SOUTH IND.BANK Announces Quarterly Results (4QFY19); Net Profit Down 38.2%

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SOUTH IND.BANK Announces Quarterly Results (4QFY19); Net Profit Down 38.2%
Fri, 10 May

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

SOUTH IND.BANK Quarterly Financials

No. of Mths
Qtr. Ending
3
Mar-18*
3
Dec-18*
3
Mar-19*
QoQ ChangeYoY Change
Operating incomeRs m15,89017,35217,9093.2%12.7%
Other incomeRs m1,7871,8682,35726.2%31.9%
Total revenuesRs m17,67719,21920,2665.4%14.6%
InterestRs m10,96812,15512,9166.3%17.8%
Gross Profit Rs m4,9225,1964,994-3.9%1.5%
Other expensesRs m3,6003,7444,0758.8%13.2%
Profit before taxRs m1,6231,2891,084-15.9%-33.2%
TaxRs m482450379-15.9%-21.3%
Profit after taxRs m1,141839705-15.9%-38.2%
Gross profit margin %31.029.927.9
Effective tax rate%29.734.935.0
Net profit margin%7.24.83.9
* 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 12.7% on a year-on-year (YoY) basis. The interest expended was up by 17.8% YoY during the same period.
  • The bank's operating profit increased by 1.5% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 27.9% in 4QFY19 as against 31.0% in 4QFY18.
  • Other income increased by 31.9% YoY during the quarter.
  • Net profit for the quarter declined by 38.2% YoY. Net profit margins during the quarter declined from 7.2% in 4QFY18 to 3.9% in 4QFY19.
Quarter-on-Quarter Performance:
  • The bank's operating income (interest earned) during the quarter grew 3.2% on a quarter-on-quarter (QoQ) basis. The interest expended was up by 6.3% QoQ during the same period.
  • The bank's operating profit declined by 3.9% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 27.9% in 4QFY19 as against 29.9% in 3QFY18.
  • Net profit for the quarter declined by 15.9% QoQ, while net profit margins declined from 4.8% in 3QFY18 to 3.9% in 4QFY19.

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 25.8 to Rs 14.1, registering a Loss of Rs 11.8 or around 45.5%.

Meanwhile, the S&P BSE BANKEX is trading at Rs 32,425.0 (up 0.6%). Over the last one year it has moved up from 29,357.7 to 32,425.0, a gain of 3,067 points (up 10.4%).

Overall, the S&P BSE SENSEX is up 6.2% 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 7.7 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 0.4 times.

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