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KARNATAKA BANK Announces Quarterly Results (3QFY19); Net Profit Up 60.7%

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KARNATAKA BANK Announces Quarterly Results (3QFY19); Net Profit Up 60.7%
Mon, 14 Jan

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

KARNATAKA BANK Quarterly Financials

No. of Mths
Qtr. Ending
3
Dec-17*
3
Sep-18*
3
Dec-18*
QoQ ChangeYoY Change
Operating incomeRs m13,32214,52615,1444.3%13.7%
Other incomeRs m1,9462,0123,01449.8%54.9%
Total revenuesRs m15,26916,53818,1589.8%18.9%
InterestRs m8,8089,84910,2654.2%16.5%
Gross Profit Rs m4,5154,6774,8804.3%8.1%
Other expensesRs m3,2423,1263,89024.4%20.0%
Profit before taxRs m1,2551,6311,91417.3%52.5%
TaxRs m381513510-0.5%33.7%
Profit after taxRs m8741,1191,40425.5%60.7%
Gross profit margin %33.932.232.2
Effective tax rate%30.431.426.6
Net profit margin%6.67.79.3
* 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 13.7% on a year-on-year (YoY) basis. The interest expended was up by 16.5% YoY during the same period.
  • The bank's operating profit increased by 8.1% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 32.2% in 3QFY19 as against 33.9% in 3QFY18.
  • Other income increased by 54.9% YoY during the quarter.
  • Net profit for the quarter increased by 60.7% YoY. Net profit margins during the quarter increased from 6.6% in 3QFY18 to 9.3% in 3QFY19.
Quarter-on-Quarter Performance:
  • The bank's operating income (interest earned) during the quarter grew 4.3% on a quarter-on-quarter (QoQ) basis. The interest expended was up by 4.2% QoQ during the same period.
  • The bank's operating profit increased by 4.3% QoQ during the quarter. Consequently, operating profit margins witnessed a growth and stood at 32.2% in 3QFY19 as against 32.2% in 2QFY18.
  • Net profit for the quarter increased by 25.5% QoQ, while net profit margins increased from 7.7% in 2QFY18 to 9.3% in 3QFY19.

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

KARNATAKA BANK Share Price Performance

Over the last one year, KARNATAKA BANK share price has moved up from Rs 167.0 to Rs 116.6, registering a Loss of Rs 50.4 or around 30.2%.

Meanwhile, the S&P BSE BANKEX is trading at Rs 30,588.5 (down 0.7%). Over the last one year it has moved up from 29,097.6 to 30,588.5, a gain of 1,491 points (up 5.1%).

Overall, the S&P BSE SENSEX is up 3.8% over the year.

Current Valuations

At the current price of Rs 116.6, the price to earnings (P/E) ratio of KARNATAKA BANK stands at 7.7 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 0.6 times.

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