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SYNDICATE BANK Announces Quarterly Results (3QFY19); Net Profit Up 112.4%

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SYNDICATE BANK Announces Quarterly Results (3QFY19); Net Profit Up 112.4%
Mon, 4 Feb

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

SYNDICATE BANK Quarterly Financials

No. of Mths
Qtr. Ending
3
Dec-17*
3
Sep-18*
3
Dec-18*
QoQ ChangeYoY Change
Operating incomeRs m53,75653,99354,5861.1%1.5%
Other incomeRs m5,6964,8966,19026.4%8.7%
Total revenuesRs m59,45258,88960,7763.2%2.2%
InterestRs m37,52438,27038,4020.3%2.3%
Gross Profit Rs m16,23215,72316,1852.9%-0.3%
Other expensesRs m14,17014,91816,0397.5%13.2%
Profit before taxRs m-13,142-16,4721,364
TaxRs m-4,445-1,047284
Profit after taxRs m-8,698-15,4251,080
Gross profit margin %30.229.129.6
Effective tax rate%33.86.420.8
Net profit margin%-16.2-28.62.0
* 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 1.5% on a year-on-year (YoY) basis. The interest expended was up by 2.3% YoY during the same period.
  • The bank's operating profit declined by 0.3% YoY during the quarter. Consequently, operating profit margins remained same and stood at 29.6% in 3QFY19.
  • Other income increased by 8.7% YoY during the quarter.
  • Net profit for the quarter increased by 112.4% YoY. Net profit margins during the quarter increased from -16.2% in 3QFY18 to 2.0% in 3QFY19.
Quarter-on-Quarter Performance:
  • The bank's operating income (interest earned) during the quarter grew 1.1% on a quarter-on-quarter (QoQ) basis. The interest expended was up by 0.3% QoQ during the same period.
  • The bank's operating profit increased by 2.9% QoQ during the quarter. Consequently, operating profit margins witnessed a growth and stood at 29.6% in 3QFY19 as against 29.1% in 2QFY18.
  • Net profit for the quarter increased by 107.0% QoQ, while net profit margins increased from -28.6% in 2QFY18 to 2.0% in 3QFY19.

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 67.3 to Rs 37.2, registering a Loss of Rs 30.1 or around 44.8%.

Meanwhile, the S&P BSE BANKEX is trading at Rs 30,212.7 (down 0.7%). Over the last one year it has moved up from 29,910.2 to 30,212.7, a gain of 302 points (up 1.0%).

Overall, the S&P BSE SENSEX is up 1.2% over the year.

Current Valuations

At the current price of Rs 37.2, the price to book value (P/BV) ratio of SYNDICATE BANK stands at 0.1 times.

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