Corporation Bank
NSE Symbol CORPBANK
Result FOR Q2 FY 2011
Unaudited, Non-Cumulative, Non-Consolidated
CORPORATION BANK has again produced a good set of results numbers for Q2 FY2011.
Interest on Advances at Rs.1479.51 cr is higher by 6.28% on previous Qtr and by 22.06% on corresponding Qtr of last year.
Total Income at Rs.2384.24 is higher by 3.94% from previous Qtr and by 15.05% from corresponding Qtr.
Net Profit at Rs.351.73 Cr is higher by 5.38% from previous Qtr and by 20.59% from corresponding Qtr.
Capital Adequacy Ratio is comfortable at 13.5 compared to 14.96 in previous Qtr and 15.56 in corresponding Qtr.
Basic EPS is Rs.24.52 compared to Rs.23.27 in previous Qtr and Rs.20.33 in corresponding Qtr.
% of Gross/Net NPA is 0.39 compared to 0.43 in previous Qtr 0.29 in corresponding Qtr.
Return on Assets is very good at 1.3 compared to 1.25 in previous Qtr and 1.33 in corresponding Qtr.
At current MP of Rs.737, and annualized EPS (Estimated ) of Rs.92, the PE Ratio is around 8. A good upside is possible from this price level.
| CORP BANK | 30-Sep-10 | 30-Jun-10 | DIF% 1 | 30-Sep-09 | DIF % 2 |
| Interest on Advances | 147950.81 | 139204.85 | 6.28 | 121212.76 | 22.06 |
| Income on Investments | 60715.31 | 57602.27 | 5.4 | 50719.96 | 19.71 |
| Income on Balances With RBI | 307.55 | 49.74 | 518.32 | 27.9 | 1002.33 |
| Others | 6837.76 | 5918.61 | 15.53 | 4994.04 | 36.92 |
| Interest Earned | 215811.43 | 202775.47 | 6.43 | 176954.66 | 21.96 |
| Other Income | 22612.64 | 26610.18 | -15.02 | 30279.76 | -25.32 |
| Total Income | 238424.07 | 229385.65 | 3.94 | 207234.42 | 15.05 |
| Interest Expended | 144286.79 | 133016.28 | 8.47 | 126603.07 | 13.97 |
| Employees Cost | 18660.24 | 17076.86 | 9.27 | 11532.24 | 61.81 |
| Other Operating Expenses | 18128.36 | 17253.34 | 5.07 | 15534.53 | 16.7 |
| Operating Expenses | 36788.6 | 34330.2 | 7.16 | 27066.77 | 35.92 |
| Operating Profit | 57348.68 | 62039.17 | -7.56 | 53564.58 | 7.06 |
| Provisions | 9763.26 | 12661.17 | -22.89 | 9396.87 | 3.9 |
| Profit before tax | 47585.42 | 49378 | -3.63 | 44167.71 | 7.74 |
| Tax Expense | 12411.98 | 16000 | -22.43 | 15000 | -17.25 |
| Net Profit After Tax | 35173.44 | 33378 | 5.38 | 29167.71 | 20.59 |
| Net Profit | 35173.44 | 33378 | 5.38 | 29167.71 | 20.59 |
| Face Value (in Rs.) | 10 | 10 | 0 | 10 | 0 |
| Paid-up Equity | 14343.79 | 14343.79 | 0 | 14343.79 | 0 |
| Shares Held by GOI(%) | 57.17 | 57.17 | 0 | 57.17 | 0 |
| Capital Adequacy Ratio | 13.5 | 14.96 | -9.76 | 15.56 | -13.24 |
| Basic EPS | 24.52 | 23.27 | 5.37 | 20.33 | 20.61 |
| Gross/Net NPA | 26955.39 | 27576.42 | -2.25 | 15396.52 | 75.07 |
| % of Gross/Net NPA | 0.39 | 0.43 | -9.3 | 0.29 | 34.48 |
| Return on Assets | 1.3 | 1.25 | 4 | 1.33 | -2.26 |
| Public Shareholding (%) | 42.83 | 42.83 | 0 | 42.83 | 0 |
ANNOUNCEMENTS
TO THE EXCHANGE
21-10-2010 Corporation Bank has informed the Exchange regarding the standalone Results for the quarter ended on 30-SEP-2010 as follows: Interest earned of Rs. 215811.43 lacs for the quarter ending on 30-SEP-2010 against Rs. 176954.66 lacs for the quarter ending on 30-SEP-2009. Interest expended of Rs. 144286.79 lacs for the quarter ending on 30-SEP-2010 against Rs. 126603.07 lacs for the quarter ending on 30-SEP-2009. Net Profit / (Loss) of Rs. 35173.44 lacs for the quarter ending on 30-SEP-2010 against Rs. 29167.71 lacs for the quarter ending on 30-SEP-2009.
07-10-2010 Corporation Bank has informed the Exchange that the Bank has revised its Benchmark Prime Lending Rate (COBAR) from 12.50% p.a to 12.75% p.a. with effect from October 8, 2010.
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