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SYNDICATE BANK Announces Quarterly Results (1QFY19); Net Profit Up 387.0%

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SYNDICATE BANK Announces Quarterly Results (1QFY19); Net Profit Up 387.0%
Wed, 8 Aug

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

SYNDICATE BANK Quarterly Financials

No. of Mths
Qtr. Ending
3
Jun-17*
3
Mar-18*
3
Jun-18*
QoQ ChangeYoY Change
Operating incomeRs m54,84153,57252,572-1.9%-4.1%
Other incomeRs m6,8746,8883,803-44.8%-44.7%
Total revenuesRs m61,71560,46056,375-6.8%-8.7%
InterestRs m38,83636,78537,5132.0%-3.4%
Gross Profit Rs m16,00616,78815,059-10.3%-5.9%
Other expensesRs m13,07714,33413,276-7.4%1.5%
Profit before taxRs m-3,537-30,032-17,682
TaxRs m-905-8,080-4,864
Profit after taxRs m-2,632-21,951-12,818
Gross profit margin %29.231.328.6
Effective tax rate%25.626.927.5
Net profit margin%-4.8-41.0-24.4
* 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 fell 4.1% on a year-on-year (YoY) basis. The interest expended was down by 3.4% YoY during the same period.
  • The bank's operating profit declined by 5.9% YoY during the quarter. Consequently, operating profit margins remained same and stood at 28.6% in 1QFY19.
  • Other income declined by 44.7% YoY during the quarter.
  • Net profit for the quarter increased by 387.0% YoY. Net profit margins during the quarter declined from -4.8% in 1QFY18 to -24.4% in 1QFY19.
Quarter-on-Quarter Performance:
  • The bank's operating income (interest earned) during the quarter fell 1.9% on a quarter-on-quarter (QoQ) basis. The interest expended was up by 2.0% QoQ during the same period.
  • The bank's operating profit declined by 10.3% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 28.6% in 1QFY19 as against 31.3% in 4QFY18.
  • Net profit for the quarter declined by 41.6% QoQ, while net profit margins increased from -41.0% in 4QFY18 to -24.4% in 1QFY19.

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

SYNDICATE BANK Share Price Performance

Over the last one year, SYNDICATE BANK share price has moved up from Rs 69.6 to Rs 41.9, registering a Loss of Rs 27.8 or around 39.9%.

Meanwhile, the S&P BSE BANKEX is trading at Rs 31,546.4 (up 0.7%). Over the last one year it has moved up from 27,786.4 to 31,546.4, a gain of 3,760 points (up 13.5%).

Overall, the S&P BSE SENSEX is up 0.4% over the year.

Current Valuations

At the current price of Rs 41.9, the price to book value (P/BV) ratio of SYNDICATE BANK stands at 0.2 times.

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