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UNION BANK Announces Quarterly Results (3QFY19); Net Profit Up 112.3%

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UNION BANK Announces Quarterly Results (3QFY19); Net Profit Up 112.3%
Tue, 22 Jan

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

UNION BANK Quarterly Financials

No. of Mths
Qtr. Ending
3
Dec-17*
3
Sep-18*
3
Dec-18*
QoQ ChangeYoY Change
Operating incomeRs m82,60585,38884,775-0.7%2.6%
Other incomeRs m8,7318,99410,95121.7%25.4%
Total revenuesRs m91,33694,38395,7261.4%4.8%
InterestRs m57,12260,45759,834-1.0%4.7%
Gross Profit Rs m25,48324,93124,9420.0%-2.1%
Other expensesRs m17,66816,20718,38913.5%4.1%
Profit before taxRs m-15,9981,1631,33314.5%
TaxRs m-3,500-227-200
Profit after taxRs m-12,4991,3901,53210.2%
Gross profit margin %30.829.229.4
Effective tax rate%21.9-19.5-15.0
Net profit margin%-15.11.61.8
* 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 2.6% on a year-on-year (YoY) basis. The interest expended was up by 4.7% YoY during the same period.
  • The bank's operating profit declined by 2.1% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 29.4% in 3QFY19 as against 30.8% in 3QFY18.
  • Other income increased by 25.4% YoY during the quarter.
  • Net profit for the quarter increased by 112.3% YoY. Net profit margins during the quarter increased from -15.1% in 3QFY18 to 1.8% in 3QFY19.
Quarter-on-Quarter Performance:
  • The bank's operating income (interest earned) during the quarter fell 0.7% on a quarter-on-quarter (QoQ) basis. The interest expended was down by 1.0% QoQ during the same period.
  • The bank's operating profit increased by 0.0% QoQ during the quarter. Consequently, operating profit margins witnessed a growth and stood at 29.4% in 3QFY19 as against 29.2% in 2QFY18.
  • Net profit for the quarter increased by 10.2% QoQ, while net profit margins increased from 1.6% in 2QFY18 to 1.8% in 3QFY19.

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 140.6 to Rs 84.6, registering a Loss of Rs 56.0 or around 39.8%.

Meanwhile, the S&P BSE BANKEX is trading at Rs 30,688.3 (down 0.3%). Over the last one year it has moved up from 30,617.5 to 30,688.3, a gain of 71 points (up 0.2%).

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

Current Valuations

At the current price of Rs 84.6, the price to book value (P/BV) ratio of UNION BANK stands at 0.2 times.

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