Corporation Bank
NSE Symbol CORPBANK
The Results of Corporation Bank for Q1 FY 2012 are DISAPPOINTING.
Interest on Advances has gone up to Rs.2204.16 cr – against Rs.1882.26 cr in Q4 FY 11; and Rs.1392.05 cr in Q1 FY 11
Income on Investments has also gone up to Rs.659.52 cr in Q1 FY 12 – against Rs.590.91 cr in Q4 FY 11; and Rs.576.02 cr in Q1 FY 11.
Total Income, therefore has gone up to Rs.3268.01 cr – up by 7.3% from Q4 FY 11; and up by 42.47% from Q1 FY 11.
Net Interest Income however stands at Rs.707.56 cr – down from Rs.761.75 cr in Q4 FY11; and up marginally from Rs.697.59 cr in Q1 FY 11.
Total Expenditure (excl. provisions) has gone up very steeply to Rs.2691.60 cr in Q1 FY 12 – from Rs.2299.20 Cr in Q4 FY 11; and from Rs.1673.46 cr in Q1 FY 11.
Operating Profit has therefore come down to Rs.576.41 cr – down by 22.79% from Q4 FY 11; and also down by 7.09% from Q1 FY 11.
Provisions in Q1 FY 12 amount to Rs.167.26 cr –down from Rs.269.49 cr in Q4 FY 11; and Up from 126.61 cr in Q1 FY 11.
Profit before tax amounts to Rs.409.15 cr – down by 14.24% from Q4 FY 11; and also down by 17.14% from Q1 FY 11.
Net Profit comes to Rs.351.45 cr – up by 1.77% from Q4 FY 11; and up by 5.29% from Q1 FY 11.
Capital Adequacy Ratio stands at 13.52
Basic EPS on a face value of rs.10 stands at Rs.23.73 – against Rs.24.05 in Q4 FY 11; and Rs.23.27 In Q1 FY 11.
Gross/Net NPA is Rs.411.54 cr – against Rs.397.74 cr in Q4 FY 11; and rs.275.76 in Q1 FY 11.
% of Gross/Net NPA is reasonable at 0.52, though it is increasing QoQ
Return on Assets is good at 1.04
OTHER DETAILS :
Total Business: Total Business of the Bank as on 30.06.11 stood at `196686 crore. The total business increased by `40846 crore from `155,840 crore in June 2010. The business growth recorded is 26.21% on y-o-y basis.
Deposits: Total Deposits of the Bank increased to `117782 crore from `91,035 crore as on 30.06.10 recording a growth of 29.38% on y-o-y basis.
Advances: The y-o-y growth in Advances was 21.76% from `64,805 crore as on June’10 to `78904 crore as on June’11.
Yield on Advances: Yield on advances increased to 11.15% p.a. for the quarter ended June ’11 as compared to 9.38% as at June ’10.
Net Interest Margin (NIM) stood at 2.10%
Over all, this quarter has not produced any improvement in profitability for Corporation Bank. At OPT and PBT stages also – profits were down compared to earlier quarters. Lower Tax expense has resulted in slight improvement in NPT. It is an efficient performing Bank and Hopefully - future quarters may produce its usual , expected improvements in all parameters.
ANNOUNCEMENTS TO NSE
28-07-2011 Corporation Bank standalone Results for the quarter ended on 30-JUN-2011 as follows: Interest earned of Rs. 297832.07 lacs for the quarter ending on 30-JUN-2011 against Rs. 202775.47 lacs for the quarter ending on 30-JUN-2010. Interest expended of Rs. 227076.12 lacs for the quarter ending on 30-JUN-2011 against Rs. 133016.28 lacs for the quarter ending on 30-JUN-2010. Net Profit / (Loss) of Rs. 35145.13 lacs for the quarter ending on 30-JUN-2011 against Rs. 33378 lacs for the quarter ending on 30-JUN-2010.
14-07-2011 Corporation Bank has revised its Benchmark Prime Lending Rate (COBAR) from 13.85% p.a. to 14.50% p.a. with effect from July 15, 2011.
