CITY UNION BANK Announces Quarterly Results (3QFY21); Net Profit Down 11.7%

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CITY UNION BANK Announces Quarterly Results (3QFY21); Net Profit Down 11.7%
Fri, 5 Feb

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

CITY UNION BANK Quarterly Financials

No. of Mths
Qtr. Ending
3
Dec-19*
3
Sep-20*
3
Dec-20*
QoQ ChangeYoY Change
Operating incomeRs m10,60910,61010,480-1.2%-1.2%
Other incomeRs m1,4241,6932,29835.7%61.4%
Total revenuesRs m12,03212,30312,7783.9%6.2%
InterestRs m6,3365,8585,590-4.6%-11.8%
Gross Profit Rs m4,2734,7514,8902.9%14.5%
Other expensesRs m2,6122,5982,6040.2%-0.3%
Profit before taxRs m2,2742,0772,39915.5%5.5%
TaxRs m35050070040.0%100.0%
Profit after taxRs m1,9241,5771,6997.8%-11.7%
Gross profit margin %40.344.846.7
Effective tax rate%15.424.129.2
Net profit margin%18.114.916.2
* 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 fell 1.2% on a year-on-year (YoY) basis. The interest expended was down by 11.8% YoY during the same period.
  • The bank's operating profit increased by 14.5% YoY during the quarter. Consequently, operating profit margins witnessed a growth and stood at 46.7% in 3QFY21 as against 40.3% in 3QFY20.
  • Other income increased by 61.4% YoY during the quarter.
  • Net profit for the quarter declined by 11.7% YoY. Net profit margins during the quarter declined from 18.1% in 3QFY20 to 16.2% in 3QFY21.
Quarter-on-Quarter Performance:
  • The bank's operating income (interest earned) during the quarter fell 1.2% on a quarter-on-quarter (QoQ) basis. The interest expended was down by 4.6% QoQ during the same period.
  • The bank's operating profit increased by 2.9% QoQ during the quarter. Consequently, operating profit margins witnessed a growth and stood at 46.7% in 3QFY21 as against 44.8% in 2QFY20.
  • Net profit for the quarter increased by 7.8% QoQ, while net profit margins increased from 14.9% in 2QFY20 to 16.2% in 3QFY21.

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 229.8 to Rs 173.1, registering a Loss of Rs 56.7 or around 24.7%.

Meanwhile, the S&P BSE BANKEX is trading at Rs 40,411.1 (up 1.2%). Over the last one year it has moved up from 35,480.9 to 40,411.1, a gain of 4,930 points (up 13.9%).

Overall, the S&P BSE SENSEX is up 27.3% over the year.

Current Valuations

At the current price of Rs 173.1, the price to earnings (P/E) ratio of CITY UNION BANK stands at 26.7 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 2.1 times.

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