ICICI Bank Q2 Net profit surges 36%

ICICI Bank on October 21 registered 35.7 percent year-on-year growth in standalone profit and a 24 percent rise in net interest income in the July-September quarter of the fiscal year 2023-24 (Q2), with a significant fall in bad loan provisions.

The standalone profit of the Mumbai-based bank jumped to Rs 10,261 crore for the quarter, rising from Rs 7,557.84 crore in the same period last year, the bank said in its BSE filing.

Net profit of Rs 10,261 crore (36 percent year-on-year growth) exceeded analysts' estimates of Rs 9,422 crore in Q2 (25 percent YoY growth).

According to an average estimate of five brokerages, ICICI Bank’s NII (Net Interest Income) was expected to increase 22 percent YoY to Rs 18,080 crore in Q2FY23-24, amid strong pick-up in loan growth, and lower provisions. Loan-loss provisions are expected to drop 6 percent YoY, to Rs 1,550 crore.

The total income in the second quarter of the current fiscal rose to Rs 40,697 crore from Rs 31,088 crore in the same period a year ago, ICICI Bank said in a regulatory filing. Interest earned by the bank improved to Rs 34,920 crore from Rs 26,033 crore in the September 2022 quarter. Interest earned by the bank improved to Rs 34,920 crore from Rs 26,033 crore in the September 2022 quarter.

Its net interest income (NII) increased by 24 per cent year-on-year to Rs 18,308 crore in the quarter against Rs 14,787 crore in the corresponding quarter a year ago. At the same time, the net interest margin rose to 4.53 per cent compared to 4.31 per cent in the same period a year ago. At the same time, the net interest margin rose to 4.53 per cent compared to 4.31 per cent in the same period a year ago.

The bank's asset quality showed improvement as gross non-performing assets (NPAs) declined to 2.48 per cent of gross advances at the end of the September quarter from 2.76 per cent a year ago. Similarly, its net NPAs or bad loans declined to 0.43 per cent against 0.61 per cent in the year-ago period. Similarly, its net NPAs or bad loans declined to 0.43 per cent against 0.61 per cent in the year-ago period.

However, the bank's capital adequacy ratio decreased to 16 per cent from 16.93 per cent at the end of September 2022. On a consolidated basis, the bank's profit increased by 36 per cent to Rs 10,896 crore in the quarter from Rs 8,007 crore a year ago. On a consolidated basis, the bank's profit increased by 36 per cent to Rs 10,896 crore in the quarter from Rs 8,007 crore a year ago.

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Yes Bank Q2 earnings : Net profit rises over 47%

 

Yes Bank of October 21 reported a 47.4 percent rise in its net profit to Rs 225.21 crore in the second quarter of the current financial year. In the previous quarter last year, net profit of the bank stood at Rs 152.82 crore.

On sequential basis, net profit falls over 34 percent. The asset quality of the bank in the reporting quarter improved, with gross non-performing asset (NPA) ratio stood at 2 percent, and Net NPA ratio stood at 0.9 percent.

In absolute terms, gross NPA stood at Rs 4319.03 crore as on September 30, and net NPA stood at Rs 27419.11 crore as on September 30.

In the reporting quarter, provisions and contingencies fell 14.1 percent on-year to Rs 500.38 crore. In the similar period last year, it stood at Rs 582.81 crore. Provision Coverage Ratio (PCR) of the bank stood at 56.4 percent, as against 48.4 percent last quarter. Including Technical  write-off, PCR stood at 72.1 percent, as compared to 67.8 percent.

Yes Bank, the private sector lender has reported deposits growth of 17.2 percent on-year, which is up 6.8 percent on-quarter to Rs 2.34 lakh crore, while its advances increased by 9.5 percent on-year and 5.2 percent on-quarter to Rs 2.20 lakh crore as detailed in the filing with BSE dated October 3.

In the reporting quarter, CASA Ratio remained stable on sequential basis, at 29.4 percent despite challenging environment. 3.91 lakh CASA Accounts opened during the quarter, release said.

