Punjab & Sind Bank Q1 Net profit falls 25%


Public sector lender Punjab & Sind Bank (PSB) on August 5 reported a 25.4 percent fall in net profit to Rs 152.67 crore for the April-June quarter of FY24, as against Rs 204.7 crore last year.
During the quarter, the lender earned an interest income of Rs 2,316 crore compared to Rs 1,800 crore in the year-ago period, as per a regulatory filing.


The bank's gross non-performing assets (GNPAs) declined to 6.80 percent from 11.34 percent in the June quarter of the previous fiscal. Net naon-performing assets (NNPAs) fell to 1.95 percent from 2.56 percent.The bank's net interest margin (NIM) in the quarter increased to 2.63 percent from 2.53 percent a year ago.Total income increased to Rs 2,494 crore in the first quarter of 2023-24 against Rs 1,915 crore a year ago.


Explaining the reason for the decline in profit, Punjab & Sind Bank's Managing Director Swarup Kumar Saha said the bank has made a Rs 57 crore provision towards the wage revision under negotiation and Rs 450 crore in fresh slippages, including a mid-corporate of Rs 92 crore in the quarter.


With regard to business growth, Saha said credit growth is expected to be 13-14 percent, while deposit mobilisation would witness a growth of 8-10 percent during the current fiscal.

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Bank of Baroda(BoB) Q1 Net profit jumps 88%


Public sector lender Bank of Baroda on August 5 reported 87.7 percent rise in net profit to Rs 4,070 crore for the April-June FY24 quarter from Rs 2,168 crore last year.


Bank of Baroda’s net profit was seen rising 86.5 percent YoY to Rs 4044.3 crore. The lender exceeded market expectations.


The gross non-performing assets of the bank declined to 3.51 percent as compared with 6.26 percent last year.


The Gross NPA of the Bank reduced by 33.8 percent YoY to Rs 34,832 crore in Q1FY24 and Gross NPA Ratio improved to 3.51 percent in Q1FY24 from 6.26 percent in Q1FY23.


The Net NPA Ratio of the BOB stands at a record low of 0.78 percent in Q1FY24 as compared with 1.58 percent in Q1FY23.


However, Slippage ratio declined to 1.05 percent for Q1FY24 as against 1.71 percent in Q1FY23.


Domestic CASA deposits registered a growth of 5.5 percent YoY and stood at Rs 4,23,600 crore. Auto Loan increases by 22.1 percent, Home Loan 18.4 percent, Personal Loans by 82.9 percent, Mortgage Loan 15.8 percent and Education Loan 20.8 percent on a YoY basis.


However, the Agriculture loan portfolio grew by 15.1 percent YoY to Rs 1,27,583 crore and the total Gold loan portfolio including retail and agri. stands at Rs 40,652 crore, registering a growth of 32.1 percent on a YoY basis.


Bank of Baroda has domestic presence spanning 8,205 branches and 10,459 ATMs and Cash Recyclers supported by self-service channels and an international presence with a network of 93 overseas offices spanning 17 countries.


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State Bank of India(SBI) Q1 results Net profit all-time high, jumps 178%


State Bank of India (SBI) unveiled its Q1 results today reporting net profit in Q1FY24 zooms 178% to ₹16,884 crore from ₹6,068 crore, YoY. The largest state-run lender in the country net interest income in the quarter ended June 2023 rose 24.5% to ₹38,904 crore from ₹31,195.9 crore, YoY.


The SBI share price commenced at ₹594.90 each, nearly 1% higher on the BSE in anticipation of the Q1 results on Friday. However, it later fell to ₹585.95 at 1:30pm, showing a decrease from the previous day's closing price of ₹590.60.


SBI's net interest margin is 3.47%


SBI's net interest margin, a crucial measure of profitability, climbed to 3.47% from 3.23% compared to the previous year.


The bank witnessed a notable 13.9% rise in its gross loans compared to the previous year, coupled with a 12% increase in deposits, driven particularly by term deposits which offer more favourable returns.


Provisions and contingencies experienced a significant decline of 43% year-on-year, amounting to ₹2,501 crore. This figure marked a decrease from the ₹3,316 crore reported in the January-March period.


SBI's gross non-performing assets (NPA) ratio, a critical measure of asset quality, dropped to 2.76% from the previous quarter's 2.78% and a substantial reduction from 3.91% recorded a year ago. In contrast, the net NPA ratio saw a marginal increase to 0.71% from 0.67% in the preceding three months.


In the preceding quarter, ending March 2023, SBI reported a net profit of ₹16,694.5 crore, indicating an 83% rise from the ₹9,113.5 crore reported during the same period in the previous fiscal year. The net interest income (NII) for Q4FY23 increased by 29.5% YoY, reaching ₹40,392 crore from ₹31,197 crore. The domestic net interest margin (NIM) for Q4FY23 showed a YoY growth of 44 basis points to reach 3.84%. Furthermore, SBI's operating profit in the quarter surged by 24.87% YoY to ₹24,621 crore.


