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SOUTH IND.BANK Announces Quarterly Results (2QFY19); Net Profit Up 1523.4%

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SOUTH IND.BANK Announces Quarterly Results (2QFY19); Net Profit Up 1523.4%
Tue, 16 Oct

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

SOUTH IND.BANK Quarterly Financials

No. of Mths
Qtr. Ending
3
Sep-17*
3
Jun-18*
3
Sep-18*
QoQ ChangeYoY Change
Operating incomeRs m15,36216,53916,9652.6%10.4%
Other incomeRs m2,8051,4591,5798.2%-43.7%
Total revenuesRs m18,16717,99818,5443.0%2.1%
InterestRs m10,33011,59711,9002.6%15.2%
Gross Profit Rs m5,0324,9435,0652.5%0.6%
Other expensesRs m3,2343,7053,546-4.3%9.6%
Profit before taxRs m663811,051175.8%1494.8%
TaxRs m23151350132.1%1440.5%
Profit after taxRs m43230701204.4%1523.4%
Gross profit margin %32.829.929.9
Effective tax rate%34.439.533.3
Net profit margin%0.31.44.1
* 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 10.4% on a year-on-year (YoY) basis. The interest expended was up by 15.2% YoY during the same period.
  • The bank's operating profit increased by 0.6% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 29.9% in 2QFY19 as against 32.8% in 2QFY18.
  • Other income declined by 43.7% YoY during the quarter.
  • Net profit for the quarter increased by 1523.4% YoY. Net profit margins during the quarter increased from 0.3% in 2QFY18 to 4.1% in 2QFY19.
Quarter-on-Quarter Performance:
  • The bank's operating income (interest earned) during the quarter grew 2.6% on a quarter-on-quarter (QoQ) basis. The interest expended was up by 2.6% QoQ during the same period.
  • The bank's operating profit declined by 2.5% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 29.9% in 2QFY19 as against 29.9% in 1QFY18.
  • Net profit for the quarter increased by 204.4% QoQ, while net profit margins increased from 1.4% in 1QFY18 to 4.1% in 2QFY19.

To see how SOUTH IND.BANK has performed over the last eight quarters, please visit here.

SOUTH IND.BANK Share Price Performance

Over the last one year, SOUTH IND.BANK share price has moved down from Rs 32.4 to Rs 14.1, registering a Loss of Rs 18.3 or around 56.4%.

Meanwhile, the S&P BSE BANKEX is trading at Rs 28,628.6 (up 1.0%). Over the last one year it has moved up from 27,748.3 to 28,628.6, a gain of 880 points (up 3.2%).

Overall, the S&P BSE SENSEX is up 7.6% over the year.

Current Valuations

At the current price of Rs 14.1, the price to earnings (P/E) ratio of SOUTH IND.BANK stands at 5.9 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 0.4 times.

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