UNITED BANK OF INDIA Announces Quarterly Results (1QFY19); Net Profit Up 83.8%

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UNITED BANK OF INDIA Announces Quarterly Results (1QFY19); Net Profit Up 83.8%
Tue, 14 Aug

UNITED BANK OF INDIA has announced its results for the quarter ended June 2018. Here is a detailed performance review of the same:

UNITED BANK OF INDIA Quarterly Financials

No. of Mths
Qtr. Ending
3
Jun-17*
3
Mar-18*
3
Jun-18*
QoQ ChangeYoY Change
Operating incomeRs m20,73321,88021,550-1.5%3.9%
Other incomeRs m7,7934,4773,947-11.8%-49.4%
Total revenuesRs m28,52626,35725,497-3.3%-10.6%
InterestRs m18,18116,74516,097-3.9%-11.5%
Gross Profit Rs m2,5525,1355,4536.2%113.7%
Other expensesRs m6,1088,2836,572-20.7%7.6%
Profit before taxRs m-3,347-12,521-5,735
TaxRs m-1,233-9,914-1,849
Profit after taxRs m-2,115-2,606-3,887
Gross profit margin %12.323.525.3
Effective tax rate%36.879.232.2
Net profit margin%-10.2-11.9-18.0
* 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 3.9% on a year-on-year (YoY) basis. The interest expended was down by 11.5% YoY during the same period.
  • The bank's operating profit increased by 113.7% YoY during the quarter. Consequently, operating profit margins witnessed a growth and stood at 25.3% in 1QFY19 as against 12.3% in 1QFY18.
  • Other income declined by 49.4% YoY during the quarter.
  • Net profit for the quarter increased by 83.8% YoY. Net profit margins during the quarter declined from -10.2% in 1QFY18 to -18.0% in 1QFY19.
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 6.2% QoQ during the quarter. Consequently, operating profit margins witnessed a growth and stood at 25.3% in 1QFY19 as against 23.5% in 4QFY18.
  • Net profit for the quarter increased by 49.1% QoQ, while net profit margins declined from -11.9% in 4QFY18 to -18.0% in 1QFY19.

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

UNITED BANK OF INDIA Share Price Performance

Over the last one year, UNITED BANK OF INDIA share price has moved up from Rs 18.3 to Rs 11.6, registering a Loss of Rs 6.7 or around 36.6%.

Meanwhile, the S&P BSE BANKEX is trading at Rs 31,657.3 (up 0.9%). Over the last one year it has moved up from 27,228.9 to 31,657.3, a gain of 4,428 points (up 16.3%).

Overall, the S&P BSE SENSEX is up 20.4% over the year.

Current Valuations

At the current price of Rs 11.6, the price to book value (P/BV) ratio of UNITED BANK OF INDIA stands at 0.1 times.

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