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Indian Overseas Bank(IOB) Q1 net profit up by 28%

 


Public sector lender Indian Overseas Bank on August 2 reported a 27.50 percent rise in net profit at Rs 500 crore in the first quarter of the financial year 2023-24, up from Rs 392 crore in the year-ago period.


Net interest income jump 22 percent and stood at Rs 5,424 crore for the quarter ended June 2023 compared to Rs 4,435 crore last year.


The lender's total deposits increased to Rs. 2.64 lakh crores up from Rs. 2.60 lakh crores last year. The current account and savings account (CASA) of the bank improved to 44.14 percent compared to 43.07 percent last year. Total CASA from Rs 1.12 lakh crore to Rs 1.16 lakh crore.


The bank's gross non-performing assets (GNPA) declined to 7.13 percent from 9.16 percent in the same quarter of the previous fiscal.


Net non-performing assets (NNPAs) of fell to 1.44 percent from 2.43 percent last year.


The provision coverage ratio improved to 94.03 percent against 91 .86 percent.


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UCO Bank Q1 Net profit grows 81%

 


Public sector lender UCO Bank on July 28 reported a 81 percent jump in net profit at Rs 223.48 crore in June quarter of the current financial year 2023-2024. The Kolkata-headquartered bank reported a net profit of Rs 123.61 crore in the year-ago period.


The bank's gross non-performing assets (GNPAs) declined to 4.48 percent from 7.42 percent in the June quarter of the previous fiscal. The net non-performing assets (NNPAs) fell to 1.18 percent from 2.49 percent.


Net Interest Income (NII) increased by 21.78 percent to Rs.2008.80 crore in Q1FY24 as against Rs.1649.54 crore for Q1FY23.


Net Interest Margin (NIM) improved to 2.86 percent as on 30.06.2023 as against 2.74 percent as on 30.06.2022, registering a growth of 12 bps.


Return on Assets (ROA) improved to 0.28 percent, registering an improvement of 11 bps from 30.06.2022.


Total Business grew by 16.06 percent on Y-o-Y basis to Rs. 413972 crore as on 30.06.2023 as against Rs.356677 crore as on 30.06.2022.

Total Deposits up by 10.81 percent on Y-o-Y basis to Rs. 249694 crore as on 30.06.2023 as against Rs.225328 crore as on 30.06.2022.


Capital Adequacy Ratio (CRAR) improved to 16.85 percent as on 30.06.2023 as compared to 14.13 percent on 30.06.2022, with Tier 1 ratio of 14.16 percent as on 30.06.2023 as against 11.29 percent as on 30.06.2022, registered an improvement of 272 bps and 287 bps in CRAR and Tier 1 respectively.


Bank said that network of 3209 domestic branches and 2 overseas branches each at Hongkong and Singapore Centre.


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Bank of India(BoI) Q1 Results: Net profit jumps 176%

 


Public sector lender Bank of India on July 28 reported a 176 percent jump in net profit at Rs 1,551 crore in the first quarter of the current fiscal. It had clocked a net profit of Rs 561 crore in the year-ago quarter.

The bank's net interest income increased by 45 percent on a year-on-year basis (YoY ) to Rs.5,915 crore.


The net interest margin (NIM) increased by 51 bps to 3.37 percent in the April-June FY24 quarter against 2.87 percent in the corresponding quarter last year.


The gross non-performing assets of the bank declined to 6.67 percent from 9.30 percent in the same quarter of the previous year, while its net non-performing assets (NNPAs) declined by 1.65 percent from 2.21 percent last year.


Domestic deposits of the bank increased by 7.98 percent YoY to Rs.5.89 lakh crore in the quarter. Current account and savings account (CASA) went up by 7.56 percent YoY to Rs. 2.6 lakh crore in the April-June FY24 quarter and CASA ratio stood at 44.52 percent.


Domestic advances increased by 7.98 percent YOY to Rs. 4.33 lakh crore.

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Indian Bank Q1 results: Net profit rises 41%


Chennai-based Indian Bank on July 27 reported a 40.8 percent rise in net profit at Rs 1,708.8 crore for the April-June quarter of FY24, as against Rs 1,213 crore a year ago.


The public-sector lender's gross non-performing assets (GNPA) declined to 5.47 percent from 8.13 percent during the quarter, while net non-performing assets (NNPA) fell to 0.70 percent from 2.21 percent.


Indian bank's Net Interest Income (NII) has jumped 26 percent to Rs. 5703 in June 2023 from Rs. 4534 in June 2022. However, CASA deposits increased by 5 percent y-o-y to Rs. 250242 crores in June 2023. The provision coverage ratio (PCR) has improved by 702 bps YOY 95.10 percent from 80.80 percent in June 2022.


Total income in the first quarter of the current fiscal rose to Rs 14,759 crore as against Rs 11,758 crore, Indian Bank said in a regulatory filing. The lender's interest income also increased to Rs 13,049 crore from Rs 10,153 crore in the same quarter a year ago.


However, the capital adequacy ratio of the bank declined to 15.78 per cent at the end of June compared to 16.51 per cent in the year-ago period.