30-06-2011 Corporation Bank has revised the Base Rate for lending from 9.90% p.a. to 10.25% p.a. with effect from July 01, 2011.
10-05-2011 Corporation Bank has revised its Benchmark Prime Lending Rate (COBAR) from 13.60% p.a. to 13.85% p.a. and the Base Rate for lending from 9.40% p.a. to 9.90% p.a. with effect from May 17, 2011.
29-04-2011 Corporation Bank has recommended a dividend of Rs.20/- per share of Rs.10/- each for the year 2010-11 subject to the approval of the Government of India and declaration of the same by the Shareholders of the Bank in the ensuing Annual General Meeting.
29-04-2011 Corporation Bank consolidated Results for the year ended on 31-MAR-2011 as follows: Interest earned of Rs. 913503.8 lacs for the year ending on 31-MAR-2011 against Rs. 729460.41 lacs for the year ending on 31-MAR-2010. Interest expended of Rs. 619485.72 lacs for the year ending on 31-MAR-2011 against Rs. 508322.57 lacs for the year ending on 31-MAR-2010. Net Profit / (Loss) of Rs. 142011.97 lacs for the year ending on 31-MAR-2011 against Rs. 118134.81 lacs for the year ending on 31-MAR-2010.
29-04-2011 Corporation Bank standalone Results for the year ended on
31-MAR-2011 as follows: Interest earned of Rs. 913524.82 lacs for the year ending on 31-MAR-2011 against Rs. 729460.41 lacs for the year ending on 31-MAR-2010. Interest expended of Rs. 619550.53 lacs for the year ending on 31-MAR-2011 against Rs. 508434.65 lacs for the year ending on 31-MAR-2010. Net Profit / (Loss) of Rs. 141326.79 lacs for the year ending on 31-MAR-2011 against Rs. 117025.12 lacs for the year ending on 31-MAR-2010.
RESULTS TABLE
CORP BANK | 30-Jun-11 | 31-Mar-11 | 30-Jun-10 |
Interest on Advances | 220416.33 | 188225.77 | 139204.85 |
Income on Investments | 65952.16 | 59091.04 | 57602.27 |
Income on Balances With RBI | 461.77 | 435.18 | 49.74 |
Others | 11001.81 | 7784.1 | 5918.61 |
Interest Earned | 297832.07 | 255536.09 | 202775.47 |
Other Income | 28969.25 | 49042.05 | 26610.18 |
Total Income | 326801.32 | 304578.14 | 229385.65 |
Total Income | 326801.32 | 7.3 | 42.47 |
Interest Expended | 227076.12 | 179360.62 | 133016.28 |
NII | 70755.95 | 76175.47 | 69759.19 |
Employees Cost | 21511.35 | 29957.13 | 17076.86 |
Other Operating Expenses | 20572.99 | 20602.48 | 17253.34 |
Operating Expenses | 42084.34 | 50559.61 | 34330.2 |
Total Expenditure excl. provisions | 269160.46 | 229920.23 | 167346.48 |
Operating Profit | 57640.86 | 74657.91 | 62039.17 |
Provisions | 16725.61 | 26949.82 | 12661.17 |
Profit before tax | 40915.25 | 47708.09 | 49378 |
Tax Expense | 5770.12 | 13175 | 16000 |
Net Profit | 35145.13 | 34533.09 | 33378 |
Face Value (in Rs.) | 10 | 10 | 10 |
Paid-up Equity Share Capital | 14813.08 | 14813.06 | 14343.79 |
Capital Adequacy Ratio | 13.52 | 12.9 | 14.96 |
Basic EPS | 23.73 | 24.05 | 23.27 |
Gross/Net NPA | 41153.94 | 39774.35 | 27576.42 |
% of Gross/Net NPA | 0.52 | 0.46 | 0.43 |
Return on Assets | 1.04 | 1.12 | 1.25 |
Public Holding (%) | 0 | 41.48 | 42.83 |
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