ORIENTAL BANK Announces Quarterly Results (1QFY20); Net Profit Up 128.7%

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ORIENTAL BANK Announces Quarterly Results (1QFY20); Net Profit Up 128.7%
Wed, 24 Jul

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

ORIENTAL BANK Quarterly Financials

No. of Mths
Qtr. Ending
3
Jun-18*
3
Mar-19*
3
Jun-19*
QoQ ChangeYoY Change
Operating incomeRs m42,69247,53749,1983.5%15.2%
Other incomeRs m4,6039,5827,152-25.4%55.4%
Total revenuesRs m47,29657,11956,350-1.3%19.1%
InterestRs m29,31632,80235,4828.2%21.0%
Gross Profit Rs m13,37614,73513,716-6.9%2.5%
Other expensesRs m10,73713,77010,617-22.9%-1.1%
Profit before taxRs m-8,152321,8275644.7%
TaxRs m-4,220-1,983700
Profit after taxRs m-3,9322,0151,127-44.1%
Gross profit margin %31.331.027.9
Effective tax rate%51.8-6,236.538.3
Net profit margin%-9.24.22.3
* 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 15.2% on a year-on-year (YoY) basis. The interest expended was up by 21.0% YoY during the same period.
  • The bank's operating profit increased by 2.5% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 27.9% in 1QFY20 as against 31.3% in 1QFY19.
  • Other income increased by 55.4% YoY during the quarter.
  • Net profit for the quarter increased by 128.7% YoY. Net profit margins during the quarter increased from -9.2% in 1QFY19 to 2.3% in 1QFY20.
Quarter-on-Quarter Performance:
  • The bank's operating income (interest earned) during the quarter grew 3.5% on a quarter-on-quarter (QoQ) basis. The interest expended was up by 8.2% QoQ during the same period.
  • The bank's operating profit declined by 6.9% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 27.9% in 1QFY20 as against 31.0% in 4QFY19.
  • Net profit for the quarter declined by 44.1% QoQ, while net profit margins declined from 4.2% in 4QFY19 to 2.3% in 1QFY20.

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

ORIENTAL BANK Share Price Performance

Over the last one year,ORIENTAL BANK share price has moved up from Rs 74.2 to Rs 78.3, registering a Gain of Rs 4.2 or around 5.6%.

Meanwhile, the S&P BSE BANKEX is trading at Rs 32,837.5 (down 0.2%). Over the last one year it has moved up from 29,954.1 to 32,837.5, a gain of 2,883 points (up 9.6%).

Overall, the S&P BSE SENSEX is up 3.2% over the year.

Current Valuations

At the current price of Rs 78.3, the price to earnings (P/E) ratio of ORIENTAL BANK stands at 4.2 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 0.1 times.

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For the quarter ended December 2019, ORIENTAL BANK has posted a net profit of Rs 2 bn (up 39.1% YoY). Sales on the other hand came in at Rs 47 bn (up 2.1% YoY). Read on for a complete analysis of ORIENTAL BANK's quarterly results.

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