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Punjab National Bank(PNB) Q1 Results: Net profit rises 307%, asset quality healthy


Punjab National Bank (PNB) on July 26 reported a 307 percent rise in net profit at Rs 1255.41 crore for the April-June quarter of FY24 as against Rs 308.44 crore a year ago.


The public-sector lender's gross non-performing assets (GNPA) declined to 7.73 percent from 11.2 percent in this period and the net non-performing assets (NNPA) fell to 1.98 percent from 4.28 percent.


The net interest income of the bank, difference between interest earned and interest expended, was reported at 9504 crore in the April-June quarter compared with Rs 7543 crore in the year-ago quarter.


New Delhi-based bank's Provision Coverage Ratio improved by 679 bps on YoY basis to 89.83 percent as on June’23 from 83.04 percent as on June’22.


The slippage ratio improved to 1.19 percent in Q1 FY24 from 3.75 percent in Q1FY’23. Housing loan increased by 12.5 percent on YoY basis to Rs 83,893 Crore. Moreover, vehicle loans increased by 27.1 percent on YoY basis to Rs 17,093 Crore and personal loans increased by 46.4 percent on YoY basis to Rs 18,940 Crore.


Savings deposits increased to Rs 4,64,004 Crore as on June’23 from Rs 4,47,258 Crore as on June’22.


Bank has currently, 10080 domestic branches which comprise 3898 rural (39%), Semi-Urban: 2456 (24%), Urban 1998 (20%) Metro: 1728 (17%) and 2 International Branches.


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IDBI Bank Q1 Results: Net profit up 62%, asset quality improves


LIC-promoted IDBI Bank on Monday reported a 62 per cent rise in net profit to Rs 1,224 crore in the June quarter due to a decline in bad loans. The bank had posted a net profit of Rs 756 crore in the year-ago period. Total income in the first quarter of the current fiscal rose to Rs 7,712 crore, from Rs 5,774 crore in the same period a year ago, IDBI Bank said in a regulatory filing.


Interest earned by the bank improved to Rs 6,860 crore over Rs 4,634 crore in June 2022. Net interest income (NII) increased by 61 per cent to Rs 3,998 crore from Rs 2,488 crore in the same quarter a year ago.


Net Interest Margin (NIM) improved by 178 bps to 5.80 per cent for Q1-2024 as compared to 4.02 per cent for Q1-2023, it said. The bank’s asset quality showed improvement as gross non-performing assets (NPAs) declined to 5.05 per cent of gross advances at the end of the June quarter, from 19.90 per cent a year ago.


Similarly, net NPAs or bad loans declined to 0.44 per cent, as against 1.26 per cent in the year-ago period. Provision coverage ratio also improved to 98.99 per cent as against 97.78 per cent as on June 30, 2022, it said.


Capital Adequacy Ratio of the bank increased to 20.33 per cent, as compared to 19.57 per cent at the end of June 2022.


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Canara Bank Q1 results: Net profit jumps 75% YoY ; asset quality improves


Canara Bank on July 24 reported a 74.8 percent year-on-year (YoY) rise in profit after tax at Rs 3,534.84 crore in the first quarter of the current financial year, boosted by an increase in net interest income and improvement in interest margins and asset quality.


The state-owned lender reported a net profit of Rs 2,022.03 crore in the year-ago period.


The Bengaluru-headquartered lender's assets quality improved in the June quarter, with gross non-performing assets (NPAs) ratio at 5.15 percent against 5.35 percent in the previous quarter and 6.98 percent in the year-ago period.


The net NPA ratio stood at 1.57 percent, better than 1.73 percent in the previous quarter and 2.48 percent in the year-ago period.


The improvement in asset quality is beneficial to a bank as fewer risky assets tend to bring down the outstanding risk-weighted assets, saving the capital for the lender.


In absolute terms, the bank's gross NPA stood at Rs 45,727 crore as on June 30, against Rs 54,734 crore in the year-ago period. The net NPA too was down at Rs 13,461 crore from Rs 18,505 crore.


In the reporting quarter, the net interest income, the difference between the interest earned on loans and paid to depositors, rose 27.72 percent on-year to Rs 8,666 crore.


The total interest income of the bank was Rs 25,004 crore in the April-June quarter, up from Rs 18,177 crore in a year ago period.

The net interest margin, an important profitability marker, was at 3.05 percent, up from 2.95 percent in the previous quarter and 2.78 percent in a year-ago period.


The global deposits of the bank rose 6.65 percent on-year to Rs 11.92 lakh crore, while domestic deposits were up 4.9 percent on-year to Rs 11.05 lakh crore.


in April-June, term deposits of state-owned lender rose 6.98 percent to Rs 7.04 lakh crore.

On the advances front, global gross advances surged 13.27 percent on-year to Rs 8.88 lakh crore and domestic gross advances rose 12.69 percent on-year to Rs 8.18 lakh crore.


In April-June, Canara Bank reported a 71.01 percent on-year fall in its treasury income to Rs 536 crore. In treasury income, profit on exchange transactions halved 75.21 percent on-year to Rs 236 crore and profit on sale of investment fell 66.93 percent on-year to Rs 294 crore, according to the investors presentation.


