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ORIENTAL BANK Announces Quarterly Results (3QFY19); Net Profit Up 107.3%

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ORIENTAL BANK Announces Quarterly Results (3QFY19); Net Profit Up 107.3%
Thu, 31 Jan

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

ORIENTAL BANK Quarterly Financials

No. of Mths
Qtr. Ending
3
Dec-17*
3
Sep-18*
3
Dec-18*
QoQ ChangeYoY Change
Operating incomeRs m42,62142,89645,6186.3%7.0%
Other incomeRs m4,3706,7775,662-16.5%29.6%
Total revenuesRs m46,99149,67351,2803.2%9.1%
InterestRs m32,44230,14731,4304.3%-3.1%
Gross Profit Rs m10,17912,74814,18811.3%39.4%
Other expensesRs m7,1219,8019,8260.3%38.0%
Profit before taxRs m-19,691-1,013-27,175
TaxRs m163-2,030-28,624-17639.5%
Profit after taxRs m-19,8541,0171,45042.5%
Gross profit margin %23.929.731.1
Effective tax rate%-0.8200.5105.3
Net profit margin%-46.62.43.2
* 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 7.0% on a year-on-year (YoY) basis. The interest expended was down by 3.1% YoY during the same period.
  • The bank's operating profit increased by 39.4% YoY during the quarter. Consequently, operating profit margins witnessed a growth and stood at 31.1% in 3QFY19 as against 23.9% in 3QFY18.
  • Other income increased by 29.6% YoY during the quarter.
  • Net profit for the quarter increased by 107.3% YoY. Net profit margins during the quarter increased from -46.6% in 3QFY18 to 3.2% in 3QFY19.
Quarter-on-Quarter Performance:
  • The bank's operating income (interest earned) during the quarter grew 6.3% on a quarter-on-quarter (QoQ) basis. The interest expended was up by 4.3% QoQ during the same period.
  • The bank's operating profit increased by 11.3% QoQ during the quarter. Consequently, operating profit margins witnessed a growth and stood at 31.1% in 3QFY19 as against 29.7% in 2QFY18.
  • Net profit for the quarter increased by 42.5% QoQ, while net profit margins increased from 2.4% in 2QFY18 to 3.2% in 3QFY19.

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 115.7 to Rs 94.3, registering a Loss of Rs 21.4 or around 18.5%.

Meanwhile, the S&P BSE BANKEX is trading at Rs 30,591.1 (up 1.2%). Over the last one year it has moved down from 30,986.1 to 30,591.1, a gain of 395 points (down 1.3%).

Overall, the S&P BSE SENSEX is up 0.4% over the year.

Current Valuations

At the current price of Rs 94.3, the price to book value (P/BV) ratio of ORIENTAL BANK stands at 0.2 times.

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ORIENTAL BANK share price has plunged by 5% and its current market price is Rs 104. The BSE BANKEX is up by 0.4%. The top gainers in the BSE BANKEX Index are ICICI BANK (up 1.4%) and BANK OF BARODA (up 0.9%). The top losers is ORIENTAL BANK (down 5.1%)..

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For the quarter ended June 2018, ORIENTAL BANK has posted a net profit of Rs 4 bn (down 19.1% YoY). Sales on the other hand came in at Rs 43 bn (down 3.8% YoY). Read on for a complete analysis of ORIENTAL BANK's quarterly results.

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