in 1QFY19.

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

INDIAN OVERSEAS BANK Share Price Performance

Over the last one year, INDIAN OVERSEAS BANK share price has moved up from Rs 24.7 to Rs 15.2, registering a Loss of Rs 9.5 or around 38.3%.

Meanwhile, the S&P BSE BANKEX is trading at Rs 30,935.5 (up 1.2%). Over the last one year it has moved up from 27,885.9 to 30,935.5, a gain of 3,050 points (up 10.9%).

Overall, the S&P BSE SENSEX is up 0.7% over the year.

Current Valuations

At the current price of Rs 15.2, the price to book value (P/BV) ratio of INDIAN OVERSEAS BANK stands at 0.1 times.

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