SYNDICATE BANK Announces Quarterly Results (1QFY20); Net Profit Up 23.5%

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SYNDICATE BANK Announces Quarterly Results (1QFY20); Net Profit Up 23.5%
Thu, 25 Jul

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

SYNDICATE BANK Quarterly Financials

No. of Mths
Qtr. Ending
3
Jun-18*
3
Mar-19*
3
Jun-19*
QoQ ChangeYoY Change
Operating incomeRs m52,57256,10355,448-1.2%5.5%
Other incomeRs m3,8037,3505,359-27.1%40.9%
Total revenuesRs m56,37563,45260,807-4.2%7.9%
InterestRs m37,51336,58037,5302.6%0.0%
Gross Profit Rs m15,05919,52217,918-8.2%19.0%
Other expensesRs m13,27616,30215,180-6.9%14.3%
Profit before taxRs m-17,6821,759-11,594-759.3%
TaxRs m-4,864478-1,789-474.0%
Profit after taxRs m-12,8181,280-9,805-865.9%
Gross profit margin %28.634.832.3
Effective tax rate%27.527.215.4
Net profit margin%-24.42.3-17.7
* 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 5.5% on a year-on-year (YoY) basis. The interest expended was up by 0.0% YoY during the same period.
  • The bank's operating profit increased by 19.0% YoY during the quarter. Consequently, operating profit margins witnessed a growth and stood at 32.3% in 1QFY20 as against 28.6% in 1QFY19.
  • Other income increased by 40.9% YoY during the quarter.
  • Net profit for the quarter increased by 23.5% YoY. Net profit margins during the quarter increased from -24.4% in 1QFY19 to -17.7% in 1QFY20.
Quarter-on-Quarter Performance:
  • The bank's operating income (interest earned) during the quarter fell 1.2% 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 8.2% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 32.3% in 1QFY20 as against 34.8% in 4QFY19.
  • Net profit for the quarter declined by 865.9% QoQ, while net profit margins declined from 2.3% in 4QFY19 to -17.7% in 1QFY20.

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 down from Rs 40.9 to Rs 34.9, registering a Loss of Rs 6.0 or around 14.7%.

Meanwhile, the S&P BSE BANKEX is trading at Rs 32,907.4 (up 0.7%). Over the last one year it has moved up from 29,996.6 to 32,907.4, a gain of 2,911 points (up 9.7%).

Overall, the S&P BSE SENSEX is up 3.4% over the year.

Current Valuations

At the current price of Rs 34.9, the price to book value (P/BV) ratio of SYNDICATE BANK stands at 0.1 times.

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For the quarter ended September 2019, SYNDICATE BANK has posted a net profit of Rs 3 bn (up 116.3% YoY). Sales on the other hand came in at Rs 54 bn (up 0.1% YoY). Read on for a complete analysis of SYNDICATE BANK's quarterly results.

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