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ICICI Bank Q1 Results: Profit jumps 40% YoY, beats estimate




ICICI Bank reported an all-time high quarterly standalone net profit of ₹9,648 crore in first quarter (Q1FY24) on the back of healthy growth in net interest income and non-interest income.

Net profit in the reporting quarter is up 40 per cent year-on-year against ₹6,905 crore in the year-ago period.


The profitability comes despite an increase in operating expenses and net provisions.


The private lender’s consolidated net profit is up 44 per cent to ₹10,636 crore (₹7,385 crore).


Consolidated net profit includes the numbers of principal subsidiaries/associates such as ICICI Securities, ICICI Prudential Asset Management Company, ICICI Home Finance, ICICI Prudential Life, among others


Standalone performance


In the reporting quarter, net interest income (the difference between interest earned and interest expended) rose by 38 per cent to ₹18,226 crore (₹13,210 crore).


Other income, which includes fee income, dividend income from subsidiaries/associates, profit/(loss) on sale of investments and miscellaneous income, increased 16.5 per cent to ₹5,435 crore.


Net interest margin (NIM) improved to 4.78 per cent in Q1FY24 compared with 4.01 per cent in Q1FY23. However, this is lower compared with preceding quarter’s 4.90 per cent.


Re-pricing deposits


Sandeep Batra, Executive Director, said: “Term deposit rates have increased significantly over the last six to nine months...So, the sequential decline in NIM reflects the lagged impact of re-pricing of deposits, which is partly offset by increase in yields on loans and investments.


“We do expect re-pricing of deposits over the next couple of quarters. The overall decline in NIM is in line with our expectations. Going forward, we do expect some moderation in NIM to continue...”


Operating expenses rose about 26 per cent yoy to ₹9,523 crore (₹7,566 crore). Net provisions rose about 13 per cent to ₹1,292 crore (₹1,144 crore).


The gross non-performing assets (NPA) to gross advances position improved a shade to 2.76 per cent as at June-end 2023, against 2.81 per cent as at March-end 2023. The net NPA to net advances position was unchanged at 0.48 per cent.


Business growth


Total deposits increased by 17.9 per cent to ₹ 12,38,737 crore as on June-end 2023. The average current account, savings account (CASA) deposits declined to 42.6 per cent as at June-end 2023 against 43.6 per cent as at March-end 2023.


Total advances rose by 18.1 per cent to ₹10,57,583 crore, with domestic advances growing 20.6 per cent and overseas advances declining 29.5 per cent.


Within domestic advances, business banking reported the highest growth of 30.4 per cent, followed by SME business (28.5 per cent), retail loans (21.9 per cent), corporate loans (19.3 per cent) and rural (17.6 per cent).


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Kotak Mahindra Bank Q1 Results: Net Profit Rises 66.6%

 


Private lender Kotak Mahindra Bank has declared its first quarter results for the financial year 2023-24. The Board of Directors of Kotak Mahindra Bank has approved the unaudited standalone and consolidated results for the quarter ended June 30, 2023, at the Board meeting held in Mumbai, today.


Beating the market estimates, Kotak Mahindra Bank reported PAT (Profit After Tax) for Q1FY24 stood at ₹3,452 crore, up 67 per cent YoY from ₹2,071 crore in Q1FY23. CASA ratio of the private lender as on June 30, 2023 stood at 49.0 per cent.


Net Interest Income (NII) for Q1FY24 increased to ₹6,234 crore, from ₹4,697 crore in Q1FY23, up 33 per cent YoY. Net Interest Margin (NIM) was 5.57 per cent for Q1FY24.


At the consolidated level, the Return on Assets (ROA) for Q1FY24 (annualized) was 2.63 per cent (2.04 per cent for Q1FY23). Return on Equity (ROE) for Q1FY24 (annualized) was 14.62per cent (11.22 per cent for Q1FY23).


Consolidated Capital Adequacy Ratio as per Base III as on June 30, 2023 was 23.3 per cent and CET I ratio was 22.3 per cent (including unaudited profits).


Bank deposits grows in Q1FY24


Average Current deposits of Kotak Mahindra Bank grew to ₹59,431 crore during April to June 2023 quarter compared to ₹55,081 crore for Q1FY23, logging YoY gain of 8 per cent. Average Savings deposits stood at ₹119,817 crore as on June 30, 2023 ( ₹121,521 crore as at June 30, 2022). Average Term deposit up 40 per cent from ₹130,035 crore for Q1FY23 to ₹182,047 crore for Q1FY24.


Total assets managed / advised by the Group as at June 30, 2023 were ₹4,66,878 crore up 23 per cent YoY over ₹3,78,474 crore as at June 30, 2022. The Alternate Assets’ AUM (includes undrawn commitments, wherever applicable) increased by 90 per cent YoY to ₹46,443 crore as at June 30, 2023.



