INDIAN OVERSEAS BANK Announces Quarterly Results (1QFY20); Net Profit Up 62.8%

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INDIAN OVERSEAS BANK Announces Quarterly Results (1QFY20); Net Profit Up 62.8%
Wed, 24 Jul

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

INDIAN OVERSEAS BANK Quarterly Financials

No. of Mths
Qtr. Ending
3
Jun-18*
3
Mar-19*
3
Jun-19*
QoQ ChangeYoY Change
Operating incomeRs m42,48645,56543,364-4.8%2.1%
Other incomeRs m10,7819,1746,701-27.0%-37.8%
Total revenuesRs m53,26754,73950,065-8.5%-6.0%
InterestRs m30,40530,77530,479-1.0%0.2%
Gross Profit Rs m12,08114,79012,885-12.9%6.7%
Other expensesRs m11,54212,64911,304-10.6%-2.1%
Profit before taxRs m-12,686-33,704-3,297
TaxRs m-3,491-13,853124
Profit after taxRs m-9,194-19,852-3,421
Gross profit margin %28.432.529.7
Effective tax rate%27.541.1-3.8
Net profit margin%-21.6-43.6-7.9
* 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 2.1% on a year-on-year (YoY) basis. The interest expended was up by 0.2% YoY during the same period.
  • The bank's operating profit increased by 6.7% YoY during the quarter. Consequently, operating profit margins witnessed a growth and stood at 29.7% in 1QFY20 as against 28.4% in 1QFY19.
  • Other income declined by 37.8% YoY during the quarter.
  • Net profit for the quarter increased by 62.8% YoY. Net profit margins during the quarter increased from -21.6% in 1QFY19 to -7.9% in 1QFY20.
Quarter-on-Quarter Performance:
  • The bank's operating income (interest earned) during the quarter fell 4.8% on a quarter-on-quarter (QoQ) basis. The interest expended was down by 1.0% QoQ during the same period.
  • The bank's operating profit declined by 12.9% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 29.7% in 1QFY20 as against 32.5% in 4QFY19.
  • Net profit for the quarter increased by 82.8% QoQ, while net profit margins increased from -43.6% in 4QFY19 to -7.9% in 1QFY20.

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 down from Rs 13.9 to Rs 11.6, registering a Loss of Rs 2.4 or around 17.0%.

Meanwhile, the S&P BSE BANKEX is trading at Rs 32,833.7 (down 0.2%). Over the last one year it has moved up from 29,954.1 to 32,833.7, a gain of 2,880 points (up 9.6%).

Overall, the S&P BSE SENSEX is up 3.3% over the year.

Current Valuations

At the current price of Rs 11.6, the price to book value (P/BV) ratio of INDIAN OVERSEAS BANK stands at 0.1 times.

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For the quarter ended March 2019, INDIAN OVERSEAS BANK has posted a net profit of Rs 20 bn (up 45.0% YoY). Sales on the other hand came in at Rs 46 bn (down 5.6% YoY). Read on for a complete analysis of INDIAN OVERSEAS BANK's quarterly results.

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