CITY UNION BANK Announces Quarterly Results (2QFY21); Net Profit Down 18.5%

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CITY UNION BANK Announces Quarterly Results (2QFY21); Net Profit Down 18.5%
Fri, 6 Nov

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

CITY UNION BANK Quarterly Financials

No. of Mths
Qtr. Ending
3
Sep-19*
3
Jun-20*
3
Sep-20*
QoQ ChangeYoY Change
Operating incomeRs m10,36810,49410,6101.1%2.3%
Other incomeRs m1,9501,6061,6935.4%-13.2%
Total revenuesRs m12,31812,09912,3031.7%-0.1%
InterestRs m6,2536,1245,858-4.3%-6.3%
Gross Profit Rs m4,1154,3704,7518.7%15.5%
Other expensesRs m2,6002,4152,5987.6%-0.1%
Profit before taxRs m2,3851,9902,0774.3%-12.9%
TaxRs m45045050011.1%11.1%
Profit after taxRs m1,9351,5401,5772.4%-18.5%
Gross profit margin %39.741.644.8
Effective tax rate%18.922.624.1
Net profit margin%18.714.714.9
* 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 2.3% on a year-on-year (YoY) basis. The interest expended was down by 6.3% YoY during the same period.
  • The bank's operating profit increased by 15.5% YoY during the quarter. Consequently, operating profit margins witnessed a growth and stood at 44.8% in 2QFY21 as against 39.7% in 2QFY20.
  • Other income declined by 13.2% YoY during the quarter.
  • Net profit for the quarter declined by 18.5% YoY. Net profit margins during the quarter declined from 18.7% in 2QFY20 to 14.9% in 2QFY21.
Quarter-on-Quarter Performance:
  • The bank's operating income (interest earned) during the quarter grew 1.1% on a quarter-on-quarter (QoQ) basis. The interest expended was down by 4.3% QoQ during the same period.
  • The bank's operating profit increased by 8.7% QoQ during the quarter. Consequently, operating profit margins witnessed a growth and stood at 44.8% in 2QFY21 as against 41.6% in 1QFY20.
  • Net profit for the quarter increased by 2.4% QoQ, while net profit margins increased from 14.7% in 1QFY20 to 14.9% in 2QFY21.

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 205.7 to Rs 164.0, registering a Loss of Rs 41.7 or around 20.3%.

Meanwhile, the S&P BSE BANKEX is trading at Rs 30,489.5 (up 1.0%). Over the last one year it has moved down from 34,553.8 to 30,489.5, a gain of 4,064 points (down 11.8%).

Overall, the S&P BSE SENSEX is up 3.6% over the year.

Current Valuations

At the current price of Rs 164.0, the price to earnings (P/E) ratio of CITY UNION BANK stands at 23.9 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 2.0 times.

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

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For the quarter ended June 2020, CITY UNION BANK has posted a net profit of Rs 2 bn (down 17.0% YoY). Sales on the other hand came in at Rs 10 bn (up 2.0% YoY). Read on for a complete analysis of CITY UNION BANK's quarterly results.

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