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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