J&K BANK Announces Quarterly Results (1QFY20); Net Profit Down 58.4%

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J&K BANK Announces Quarterly Results (1QFY20); Net Profit Down 58.4%
Mon, 5 Aug

J&K BANK has announced its results for the quarter ended June 2019. Here is a detailed performance review of the same:

J&K BANK Quarterly Financials

No. of Mths
Qtr. Ending
3
Jun-18*
3
Mar-19*
3
Jun-19*
QoQ ChangeYoY Change
Operating incomeRs m17,62920,69920,7210.1%17.5%
Other incomeRs m1,3444,0361,842-54.4%37.1%
Total revenuesRs m18,97224,73522,563-8.8%18.9%
InterestRs m9,83711,38611,6992.7%18.9%
Gross Profit Rs m7,7929,3139,022-3.1%15.8%
Other expensesRs m5,6387,3426,755-8.0%19.8%
Profit before taxRs m9472,2271,176-47.2%24.2%
TaxRs m421799581120.0%127.3%
Profit after taxRs m5262,148219-89.8%-58.4%
Gross profit margin %44.245.043.5
Effective tax rate%44.53.581.4
Net profit margin%3.010.41.1
* 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 17.5% on a year-on-year (YoY) basis. The interest expended was up by 18.9% YoY during the same period.
  • The bank's operating profit increased by 15.8% YoY during the quarter. Consequently, operating profit margins remained same and stood at 43.5% in 1QFY20.
  • Other income increased by 37.1% YoY during the quarter.
  • Net profit for the quarter declined by 58.4% YoY. Net profit margins during the quarter declined from 3.0% in 1QFY19 to 1.1% in 1QFY20.
Quarter-on-Quarter Performance:
  • The bank's operating income (interest earned) during the quarter grew 0.1% on a quarter-on-quarter (QoQ) basis. The interest expended was up by 2.7% QoQ during the same period.
  • The bank's operating profit declined by 3.1% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 43.5% in 1QFY20 as against 45.0% in 4QFY19.
  • Net profit for the quarter declined by 89.8% QoQ, while net profit margins declined from 10.4% in 4QFY19 to 1.1% in 1QFY20.

To see how J&K BANK has performed over the last eight quarters,please visit here.

J&K BANK Share Price Performance

Over the last one year,J&K BANK share price has moved down from Rs 56.8 to Rs 34.4, registering a Loss of Rs 22.4 or around 39.5%.

Meanwhile, the S&P BSE BANKEX is trading at Rs 31,093.7 (down 2.5%). Over the last one year it has moved up from 31,079.3 to 31,093.7, a gain of 14 points (up 0.0%).

Overall, the S&P BSE SENSEX is down 1.7% over the year.

Current Valuations

At the current price of Rs 34.4, the price to earnings (P/E) ratio of J&K BANK stands at 3.8 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 0.3 times.

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