CITY UNION BANK Announces Quarterly Results (3QFY20); Net Profit Up 8.0%

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CITY UNION BANK Announces Quarterly Results (3QFY20); Net Profit Up 8.0%
Mon, 17 Feb

CITY UNION BANK has announced its results for the quarter ended December 2019. Here is a detailed performance review of the same:

CITY UNION BANK Quarterly Financials

No. of Mths
Qtr. Ending
3
Dec-18*
3
Sep-19*
3
Dec-19*
QoQ ChangeYoY Change
Operating incomeRs m9,66610,36810,6092.3%9.7%
Other incomeRs m1,1981,9501,424-27.0%18.8%
Total revenuesRs m10,86512,31812,032-2.3%10.7%
InterestRs m5,4856,2536,3361.3%15.5%
Gross Profit Rs m4,1814,1154,2733.8%2.2%
Other expensesRs m2,3112,6002,6120.4%13.0%
Profit before taxRs m2,2812,3852,274-4.7%-0.3%
TaxRs m500450350-22.2%-30.0%
Profit after taxRs m1,7811,9351,924-0.6%8.0%
Gross profit margin %43.339.740.3
Effective tax rate%21.918.915.4
Net profit margin%18.418.718.1
* 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 9.7% on a year-on-year (YoY) basis. The interest expended was up by 15.5% YoY during the same period.
  • The bank's operating profit increased by 2.2% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 40.3% in 3QFY20 as against 43.3% in 3QFY19.
  • Other income increased by 18.8% YoY during the quarter.
  • Net profit for the quarter increased by 8.0% YoY. Net profit margins during the quarter declined from 18.4% in 3QFY19 to 18.1% in 3QFY20.
Quarter-on-Quarter Performance:
  • The bank's operating income (interest earned) during the quarter grew 2.3% on a quarter-on-quarter (QoQ) basis. The interest expended was up by 1.3% QoQ during the same period.
  • The bank's operating profit increased by 3.8% QoQ during the quarter. Consequently, operating profit margins witnessed a growth and stood at 40.3% in 3QFY20 as against 39.7% in 2QFY19.
  • Net profit for the quarter declined by 0.6% QoQ, while net profit margins declined from 18.7% in 2QFY19 to 18.1% in 3QFY20.

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 up from Rs 180.4 to Rs 219.9, registering a Gain of Rs 39.5 or around 21.9%.

Meanwhile, the S&P BSE BANKEX is trading at Rs 35,220.5 (down 0.4%). Over the last one year it has moved up from 29,972.0 to 35,220.5, a gain of 5,248 points (up 17.5%).

Overall, the S&P BSE SENSEX is up 14.4% over the year.

Current Valuations

At the current price of Rs 219.9, the price to earnings (P/E) ratio of CITY UNION BANK stands at 17.6 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 2.7 times.

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