PUNJAB & SIND BANK Announces Quarterly Results (3QFY19); Net Profit Up 108.7%

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PUNJAB & SIND BANK Announces Quarterly Results (3QFY19); Net Profit Up 108.7%
Wed, 13 Feb

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

PUNJAB & SIND BANK Quarterly Financials

No. of Mths
Qtr. Ending
3
Dec-17*
3
Sep-18*
3
Dec-18*
QoQ ChangeYoY Change
Operating incomeRs m20,43922,00021,557-2.0%5.5%
Other incomeRs m1,3482,0941,814-13.4%34.6%
Total revenuesRs m21,78724,09423,371-3.0%7.3%
InterestRs m14,43915,94716,2171.7%12.3%
Gross Profit Rs m6,0006,0535,340-11.8%-11.0%
Other expensesRs m3,8174,6424,8143.7%26.1%
Profit before taxRs m-2,354-2,432313
TaxRs m229-1,34090-60.8%
Profit after taxRs m-2,583-1,092223
Gross profit margin %29.427.524.8
Effective tax rate%-9.755.128.6
Net profit margin%-12.6-5.01.0
* 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 5.5% on a year-on-year (YoY) basis. The interest expended was up by 12.3% YoY during the same period.
  • The bank's operating profit declined by 11.0% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 24.8% in 3QFY19 as against 29.4% in 3QFY18.
  • Other income increased by 34.6% YoY during the quarter.
  • Net profit for the quarter increased by 108.7% YoY. Net profit margins during the quarter increased from -12.6% in 3QFY18 to 1.0% in 3QFY19.
Quarter-on-Quarter Performance:
  • The bank's operating income (interest earned) during the quarter fell 2.0% on a quarter-on-quarter (QoQ) basis. The interest expended was up by 1.7% QoQ during the same period.
  • The bank's operating profit declined by 11.8% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 24.8% in 3QFY19 as against 27.5% in 2QFY18.
  • Net profit for the quarter increased by 120.5% QoQ, while net profit margins increased from -5.0% in 2QFY18 to 1.0% in 3QFY19.

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 42.2 to Rs 25.9, registering a Loss of Rs 16.4 or around 38.7%.

Meanwhile, the S&P BSE BANKEX is trading at Rs 30,116.8 (down 0.2%). Over the last one year it has moved up from 29,080.0 to 30,116.8, a gain of 1,037 points (up 3.6%).

Overall, the S&P BSE SENSEX is up 5.6% over the year.

Current Valuations

At the current price of Rs 25.9, the price to book value (P/BV) ratio of PUNJAB & SIND BANK stands at 0.2 times.

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