Advances (incl. IBPC & BRDS) increased 19 per cent YoY to ₹3,37, 031 crore as at June 30, 2023 from ₹282,665 crore as at June 30, 2022. Customer Assets, which comprises Advances (incl. IBPC & BRDS) and Credit Substitutes, increased by 18 per cent YoY to ₹3,62,204 crore as at June 30, 2023 from ₹3,06,123 crore as at June 30, 2022.


Fees and services of the private lender for Q1FY24 increased to ₹1,827 crore from s 1,528 crore in Q1FY23, up 20 per cent YoY.


Operating profit of the private bank for Q1FY24 was ₹4,950 crore, up 78 per cent YoY (Q1FY23: ₹2,783 crore).


Customers as at June 30, 2023 were 4.35 crore (3.45 crore as at June 30, 2022). Unsecured retail advances (incl. Retail Micro Finance) as a percentage of net advances stood at 10.7 per cent as at June 30, 2023. (7.9 per cent as at June 30, 2022).



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YES Bank Q1 Results: Profit rises 10% YoY ; NII up 8% 6 hours ago


 Private sector lender Yes Bank on July 22 reported a 10.26 percent year-on-year (YoY) rise in net profit to Rs 342.5 crore in the first quarter of the current financial year, up from Rs 314.3 crore in the year-ago period.


The bank's asset quality saw a healthy improvement for the quarter. The lender's gross non-performing assets (GNPAs) stood at 2 percent compared with 13.4 percent in the corresponding quarter of the previous fiscal.


The net non-performing assets (NNPA) for the quarter stood at 1 percent compared with 4.2 percent in the year-ago quarter.


Prashant Kumar, Managing Director and CEO, Yes Bank said, “Q1FY24 was a steady quarter where we have demonstrated significant progress in line with our strategic objectives. While the balance sheet granularity momentum continued, we also delivered strong growth in our fee income while containing our operating and credit costs."


"With the focus of the bank now firmly aligned towards improving the profitability of the franchise, over the coming quarters, we will continue to work on levers that further accelerate this momentum such as improvement in NIMs and CASA ratio, reducing the drag from legacy PSL requirements, further cross-sell and product penetration," Kumar added.


The lender's net interest margin (NIM) for the June quarter stood at 2.5 percent up nearly 10 basis points YoY, while its non-interest income (NII) was at Rs 1,141 crore, up 54 percent YoY and 13.7 percent QoQ.


The bank's gross slippages for Q1FY24 were reported at Rs 1,430 crore compared to Rs 1,072 crore in the same period in the last financial year, and Rs 1,196 crore in the fourth quarter of FY23.


Total deposits for the quarter stood at Rs 219,369 crore, up 13.5 percent YoY and 0.9 percent QoQ. The bank's CASA ratio (ratio of deposits in current, and saving accounts to total deposits) was at 29.4 percent compared to 30.8 percent in Q1FY23 and Q4FY23. The lender opened 3,55,000 new CASA accounts in Q1FY24. Its retail and small business deposits (gross LCR definition) grew 17.9 percent YoY.

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Union Bank Of India Q1 Results: Profit more than Doubles, Provisions Drop

 


Union Bank of India on July 20 reported a more than 107 percent on-year rise in its standalone net profit to Rs 3,236.44 crore in the first quarter of the current financial year.


This is on the back of improvement in the asset quality, lower provisions and increase in net interest income.


In the similar period last year, the state-owned lender reported Rs 1,558.46 crore profit.

On a sequential basis, net profit rose 16.32 percent, Union Bank of India said in an exchange filing.


In the reporting quarter, the net interest income of the lender increased 16.59 percent on-year to Rs 8,840 crore. Similarly, on the sequential basis, it rose 7.14 percent.


While, the non-interest income of the bank rose 38.57 percent on-year in April-June quarter to Rs 3,903 crore. However, it fell sharply over 25 percent on-quarter.


The net interest margins of the bank increased to 3.13 percent in June quarter, which is up 13 basis points (Bps) on-year, and 15 bps on-quarter.


In the similar quarter last year, the state-owned lender reported net interest margins of 3.00 percent. One basis point is one hundredth of percentage point.


Net interest margins is a measure of difference between interest earned by the lender and interest it pays out to its lenders.


Asset quality


In April-June quarter, Union Bank of India reported an improvement in the asset quality, with gross non-performing asset (NPA) ratio improved by 288 bps and net NPA decreased by 173 bps compared to year ago period.


According to the press release, gross NPA of the bank fell to 7.34 percent as on June 30, as compared to 7.53 percent in the previous quarter, and 10.22 percent in a year ago period.


Similarly, net NPA of the bank decreased to 1.58 percent in April-June quarter, as against 1.70 percent quarter ago.


In absolute terms, gross NPA stood at Rs 60,104 crore, down 19.32 percent on-year, and net NPA stood at Rs 12,138 crore, down 45.79 percent, as per press release.


Provision coverage ratio of the bank also increased by 611 bps to 90.86 percent in the reporting quarter.


The total provisions of the bank in first quarter of the current financial year rose marginally by 1.38 percent on-year to Rs 3,943 crore.


Advances & Deposit

The global and domestic advances of the state-owned lender increased 12.33 percent and 11.77 percent on-year, respectively in June quarter.

