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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