KARUR VYSYA BANK Announces Quarterly Results (1QFY21); Net Profit Up 44.7%

Mon, 31 Aug

KARUR VYSYA BANK has announced its results for the quarter ended June 2020. Here is a detailed performance review of the same:

KARUR VYSYA BANK Quarterly Financials

No. of Mths Qtr. Ending		3 Jun-19*	3 Mar-20*	3 Jun-20*	QoQ Change	YoY Change
Operating income	Rs m	14,925	14,562	13,761	-5.5%	-7.8%
Other income	Rs m	2,698	3,470	3,171	-8.6%	17.5%
Total revenues	Rs m	17,624	18,032	16,932	-6.1%	-3.9%
Interest	Rs m	9,086	8,657	8,143	-5.9%	-10.4%
Gross Profit	Rs m	5,840	5,905	5,618	-4.9%	-3.8%
Other expenses	Rs m	4,087	4,376	4,051	-7.4%	-0.9%
Profit before tax	Rs m	1,152	706	1,363	93.2%	18.4%
Tax	Rs m	422	-131	308		-27.1%
Profit after tax	Rs m	729	837	1,055	26.0%	44.7%
Gross profit margin	%	39.1	40.6	40.8
Effective tax rate	%	36.7	-18.6	22.6
Net profit margin	%	4.9	5.7	7.7

Year-on-Year Performance:

• The bank's operating income (interest earned) during the quarter fell 7.8% on a year-on-year (YoY) basis. The interest expended was down by 10.4% YoY during the same period.
• The bank's operating profit declined by 3.8% YoY during the quarter. Consequently, operating profit margins witnessed a growth and stood at 40.8% in 1QFY21 as against 39.1% in 1QFY20.
• Other income increased by 17.5% YoY during the quarter.
• Net profit for the quarter increased by 44.7% YoY. Net profit margins during the quarter increased from 4.9% in 1QFY20 to 7.7% in 1QFY21.

Quarter-on-Quarter Performance:

• The bank's operating income (interest earned) during the quarter fell 5.5% on a quarter-on-quarter (QoQ) basis. The interest expended was down by 5.9% QoQ during the same period.
• The bank's operating profit declined by 4.9% QoQ during the quarter. Consequently, operating profit margins witnessed a growth and stood at 40.8% in 1QFY21 as against 40.6% in 4QFY20.
• Net profit for the quarter increased by 26.0% QoQ, while net profit margins increased from 5.7% in 4QFY20 to 7.7% in 1QFY21.

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

REVEALED: The Secret to potentially Making Rs 18,870, Rs 9,425 and Rs 7,315 in a Single Day...

KARUR VYSYA BANK Share Price Performance

Over the last one year,KARUR VYSYA BANK share price has moved down from Rs 58.5 to Rs 41.7, registering a Loss of Rs 16.9 or around 28.8%.

Meanwhile, the S&P BSE BANKEX is trading at Rs 28,274.7 (up 1.4%). Over the last one year it has moved down from 30,949.7 to 28,274.7, a gain of 2,675 points (down 8.6%).

Overall, the S&P BSE SENSEX is up 6.5% over the year.

Current Valuations

At the current price of Rs 41.7, the price to earnings (P/E) ratio of KARUR VYSYA BANK stands at 9.5 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 0.4 times.