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INDIAN OVERSEAS BANK Announces Quarterly Results (3QFY19); Net Profit Up 63.2%

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INDIAN OVERSEAS BANK Announces Quarterly Results (3QFY19); Net Profit Up 63.2%
Mon, 28 Jan

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

INDIAN OVERSEAS BANK Quarterly Financials

No. of Mths
Qtr. Ending
3
Dec-17*
3
Sep-18*
3
Dec-18*
QoQ ChangeYoY Change
Operating incomeRs m42,54742,83745,4246.0%6.8%
Other incomeRs m8,07710,64611,4627.7%41.9%
Total revenuesRs m50,62453,48456,8866.4%12.4%
InterestRs m30,65130,75431,5872.7%3.1%
Gross Profit Rs m11,89512,08313,83714.5%16.3%
Other expensesRs m13,1259,68710,6379.8%-19.0%
Profit before taxRs m-9,555-7,124-6,091
TaxRs m-157-2,252-2,631
Profit after taxRs m-9,398-4,873-3,460
Gross profit margin %28.028.230.5
Effective tax rate%1.631.643.2
Net profit margin%-22.1-11.4-7.6
* 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 6.8% on a year-on-year (YoY) basis. The interest expended was up by 3.1% YoY during the same period.
  • The bank's operating profit increased by 16.3% YoY during the quarter. Consequently, operating profit margins witnessed a growth and stood at 30.5% in 3QFY19 as against 28.0% in 3QFY18.
  • Other income increased by 41.9% YoY during the quarter.
  • Net profit for the quarter increased by 63.2% YoY. Net profit margins during the quarter increased from -22.1% in 3QFY18 to -7.6% in 3QFY19.
Quarter-on-Quarter Performance:
  • The bank's operating income (interest earned) during the quarter grew 6.0% on a quarter-on-quarter (QoQ) basis. The interest expended was up by 2.7% QoQ during the same period.
  • The bank's operating profit increased by 14.5% QoQ during the quarter. Consequently, operating profit margins witnessed a growth and stood at 30.5% in 3QFY19 as against 28.2% in 2QFY18.
  • Net profit for the quarter increased by 29.0% QoQ, while net profit margins increased from -11.4% in 2QFY18 to -7.6% in 3QFY19.

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 23.2 to Rs 13.6, registering a Loss of Rs 9.6 or around 41.4%.

Meanwhile, the S&P BSE BANKEX is trading at Rs 30,040.9 (down 1.1%). Over the last one year it has moved down from 31,082.1 to 30,040.9, a gain of 1,041 points (down 3.3%).

Overall, the S&P BSE SENSEX is down 0.6% over the year.

Current Valuations

At the current price of Rs 13.6, the price to book value (P/BV) ratio of INDIAN OVERSEAS BANK stands at 0.1 times.

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