The net interest income of the bank stood at Rs 1,925 crore, which was 3.3 percent up on-year. Net interest margins (NIM) for Q2FY24 at 2.3 percent down by nearly 30 basis points (Bps) on-year and 20 bps on-quarter.

In Q2FY24, Non-Interest Income at Rs 1,210 crore, up 38.4 percent on-year and 6.0 percent on-quarter.

YES Bank in July-September quarter reported interest expanded at Rs 4785.61 crore, as compared to Rs 3483.02 crore in a similar period last year.

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Kotak Mahindra Bank Q2 Net profit rises 24%

Kotak Mahindra Bank on Saturday reported a 24 per cent rise in its standalone net profit to Rs.3,191 crore for the quarter ended September 30, mainly on the back of improvement in the core income and lower bad loans.

The private sector lender had posted a net profit of Rs.2,581 crore in the same quarter of the previous fiscal year.

Its total income during the July-September period grew to Rs.13,507 crore against Rs.9,925 crore in the year-ago quarter, Kotak Mahindra Bank said in a regulatory filing.

The net interest income increased 23 per cent to Rs.6,297 crore from Rs.5,099 crore a year ago. Its net interest margin for the quarter rose to 5.22 per cent against 5.17 per cent in the corresponding period of the previous financial year.

On the assets quality front, the bank also witnessed an improvement, with gross non-performing assets (or bad loans) declining to 1.72 per cent of gross advances at the end of September 2023 compared to 2.08 per cent a year ago.

Similarly, the net NPAs dropped to 0.37 per cent from 0.55 per cent in the same quarter a year ago. The bank's capital adequacy ratio stood at 21.7 per cent as of September 30, 2023.

On a consolidated basis, the bank reported a 24 per cent rise in its net profit to Rs.4,461 crore in the September quarter compared to Rs.3,608 crore in the same period of the previous fiscal. Its total income on a consolidated basis increased to Rs.21,560 crore against Rs.17,435 crore in the year-ago quarter.

3,191 crore for the quarter ended September 30, mainly on the back of improvement in the core income and lower bad loans.

The private sector lender had posted a net profit of Rs.2,581 crore in the same quarter of the previous fiscal year.

Its total income during the July-September period grew to Rs.13,507 crore against Rs.9,925 crore in the year-ago quarter, Kotak Mahindra Bank said in a regulatory filing.

The net interest income increased 23 per cent to Rs.6,297 crore from Rs.5,099 crore a year ago. Its net interest margin for the quarter rose to 5.22 per cent against 5.17 per cent in the corresponding period of the previous financial year.

On the assets quality front, the bank also witnessed an improvement, with gross non-performing assets (or bad loans) declining to 1.72 per cent of gross advances at the end of September 2023 compared to 2.08 per cent a year ago.

Similarly, the net NPAs dropped to 0.37 per cent from 0.55 per cent in the same quarter a year ago. The bank's capital adequacy ratio stood at 21.7 per cent as of September 30, 2023.

On a consolidated basis, the bank reported a 24 per cent rise in its net profit to Rs.4,461 crore in the September quarter compared to Rs.3,608 crore in the same period of the previous fiscal. Its total income on a consolidated basis increased to Rs.21,560 crore against Rs.17,435 crore in the year-ago quarter.

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MD, CEO and Head of Banks in India (Updated)

We are sharing with you the List of Important Office Holders, Bank CEO and MD’s Name in India. It will help you in upcoming IBPS,SSC and other competitive exams.

