State Bank of India (SBI) Q4 result: Net profit climbs 83% 

 


State Bank of India (SBI) on May 18 reported a standalone profit of Rs 16,694.51 crore for the March quarter, up 83.18 percent from Rs 9,113.53 crore in the same quarter of the previous.


India's largest lender's net interest income came in at Rs 40,392.50 crore, rising 29.5 percent from Rs 31,197 crore in the corresponding quarter of the previous year.


State Bank of India was expected to post a 68 percent rise in profit over the last year, according to a Moneycontrol poll of brokerages. Whereas net interest income (NII) was expected to increase 25.8 percent.


The board of the bank recommended a dividend of Rs 11.30 per equity share for FY23. It will be paid on June 14, 2023, the bank said.


The lender said bank’s return on assets (ROA) and return on equity (ROE) for the financial year 2o23 stood at 0.96 percent and 19.43 percent, respectively. ROA at 1.23 percent for the quarter improved by 49 bps YoY.


Domestic net interest margin (NIM) for Q4FY23 increased by 44 basis points YoY to 3.84 percent.


SBI said its Gross NPA ratio was at 2.78 percent down by 119 bps YoY. Net NPA ratio was at 0.67 percent, down by 35 bps YoY. Provision Coverage Ratio (PCR) was at 76.39 percent, improving by 135 bps YoY. Slippage Ratio for FY23 improved by 34 bps YoY and stood at 0.65 percent, while Slippage Ratio for Q4FY23 was at 0.41 percent.

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Bank of Baroda(BoB) Q4 Results: Profit zooms 168% YoY

State-run Bank of Baroda on Tuesday reported a standalone net profit of Rs 4,775 crore, up 168% year-on-year (YoY) for the fourth quarter ended March 2023. In the same quarter of last year, it posted a net profit of Rs 1,779 crore.


Its net interest income (NII) for the quarter grew 33.8% at Rs 11,525 crore. Meanwhile, NII registered a growth of 26.8% YoY for FY23 to Rs 41,3


55 crore.


Global NIM stood at 3.53% in Q4FY23, an increase of 45 bps YoY. NIM for FY23 stood at 3.31 % against 3.03% for FY22. Domestic NIM stood at 3.65% in Q4FY23, a rise of 51 bps YoY. NIM for FY23 stood at 3.42% as compared 3.09% for FY22.



The bank reported a strong quarter on the asset quality front with both gross non-performing assets (NPAs) and net NPAs on the downward trend. The gross NPA of the bank fell to 3.79% in the January-March period, compared with 6.61% in the year-ago quarter.


Meanwhile, net NPAs too were at a record low of 0.89% in Q4 FY23 as against 1.72% in Q4 FY22.


"The Bank has recommended a dividend at Rs 5.50 per equity share (Face Value Rs.2/- each fully paid up) for the FY2022-23 subject to declaration/approval at the ensuing 27th Annual General Meeting," Bank of Baroda said in an exchange filing.


The Board of Directors of Bank of Baroda have fixed July 1, 2023 to July 7, 2023 (both days inclusive) as Book Closure dates for the purpose of 27th AGM and dividend payment. Hence, shareholders having shares as on cut-off date i.e. 30th June 2023 shall be eligible for dividend.


Global advances of the Bank increased to Rs 9,69,548 crore, up 18.5% YoY, led by robust retail loan book growth. Meanwhile, domestic advances of the Bank increased to Rs 7,95,560 crore, up 16.3% YoY. International advances grew by 6.3% sequentially in Q4FY23 and stood at Rs 1,73,988 crore.


It's organic retail advances grew by 26.8%, driven by growth in high-focus areas such as Auto Loan (24.4%), Home Loan (19.5%), Personal Loan (101.5%), Mortgage Loan (18.0%), Education Loan (21.8%).


Global deposits of the bank surged by 15.1% YoY to Rs 12,03,688 crore. Domestic deposits increased by 13% YoY to Rs 10,47,375 crore in March 2023.


