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PUNJAB & SIND BANK Announces Quarterly Results (2QFY19); Net Profit Down 897.3%

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PUNJAB & SIND BANK Announces Quarterly Results (2QFY19); Net Profit Down 897.3%
Wed, 21 Nov

PUNJAB & SIND BANK has announced its results for the quarter ended September 2018. Here is a detailed performance review of the same:

PUNJAB & SIND BANK Quarterly Financials

No. of Mths
Qtr. Ending
3
Sep-17*
3
Jun-18*
3
Sep-18*
QoQ ChangeYoY Change
Operating incomeRs m19,98621,84822,0000.7%10.1%
Other incomeRs m1,6801,5132,09438.5%24.6%
Total revenuesRs m21,66623,36024,0943.1%11.2%
InterestRs m14,02614,74115,9478.2%13.7%
Gross Profit Rs m5,9607,1076,053-14.8%1.6%
Other expensesRs m4,0554,5384,6422.3%14.5%
Profit before taxRs m638-6,172-2,432-481.5%
TaxRs m501-2,192-1,340-367.7%
Profit after taxRs m137-3,980-1,092-897.3%
Gross profit margin %29.832.527.5
Effective tax rate%78.535.555.1
Net profit margin%0.7-18.2-5.0
* 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 10.1% on a year-on-year (YoY) basis. The interest expended was up by 13.7% YoY during the same period.
  • The bank's operating profit increased by 1.6% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 27.5% in 2QFY19 as against 29.8% in 2QFY18.
  • Other income increased by 24.6% YoY during the quarter.
  • Net profit for the quarter declined by 897.3% YoY. Net profit margins during the quarter declined from 0.7% in 2QFY18 to -5.0% in 2QFY19.
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 up by 8.2% QoQ during the same period.
  • The bank's operating profit declined by 14.8% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 27.5% in 2QFY19 as against 32.5% in 1QFY18.
  • Net profit for the quarter increased by 72.6% QoQ, while net profit margins increased from -18.2% in 1QFY18 to -5.0% in 2QFY19.

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

PUNJAB & SIND BANK Share Price Performance

Over the last one year, PUNJAB & SIND BANK share price has moved up from Rs 49.1 to Rs 28.8, registering a Loss of Rs 20.3 or around 41.3%.

Meanwhile, the S&P BSE BANKEX is trading at Rs 29,310.6 (down 0.2%). Over the last one year it has moved up from 29,207.0 to 29,310.6, a gain of 104 points (up 0.4%).

Overall, the S&P BSE SENSEX is up 5.3% over the year.

Current Valuations

At the current price of Rs 28.8, the price to book value (P/BV) ratio of PUNJAB & SIND BANK stands at 0.2 times.

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