UNITED BANK OF INDIA Announces Quarterly Results (2QFY20); Net Profit Up 114.0%

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UNITED BANK OF INDIA Announces Quarterly Results (2QFY20); Net Profit Up 114.0%
Tue, 5 Nov

UNITED BANK OF INDIA has announced its results for the quarter ended September 2019. Here is a detailed performance review of the same:

UNITED BANK OF INDIA Quarterly Financials

No. of Mths
Qtr. Ending
3
Sep-18*
3
Jun-19*
3
Sep-19*
QoQ ChangeYoY Change
Operating incomeRs m21,23423,74424,3992.8%14.9%
Other incomeRs m4,7716,2875,738-8.7%20.3%
Total revenuesRs m26,00530,03130,1370.4%15.9%
InterestRs m16,80816,46916,6711.2%-0.8%
Gross Profit Rs m4,4267,2757,7286.2%74.6%
Other expensesRs m7,1336,7377,48111.0%4.9%
Profit before taxRs m-12,7491,1091,62246.3%
TaxRs m-3,91759383550.9%
Profit after taxRs m-8,8321,0501,23918.0%
Gross profit margin %20.830.631.7
Effective tax rate%30.75.323.6
Net profit margin%-41.64.45.1
* 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 14.9% on a year-on-year (YoY) basis. The interest expended was down by 0.8% YoY during the same period.
  • The bank's operating profit increased by 74.6% YoY during the quarter. Consequently, operating profit margins witnessed a growth and stood at 31.7% in 2QFY20 as against 20.8% in 2QFY19.
  • Other income increased by 20.3% YoY during the quarter.
  • Net profit for the quarter increased by 114.0% YoY. Net profit margins during the quarter increased from -41.6% in 2QFY19 to 5.1% in 2QFY20.
Quarter-on-Quarter Performance:
  • The bank's operating income (interest earned) during the quarter grew 2.8% on a quarter-on-quarter (QoQ) basis. The interest expended was up by 1.2% 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 31.7% in 2QFY20 as against 30.6% in 1QFY19.
  • Net profit for the quarter increased by 18.0% QoQ, while net profit margins increased from 4.4% in 1QFY19 to 5.1% in 2QFY20.

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 down from Rs 11.1 to Rs 9.6, registering a Loss of Rs 1.5 or around 13.1%.

Meanwhile, the S&P BSE BANKEX is trading at Rs 34,316.8 (up 0.3%). Over the last one year it has moved up from 29,052.6 to 34,316.8, a gain of 5,264 points (up 18.1%).

Overall, the S&P BSE SENSEX is up 15.4% over the year.

Current Valuations

At the current price of Rs 9.6, the price to book value (P/BV) ratio of UNITED BANK OF INDIA stands at 0.1 times.

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