The bank's operating income grew 34.6% YoY during the Q4 FY23 to Rs 6,823 crore, while operating profit for the March quarter stood at Rs 8,073 crore, up 43.3% YoY.


Return on Assets for FY23 stood at 1.03%, up by 43 bps YoY, while Return on Equity for FY23 increased by 648 bps YoY to 18.34%.

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Indian Overseas Bank(IOB) Q4 profit rises 18%


Indian Overseas Bank has reported 17.12% rise in net profit to Rs 650 cr for the quarter ended march 2023 as against Rs 555 crore for December 2022 quarter.


The year on year net profit of the bank has surged by 22.75% to Rs 2,099 cr from Rs 1,710 crore as reported in the financial year 2021-22 on the back of strong growth in net interest income and improvement in asset quality.


On the asset quality side, the bank has seen decrease in both gross NPA and net NPA. The bank’s gross NPA has gone down to Rs 14,072 cr (7.44%) as on 31.03.2023 from Rs 14,333 crore (8.19%) as reported on 31.03.2022.


Similarly, the net NPA of the bank has decreased to Rs 3,266 cr (1.83%) from Rs 4,000 cr (2.43%) for the above said period.


The provision requirement for NPA has decreased by 26.52% to Rs 2,499 cr as on 31.03.2023 as against Rs 3401 cr reported in the previous year due to improvement in the asset quality.


The credit cost of the bank has reduced to 1.70% as of 31.03.2023 as against 2.35% reported in the last year.


The net interest margin of the bank stood at 3.20% as on the quarter ended March 2023. The return on asset of the bank also increased to 0.83% as on the quarter ended March 2023 as against 0.73% in the previous quarter.


The capital adequacy ratio has improved to 16.10% as of 31.03.2023 as against 15.16% as of 31.12.2022 and as against 13.83% as of 31.03.2022.


The net interest income of the bank has increased by 30.82% to Rs 8,256 crore as of 31.03.2023 from Rs 6,311 crore reported in the previous financial year on the back of strong credit growth. The credit growth of the bank has increased by 21.31% (YoY) to Rs 1,89,009 crore as on March 31, 2023.

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Indian Bank Q4 net profit up 48% as NII rises 29%

 



State run Indian Bank posted a 48 per cent rise in consolidated net profit at Rs 1,520 crore in Q4 FY23, compared to Rs 1,024 crore in the same period in FY22 and helped by a rise in income and improved asset quality.


The Chennai-based lender’s total income during the quarter under review picked up by 25 per cent to Rs 14,416 crore as against Rs 11,556 crore in Q4 FY22. As on March 31, 2023, the company’s gross non-performing assets (NPA) were 5.95 per cent of the gross advances, as compared to 8.47 per cent during the same period in 2022. Similarly, net NPA was seen at 0.90 per cent of gross advances as on March 31, 2023 as compared to 2.27 per cent during the same period in 2021-22.



Net interest income (NII), which is the difference between interest earned and interest expended, was seen at Rs 5,519 crore in Q4 FY23, increasing 29 per cent when compared to Rs 4,271 crore during the same period in FY22.


Indian Bank's board recommended a dividend of Rs 8.60 per equity share (86 per cent of paid up equity capital of the bank) for FY23. The lender reported an earning per share (EPS) of Rs 12.20 for the period compared to Rs 8.22 for the period ended March 31, 2022.


In Q4 FY23, the bank’s return on average assets was seen up at 0.89 per cent from 0.62  per cent in the Q4 of FY22. Its total capital adequacy ratio (CAR) during the quarter remained the same as Q4FY22 at 16.84 per cent.  


During the entire financial year 2022-23, the bank’s net profit increased by 35 per cent to Rs 5,572 crore as against Rs 4,142 crore in 2021-22. Its total income during the year under review was up by 14 per cent to Rs 52,790 crore as against Rs 46,268 crore in 2021-22.



The bank board has also cleared a plan to raise equity capital aggregating up to Rs 4,000 crore through various modes, including follow-on public offer (FPO), rights issue, qualified institutional placement (QIP) or combination in 2023-24.