According to the press release, global advances stood at Rs 8.19 lakh crore and domestic advances stood at 7.94 lakh crore in April-June.

Deposits rose 13.63 percent 0n-year to Rs 11.28 lakh crore.

However, retail term deposit less than Rs 2 crore fell 0.58 percent on-year to Rs 4.36 lakh crore. On sequential basis, it fell 0.43 percent.


Financial inclusion schemes


During the quarter ending June 30, Union Bank of India done new enrollment of 4.63 lakhs Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY).


Similarly, accounts opened by banks under Pradhan Mantri Jan Dhan Yojana (PMJDY) increased 14.06 percent on-year to 2.84 Crores accounts under the Scheme with balance of Rs. 9,002 crore during the quarter ending June 30.


In the corresponding quarter last year, the figure was 2.49 crores account with balance of Rs 7,827 crore.


Under Union Nari Shakti Scheme for Women Entrepreneurs, the bank sanctioned 6,538 applications for Rs 617 crore during Q1 FY24.


In the reporting quarter, the bank sanctioned Rs 10,939 crore towards renewable energy sector and Rs 260 crore towards Union Green Mills.


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Bank of Maharashtra(BoM) Q1 Results: Net profit surges 95%, maintains healthy asset quality

 


Public sector lender Bank of Maharashtra on July 19 reported a 95 percent jump in net profit at Rs 882 crore for the April-June FY24 quarter, compared to Rs 451 crore in the corresponding quarter last year.


Net interest income (NII) of the bank stood at Rs 2340 crores, compared to Rs 1686 crores last year. The bank recorded steady improvement in its net interest margin (NIM). For the April-June FY24 quarter, the lender's NIM stood at 3.86 percent, compared to 3.28 percent last year.


The bank's gross non-performing asset (NPA) stood at 2.28 percent, down from 3.74 percent recorded in the same quarter last year. For the June quarter, total GNPA stood at Rs 4006 crores compared Rs 5259 crores a year ago. On the other hand, net NPA of the lender for the quarter stood at 0.24 percent, improving from 0.88 percent on a year-on-year basis. The lender's total NNPA stood at Rs 413 crores, compared to 1206 crores in the corresponding period last year.


On deposits front, the bank recorded a 25 percent growth taking the total deposits to Rs 2.44 lakh crores from Rs 1.96 lakh crores in the previous year. Current account and savings account (CASA) deposits improved to Rs 1.24 lakh crores from Rs 1.09 lakh crores with current account deposits recording 30 percent growth and savings account deposits recording 9 percent growth.


Gross advances of the bank grew by 25 percent on a year-on-year basis and stood at Rs 1.75 lakh crores compared to Rs 1.40 lakh crores in the year ago quarter.


Looking at the bank's segment wise advances growth, retail sector recorded advances of Rs 44, 952 crores compared to Rs 36,117 crores in the April-June FY23 quarter. Advances to agriculture sector stood at Rs 23,637 crores compared to Rs 19,336 crores last year. Micro small and medium enterprises recorded advances of Rs 33,740 crores for the April-June FY24 quarter compared to Rs 26,121 crores in the corresponding period last year.


The revenue for the bank's treasury operations stood at Rs 1169 crores, growing from Rs 938 crores last year.


Corporate and wholesale operations recorded a revenue of Rs 2028 crores in the April-June FY24 quarter compared to Rs 1217 crores in the same period last year.


Whereas the revenue of the lender's retail operations stood at Rs 2174 crores compared to Rs 1557 crores.


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IndusInd Bank Q1 Results: Net profit jumps 33% YoY


Private sector lender IndusInd Bank on July 18 reported a net profit of Rs 2,124 crore for the April-June quarter, which marks a 33 percent jump as compared to Rs 1,631 crore clocked in the year-ago period.


The net profit, at Rs 2,124 crore, is almost in line with the CNBC TV-18 poll estimate of Rs 2,127 crore.


Total income for Q1FY24 rose by 28 percent on-year to Rs 12,939 crore. This includes a net interest income (NII) of Rs 5,863 crore, which increased by 18 percent as compared to Rs 4,125 crore reported in the corresponding quarter of the previous fiscal.


The NII, at Rs 5,863 crore, is 21 percent higher as against the CNBC TV-18 poll estimate of Rs 4,821.7 crore.


The bank's gross non-performing asset (NPA) stood at 1.94 percent, down from 2.35 percent recorded in the same quarter last year. On the other hand, net NPA of IndusInd Bank for the quarter stood at 0.58 percent, improving from 0.67 percent on a year-on-year basis.


In absolute terms, the gross NPA at the end of Q1FY24 stood at Rs 5,941 crore, which is 2 percent higher as against Rs 5,826 crore in Q4FY23. Similarly, the net NPA at Rs 1,747 crore is 1.9 percent higher than Rs 1,715 crore reported in the last quarter.


IndusInd Bank's operating profit, without taking into account provisions and contingencies, came in at Rs 3,830 crore, which is 13 percent higher on-year. Provisions for the quarter under review stood at Rs 992 crore, which is lower than Rs 1,251 crore in Q1FY23.

