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CITY UNION BANK Announces Quarterly Results (1QFY19); Net Profit Up 15.2%

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CITY UNION BANK Announces Quarterly Results (1QFY19); Net Profit Up 15.2%
Fri, 10 Aug

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

CITY UNION BANK Quarterly Financials

No. of Mths
Qtr. Ending
3
Jun-17*
3
Mar-18*
3
Jun-18*
QoQ ChangeYoY Change
Operating incomeRs m8,2558,7078,8952.2%7.7%
Other incomeRs m1,3531,1981,2917.8%-4.6%
Total revenuesRs m9,6099,90510,1862.8%6.0%
InterestRs m4,8325,0275,1472.4%6.5%
Gross Profit Rs m2,2573,6793,7481.9%66.0%
Other expensesRs m1,8071,9352,0455.7%13.1%
Profit before taxRs m1,8032,0812,2166.5%22.9%
TaxRs m4005606007.1%50.0%
Profit after taxRs m1,4031,5211,6166.3%15.2%
Gross profit margin %27.342.342.1
Effective tax rate%22.226.927.1
Net profit margin%17.017.518.2
* 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 grew 7.7% on a year-on-year (YoY) basis. The interest expended was up by 6.5% YoY during the same period.
  • The bank's operating profit increased by 66.0% YoY during the quarter. Consequently, operating profit margins witnessed a growth and stood at 42.1% in 1QFY19 as against 27.3% in 1QFY18.
  • Other income declined by 4.6% YoY during the quarter.
  • Net profit for the quarter increased by 15.2% YoY. Net profit margins during the quarter increased from 17.0% in 1QFY18 to 18.2% in 1QFY19.
Quarter-on-Quarter Performance:
  • The bank's operating income (interest earned) during the quarter grew 2.2% on a quarter-on-quarter (QoQ) basis. The interest expended was up by 2.4% QoQ during the same period.
  • The bank's operating profit declined by 1.9% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 42.1% in 1QFY19 as against 42.3% in 4QFY18.
  • Net profit for the quarter increased by 6.3% QoQ, while net profit margins increased from 17.5% in 4QFY18 to 18.2% in 1QFY19.

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

CITY UNION BANK Share Price Performance

Over the last one year, CITY UNION BANK share price has moved up from Rs 156.7 to Rs 176.5, registering a Gain of Rs 19.8 or around 12.6%.

Meanwhile, the S&P BSE BANKEX is trading at Rs 31,748.2 (down 0.8%). Over the last one year it has moved up from 27,339.7 to 31,748.2, a gain of 4,409 points (up 16.1%).

Overall, the S&P BSE SENSEX is up 19.1% over the year.

Current Valuations

At the current price of Rs 176.5, the price to earnings (P/E) ratio of CITY UNION BANK stands at 17.2 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 2.9 times.

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