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UNION BANK Announces Quarterly Results (4QFY19); Net Profit Down 30.4%

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UNION BANK Announces Quarterly Results (4QFY19); Net Profit Down 30.4%
Thu, 16 May

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

UNION BANK Quarterly Financials

No. of Mths
Qtr. Ending
3
Mar-18*
3
Dec-18*
3
Mar-19*
QoQ ChangeYoY Change
Operating incomeRs m81,12184,77583,495-1.5%2.9%
Other incomeRs m14,84810,95112,71516.1%-14.4%
Total revenuesRs m95,96995,72696,2100.5%0.3%
InterestRs m59,19059,83457,480-3.9%-2.9%
Gross Profit Rs m21,93124,94226,0154.3%18.6%
Other expensesRs m17,88418,38921,42816.5%19.8%
Profit before taxRs m-37,7851,333-40,360-3128.9%
TaxRs m-11,951-200-6,667
Profit after taxRs m-25,8341,532-33,692-2299.1%
Gross profit margin %27.029.431.2
Effective tax rate%31.6-15.016.5
Net profit margin%-31.81.8-40.4
* 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 2.9% on a year-on-year (YoY) basis. The interest expended was down by 2.9% YoY during the same period.
  • The bank's operating profit increased by 18.6% YoY during the quarter. Consequently, operating profit margins witnessed a growth and stood at 31.2% in 4QFY19 as against 27.0% in 4QFY18.
  • Other income declined by 14.4% YoY during the quarter.
  • Net profit for the quarter declined by 30.4% YoY. Net profit margins during the quarter declined from -31.8% in 4QFY18 to -40.4% in 4QFY19.
Quarter-on-Quarter Performance:
  • The bank's operating income (interest earned) during the quarter fell 1.5% on a quarter-on-quarter (QoQ) basis. The interest expended was down by 3.9% QoQ during the same period.
  • The bank's operating profit increased by 4.3% QoQ during the quarter. Consequently, operating profit margins witnessed a growth and stood at 31.2% in 4QFY19 as against 29.4% in 3QFY18.
  • Net profit for the quarter declined by 2299.1% QoQ, while net profit margins declined from 1.8% in 3QFY18 to -40.4% in 4QFY19.

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 84.4 to Rs 70.7, registering a Loss of Rs 13.7 or around 16.2%.

Meanwhile, the S&P BSE BANKEX is trading at Rs 31,924.7 (down 0.1%). Over the last one year it has moved up from 29,357.5 to 31,924.7, a gain of 2,567 points (up 8.7%).

Overall, the S&P BSE SENSEX is up 4.5% over the year.

Current Valuations

At the current price of Rs 70.7, the price to book value (P/BV) ratio of UNION BANK stands at 0.2 times.

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