SYNDICATE BANK Announces Quarterly Results (2QFY19); Net Profit Down 1565.7%

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SYNDICATE BANK Announces Quarterly Results (2QFY19); Net Profit Down 1565.7%
Mon, 5 Nov

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

SYNDICATE BANK Quarterly Financials

No. of Mths
Qtr. Ending
3
Sep-17*
3
Jun-18*
3
Sep-18*
QoQ ChangeYoY Change
Operating incomeRs m55,59052,57253,9932.7%-2.9%
Other incomeRs m8,6023,8034,89628.7%-43.1%
Total revenuesRs m64,19256,37558,8894.5%-8.3%
InterestRs m39,09537,51338,2702.0%-2.1%
Gross Profit Rs m16,49515,05915,7234.4%-4.7%
Other expensesRs m13,36013,27614,91812.4%11.7%
Profit before taxRs m2,826-17,682-16,472-682.9%
TaxRs m1,773-4,864-1,047-159.0%
Profit after taxRs m1,052-12,818-15,425-1565.7%
Gross profit margin %29.728.629.1
Effective tax rate%62.827.56.4
Net profit margin%1.9-24.4-28.6
* 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 2.9% on a year-on-year (YoY) basis. The interest expended was down by 2.1% YoY during the same period.
  • The bank's operating profit declined by 4.7% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 29.1% in 2QFY19 as against 29.7% in 2QFY18.
  • Other income declined by 43.1% YoY during the quarter.
  • Net profit for the quarter declined by 1565.7% YoY. Net profit margins during the quarter declined from 1.9% in 2QFY18 to -28.6% in 2QFY19.
Quarter-on-Quarter Performance:
  • The bank's operating income (interest earned) during the quarter grew 2.7% 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 increased by 4.4% QoQ during the quarter. Consequently, operating profit margins witnessed a growth and stood at 29.1% in 2QFY19 as against 28.6% in 1QFY18.
  • Net profit for the quarter declined by 20.3% QoQ, while net profit margins declined from -24.4% in 1QFY18 to -28.6% in 2QFY19.

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 87.6 to Rs 34.6, registering a Loss of Rs 53.0 or around 60.5%.

Meanwhile, the S&P BSE BANKEX is trading at Rs 29,096.3 (up 0.3%). Over the last one year it has moved up from 29,092.1 to 29,096.3, a gain of 4 points (up 0.0%).

Overall, the S&P BSE SENSEX is up 4.2% over the year.

Current Valuations

At the current price of Rs 34.6, the price to book value (P/BV) ratio of SYNDICATE BANK stands at 0.1 times.

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Jan 21, 2020 03:35 PM

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