CITY UNION BANK Announces Quarterly Results (1QFY21); Net Profit Down 17.0%

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CITY UNION BANK Announces Quarterly Results (1QFY21); Net Profit Down 17.0%
Mon, 14 Sep

CITY UNION BANK has announced its results for the quarter ended June 2020. Here is a detailed performance review of the same:

CITY UNION BANK Quarterly Financials

No. of Mths
Qtr. Ending
3
Jun-19*
3
Mar-20*
3
Jun-20*
QoQ ChangeYoY Change
Operating incomeRs m10,29210,41710,4940.7%2.0%
Other incomeRs m1,6331,7931,606-10.4%-1.7%
Total revenuesRs m11,92512,21012,099-0.9%1.5%
InterestRs m6,1246,2226,124-1.6%0.0%
Gross Profit Rs m4,1694,1954,3704.2%4.8%
Other expensesRs m2,2882,6372,415-8.4%5.6%
Profit before taxRs m2,356-1,1531,990-15.5%
TaxRs m500-200450-10.0%
Profit after taxRs m1,856-9531,540-17.0%
Gross profit margin %40.540.341.6
Effective tax rate%21.217.322.6
Net profit margin%18.0-9.114.7
* 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 2.0% on a year-on-year (YoY) basis. The interest expended was up by 0.0% YoY during the same period.
  • The bank's operating profit increased by 4.8% YoY during the quarter. Consequently, operating profit margins witnessed a growth and stood at 41.6% in 1QFY21 as against 40.5% in 1QFY20.
  • Other income declined by 1.7% YoY during the quarter.
  • Net profit for the quarter declined by 17.0% YoY. Net profit margins during the quarter declined from 18.0% in 1QFY20 to 14.7% in 1QFY21.
Quarter-on-Quarter Performance:
  • The bank's operating income (interest earned) during the quarter grew 0.7% 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 increased by 4.2% QoQ during the quarter. Consequently, operating profit margins witnessed a growth and stood at 41.6% in 1QFY21 as against 40.3% in 4QFY20.
  • Net profit for the quarter increased by 261.6% QoQ, while net profit margins increased from -9.1% in 4QFY20 to 14.7% in 1QFY21.

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

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CITY UNION BANK Share Price Performance

Over the last one year,CITY UNION BANK share price has moved down from Rs 198.9 to Rs 147.0, registering a Loss of Rs 51.9 or around 26.1%.

Meanwhile, the S&P BSE BANKEX is trading at Rs 25,661.7 (up 0.6%). Over the last one year it has moved down from 31,681.2 to 25,661.7, a gain of 6,019 points (down 19.0%).

Overall, the S&P BSE SENSEX is up 5.0% over the year.

Current Valuations

At the current price of Rs 147.0, the price to earnings (P/E) ratio of CITY UNION BANK stands at 19.7 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 1.8 times.

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