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SOUTH IND.BANK Announces Quarterly Results (3QFY19); Net Profit Down 27.1%

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SOUTH IND.BANK Announces Quarterly Results (3QFY19); Net Profit Down 27.1%
Mon, 21 Jan

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

SOUTH IND.BANK Quarterly Financials

No. of Mths
Qtr. Ending
3
Dec-17*
3
Sep-18*
3
Dec-18*
QoQ ChangeYoY Change
Operating incomeRs m15,77016,96517,3522.3%10.0%
Other incomeRs m1,5881,5791,86818.3%17.6%
Total revenuesRs m17,35818,54419,2193.6%10.7%
InterestRs m10,67611,90012,1552.1%13.9%
Gross Profit Rs m5,0945,0655,1962.6%2.0%
Other expensesRs m3,3813,5463,7445.6%10.7%
Profit before taxRs m1,7591,0511,28922.6%-26.7%
TaxRs m60935045028.8%-26.0%
Profit after taxRs m1,15070183919.6%-27.1%
Gross profit margin %32.329.929.9
Effective tax rate%34.633.334.9
Net profit margin%7.34.14.8
* 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 10.0% on a year-on-year (YoY) basis. The interest expended was up by 13.9% YoY during the same period.
  • The bank's operating profit increased by 2.0% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 29.9% in 3QFY19 as against 32.3% in 3QFY18.
  • Other income increased by 17.6% YoY during the quarter.
  • Net profit for the quarter declined by 27.1% YoY. Net profit margins during the quarter declined from 7.3% in 3QFY18 to 4.8% in 3QFY19.
Quarter-on-Quarter Performance:
  • The bank's operating income (interest earned) during the quarter grew 2.3% on a quarter-on-quarter (QoQ) basis. The interest expended was up by 2.1% QoQ during the same period.
  • The bank's operating profit increased by 2.6% QoQ during the quarter. Consequently, operating profit margins witnessed a growth and stood at 29.9% in 3QFY19 as against 29.9% in 2QFY18.
  • Net profit for the quarter increased by 19.6% QoQ, while net profit margins increased from 4.1% in 2QFY18 to 4.8% in 3QFY19.

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 up from Rs 32.2 to Rs 14.5, registering a Loss of Rs 17.7 or around 55.0%.

Meanwhile, the S&P BSE BANKEX is trading at Rs 30,772.5 (up 0.1%). Over the last one year it has moved up from 30,473.4 to 30,772.5, a gain of 299 points (up 1.0%).

Overall, the S&P BSE SENSEX is up 3.8% over the year.

Current Valuations

At the current price of Rs 14.5, the price to earnings (P/E) ratio of SOUTH IND.BANK stands at 6.7 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 0.4 times.

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