Corporation Bank standalone net profit at Rs103.01cr in Q2FY19 vs. net loss of Rs1,035.20cr yoy: Beats Estimates

The bank’s standalone NII in the quarter stood at Rs1,458cr, up 17.67% yoy but down 6.79% qoq.

Nov 13, 2018 11:11 IST India Infoline Research Team

Corporation Bank Q2FY19

Standalone Results Q2FY19: (in Rs cr)

Q2FY19 YoY (%)
NII 1,458 17.67
GNPA (%) 17.5 2
Provisions 808.32 [69.7]
Net Profit (adjusted) 103.01 -
***GNPA change is bps and on qoq basis
Corporation Bank's revenue in Q2FY19 declined 21% yoy to Rs4,271cr. Its NII for the quarter came in at Rs1,458cr as against Rs1,239cr last year, an increase of 17.7% yoy. The bank reported a net profit of Rs103cr in the quarter, above the consensus estimates, as against a loss of Rs1,035cr reported in the corresponding quarter last year. The above-expected profit was due to lower provisions, which decreased 70% yoy. Its GNPA for Q2FY19 stood at 17.46% against 17.44% qoq, an increase of 2bps. Its NNPA for the quarter came in at 11.65% against 11.46% qoq, an increase of 19bps qoq.

Technical View:

Corporation Bank ended at Rs27.40, up 0.25 points, or 0.92%, from its previous close of Rs27.15 on the BSE. The scrip opened at Rs21.75 and touched a high and low of Rs28 and Rs21.75, respectively. A total of 7,10,568 (NSE+BSE) shares were traded on the counter. The stock is currently trading below its 200-DMA.

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