CORPORATION BANK Announces Quarterly Results (2QFY20); Net Profit Up 26.0%
Thu, 14 Nov

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

CORPORATION BANK Quarterly Financials

No. of Mths
Qtr. Ending
3
Sep-18*
3
Jun-19*
3
Sep-19*
QoQ ChangeYoY Change
Operating incomeRs m39,70639,85640,0720.5%0.9%
Other incomeRs m2,4624,3237,05763.2%186.6%
Total revenuesRs m42,16844,17947,1306.7%11.8%
InterestRs m25,13026,86926,728-0.5%6.4%
Gross Profit Rs m14,57612,98713,3442.8%-8.5%
Other expensesRs m8,0488,76010,23716.9%27.2%
Profit before taxRs m9071,2542,27081.0%150.2%
TaxRs m-123222972338.9%
Profit after taxRs m1,0301,0331,29825.6%26.0%
Gross profit margin %36.732.633.3
Effective tax rate%-13.517.742.8
Net profit margin%2.62.63.2
* 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 0.9% on a year-on-year (YoY) basis. The interest expended was up by 6.4% YoY during the same period.
  • The bank's operating profit declined by 8.5% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 33.3% in 2QFY20 as against 36.7% in 2QFY19.
  • Other income increased by 186.6% YoY during the quarter.
  • Net profit for the quarter increased by 26.0% YoY. Net profit margins during the quarter increased from 2.6% in 2QFY19 to 3.2% in 2QFY20.
Quarter-on-Quarter Performance:
  • The bank's operating income (interest earned) during the quarter grew 0.5% on a quarter-on-quarter (QoQ) basis. The interest expended was down by 0.5% QoQ during the same period.
  • The bank's operating profit increased by 2.8% QoQ during the quarter. Consequently, operating profit margins witnessed a growth and stood at 33.3% in 2QFY20 as against 32.6% in 1QFY19.
  • Net profit for the quarter increased by 25.6% QoQ, while net profit margins increased from 2.6% in 1QFY19 to 3.2% in 2QFY20.

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

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CORPORATION BANK Share Price Performance

Over the last one year,CORPORATION BANK share price has moved down from Rs 27.8 to Rs 15.8, registering a Loss of Rs 12.0 or around 43.2%.

Meanwhile, the S&P BSE BANKEX is trading at Rs 34,649.3 (up 0.5%). Over the last one year it has moved up from 29,298.7 to 34,649.3, a gain of 5,351 points (up 18.3%).

Overall, the S&P BSE SENSEX is up 14.4% over the year.

Current Valuations

At the current price of Rs 15.8, the price to book value (P/BV) ratio of CORPORATION BANK stands at 0.1 times.