The board approved raising around Rs 3,000 crore through the issuance of Basel III Compliant AT 1 Perpetual Bond or Tier-2 Bond in one or more tranches during the current or subsequent financial years based on requirement.


The bank’s cost-to-income ratio improved to 46.47 per cent in March 2023 from 53.03 per cent in March 2022. Its domestic NIM improved to 3.59 per cent during the period from 2.87 per cent last year, advances too increased by 14 per cent YoY to Rs 4,73,586 crore in March 2023 from Rs 4,15,625 crore in March 2022.


RAM (Retail, Agriculture and MSME) advances grew by 12 per cent YoY to Rs 2,72,679 crore from Rs 242,700 crore last year. RAM contribution to gross domestic advances was 61 per cent with retail, agri and MSME advances growing by 13 per cent, 16 per cent and 7 per cent YoY respectively.


Home Loan (Including mortgage) grew by 11 per cent YoY, auto loan by 28 per cent and Personal Loan by 46 per cent during the period. The bank’s deposits increased by 5 per cent YoY and reached Rs 621,166 crore in March 2023. Its CASA ratio stood at 42 per cent. 


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Canara Bank Q4 Results: Net profit zooms 90% YoY

 


Canara Bank on Monday reported March quarter net profit at Rs 3,175 crore, up 90% year-on-year (YoY). The figure stood at Rs 1,666 crore in the same quarter last year.


Net interest income (NII), the difference between interest earned and interest expended, grew 23% YoY to Rs 8,616 crore for the fourth quarter under review. It was Rs 7,006 crore in the corresponding quarter of last year.


The lender's operating profit stood at Rs 7,252 crore during the March quarter, registering a growth of 17% YoY.


Canara Bank improved its asset quality over a year ago period as gross non-performing assets (GNPA) ratio reduced to 5.35% in the March quarter, down from 5.89% at the end of March 2022.


Net non-performing assets (NNPA) ratio has also declined to 1.73% as of March 2023 from 2.65% as of March 2022.


The bank's provision coverage ratio (PCR) stood at 87.31% at the end of March quarter as against 84.17% in the last year quarter.


On the operational front, the global business increased by 12% YoY to Rs 20.41 lakh crore as at March 2023 with global deposits at Rs 11.79 lakh crore.


Domestic deposits of the bank stood at Rs 10.94 lakh crore at the end of the quarter, showing a growth of 6% YoY.


While the retail lending portfolio increased by 11% YoY to Rs 1.4 lakh crore, housing loans jumped 14% YoY to Rs 84,364 crore.


The bank's capital adequacy was at 16.68% as of March 2023, including tier-I of 13.78%.


The lender's Board has recommended a dividend of Rs 12 per equity share (i.e., 120%) of face value of Rs 10 each to the shareholders for the financial year 2022-23.


The lender has 9,706 branches as of the March quarter, out of which 3048 are rural, 2742 semi-urban, 1991 urban and 1925 metro along with 10726 ATMs.


Considering the bank’s performance, the board has decided to pay 15 days' salary as performance-linked incentive (PLI) to the employees.

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Union Bank of India's Q4 net rises 93.3% on healthy growth in NII


Public sector lender Union Bank of India's net profit rose by 93.3 per cent year-on-year (YoY) to Rs 2,782 crore for the quarter ended March 2023 (Q4FY23) on healthy growth in Net Interest Income (NII) and non-interest income.

Sequentially, the profit rose from Rs 2,244 crore in Q3FY23.


For FY23, the bank's net profit grew 61.18 per cent to Rs 8,433 crore against Rs 5,232 crore in FY22.


The board of directors has recommended a dividend of Rs 3.0 per share (Rs 10 each) for FY23, subject to shareholders' approval, the Mumbai-based lender informed BSE.


Its capital adequacy ratio stood at 16.04 per cent with Common Equity Tier of 12.36 per cent at the end of March.


