INDIAN OVERSEAS BANK Announces Quarterly Results (1QFY22); Net Profit Up 170.6%

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INDIAN OVERSEAS BANK Announces Quarterly Results (1QFY22); Net Profit Up 170.6%
Thu, 5 Aug

INDIAN OVERSEAS BANK has announced its results for the quarter ended June 2021. Here is a detailed performance review of the same:

INDIAN OVERSEAS BANK Quarterly Financials

No. of Mths
Qtr. Ending
3
Jun-20*
3
Mar-21*
3
Jun-21*
QoQ ChangeYoY Change
Operating incomeRs m43,01840,57440,6320.1%-5.5%
Other incomeRs m9,31820,16410,919-45.9%17.2%
Total revenuesRs m52,33660,73851,550-15.1%-1.5%
InterestRs m28,89526,54225,666-3.3%-11.2%
Gross Profit Rs m14,12314,03214,9666.7%6.0%
Other expensesRs m12,50016,95513,866-18.2%10.9%
Profit before taxRs m1,2463,4373,339-2.8%167.9%
TaxRs m39-617283.2%
Profit after taxRs m1,2073,4983,266-6.6%170.6%
Gross profit margin %32.834.636.8
Effective tax rate%3.2-1.82.2
Net profit margin%2.88.68.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster


Year-on-Year Performance:
  • The bank's operating income (interest earned) during the quarter fell 5.5% on a year-on-year (YoY) basis. The interest expended was down by 11.2% YoY during the same period.
  • The bank's operating profit increased by 6.0% YoY during the quarter. Consequently, operating profit margins witnessed a growth and stood at 36.8% in 1QFY22 as against 32.8% in 1QFY21.
  • Other income increased by 17.2% YoY during the quarter.
  • Net profit for the quarter increased by 170.6% YoY. Net profit margins during the quarter increased from 2.8% in 1QFY21 to 8.0% in 1QFY22.
Quarter-on-Quarter Performance:
  • The bank's operating income (interest earned) during the quarter grew 0.1% on a quarter-on-quarter (QoQ) basis. The interest expended was down by 3.3% QoQ during the same period.
  • The bank's operating profit increased by 6.7% QoQ during the quarter. Consequently, operating profit margins witnessed a growth and stood at 36.8% in 1QFY22 as against 34.6% in 4QFY21.
  • Net profit for the quarter declined by 6.6% QoQ, while net profit margins declined from 8.6% in 4QFY21 to 8.0% in 1QFY22.

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

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INDIAN OVERSEAS BANK Share Price Performance

Over the last one year, INDIAN OVERSEAS BANK share price has moved up from Rs 10.4 to Rs 22.4, registering a Gain of Rs 11.9 or around 114.7%.

Meanwhile, the S&P BSE BANKEX is trading at Rs 40,801.3 (down 0.5%). Over the last one year it has moved up from 24,430.1 to 40,801.3, a gain of 16,371 points (up 67.0%).

Overall, the S&P BSE SENSEX is up 47.5% over the year.

Current Valuations

At the current price of Rs 22.4, the price to earnings (P/E) ratio of INDIAN OVERSEAS BANK stands at 40.7 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 2.5 times.

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