Nationalised Banks

--> State Bank of India (SBI)–Shri Dinesh kumar Khara (Chairman)
--> Bank of Baroda (BoB)–Shri Sanjiv Chadha (MD & CEO)

--> Bank of India (BoI)–Shri Rajneesh Karnatak (MD & CEO)
--> Bank of Maharashtra (BoM)–Shri A S Rajeev (MD & CEO)
--> Canara Bank– Shri K Satyanarayana Raju (MD & CEO)
--> Central Bank of India–Shri Matam Venkata Rao (MD & CEO)
--> Indian Bank–Shri Shantilal Jain (MD & CEO)
--> India Post Payment Bank (IPPB)- Shri  J Venkatramu (MD & CEO)
--> Indian Overseas Bank (IOB)–Shri Ajay Kumar Srivastava (MD & CEO)
--> Punjab and Sind Bank–Shri Swarup Kumar Saha (MD & CEO)
--> Punjab National Bank (PNB)–Shri Atul kumar Goel (MD & CEO)
--> UCO Bank–Shri Soma Sankara Prasad (MD & CEO)
--> Union Bank of India–Ms. A. Manimekhalai (MD & CEO)

Private Banks

-->  Axis Bank–Shri Amitabh Chaudhry (MD & CEO)
-->  AU Small Finance Bank –Shri Sanjay Agarwal (MD & CEO)
-->  Bandhan Bank–Shri Chandra Shekhar Ghosh (MD & CEO)
--> Catholic Syrian Bank–Shri C. V. R. Rajendran (MD & CEO)
--> City Union Bank–Dr. N. Kamakodi (MD & CEO)
--> Development Credit Bank (DCB)–Shri Murali M. Natrajan (MD & CEO)
--> Dhanlaxmi Bank– Shri J K Shivan (MD & CEO)
--> Equitas Small Finance Bank - Shri Vasudevan P. N. (MD & CEO)
--> Federal Bank–Shri Shyam Srinivasan (MD & CEO)
--> Fincare Small Finance Bank–Shri Rajeev Yadav (MD & CEO)
--> HDFC Bank–Shri Sashidhar Jagdishan (MD & CEO)
--> ICICI Bank– Shri Sandeep Bakhshi (MD & CEO)
--> IDBI Bank Ltd–Shri Rakesh Sharma (MD & CEO)
--> IDFC First Bank–Shri V Vaidyanathan (MD & CEO)
--> IndusInd Bank–Shri Sumant Kathpalia (MD & CEO)
--> Jammu & Kashmir Bank–Shri Baldev Prakash (MD & CEO)
--> Karnataka Bank–Shri Mahabaleshwara M. S. (MD & CEO)
--> Karur Vysya Bank–Shri B Ramesh Babu (MD & CEO)
--> Kotak Mahindra Bank–Shri Ashok Vaswani (MD & CEO)
--> Lakshmi Vilas Bank–Shri Subramanian Sundar (MD & CEO)
--> Nainital Bank–Shri Dinesh Pant (Chairman and CEO)
--> RBL Bank–Shri R Subramaniakumar (MD & CEO)
--> South Indian Bank–Shri Murali Ramakrishnan (MD & CEO)

--> Suryoday Small Finance Bank-- Shri R. Baskar Babu (MD & CEO)
--> Tamilnad Mercantile Bank– Shri Thiru K.V. Rama Moorthy (MD & CEO)
--> Ujjivan Small Finance Bank–Shri Ittira Davis (MD & CEO)
--> Yes Bank –Shri Prashant Kumar (MD & CEO)

Last Updated on Oct, 2023

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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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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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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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Difference Between Private and Government Indian Banks

 

The following characteristics would clarify the distinction between banks in the private and Government (PSU) Banks:

1. The government owns major shares in public sector banks, whereas private stockholders own the shares in private sector banks.
2. 
   
3. 
   
4. Public sector banks own a total chunk of 72.9% of the market share, while private sector banks hold a share of 19.7%. Therefore, public sector banks control most of the Indian banking industry.
5. 
   
6. Public sector banks have a substantially larger customer base than commercial banks.
7. 
   
8. Compared to private banks, public sector banks have much greater transparency regarding their interest rate policy.
9. 
   
10. Deposit interest rates offered by the public sector banks are greater than those in private sector banks.

Both public and private sector banks offer safe banking activities throughout India. However, the public sector banks, which are nationalized banks, are safest in terms of banking in India. 

