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UNITED BANK OF INDIA Announces Quarterly Results (2QFY19); Net Profit Down 156.1%

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UNITED BANK OF INDIA Announces Quarterly Results (2QFY19); Net Profit Down 156.1%
Wed, 21 Nov

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

UNITED BANK OF INDIA Quarterly Financials

No. of Mths
Qtr. Ending
3
Sep-17*
3
Jun-18*
3
Sep-18*
QoQ ChangeYoY Change
Operating incomeRs m20,75721,55021,234-1.5%2.3%
Other incomeRs m5,0923,9474,77120.9%-6.3%
Total revenuesRs m25,84925,49726,0052.0%0.6%
InterestRs m16,99416,09716,8084.4%-1.1%
Gross Profit Rs m3,7635,4534,426-18.8%17.6%
Other expensesRs m5,9956,5727,1338.5%19.0%
Profit before taxRs m-4,671-5,735-12,749
TaxRs m-1,223-1,849-3,917
Profit after taxRs m-3,448-3,887-8,832
Gross profit margin %18.125.320.8
Effective tax rate%26.232.230.7
Net profit margin%-16.6-18.0-41.6
* 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 2.3% on a year-on-year (YoY) basis. The interest expended was down by 1.1% YoY during the same period.
  • The bank's operating profit increased by 17.6% YoY during the quarter. Consequently, operating profit margins witnessed a growth and stood at 20.8% in 2QFY19 as against 18.1% in 2QFY18.
  • Other income declined by 6.3% YoY during the quarter.
  • Net profit for the quarter declined by 156.1% YoY. Net profit margins during the quarter declined from -16.6% in 2QFY18 to -41.6% in 2QFY19.
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 up by 4.4% QoQ during the same period.
  • The bank's operating profit declined by 18.8% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 20.8% in 2QFY19 as against 25.3% in 1QFY18.
  • Net profit for the quarter declined by 127.2% QoQ, while net profit margins declined from -18.0% in 1QFY18 to -41.6% in 2QFY19.

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 17.1 to Rs 11.0, registering a Loss of Rs 6.1 or around 35.7%.

Meanwhile, the S&P BSE BANKEX is trading at Rs 29,313.0 (down 0.2%). Over the last one year it has moved up from 29,207.0 to 29,313.0, a gain of 106 points (up 0.4%).

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

Current Valuations

At the current price of Rs 11.0, the price to book value (P/BV) ratio of UNITED BANK OF INDIA stands at 0.1 times.

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