SOUTH IND.BANK Announces Quarterly Results (2QFY20); Net Profit Up 20.5%

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SOUTH IND.BANK Announces Quarterly Results (2QFY20); Net Profit Up 20.5%
Fri, 18 Oct

SOUTH IND.BANK has announced its results for the quarter ended September 2019. Here is a detailed performance review of the same:

SOUTH IND.BANK Quarterly Financials

No. of Mths
Qtr. Ending
3
Sep-18*
3
Jun-19*
3
Sep-19*
QoQ ChangeYoY Change
Operating incomeRs m16,96518,94919,5403.1%15.2%
Other incomeRs m1,5791,8192,49237.0%57.8%
Total revenuesRs m18,54420,76822,0326.1%18.8%
InterestRs m11,90013,59213,6970.8%15.1%
Gross Profit Rs m5,0655,3575,8439.1%15.4%
Other expensesRs m3,5463,9994,2215.5%19.0%
Profit before taxRs m1,0511,1261,051-6.7%0.0%
TaxRs m350394206-47.6%-41.0%
Profit after taxRs m70173384515.3%20.5%
Gross profit margin %29.928.329.9
Effective tax rate%33.334.919.6
Net profit margin%4.13.94.3
* 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 15.2% on a year-on-year (YoY) basis. The interest expended was up by 15.1% YoY during the same period.
  • The bank's operating profit increased by 15.4% YoY during the quarter. Consequently, operating profit margins remained same and stood at 29.9% in 2QFY20.
  • Other income increased by 57.8% YoY during the quarter.
  • Net profit for the quarter increased by 20.5% YoY. Net profit margins during the quarter increased from 4.1% in 2QFY19 to 4.3% in 2QFY20.
Quarter-on-Quarter Performance:
  • The bank's operating income (interest earned) during the quarter grew 3.1% on a quarter-on-quarter (QoQ) basis. The interest expended was up by 0.8% QoQ during the same period.
  • The bank's operating profit increased by 9.1% QoQ during the quarter. Consequently, operating profit margins witnessed a growth and stood at 29.9% in 2QFY20 as against 28.3% in 1QFY19.
  • Net profit for the quarter increased by 15.3% QoQ, while net profit margins increased from 3.9% in 1QFY19 to 4.3% in 2QFY20.

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

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SOUTH IND.BANK Share Price Performance

Over the last one year,SOUTH IND.BANK share price has moved down from Rs 14.9 to Rs 10.4, registering a Loss of Rs 4.5 or around 30.3%.

Meanwhile, the S&P BSE BANKEX is trading at Rs 32,820.2 (up 0.1%). Over the last one year it has moved up from 28,162.2 to 32,820.2, a gain of 4,658 points (up 16.5%).

Overall, the S&P BSE SENSEX is up 12.7% over the year.

Current Valuations

At the current price of Rs 10.4, the price to earnings (P/E) ratio of SOUTH IND.BANK stands at 4.5 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 0.3 times.

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