There are 12 nationalized banks in India, including the State Bank of India, Punjab National Bank, Bank of Baroda, and Bank of India.

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IDBI Bank Q4 results: Net profit rises 64%

Private sector

lender IDBI Bank’s net profit for the March 2023 quarter rose by 64 per cent year-on-year (Y-o-Y) to Rs 1,133 crore on the back of improved net interest margins. The lender recorded an all-time high of net profit of Rs 3,645 crore, which is 49 per cent more than Rs 2,439 crore for FY22. In its regulatory filing, the bank said the profit sequentially increased by 22.2 per cent from Rs 927 crore in December 2022 (Q3FY23). For FY23, the net profit.

Besides, its Net interest income (NII) increased by 35 per cent to Rs 3,280 crore in Q4FY23, as against Rs 2,420 crore in the same quarter last year. Sequentially, NII is up by 12 per cent from Rs 2,925 crore registered in December quarter of FY23.

Net interest margins improved to 5.01 per cent for Q4 FY23 as compared to 3.97 per cent for Q4FY22, and sequentially, 4.59 per cent in Q3 FY23.

IDBI Bank’s board of directors declared a dividend of 10 per cent (Rs one) per share of Rs 10 each for the financial year ended March 2023 (FY23), subject to shareholder’s approval, the bank said in a filing with BSE. It has proposed a dividend after eight years, the bank officials said.  

The bank reported that its provisions steeply rose up to Rs 1,292 crore in the March quarter as compared to Rs 823 crore in Q4 FY22 and Rs 1,124 crore in the December quarter of FY23. Provision Coverage ratio expanded to 97.94 per cent in the quarter under review.

In term of bad loans, the bank said its gross NPA dipped drastically to 6.38 per cent in Q4 FY23 compared to 20.16 per cent in Q4 FY22. Net NPA was below the 1 per cent, to 0.92 per cent in the March 2023 quarter as compared to 1.36 per cent in Q4 of FY22.

Earlier this month it was reported that the Reserve Bank of India (RBI) has been looking into at least five potential bidders keen on picking up a majority stake in IDBI Bank Ltd. Kotak Mahindra Bank, Prem Watsa-backed CSB Bank and Emirates NBD are some of the names that have submitted expressions of interest, two sources said.

The divestment of IDBI Bank is the first major divestment exercise across state-owned banks as part of Centre’s broader privatisation plan and could fetch it $3.66 billion at the current market valuation. The Union government and LIC together own 94.71 per cent stake in the bank. The government owns 45.48 per cent of IDBI Bank and is planning to divest a 30.48 per cent stake in the bank.

Whereas insurance major Life Insurance Corp of India (LIC) plans to see a 30.24 per cent of its stake from its holding of 49.24 per cent in the bank.

Expressions of interest - the first step in the stake sale process - closed in January, the report said.

The potential bidders have since begun due diligence on the bank, sources said, who added financial bids were likely to be placed later this year.

The RBI is also carrying out a "fit and proper evaluation", including extensive background and financial checks on the potential buyers, a crucial step before an investor is allowed to pick up a stake in a local bank.

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IDFC FIRST Bank reports highest-ever profit in FY23

IDFC FIRST Bank has announced its audited financial results for the quarter and financial year that ended on March 31, 2023. During the financial year, the bank recorded a net profit of Rs. 2,437 crore, as compared to Rs. 145 crore in the previous year. The bank's quarterly net profit grew 134 per cent YoY, from Rs. 343 crore in Q4-FY22 to Rs. 803 crore in Q4-FY23. The strong growth in core operating income was the major driving force behind this increase.

“We have registered our highest ever quarterly profit of Rs. 803 crores in Q4 FY 23 and highest ever yearly profit of Rs. 2,437 crores in FY23,” Managing Director and CEO V Vaidyanathan said.

