KARNATAKA BANK Announces Quarterly Results (3QFY20); Net Profit Down 12.3%

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KARNATAKA BANK Announces Quarterly Results (3QFY20); Net Profit Down 12.3%
Mon, 20 Jan

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

KARNATAKA BANK Quarterly Financials

No. of Mths
Qtr. Ending
3
Dec-18*
3
Sep-19*
3
Dec-19*
QoQ ChangeYoY Change
Operating incomeRs m15,14416,29616,216-0.5%7.1%
Other incomeRs m3,0143,0884,02130.2%33.4%
Total revenuesRs m18,15819,38420,2374.4%11.4%
InterestRs m10,26511,30911,138-1.5%8.5%
Gross Profit Rs m4,8804,9875,0781.8%4.1%
Other expensesRs m3,8903,9414,0813.6%4.9%
Profit before taxRs m1,9141,5101,87123.9%-2.2%
TaxRs m51045164041.7%25.5%
Profit after taxRs m1,4041,0591,23116.3%-12.3%
Gross profit margin %32.230.631.3
Effective tax rate%26.629.934.2
Net profit margin%9.36.57.6
* 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 7.1% on a year-on-year (YoY) basis. The interest expended was up by 8.5% YoY during the same period.
  • The bank's operating profit increased by 4.1% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 31.3% in 3QFY20 as against 32.2% in 3QFY19.
  • Other income increased by 33.4% YoY during the quarter.
  • Net profit for the quarter declined by 12.3% YoY. Net profit margins during the quarter declined from 9.3% in 3QFY19 to 7.6% in 3QFY20.
Quarter-on-Quarter Performance:
  • The bank's operating income (interest earned) during the quarter fell 0.5% on a quarter-on-quarter (QoQ) basis. The interest expended was down by 1.5% QoQ during the same period.
  • The bank's operating profit increased by 1.8% QoQ during the quarter. Consequently, operating profit margins witnessed a growth and stood at 31.3% in 3QFY20 as against 30.6% in 2QFY19.
  • Net profit for the quarter increased by 16.3% QoQ, while net profit margins increased from 6.5% in 2QFY19 to 7.6% in 3QFY20.

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 121.6 to Rs 74.6, registering a Loss of Rs 47.0 or around 38.6%.

Meanwhile, the S&P BSE BANKEX is trading at Rs 35,858.8 (down 0.5%). Over the last one year it has moved up from 30,739.8 to 35,858.8, a gain of 5,119 points (up 16.7%).

Overall, the S&P BSE SENSEX is up 14.7% over the year.

Current Valuations

At the current price of Rs 74.6, the price to earnings (P/E) ratio of KARNATAKA BANK stands at 4.5 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 0.4 times.

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