The lender's capital adequacy ratio, as per the Basel III norms, came in at 18.04 percent in the first quarter, as compared to 17.86 percent in the fourth quarter of the last fiscal.


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HDFC Bank Q1 Results: Net profit jumps 30%, maintains healthy asset quality


HDFC Bank on July 17 reported a net profit of Rs 11,951 crore for the April-June quarter FY24, a jump from Rs 9,196 crore in the quarter ended June 30, 2022. The net profit slightly exceeded the market expectations. At least four brokerages had predicted a net profit of Rs 11,581 crores whereas HDFC Bank reported a net profit of Rs 11,951 crore.


The country's largest private sector bank's net interest income (NII) grew by 21.1 percent to Rs 23,599 crore from Rs 19,481 crore for the quarter ended June 30, 2022. Core net interest margin was at 4.1 percent on total assets, and 4.3 percent based on interest earning assets.


The lender's gross non-performing assets (GNPA) ratio stood at 1.17 percent, improving from 1.28 percent in the corresponding period a year ago.


Similarly, its net NPA (NNPA) stood at 0.30 percent from 0.35 percent last year. The lender's net profit jumped from Rs 9,196 crores in the corresponding quarter last year to Rs 11,951 crores in Q1FY24.


On the deposit side, total deposit of the bank stood at Rs 19.13 lakh crores, jumping by 19.2 percent on a year-on-year basis.


Current account and savings account (CASA) grew by 10.7 percent where total current account deposits stood at Rs 2.52 lakh crores and savings account deposits stood at Rs 5.6 lakh crores. Whereas time deposits of the bank stood at Rs 11 lakh crores, improving by 26.4 percent.


Total advances of the bank grew by 15.8 percent on a year-on-year basis and stood at Rs 16.15 lakh crores.


Domestic retail loans grew by 20 percent, commercial and rural banking loans grew by 29.1 percent and corporate and other wholesale loans grew by 11.2 percent.


The lender's treasury segment reported a revenue of Rs 10,537 crores, jumping from Rs 7,379 crores in the corresponding quarter last year.


Retail banking, which formed the bank's major revenue, stood at Rs 42,939 crores compared to Rs 31,685 crores last year. Whereas the lender's wholesale banking stood at Rs 28,332 crores, jumping from Rs 18,642 crores.



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Central Bank of India Q1 results: Net profit jumps

 


Public sector lender Central Bank of India on July 17 reported a net profit of Rs 418.4 crore for the April-June 2023 quarter, a jump from Rs 235 crore in the corresponding period last year.


The bank's gross non-performing asset (GNPA) also improved to 4.95 percent from 8.44 percent last year. The lender's net NPA stood at 1.75 percent, improving from 1.77 percent in the corresponding quarter last year. This is the on back of improvements in asset quality and increase in net interest margins of the bank.


The gross NPA of the bank in absolute terms fell to Rs 10,891 crore by end of June quarter, as against Rs 29,002 crore in the same quarter last year.


The net NPA, in absolute terms, stood at Rs 3,718 crore as on June 30, as compared to Rs 6,785 crore in the previous year.


The provision coverage ratio of the bank stood at 92.23 percent, which saw on improvement of 562 basis points on-year. One basis point is one hundredth of percentage point.


The net interest income (NII) grew by 48.27 percent to Rs 3,176 crore in Q1FY24 as against Rs 2,142 crore for Q1FY23, whereas, the total income (NII plus other Income) improved by 28.74 percent to Rs 8,184 crore from Rs 6,357 crore in the year-ago period.


The return on assets (ROA) improved to 0.43 percent during as against 0.27 percent in Q1FY23, and the return on equity (ROE) also improved to 1.63 percent for Q1FY24 as against 0.98 percent in the corresponding quarter of the last fiscal.


The total BASEL III Capital Adequacy Ratio improved to 14.42 percent in June 2023 as compared to 13.33 percent the same month last year. The Common Equity Tier 1 ratio came in at 12.13 percent in Q1FY24, registering an improvement of 109 bps.


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Profit of public sector banks rises 9% in June qtr(Q1FY23)

 


All the 12 public sector banks earned a cumulative profit of about Rs 15,504 crore, registering a 9.2 per cent growth annually, despite poor showing by large lenders like SBI and PNB.


During the April-June period of the previous fiscal, state-owned banks recorded a total profit of Rs 14,013 crore, according to quarterly numbers published by public sector lenders.


Of the total 12, three lenders -- State Bank of India (SBI), Punjab National Bank (PNB) and Bank of India -- reported fall in their profits ranging from 7-70 per cent.


Decline in profit by these lenders has been attributed to Mark-to-Market (MTM) losses due to hardening bond yields.


MTM losses occur when the financial assets held are valued by the market at a price lower than the purchase price.


Nine lenders have recorded profit ranging from 3-117 per cent during the first quarter of FY23. The highest percentage growth was recorded by Pune-based Bank of Maharashtra which earned a profit of Rs 452 crore against Rs 208 crore in the same quarter of the previous year.


