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UNION BANK Announces Quarterly Results (2QFY19); Net Profit Up 109.1%

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UNION BANK Announces Quarterly Results (2QFY19); Net Profit Up 109.1%
Fri, 9 Nov

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

UNION BANK Quarterly Financials

No. of Mths
Qtr. Ending
3
Sep-17*
3
Jun-18*
3
Sep-18*
QoQ ChangeYoY Change
Operating incomeRs m82,22487,00885,388-1.9%3.8%
Other incomeRs m12,17312,0808,994-25.5%-26.1%
Total revenuesRs m94,39799,08894,383-4.7%0.0%
InterestRs m59,01760,74760,457-0.5%2.4%
Gross Profit Rs m23,20726,26124,931-5.1%7.4%
Other expensesRs m15,99117,45316,207-7.1%1.3%
Profit before taxRs m-16,157-1,4031,163
TaxRs m-850-2,698-227
Profit after taxRs m-15,3071,2951,3907.3%
Gross profit margin %28.230.229.2
Effective tax rate%5.3192.3-19.5
Net profit margin%-18.61.51.6
* 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 3.8% on a year-on-year (YoY) basis. The interest expended was up by 2.4% YoY during the same period.
  • The bank's operating profit increased by 7.4% YoY during the quarter. Consequently, operating profit margins witnessed a growth and stood at 29.2% in 2QFY19 as against 28.2% in 2QFY18.
  • Other income declined by 26.1% YoY during the quarter.
  • Net profit for the quarter increased by 109.1% YoY. Net profit margins during the quarter increased from -18.6% in 2QFY18 to 1.6% in 2QFY19.
Quarter-on-Quarter Performance:
  • The bank's operating income (interest earned) during the quarter fell 1.9% on a quarter-on-quarter (QoQ) basis. The interest expended was down by 0.5% QoQ during the same period.
  • The bank's operating profit declined by 5.1% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 29.2% in 2QFY19 as against 30.2% in 1QFY18.
  • Net profit for the quarter increased by 7.3% QoQ, while net profit margins increased from 1.5% in 1QFY18 to 1.6% in 2QFY19.

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 up from Rs 166.4 to Rs 81.5, registering a Loss of Rs 84.9 or around 51.0%.

Meanwhile, the S&P BSE BANKEX is trading at Rs 29,064.1 (up 0.1%). Over the last one year it has moved up from 28,634.8 to 29,064.1, a gain of 429 points (up 1.5%).

Overall, the S&P BSE SENSEX is up 5.3% over the year.

Current Valuations

At the current price of Rs 81.5, the price to book value (P/BV) ratio of UNION BANK stands at 0.2 times.

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