KARNATAKA BANK Announces Quarterly Results (2QFY20); Net Profit Down 5.3%

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KARNATAKA BANK Announces Quarterly Results (2QFY20); Net Profit Down 5.3%
Thu, 17 Oct

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

KARNATAKA BANK Quarterly Financials

No. of Mths
Qtr. Ending
3
Sep-18*
3
Jun-19*
3
Sep-19*
QoQ ChangeYoY Change
Operating incomeRs m14,52615,84416,2962.9%12.2%
Other incomeRs m2,0122,4483,08826.1%53.5%
Total revenuesRs m16,53818,29219,3846.0%17.2%
InterestRs m9,84910,89811,3093.8%14.8%
Gross Profit Rs m4,6774,9464,9870.8%6.6%
Other expensesRs m3,1263,8943,9411.2%26.1%
Profit before taxRs m1,6311,4891,5101.5%-7.4%
TaxRs m513-266451-12.0%
Profit after taxRs m1,1191,7541,059-39.6%-5.3%
Gross profit margin %32.231.230.6
Effective tax rate%31.4-17.829.9
Net profit margin%7.711.16.5
* 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 12.2% on a year-on-year (YoY) basis. The interest expended was up by 14.8% YoY during the same period.
  • The bank's operating profit increased by 6.6% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 30.6% in 2QFY20 as against 32.2% in 2QFY19.
  • Other income increased by 53.5% YoY during the quarter.
  • Net profit for the quarter declined by 5.3% YoY. Net profit margins during the quarter declined from 7.7% in 2QFY19 to 6.5% in 2QFY20.
Quarter-on-Quarter Performance:
  • The bank's operating income (interest earned) during the quarter grew 2.9% on a quarter-on-quarter (QoQ) basis. The interest expended was up by 3.8% QoQ during the same period.
  • The bank's operating profit increased by 0.8% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 30.6% in 2QFY20 as against 31.2% in 1QFY19.
  • Net profit for the quarter declined by 39.6% QoQ, while net profit margins declined from 11.1% in 1QFY19 to 6.5% in 2QFY20.

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

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KARNATAKA BANK Share Price Performance

Over the last one year,KARNATAKA BANK share price has moved down from Rs 97.9 to Rs 68.8, registering a Loss of Rs 29.1 or around 29.7%.

Meanwhile, the S&P BSE BANKEX is trading at Rs 32,340.0 (up 0.2%). Over the last one year it has moved up from 28,162.2 to 32,340.0, a gain of 4,178 points (up 14.8%).

Overall, the S&P BSE SENSEX is up 10.0% over the year.

Current Valuations

At the current price of Rs 68.8, the price to earnings (P/E) ratio of KARNATAKA BANK stands at 4.0 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 0.4 times.

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For the quarter ended December 2019, KARNATAKA BANK has posted a net profit of Rs 1 bn (down 12.3% YoY). Sales on the other hand came in at Rs 16 bn (up 7.1% YoY). Read on for a complete analysis of KARNATAKA BANK's quarterly results.

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