It was followed by Bank of Baroda which recorded a 79 per cent bottom line growth at Rs 2,168 crore compared to Rs 1,209 crore a year ago.


Despite having witnesased a fall in its profit, SBI remained the highest contributor to the combined profit of banks with Rs 6,068 crore. SBI alone contributed about 40 per cent of the total profit. It was followed by Bank of Baroda with Rs 2,168 crore.


During 2021-22, the collective profit of public sector banks more than doubled to Rs 66,539 crore as against Rs 31,816 crore in the preceding year. In FY21, only two public sector banks (Central Bank and Punjab & Sind Bank) reported losses, which dragged down the collective net profit.


Many state-owned banks after a hiatus also declared dividend in the last financial year. In all, nine banks including SBI declared dividends of Rs 7,867 crore to shareholders.


There were collective losses recorded in the five straight years from 2015-16 to 2019-20.


The highest amount of net loss was registered in 2017-18 at Rs 85,370 crore, followed by Rs 66,636 crore in 2018-19; Rs 25,941 crore in 2019-20; Rs 17,993 crore in 2015-16 and Rs 11,389 crore in 2016-17.

Net Profit of PSBs

State Bank of India(SBI)- Rs. 6068 cr

Bank of Baroda(BoB) - Rs. 2168 cr

Canara Bank - Rs. 2022 cr

Union bank of India - Rs. 1558 cr

Indian Bank- Rs. 1311 cr

Bank of India(BoI) - Rs. 561 cr

Bank of Maharashtra - Rs. 452 cr

Indian Overseas Bank(IOB) - Rs. 392 cr

Punjab National Bank(PNB) - Rs. 308 cr

Central Bank of India - Rs. 235 cr

Uco Bank - Rs. 224 cr

Punjab & Sind Bank - Rs. 205 cr

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IOB declares a 20% jump in net profit in Q1


 Indian Overseas Bank (IOB), a public sector lender, announced on Saturday that its net profit for the first quarter of the current fiscal year increased by 20% to Rs.392 crore from Rs.327 crore in the same quarter of the previous year.


According to IOB, its total deposits rose by 7.04 per cent year over year to Rs. 2,60,045 crores as of June 30, 2022, from Rs. 2,42,941 crores in Q1FY22. When compared to the previous year, the bank's overall business expanded by 10.92 per cent YoY to Rs. 4,23,589 crores as of June 30th, 2022, from Rs. 3,81,885 crores in Q1FY22. Gross Advances climbed to Rs. 1,63,544 crores as of June 30, 2022, up from Rs. 1,38,944 crores the previous year, while CASA of the Bank increased to 43.07 per cent, up from 41.63 per cent. Total CASA has climbed to Rs. 1,12,012 crores on June 30, 2022, from Rs. 1,01,129 crores on June 30, 2021. Due to investments that were marked to market for a provision of Rs. 340.16 crore, the bank's operating profit for the quarter that ended on June 30, 2022, fell to Rs. 1026 crore from Rs. 1202 crore in Q1FY22.


The bank's gross non-performing assets (NPA) fell to Rs.14,769 Cr in Q1FY23 from Rs.15,952 Cr in Q1FY22, a reduction of 7.41 per cent YoY. IOB reported a total income of Rs. 5028 crore for the quarter that ended on June 30, 2022, a 2.46 per cent YoY reduction from Rs. 5155 crore for the quarter that ended on June 30, 2021.  IOB recorded a net NPA of Rs. 3,698 Cr. in Q1FY23 vs Rs. 3,998 Cr in Q1FY22, a loss of 7.50% YoY. The bank reported a net interest margin of Rs. 2.53 Cr in Q1FY23 versus Rs. 2.34 Cr. in the same quarter of the previous year.


IOB reported a gross NPA ratio of 9.03% compared to 11.48% in the same quarter of the last year and the bank reported a net NPA ratio of 2.43% compared to 3.15% in the same quarter of the last year. The bank reported a cost-to-income ratio of 56.27% compared to 53.57% in Q1FY22. IOB reported a return on assets (ROA) of 0.52% compared to 0.47% in Q1FY22 and the return on equity (ROE) of the bank comes down to 12.63% in Q1FY23 which was 14.57% in Q1FY22.


Interest income for the bank totalled Rs. 4435 crores for the quarter that ended on June 30, 2022, compared to Rs. 4,063 crores in the same quarter of the last year. Due to a rise in other income, the bank's non-interest income decreased from Rs. 1,092 crore for the quarter ended June 30, 2021 to Rs. 593 crore for the quarter ended June 30, 2022. The bank's total expenditure grew from Rs. 3,953 crores for the quarter ended June 30, 2021, to Rs. 4002 crores for Q1FY23. 


The bank's Gross NPA in the first quarter of FY23 was Rs. 14,769 crores, or 9.03 per cent, compared to Rs. 15,952 crores, or 11.48 per cent, in the first quarter of FY22. In comparison to 91.56% in Q1FY22, IOB's Provision Coverage Ratio increased to 91.86 per cent in Q1FY23.

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