The bank had trading gains of Rs. 216 crore in Q4-FY23, and it utilized Rs. 79 crore to increase the provision coverage ratio. The net profit of the bank would have been Rs. 701 crore for Q4-FY23, if adjusted for these one-time items. The Core ROE on this basis would have been 12.3 per cent, which increased from 6.67 per cent for Q4-FY22.

The net interest income (NII) for the year grew 30 per cent YoY, from Rs. 9,706 crore in FY22 to Rs. 12,635 crore in FY23. The fee and other income for the year grew by 54 per cent YoY, from Rs. 2,691 crore in FY22 to Rs. 4,142 crore in FY23. Retail fees constituted 91 per cent of the overall fees for the quarter Q4-FY23.

The provisions for the year decreased by 46 per cent YoY, from Rs. 3,109 crore in FY22 to Rs. 1,665 crore in FY23. Credit cost for FY23 was 1.16 per cent against the guidance of 1.5 per cent. The bank's ROA improved from 0.08 per cent in FY22 to 1.13 per cent in FY23, while ROE for FY23 improved to 10.95 per cent from 0.75 per cent in FY22.

On the retail side, the Gross NPA is 1.65 per cent and the net NPA is at 0.55 per cent, against the guidance of Gross NPA of 2.0 per cent and NNPA of less than 1 per cent. Vaidyanathan stated that the asset quality remains high. If the infrastructure financing book, which is already in run-down mode, is excluded, the Gross NPA and Net NPA would be 1.84 per cent and 0.46 per cent, respectively, at the overall bank level.

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Yes Bank Q4 results: Net profit declines 45%

Private lender Yes Bank Ltd on Saturday reported 45% drop in standalone net profit at Rs 202 crore for the quarter ending March 31, 2023 as provisions for bad loans increased. The bank reported standalone net profit of Rs 367 crore in the year-ago period.

Prashant Kumar, MD & CEO, Yes Bank said: “Over the last three years, the Bank has significantly progressed on several strategic objectives such as strengthening of Governance and Compliance Standards, bolstering the Balance Sheet through granularity, addressing the asset quality concerns, building up a strong liability franchise and expanding the customer base.

"At the same time, with continuous focus on retail, we have continued to expand our footprints with new Branches, increased the employee headcount and stepped-up our investments in technology. Our Retail franchise has now reached a critical scale and is poised for profitable growth. With the current momentum of accelerated growth, the efficiency gains and operating leverage will naturally drive the Bank’s profitability upwards."

Yes Bank’s provisions and contingencies increased to Rs 618 crore from Rs 271 crore a year earlier.

The lender's asset quality was mixed. The gross non-performing asset (NPA) ratio rose to 2.17% from 2.02% in the December quarter.

The gross NPA ratio was down from 13.93% a year earlier. In December Yes Bank completed the transfer of bad loans worth Rs 48,000 crore to private equity firm JC Flowers in a deal aimed at cleaning up its balance sheet.

The net NPA ratio was 0.83%, down from 1.03% in the prior three months.

Yes Bank's net interest income, the difference between the interest income from lending and that paid to depositors, rose 15.7% to Rs 2,105 crore from Rs 1,819.5 crore in the year-ago period. The net interest margin, a key indicator of a bank's profitability, rose to 2.8% from 2.5% a year earlier.

The private lender's net advances grew by 12.3% on year, led by retail loans, while deposits rose 10.3%.

Profits for both the March quarter and the fiscal year have been impacted by accelerated provisioning, the bank said.

For the entire fiscal FY23, the bank witnessed a 32.7% decline in its net profit at Rs 717 crore, it said in a regulatory filing.

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ICICI Bank Q4 Results: Net profit jumps 30%

ICICI Bank, the second largest private bank in India, clocked nearly 30 percent year-on-year (YoY) jump in net profit to Rs 9,121.9 crore in the quarter ended March 2023.

The bank was expected to report a Rs 8,540-crore profit for the quarter ended March 2023,  according to the average of a poll of three brokerages' estimates taken  by Moneycontrol.

