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ALLAHABAD BANK Announces Quarterly Results (2QFY19); Net Profit Down 2696.5%

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ALLAHABAD BANK Announces Quarterly Results (2QFY19); Net Profit Down 2696.5%
Wed, 14 Nov

ALLAHABAD BANK has announced its results for the quarter ended September 2018. Here is a detailed performance review of the same:

ALLAHABAD BANK Quarterly Financials

No. of Mths
Qtr. Ending
3
Sep-17*
3
Jun-18*
3
Sep-18*
QoQ ChangeYoY Change
Operating incomeRs m41,90045,99539,996-13.0%-4.5%
Other incomeRs m8,7781,9454,112111.4%-53.2%
Total revenuesRs m50,67847,94044,107-8.0%-13.0%
InterestRs m29,35528,95928,491-1.6%-2.9%
Gross Profit Rs m12,54517,03711,505-32.5%-8.3%
Other expensesRs m9,09310,68410,277-3.8%13.0%
Profit before taxRs m-2,742-19,330-18,221
TaxRs m-3,4441146-94.4%
Profit after taxRs m702-19,444-18,227-2696.5%
Gross profit margin %29.937.028.8
Effective tax rate%125.6-0.60.0
Net profit margin%1.7-42.3-45.6
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster


Year-on-Year Performance:
  • The bank's operating income (interest earned) during the quarter fell 4.5% on a year-on-year (YoY) basis. The interest expended was down by 2.9% YoY during the same period.
  • The bank's operating profit declined by 8.3% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 28.8% in 2QFY19 as against 29.9% in 2QFY18.
  • Other income declined by 53.2% YoY during the quarter.
  • Net profit for the quarter declined by 2696.5% YoY. Net profit margins during the quarter declined from 1.7% in 2QFY18 to -45.6% in 2QFY19.
Quarter-on-Quarter Performance:
  • The bank's operating income (interest earned) during the quarter fell 13.0% on a quarter-on-quarter (QoQ) basis. The interest expended was down by 1.6% QoQ during the same period.
  • The bank's operating profit declined by 32.5% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 28.8% in 2QFY19 as against 37.0% in 1QFY18.
  • Net profit for the quarter increased by 6.3% QoQ, while net profit margins declined from -42.3% in 1QFY18 to -45.6% in 2QFY19.

To see how ALLAHABAD BANK has performed over the last eight quarters, please visit here.

ALLAHABAD BANK Share Price Performance

Over the last one year, ALLAHABAD BANK share price has moved up from Rs 77.0 to Rs 38.7, registering a Loss of Rs 38.3 or around 49.7%.

Meanwhile, the S&P BSE BANKEX is trading at Rs 29,341.1 (up 0.7%). Over the last one year it has moved up from 28,705.6 to 29,341.1, a gain of 636 points (up 2.2%).

Overall, the S&P BSE SENSEX is up 6.5% over the year.

Current Valuations

At the current price of Rs 38.7, the price to book value (P/BV) ratio of ALLAHABAD BANK stands at 0.2 times.

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