INDIAN OVERSEAS BANK Announces Quarterly Results (2QFY19); Net Profit Up 58.6%
Fri, 9 Nov

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

INDIAN OVERSEAS BANK Quarterly Financials

No. of Mths
Qtr. Ending
3
Sep-17*
3
Jun-18*
3
Sep-18*
QoQ ChangeYoY Change
Operating incomeRs m46,45842,48642,8370.8%-7.8%
Other incomeRs m9,64610,78110,646-1.3%10.4%
Total revenuesRs m56,10453,26753,4840.4%-4.7%
InterestRs m31,25430,40530,7541.1%-1.6%
Gross Profit Rs m15,20412,08112,0830.0%-20.5%
Other expensesRs m14,46411,5429,687-16.1%-33.0%
Profit before taxRs m-11,995-12,686-7,124
TaxRs m-230-3,491-2,252
Profit after taxRs m-11,766-9,194-4,873
Gross profit margin %32.728.428.2
Effective tax rate%1.927.531.6
Net profit margin%-25.3-21.6-11.4
* 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 fell 7.8% on a year-on-year (YoY) basis. The interest expended was down by 1.6% YoY during the same period.
  • The bank's operating profit declined by 20.5% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 28.2% in 2QFY19 as against 32.7% in 2QFY18.
  • Other income increased by 10.4% YoY during the quarter.
  • Net profit for the quarter increased by 58.6% YoY. Net profit margins during the quarter increased from -25.3% in 2QFY18 to -11.4% in 2QFY19.
Quarter-on-Quarter Performance:
  • The bank's operating income (interest earned) during the quarter grew 0.8% on a quarter-on-quarter (QoQ) basis. The interest expended was up by 1.1% QoQ during the same period.
  • The bank's operating profit declined by 0.0% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 28.2% in 2QFY19 as against 28.4% in 1QFY18.
  • Net profit for the quarter increased by 47.0% QoQ, while net profit margins increased from -21.6% in 1QFY18 to -11.4% in 2QFY19.

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

INDIAN OVERSEAS BANK Share Price Performance

Over the last one year, INDIAN OVERSEAS BANK share price has moved up from Rs 24.7 to Rs 14.9, registering a Loss of Rs 9.8 or around 39.7%.

Meanwhile, the S&P BSE BANKEX is trading at Rs 29,042.3 (up 0.0%). Over the last one year it has moved up from 28,634.8 to 29,042.3, a gain of 408 points (up 1.4%).

Overall, the S&P BSE SENSEX is up 5.3% over the year.

Current Valuations

At the current price of Rs 14.9, the price to book value (P/BV) ratio of INDIAN OVERSEAS BANK stands at 0.1 times.