CORPORATION BANK - FIRST QTR ( Q1 FY 2011) = RESULTS = NET PROFIT UP 27.8% = FY 11 PROMISING

CORPORATION BANK

Q1 FY 2011

COMPARISON

NON CONSOLIDATED FIGURES

Corporation Bank has released its performance results  for Q1 FY2011. These results are compared below with the previous quarter of Q4 FY2010, with the corresponding quarter of Q1 FY2010 and proportionately (Q1 FY 2011 x 4) with the full year of FY2010.

Interest on Advances is Rs.1392 cr – up by 7% from previous Qtr (Rs.1301Cr) – and up by 14.9% from corresponding Qtr (Rs.1212 Cr) – and up proportionately by 11.8% from FY2010 (Rs.4979 Cr).

Income on Investments is Rs.576 Cr – up by 4.5% from previous Qtr (Rs.551 Cr)  - up by 17.9% from corresponding Qtr (Rs.488 Cr) – and up by 10.2% proportionately from FY2010 (Rs.2091 Cr).

Total Income is Rs.2294 Cr -  up by 4.5% from previous Quarter (Rs.2195 Cr) – up by 9.2 % from corresponding Quarter (Rs.2102 Cr) – and up by 8.2% proportionately from FY2010 (Rs.8481 Cr).

Interest Expended is Rs.1330 Cr – up by 3.7% from previous Qtr (Rs.1282 Cr) – up by 4.4% from corresponding Qtr (Rs.1275 Cr) – and up by 4.6% proportionately compared to FY2010 (Rs.5084 Cr).

 Operating Profit  is Rs.620 Cr – up by 13.8% from previous Qtr (Rs.545 Cr) – up by 8.6% from corresponding Qtr (Rs.571 Cr) – and up by 16.1% compared proportionately to FY2010 (Rs.2137 Cr).

Provisions   at Rs.127 Cr – is down by 23.3% from previous Qtr (Rs.165Cr) – down by 18.3% from corresponding Qtr (Rs.155 Cr) – and up by 6.7% proportionately compared to FY2010 (Rs.474 Cr).

Net Profit   at Rs.334 Cr – is up by 6.9% from previous Qtr (Rs.312 Cr) – up by 27.8% from corresponding Qtr (Rs.261 Cr) – and up by 14.1% compared proportionately to FY2010 (Rs.1170 Cr).

C A R is 14.96 – compared to 15 in previous Qtr – and 14.84 in corresponding Qtr. This is quite Healthy.

% of Gross/Net NPA is healthy at 0.43 – though slightly higher than the last Qtr (0.31) and corresponding Qtr (0.32).    

Return on Assets is very good at 1.25 – higher than last qtr’s 1.22.    

Basic EPS  is Rs.23.27 –compared to Rs.21.77 in previous quarter – Rs.18.21 in corresponding Qtr – and compared to Rs.       81.58 for the full year.

At current rate – full year FY2011 EPS must be 93 plus to 100.

At current price of Rs.566, the PE Ratio works out to  about 6 – which is quite cheap for corporation Bank.

NON CONSOLIDATED FIGURES :

CORPORATION BANK	Jun-10	Mar-10	Dif%1	Jun-09	Dif%2	FY10N/C	Dif%3
Interest on Advances	139205	130121.8	7	121176.5	14.9	497920.3	11.8
Income on Invest.	57602.3	55119.49	4.5	48840.81	17.9	209143.3	10.2
Income on RBI Balances	49.74	170.02	-70.7	35.18	41.4	375.31	-47
Others	5918.61	6809.59	-13.1	4168.2	42	22021.55	7.5
Interest Earned	202775.5	192220.9	5.5	174220.7	16.4	729460.4	11.2
Other Income	26610.2	27265.29	-2.4	35931.82	-25.9	118642.2	-10.3
Total Income	229385.7	219486.2	4.5	210152.6	9.2	848102.6	8.2
Interest Expended	133016	128244.6	3.7	127466.7	4.4	508434.7	4.6
Employees Cost	17076.9	20263.58	-15.7	11595.69	47.3	63170.44	8.1
Other Optg Expenses	17253.3	16479.96	4.7	13966.74	23.5	62824.83	9.9
Operating Expenses	34330.2	36743.54	-6.6	25562.43	34.3	125995.3	9
Total Exp.Excl.O/E	167346.5	164988.1	1.4	153029.1	9.4	634429.9	5.5
Operating Profit	62039.2	54498.11	13.8	57123.41	8.6	213672.7	16.1
Provisions	12661.2	16510.18	-23.3	15498.7	-18.3	47442.54	6.7
P B T	49378	37987.93	30	41624.71	18.6	166230.1	18.8
Tax Expense	16000	6755	136.9	15500	3.2	49205	30.1
P A T	33378	31232.93	6.9	26124.71	27.8	117025.1	14.1
Net Profit	33378	31232.93	6.9	26124.71	27.8	117025.1	14.1
Face Value.Rs	10	10	0	10	0	10
Paid-up Equity	14343.8	14343.79	0	14343.79	0	14343.79
Reserves	-	-		-		563142.8
Dividend (%)	-	165		-		165
Shares of GOI.%	57.17	57.17	0	57.17	0	57.17
C A R	14.96	15	-0.3	14.84	0.8	15
Basic EPS B EI	23.27	21.77	6.9	18.21	27.8	81.58	14.1
% of Gross/Net NPA	0.43	0.31	38.7	0.32	34.4	0.31
Return on Assets	1.25	1.22	2.5	1.26	-0.8	1.28
Public holding (%)	42.83	42.83	0	42.83	0	42.83

 NOTE :As always , readers are requested to give their comments,ideas, suggestions and corrections, if any, which will be gratefully accepted.

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