ICICI Bank’s net interest income (NII) rose 40.2 percent to Rs 17,667 crore from Rs 12,605 crore in the corresponding quarter last year.

According to the poll, NII was expected to have grown 38 percent year-on-year (YoY) to Rs 17,712 crore for the three months ended December.

ICICI Bank’s domestic loan book grew a healthy 20.5 percent, driven mainly by loans to business banking and retail. Business banking loans, which are credits to small informal businesses and rural businesses, grew 34.9 percent year-on-year, followed by 21 percent growth in loans to corporates. Retail loan portfolio of the bank grew by 22.7 percent year-on-year. Additionally, loans to small and medium enterprises (SME) rose by 19.2 percent from the same period in 2022.

"The business banking and SME franchise continues to grow on the back of digital offerings and platforms like InstaBIZ along with the Bank’s extensive branch network," ICICI Bank said in a release.

ICICI Bank’s provisions surged by 51.5 percent year-on-year to Rs 1,619 crore for the March quarter. The bank has a contingency provision of Rs 1,600 crore.

The bank reported a deposit growth rate of 10.9 percent during January and March, far slower than credit growth.

Net interest margin (NIM) for the bank was 4.90 percent in Q4 2023 compared to 4.00 percent in Q4 2022, and 4.65 percent in Q3 2023.

ICICI Bank’s gross bad loans as a percentage of its loan book came down to 2.81 percent from 3.60 percent a year ago. The net non-performing assets declined by 25.9 percent year-on-year and 8.8 percent sequentially to Rs 5,155 crore ($627 million) for the quarter ended March 31, 2023. The net NPA ratio declined to 0.48 percent from 0.76 percent a year ago and 0.55 percent in the previous quarter.

The management indicated that upgrades and recoveries have increased, a sign of improvement. Recoveries and upgrades were Rs 4,283 crore in the quarter ended March.

ICICI Bank's board also recommended a dividend of Rs 8 per share in line with applicable guidelines. "The declaration of dividend is subject to requisite approvals. The record/book closure dates will be announced in due course," said the bank.

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HDFC Bank Q4 Results: Net profit rises 21% YoY , asset quality stable

HDFC Bank on April 15 reported a 21 percent YoY rise in consolidated net profit to Rs 12,594.5 crore for the quarter ended March 31. The private lender posted a 20.3 percent YoY growth in consolidated net revenue to Rs 34,552.8 crore during the quarter, against Rs 28,733.9 crore recorded during the quarter ended March 31, 2022.

Profit before tax (PBT) for the quarter ended March 31, 2023 was at Rs 15,935.5 crore. After providing Rs 3,888.1 crore for taxation, the bank earned a net profit of Rs 12,047.5 crore, an increase of 19.8 percent over the quarter ended March 31, 2022.

Net interest income (NII), or the difference between interest earned and interest expended, grew by 23.7 percent to Rs 23,351 crore from Rs 18,872 crore for the quarter ended March 31, 2023, HDFC Bank said in an exchange filing.

The average of a poll of three brokerages estimated that the profits will rise to Rs 12,181 crore. Net interest income (NII) was expected to increase 30.5 percent on-year (up 8.8 percent QoQ) to Rs 24,601.9 crore, whereas the average poll of estimates saw HDFC Bank to report 21.9 percent YoY rise in March quarter profits.

Standalone revenue grew by 21 percent to Rs 32,083.0 crore for the quarter ended March, 2023 from Rs 26,509.8 crore posted a year ago.

The lender said its total deposits showed healthy growth and were at Rs 1,883,395 crore as of March 31, 2023, an increase of nearly 21 percent over March 31, 2022. Meanwhile, total advances as of March 31, 2023 were Rs 1,600,586 crore, an increase of 16.9 percent over March 31, 2022.

“Domestic retail loans grew by 20.8 percent, commercial and rural banking loans grew by 29.8 percent and corporate and other wholesale loans grew by 12.6 percent,” HDFC Bank said in the exchange filing.