Union Bank’s NII, interest revenues minus interest expenses, grew by 21.9 per cent YoY to Rs 8,251 crore in Q4FY23 as against Rs 6,769 crore for Q4FY22. The net interest margin improved to 2.98 per cent in Q4FY23 from 2.75 per cent in Q4FY22.  


The non-interest income rose by 62.48 per cent YoY to Rs 5,269 crore in Q4FY23, the bank said a statement.


Its advances grew by 13.05 per cent YoY basis to Rs 8.09 trillion in FY23. Out of it, RAM advances – Retail, Agriculture and MSME (RAM)- increased at a higher pace of 14.94 per cent to Rs 4.36 trillion at the end of March 2023.


Total deposits increased by 8.26 per cent YoY to Rs 11.17 trillion. The share of low-cost deposits — current account and saving accounts (CASA) — stood at 35.62 per cent at the end of March 2023, down marginally from 36.54 per cent a year ago.


The asset quality profile improved with gross non-performing assets declining to 7.53 per cent in March from 11.11 per cent in the same month in 2022. The net NPAs also declined 1.7 per cent in March 2023 from 3.68 per cent a year ago. 


The provision coverage ratio improved to 90.34 per cent in March 2023 from 83.61 per cent a year ago.

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Bank of India(BoI) Q4 net more than doubles on improvement in NII


Public sector lender Bank of India’s (BoI) net profit more than doubled year-on-year (YoY) to Rs 1,350 crore for the quarter ended March 2023 (Q4FY23) on improvement in net interest income (NII). However, sequentially, the profit rose from Rs 1,151 crore in Q3FY23. For FY23, the bank's net profit grew 18.15 per cent to Rs 4,023 crore against Rs 3,405 crore in FY22.


The board of directors declared a dividend of Rs 2.0 per share (Rs 10 each) for FY23, subject to shareholders' approval, the bank informed BSE.



BOI's capital adequacy ratio stood at 16.28 per cent with the Common Equity Tier of 13.6 per cent at the end of March.


The bank's net interest income (NII), interest revenues minus interest expenses, grew by 37.77 per cent YoY to Rs 5,493 crore in Q4FY23 as against Rs 3,987 crore for Q4FY22. The net interest margin (NIM) improved to 3.15 per cent in Q4FY23 from 2.56 per cent in Q4FY22.



The bank in a statement said that the advances expanded by 12.87 per cent YoY basis to Rs 5.15 trillion in FY23. Total deposits increased by 6.64 per cent YoY to Rs 6.69 trillion. The share of low-cost deposits — current account and saving accounts (CASA) — stood at 44.73 per cent at the end of March 2023, down from 45.02 per cent a year ago, according to an analyst presentation.


The asset quality profile improved with gross non-performing assets (NPA) declining to 7.31 per cent in March 2023 from 9.98 per cent in the same month in 2022. The net NPAs also declined 1.66 per cent in March 2023 from 2.34 per cent a year ago. 



The provision coverage ratio (PCR) improved to 89.68 per cent in March 2023 from  87.76 per cent a year ago.



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Uco bank posted highest ever annual profit


Public sector UCO Bank on Tuesday reported an 86.2 per cent rise in net profit to Rs 581.24 crore for the March 2023 quarter on the back of a reduction in bad loans. The bank reported a profit of Rs 312.18 crore in the January-March quarter of 2021-22.


UCO Bank has posted its highest-ever annual net profit of Rs 1,862.34 crore in 2022-23 against Rs 929.76 crore in the preceding fiscal, registering a nearly 100 per cent year-on-year growth, the Kolkata headquartered lender said in a stock exchange filing.


The net interest income (NII) at Rs 7,343.13 crore during the year too was the bank's highest ever.


The bank's gross non-performing assets (NPA) in the fourth quarter declined to 4.78 per cent from 7.89 per cent a year ago.


Similarly, the net NPA too declined to 1.29 per cent in the January-March 2022-23 quarter from 2.7 per cent.


UCO Bank's capital adequacy ratio at 16.51 per cent at March-end 2023 increased by 277 basis points from 13.74 per cent a year ago

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