UNION BANK Announces Quarterly Results (1QFY20); Net Profit Up 73.3%

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UNION BANK Announces Quarterly Results (1QFY20); Net Profit Up 73.3%
Mon, 5 Aug

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

UNION BANK Quarterly Financials

No. of Mths
Qtr. Ending
3
Jun-18*
3
Mar-19*
3
Jun-19*
QoQ ChangeYoY Change
Operating incomeRs m87,00883,49588,9766.6%2.3%
Other incomeRs m12,08012,7159,895-22.2%-18.1%
Total revenuesRs m99,08896,21098,8712.8%-0.2%
InterestRs m60,74757,48063,79411.0%5.0%
Gross Profit Rs m26,26126,01525,182-3.2%-4.1%
Other expensesRs m17,45321,42816,213-24.3%-7.1%
Profit before taxRs m-1,403-40,3603,671
TaxRs m-2,698-6,6671,426
Profit after taxRs m1,295-33,6922,24473.3%
Gross profit margin %30.231.228.3
Effective tax rate%192.316.538.9
Net profit margin%1.5-40.42.5
* 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 2.3% on a year-on-year (YoY) basis. The interest expended was up by 5.0% YoY during the same period.
  • The bank's operating profit declined by 4.1% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 28.3% in 1QFY20 as against 30.2% in 1QFY19.
  • Other income declined by 18.1% YoY during the quarter.
  • Net profit for the quarter increased by 73.3% YoY. Net profit margins during the quarter increased from 1.5% in 1QFY19 to 2.5% in 1QFY20.
Quarter-on-Quarter Performance:
  • The bank's operating income (interest earned) during the quarter grew 6.6% on a quarter-on-quarter (QoQ) basis. The interest expended was up by 11.0% QoQ during the same period.
  • The bank's operating profit declined by 3.2% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 28.3% in 1QFY20 as against 31.2% in 4QFY19.
  • Net profit for the quarter increased by 106.7% QoQ, while net profit margins increased from -40.4% in 4QFY19 to 2.5% in 1QFY20.

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

UNION BANK Share Price Performance

Over the last one year,UNION BANK share price has moved down from Rs 88.3 to Rs 63.2, registering a Loss of Rs 25.1 or around 28.4%.

Meanwhile, the S&P BSE BANKEX is trading at Rs 31,081.8 (down 2.6%). Over the last one year it has moved up from 31,079.3 to 31,081.8, a gain of 3 points (up 0.0%).

Overall, the S&P BSE SENSEX is down 1.8% over the year.

Current Valuations

At the current price of Rs 63.2, the price to book value (P/BV) ratio of UNION BANK stands at 0.2 times.

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For the quarter ended March 2019, UNION BANK has posted a net profit of Rs 34 bn (down 30.4% YoY). Sales on the other hand came in at Rs 83 bn (up 2.9% YoY). Read on for a complete analysis of UNION BANK's quarterly results.

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