Coming to asset quality, the gross non-performing assets were at 1.12 percent of gross advances as on March 31, 2023 as against 1.23 percent as on December 31, 2022 and 1.17 percent as on March 31, 2022. While, net non-performing assets were at 0.27 percent of net advances as on March 31, 2023.

HDFC Bank’s board also recommended a dividend of Rs 19 per share for the year ended March 31, 2023, as against Rs 15.5 for the previous year. This is subject to shareholders' approval.

Further, the bank's total Capital Adequacy Ratio (CAR) as per Basel Ill guidelines was at 19.3 percent as on March 31, 2023 (18.9 percent as on March 31, 2022) as against a regulatory requirement of 11.7 percent, it added.

Provisions and contingencies for the quarter ended March 31, 2023 were Rs 2,685.4 crore as against Rs 3,312.4 crore for the quarter ended March 31, 2022.

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Axis Bank Q1 Results: Profit zooms 91% YoY

Axis Bank on Monday reported a 91 per cent year-on-year (YoY) rise in net profit at Rs 4,125.26 crore for the June quarter compared with Rs 2,160.15 crore in the same quarter last year. An ET NOW poll of analysts had anticipated the profit figure at Rs 3,400 crore.

Net interest income (NII) for the quarter rose 21 per cent YoY to Rs 9,384 crore, the private lender said in a BSE filing. Net interest margin (NIM) for the quarter came in at 3.6 per cent, up 14 basis points YoY.Fee income for the quarter jumped 34 per cent YoY to Rs 3,576 crore. Retail fees climbed 43 per cent YoY and constituted 66 per cent of the bank’s total fee income.

The bank said it made specific loan loss provisions worth Rs 777 crore compared with Rs 602 crore in the March quarter. The bank, Axis Bank said, has not utilised Covid provisions during the quarter.

Overall, the private lender held cumulative provisions of Rs 11,830 crore at the end of the June quarter. It is pertinent to note that this is over and above the NPA provisioning included in our PCR calculations. These cumulative provisions translate to a standard asset coverage of 1.70 per cent as on 30 June, 2022. On an aggregated basis, our provision coverage ratio stands at 134 per cent of GNPA," the bank said.

The Gross NPA ratio for the quarter stood at 2.76 per cent compared with 2.82 per cent in the March quarter. Credit cost for the quarter stood at 0.41 per cent, down 129 basis points YoY.

The bank said it issued 9.9 lakh credit cards in June quarter, which is incremental share of 17 per cent for the last six months.

Credit card spends were up 96 per cent YoY for the quarter. The bank said it was the second largest player in merchant acquiring with market share of 17 per cent, accounting for the incremental share of 30 per cent for last three months.

MD & CEO Amitabh Chaudhry said, “As an institution, we continue to make good progress despite the macroeconomic headwinds that pose a challenge at multiple levels, both domestically and to the larger global economy."

The bank said its balance sheet was up 14 per cent YoY at Rs 11,52,580 crores as of 30th June 2022. Total deposits grew 14 per cent YoY on a quarterly average balance (QAB) basis and 13 per cent YoY on a period-end basis.

The lender's advances rose 14 per cent YoY to Rs 7,01,130 crore. The bank’s loan-to-deposit ratio stood at 87 per cent. Retail loans grew 25 per cent YoY to Rs 4,12,683 crore and accounted for 59 per cent of the net advances of the bank. The share of secured retail loans was 79 per cent, with home loans comprising 35 per cent of the retail book. Home loans grew 18 per cent YoY, small business banking 74 per cent YoY and the rural loan portfolio grew 42 per cent YoY.

Unsecured personal loans rose 20 per cent YoY. Credit Card advances jumped 42 per cent YoY. "SME book that remains well diversified across geographies and sectors grew 27% YOY to Rs 71,972 crore. The corporate loan book stood at Rs 2,16,475 crore.

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