SYNDICATE BANK Announces Quarterly Results (2QFY20); Net Profit Up 116.3%

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SYNDICATE BANK Announces Quarterly Results (2QFY20); Net Profit Up 116.3%
Tue, 5 Nov

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

SYNDICATE BANK Quarterly Financials

No. of Mths
Qtr. Ending
3
Sep-18*
3
Jun-19*
3
Sep-19*
QoQ ChangeYoY Change
Operating incomeRs m53,99355,44854,073-2.5%0.1%
Other incomeRs m4,8965,3597,45939.2%52.4%
Total revenuesRs m58,88960,80761,5311.2%4.5%
InterestRs m38,27037,53036,680-2.3%-4.2%
Gross Profit Rs m15,72317,91817,393-2.9%10.6%
Other expensesRs m14,91815,18015,2870.7%2.5%
Profit before taxRs m-16,472-11,5943,174
TaxRs m-1,047-1,789664
Profit after taxRs m-15,425-9,8052,511
Gross profit margin %29.132.332.2
Effective tax rate%6.415.420.9
Net profit margin%-28.6-17.74.6
* 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 grew 0.1% on a year-on-year (YoY) basis. The interest expended was down by 4.2% YoY during the same period.
  • The bank's operating profit increased by 10.6% YoY during the quarter. Consequently, operating profit margins witnessed a growth and stood at 32.2% in 2QFY20 as against 29.1% in 2QFY19.
  • Other income increased by 52.4% YoY during the quarter.
  • Net profit for the quarter increased by 116.3% YoY. Net profit margins during the quarter increased from -28.6% in 2QFY19 to 4.6% in 2QFY20.
Quarter-on-Quarter Performance:
  • The bank's operating income (interest earned) during the quarter fell 2.5% on a quarter-on-quarter (QoQ) basis. The interest expended was down by 2.3% QoQ during the same period.
  • The bank's operating profit declined by 2.9% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 32.2% in 2QFY20 as against 32.3% in 1QFY19.
  • Net profit for the quarter increased by 125.6% QoQ, while net profit margins increased from -17.7% in 1QFY19 to 4.6% in 2QFY20.

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

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SYNDICATE BANK Share Price Performance

Over the last one year,SYNDICATE BANK share price has moved down from Rs 34.6 to Rs 29.8, registering a Loss of Rs 4.8 or around 13.9%.

Meanwhile, the S&P BSE BANKEX is trading at Rs 34,321.4 (up 0.3%). Over the last one year it has moved up from 29,052.6 to 34,321.4, a gain of 5,269 points (up 18.1%).

Overall, the S&P BSE SENSEX is up 15.4% over the year.

Current Valuations

At the current price of Rs 29.8, the price to book value (P/BV) ratio of SYNDICATE BANK stands at 0.1 times.

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Dec 12, 2019 02:29 PM

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