CORPORATION BANK
Q3 FY 2011 RESULTS
Q/E DEC,2010
Ø Net profit for Q3 ended December ’10 recorded 25.4% growth and increased from `.305.00 crore as on December ’09 to `.382.42 crore.
Ø _ Operating Profit for Q3 ended December ’10 went up by 37% from `.537.86 crore as on December ’09 to `.736.96 crore
Ø _ Net Interest income(NII) for Q3 ended December ’10 went up from `.599.44 crore as on December ’09 to `.842.39 crore registering a growth of 40.53 %
Ø _ Net Interest margin (NIM) increased to 2.71% p.a. in Q3 ended December ’10 from 2.54% p.a. in corresponding Q3 of previous year.
Ø _ Net profit for the nine months period ended December ’10 increased from `857.92 crore as on December ‘09 to `1067.94 crore recording a y-o-y growth of 24.48%
Ø _ Operating Profit for the nine months period ended December ‘10 went up by 21.30 % on y-o-y basis from `1,591.74 crore as on December ‘09 to ` 1931 crore
Ø _ Net Interest income(NII) for the nine months ended December ’10 increased by 43.6 % on y-o-y basis from `.1,570.49 crore to `.2255.23 crore
Ø _ Net Interest margin (NIM) moved up to 2.63% p.a. for the nine months ended December ’10 compared to 2.37% p.a. in the corresponding period of the previous year
Ø _ 13,59,461 new accounts were acquired under deposits during the 12 months period ended 31.12.2010. To improve share of low cost deposits, the Bank had acquired 11,79,703 demand deposit accounts during the same period.
Ø The total number of clientele increased to 115.60 lakhs from 102 lakhs as at December‘ 2009
Ø _ Business per employee moved up to `.13.66 crore as at 31.12.2010 from `11.91 crore during 31.12.2009
Ø _ Profit per employee went up to `11.41 lakh as at 31.12.2010 from `9.65 lakhs as at 30.12.2009
Ø _ Total business increased to `170460 crore, recording growth of 20.79%
Ø _ Deposits increased by `14115 crore from `84,411 crore in December ‘09 to `98526 crore
Ø _ Advances increased by `15224 crore from `56,710 crore in December ‘09 to `71934 crore
Ø _ Gross NPA has come down to 1.26 % from 1.32% in December ’09, Net NPA stood at 0.58 %
Ø _ Bank is well capitalised with CRAR of 14.27 % as per Basel II norms.
Ø Basic EPS fopr Q3 is Rs.26.66 – a growth of 8.73% over previous qtr and 25.4% over corresponding qtr.
Ø Percentage of Gross/Net NPA is quite healthy at 0.58.
Ø Return on Assets in Q3 is quite good at 1.23
Ø Thus, on all fronts, as can be seen from the table below and the data above, Corporation Bank has performed well QOQ and YOY. Its EPS is very healthy and growing consistently.
Ø Its current MP is rs.589. Its current year EPS is likely to be around Rs.102. At this level, its PE ratio is a paltry 5.77 – which leaves good scope for price appreciation.
| CORP BANK | 31-Dec-10 | 30-Sep-10 | DIF %1 | 31-Dec-09 | DIF %2 |
| Interest/Discount on Advances/Bills | 172139.47 | 147950.81 | 16.35 | 125409.18 | 37.26 |
| Income on Investments | 63083.14 | 60715.31 | 3.9 | 54463 | 15.83 |
| Income on Balances With RBI | 696.19 | 307.55 | 126.37 | 142.21 | 389.55 |
| Others | 11207.38 | 6837.76 | 63.9 | 6049.72 | 85.25 |
| Interest Earned | 247126.18 | 215811.43 | 14.51 | 186064.11 | 32.82 |
| Other Income | 26447.74 | 22612.64 | 16.96 | 25165.3 | 5.1 |
| Total Income | 273573.92 | 238424.07 | 14.74 | 211229.41 | 29.52 |
| Interest Expended | 162886.84 | 144286.79 | 12.89 | 126120.32 | 29.15 |
| Employees Cost | 18299.39 | 18660.24 | -1.93 | 13103.93 | 39.65 |
| Other Operating Expenses | 18693.18 | 18128.36 | 3.12 | 16843.6 | 10.98 |
| Operating Expenses | 36992.57 | 36788.6 | 0.55 | 29947.53 | 23.52 |
| Operating Profit | 73694.51 | 57348.68 | 28.5 | 55161.56 | 33.6 |
| Provisions | 25002.24 | 9763.26 | 156.08 | 12711.79 | 96.69 |
| Tax Expense | 10450 | 12411.98 | -15.81 | 11950 | -12.55 |
| Net Profit | 38242.27 | 35173.44 | 8.72 | 30499.77 | 25.39 |
| Face Value of Share (in Rs.) | 10 | 10 | 0 | 10 | 0 |
| Paid-up Equity Share Capital | 14343.79 | 14343.79 | 0 | 14343.79 | 0 |
| Capital Adequacy Ratio | 13.12 | 13.5 | -2.81 | 15.48 | -15.25 |
| Basic EPS | 26.66 | 24.52 | 8.73 | 21.26 | 25.4 |
| a) Gross/Net NPA | 41351.69 | 26955.39 | 53.41 | 25794.18 | 60.31 |
| b) % of Gross/Net NPA | 0.58 | 0.39 | 48.72 | 0.45 | 28.89 |
| c) Return on Assets | 1.23 | 1.3 | -5.38 | 1.29 | -4.65 |
| Public Shareholding (%) | 42.83 | 42.83 | 0 | 42.83 | 0 |
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